{"annotation_id":"bf7185b5-a5e0-4b5b-806a-5381c7b7cbb9","file_hash":"f0ad45b62abc8139845bb791cfb0848c45de1271f36995354b5518c146c258c1","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"740098f7-1aaa-414a-ae50-5d5cafe394e7","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":1,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"6099454d-44bc-43b2-a312-8e32af3adbaf","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":1,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"096cced8-136e-4d75-86e7-f329a58dc9ae","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":1,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"a7b0e44c-d7a2-41f2-909d-36f9bf48a41f","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"09c7d1a7-c293-4017-93c4-e880182c1371","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":1,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"30036ef0-fb28-4c86-b129-4bfe12a59a78","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":1,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"1070e185-472e-44c4-acbe-bf4fcdc0474c","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":1,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"93942022-cbb0-4730-b074-86eab9d72282","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":1,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"b6baf91a-8801-4d4f-b57a-e63ead94823e","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":1,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"64383bfc-5852-4293-8473-0b8ec56a5217","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":1,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"109812fd-fb5f-4789-bb0a-2e1681dfb4f2","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"8cf341fb-b26e-4b86-9b2d-532755b67444","block_type":"box","text":"SM","page_number":1,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"3057e217-cdfc-4252-ac4c-eba968b8f2c0","block_type":"box","text":"BlackRock Funds II","page_number":1,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"c873255f-e341-4c68-808a-23cc0701a546","block_type":"box","text":"BlackRock Funds III","page_number":1,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"3e0f25bb-af26-4ab0-9105-590599e2bbaa","block_type":"box","text":"BlackRock Funds IV","page_number":1,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"6dea6b89-2513-4566-b070-26d80f438c06","block_type":"box","text":"BlackRock Funds V","page_number":1,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"bc2704f3-9c7f-4574-8b5e-3d8d4814df68","block_type":"box","text":"BlackRock Funds VI","page_number":1,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"d04f0c87-cc60-45d7-afc5-58c066d07988","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":1,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"337878c9-bbc2-4c14-9727-d15dda2792ee","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":1,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"820a36f1-beca-41cb-a2e6-2e3d03af50a8","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":1,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"45f22ab5-8b26-45a2-a604-137ace390b9a","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":1,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"9dd84025-4bf5-46ac-ad01-68c8d7c7d633","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":1,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"937ec407-7a9d-4d1d-894c-7826eff0cf66","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"b6a241e5-6100-4504-a5be-2d80cffd61f3","block_type":"box","text":"BlackRock Liquidity Funds","page_number":1,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"c0094f17-ef9c-4839-9966-41ee2dcc8566","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":1,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"0f7ca3f1-9602-42dd-b83f-b3be2f5f19c5","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":1,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"a9c802b1-8d95-4b6e-aae1-2cd11c2c94b9","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"e81f404a-adc0-49ae-8144-a8b35d326de6","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":1,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"fb7f01e5-a126-4719-8b71-8d4174d93861","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":1,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"1f3ed8a9-96d9-4ea4-9a88-a3a5abdea68e","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":1,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"cd8a7b2f-2778-4444-a243-a869a5049fdc","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":1,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"229e61a8-f879-4fe6-8864-122679c69947","block_type":"box","text":"BlackRock Series, Inc.","page_number":1,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"2ddcbea3-1b22-4d49-9bbd-20e8102633cb","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"c91dd37b-187a-44b3-b89f-cdbb6bbfc1ee","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":1,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"afc23a24-8349-4c2f-95e9-61260d54362d","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":1,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"3f6303e6-52a9-4dde-8156-87913dd41b75","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":1,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"29f60ba6-0895-430b-9924-f4305dc31ad1","block_type":"box","text":"Supplement dated October 16, 2026","page_number":1,"box":{"x":372,"y":378,"width":260,"height":12}},{"id":"2a106ac5-e1f8-4d9c-a8c6-ec539b047918","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed","page_number":1,"box":{"x":221,"y":394,"width":561,"height":11}},{"id":"0d47ad6f-7578-4698-9d21-a9ea40d87a72","block_type":"box","text":"in Appendix A (each, a “Fund”), as amended from time to time.","page_number":1,"box":{"x":271,"y":409,"width":461,"height":12}},{"id":"a63d0d29-0fbb-4619-94c5-4fd0bed0831e","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":1,"box":{"x":116,"y":436,"width":292,"height":9}},{"id":"af4d4591-ee1d-4ed0-8ed7-3f3bf7ed6ec7","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":1,"box":{"x":116,"y":463,"width":722,"height":12}},{"id":"693d7853-4f80-40a0-a39a-a2aa0800f335","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":1,"box":{"x":116,"y":479,"width":721,"height":12}},{"id":"d7b3f61b-ab38-4c16-85e0-1e527d00c48c","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":1,"box":{"x":116,"y":494,"width":695,"height":12}},{"id":"cc0cce13-6807-4063-9d01-7f44ae6b1e1f","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":1,"box":{"x":116,"y":510,"width":734,"height":12}},{"id":"9809c73e-b8e2-4d22-9fa2-14904437c1c6","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":1,"box":{"x":116,"y":525,"width":712,"height":12}},{"id":"2c225f00-aafa-4372-aadf-11715921989c","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":1,"box":{"x":116,"y":541,"width":771,"height":12}},{"id":"60cb405e-b0bc-4b2a-907f-cb9781256f11","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":1,"box":{"x":116,"y":556,"width":557,"height":12}},{"id":"98223c40-2ea9-4555-b972-78d8bb07d35a","block_type":"box","text":"&Partners","page_number":1,"box":{"x":116,"y":584,"width":72,"height":9}},{"id":"41a7fc25-2c79-4071-86c6-a8e7eb1c363e","block_type":"box","text":"AccuTech Systems Corporation","page_number":1,"box":{"x":116,"y":599,"width":219,"height":12}},{"id":"74a100dc-bb76-4d3c-acb5-b8847707e8b2","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":1,"box":{"x":116,"y":615,"width":173,"height":10}},{"id":"2a440095-3c4d-44eb-8a40-080349e8d769","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":1,"box":{"x":116,"y":630,"width":215,"height":12}},{"id":"07cd5650-9df0-479a-979d-0a66aff9f039","block_type":"box","text":"Advisor Group, Inc.","page_number":1,"box":{"x":116,"y":646,"width":140,"height":11}},{"id":"fcdd6c19-89d5-49ad-82df-66d798c89b5d","block_type":"box","text":"AE Wealth Management, LLC","page_number":1,"box":{"x":116,"y":661,"width":207,"height":12}},{"id":"f590f4a6-4e0c-42ad-9743-7b17ca9d2943","block_type":"box","text":"Alight Solutions LLC","page_number":1,"box":{"x":116,"y":677,"width":146,"height":11}},{"id":"35b06339-b54b-4bc1-ab9d-60415ba909ad","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":1,"box":{"x":116,"y":692,"width":250,"height":11}},{"id":"ab76b4df-c483-40df-a53f-532a33798b51","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":1,"box":{"x":116,"y":708,"width":314,"height":11}},{"id":"9c13fae7-dcdc-47b2-a952-c1f88d49616a","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":1,"box":{"x":116,"y":723,"width":345,"height":12}},{"id":"4875de8a-560c-459e-b496-30f37c26d541","block_type":"box","text":"Altruist Financial LLC","page_number":1,"box":{"x":116,"y":739,"width":154,"height":9}},{"id":"8a40976a-abc3-4edf-af88-a6d1b72d4eea","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":1,"box":{"x":116,"y":754,"width":313,"height":12}},{"id":"fa93ca3e-035d-4758-b219-c08a18b8797c","block_type":"box","text":"American General Life Insurance Company","page_number":1,"box":{"x":116,"y":770,"width":295,"height":11}},{"id":"428a30a6-b42d-41f1-86a7-e2cea2a2a079","block_type":"box","text":"American United Life Insurance Company","page_number":1,"box":{"x":116,"y":785,"width":288,"height":12}},{"id":"1694992d-6f5a-4c7a-9439-e9b693cb1b59","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":1,"box":{"x":116,"y":801,"width":292,"height":11}},{"id":"e397c9f2-a281-4ae2-b227-e6c728b495fe","block_type":"box","text":"Anthem Securities LLC","page_number":1,"box":{"x":116,"y":816,"width":160,"height":9}},{"id":"6996d7d8-4732-4192-9df4-c661dcd79033","block_type":"box","text":"Argent Institutional Trust Company","page_number":1,"box":{"x":116,"y":832,"width":246,"height":11}},{"id":"1603cfa4-3d79-4601-be54-8fa97b9b4073","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":1,"box":{"x":116,"y":847,"width":263,"height":11}},{"id":"dfd28a11-4a94-480d-ae72-040aa4f67830","block_type":"box","text":"Ascensus, Inc.","page_number":1,"box":{"x":116,"y":863,"width":102,"height":10}},{"id":"61cdd888-e733-42b8-ab83-cdb3959f8d56","block_type":"box","text":"Atomic Brokerage LLC","page_number":1,"box":{"x":116,"y":878,"width":165,"height":12}},{"id":"5c417334-7d76-47b5-8748-e1268b25188e","block_type":"box","text":"Avantax Investment Services, LLC","page_number":1,"box":{"x":116,"y":894,"width":242,"height":10}},{"id":"d7a85c00-a083-4056-987e-528d424443c6","block_type":"box","text":"Bancroft Capital LLC","page_number":1,"box":{"x":116,"y":909,"width":147,"height":12}},{"id":"4731754e-fc59-4e30-b13c-0ae270c24eca","block_type":"box","text":"Bank of America, N.A.","page_number":1,"box":{"x":520,"y":584,"width":161,"height":10}},{"id":"f19ec448-d6a7-4378-bb93-f0e4eb381940","block_type":"box","text":"Bank of New York Mellon","page_number":1,"box":{"x":520,"y":599,"width":185,"height":9}},{"id":"6fc6d8ca-a278-4ca4-b7c7-89a4e132ad5f","block_type":"box","text":"Barclays Capital Inc.","page_number":1,"box":{"x":520,"y":615,"width":146,"height":11}},{"id":"c3a56588-9bbb-41fa-85ad-504edf0f61ba","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":1,"box":{"x":520,"y":630,"width":295,"height":11}},{"id":"80913be6-f9dd-43e8-91c7-4c9a300ce815","block_type":"box","text":"Benefit Trust Company","page_number":1,"box":{"x":520,"y":646,"width":163,"height":11}},{"id":"c4b32b08-b4da-4c71-a2fd-adcddb32daef","block_type":"box","text":"Beta Capital Securities LLC","page_number":1,"box":{"x":520,"y":661,"width":190,"height":12}},{"id":"1232e87f-f7a3-4757-bd6b-8011f057dfd0","block_type":"box","text":"bfinance US Ltd.","page_number":1,"box":{"x":520,"y":677,"width":114,"height":9}},{"id":"d79a81f3-4bda-4074-b8a1-4f4395322e0f","block_type":"box","text":"BlackRock Advisors, LLC","page_number":1,"box":{"x":520,"y":692,"width":179,"height":11}},{"id":"795ae06b-28b4-4eb9-84b9-d480a31bc6b9","block_type":"box","text":"BMO Capital Markets Corp.","page_number":1,"box":{"x":520,"y":708,"width":191,"height":11}},{"id":"49c2d625-9427-416d-853a-ccf662660e68","block_type":"box","text":"BNP Paribas","page_number":1,"box":{"x":520,"y":723,"width":85,"height":9}},{"id":"7ad32aed-36d4-4484-87ef-fc0d834e5391","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":1,"box":{"x":520,"y":739,"width":311,"height":9}},{"id":"ce9af6bb-3aad-4d55-8240-e00bf1ee741c","block_type":"box","text":"BNY Mellon, N.A.","page_number":1,"box":{"x":520,"y":754,"width":128,"height":11}},{"id":"9a73fc15-dddb-4eec-a422-cde56803e56b","block_type":"box","text":"BofA Securities, Inc.","page_number":1,"box":{"x":520,"y":770,"width":141,"height":10}},{"id":"24c33a15-4f16-44a5-b245-6231444eea58","block_type":"box","text":"BOKF, N.A.","page_number":1,"box":{"x":520,"y":785,"width":84,"height":11}},{"id":"96136343-035b-475c-92c3-18c96eee76ea","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":1,"box":{"x":520,"y":801,"width":253,"height":11}},{"id":"0a9abf85-3f72-46e9-bf9f-24a8e9092877","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":1,"box":{"x":520,"y":816,"width":300,"height":12}},{"id":"b8e777b9-5f39-4c75-9c5b-a76fe3a3cf66","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":1,"box":{"x":520,"y":832,"width":327,"height":11}},{"id":"0e3e27bf-2cd3-4886-aeb7-f64018aed889","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":1,"box":{"x":520,"y":847,"width":226,"height":9}},{"id":"52637b98-9a43-4c6b-9c45-be24bab14650","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":1,"box":{"x":520,"y":863,"width":210,"height":11}},{"id":"c3c71bea-ad63-4001-8444-bddebe3fc45d","block_type":"box","text":"Capital One, N.A.","page_number":1,"box":{"x":520,"y":878,"width":126,"height":12}},{"id":"cd89e79b-bbcf-490b-a8ed-003d7af6348f","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":1,"box":{"x":520,"y":894,"width":212,"height":9}},{"id":"7c79ef06-676a-44ec-9b21-f00679689488","block_type":"box","text":"Cetera Advisors LLC","page_number":1,"box":{"x":520,"y":909,"width":144,"height":9}},{"id":"4fadd5a3-5167-479e-a596-6ee9bf6f114d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":1,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"be7668fe-5978-4465-87ce-d3d9c7befbde","block_type":"box","text":"Cetera Financial Group","page_number":2,"box":{"x":116,"y":88,"width":162,"height":11}},{"id":"5ba701db-a312-420d-a844-897d2bc7e184","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":2,"box":{"x":116,"y":103,"width":227,"height":12}},{"id":"6cbc051f-5bfb-453b-b3fa-f319680aa06f","block_type":"box","text":"Cetera Investment Services LLC","page_number":2,"box":{"x":116,"y":119,"width":224,"height":9}},{"id":"b001e4e6-678b-4297-b38e-47f85699b18d","block_type":"box","text":"CF Secured, LLC","page_number":2,"box":{"x":116,"y":134,"width":123,"height":11}},{"id":"21c9a64e-7e3b-43ae-ad43-108f9883392a","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":2,"box":{"x":116,"y":150,"width":192,"height":10}},{"id":"8a862ef9-5f8b-4ea6-9c5e-a7e610849327","block_type":"box","text":"Charles Schwab Trust Bank","page_number":2,"box":{"x":116,"y":165,"width":192,"height":9}},{"id":"b55f78df-e9cc-488a-b207-4d17ebb49365","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":2,"box":{"x":116,"y":181,"width":238,"height":11}},{"id":"86cb7139-db51-4cb9-9109-c828cdeef931","block_type":"box","text":"CIM Investment Management, Inc.","page_number":2,"box":{"x":116,"y":196,"width":241,"height":12}},{"id":"0ea32d54-f84d-4166-bd14-b63a3f966aca","block_type":"box","text":"Citco Securities, LLC","page_number":2,"box":{"x":116,"y":212,"width":151,"height":10}},{"id":"50b51652-d856-4f5c-8f97-5ab846ff2e4a","block_type":"box","text":"CitiBank, National Association","page_number":2,"box":{"x":116,"y":227,"width":215,"height":11}},{"id":"a03ce32a-830d-4ac9-910f-09e559f0adc8","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":2,"box":{"x":116,"y":243,"width":212,"height":11}},{"id":"9cb14374-abd9-4615-abaa-2c0371bfcb81","block_type":"box","text":"Citizens Bank","page_number":2,"box":{"x":116,"y":258,"width":99,"height":9}},{"id":"cfdca8c4-ba35-4f6e-b6ba-53490fcf0fab","block_type":"box","text":"Citizens Business Bank","page_number":2,"box":{"x":116,"y":274,"width":163,"height":9}},{"id":"6c4dfd2d-90b8-4284-b9ce-181473e69127","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":2,"box":{"x":116,"y":289,"width":231,"height":12}},{"id":"da5709c6-5065-48dc-992c-31cbdb7bbacf","block_type":"box","text":"CMFG Life Insurance Company","page_number":2,"box":{"x":116,"y":305,"width":223,"height":11}},{"id":"e70c207c-fe10-4b65-a72b-0946913abef2","block_type":"box","text":"Comerica Bank","page_number":2,"box":{"x":116,"y":320,"width":109,"height":9}},{"id":"0f1efc23-e06f-41b2-ad23-2f43a533e1e6","block_type":"box","text":"Commonwealth Financial Network","page_number":2,"box":{"x":116,"y":336,"width":242,"height":9}},{"id":"34bcf21b-02fd-4f64-b7a8-a29fa3b5f72a","block_type":"box","text":"Computershare Trust Company","page_number":2,"box":{"x":116,"y":351,"width":216,"height":12}},{"id":"4432b030-2a15-4d28-a4f8-b2f68822babc","block_type":"box","text":"Conduent HR Services, LLC","page_number":2,"box":{"x":116,"y":367,"width":198,"height":10}},{"id":"b0b38d83-5b6a-4dff-a3c3-d33b8892cb98","block_type":"box","text":"Delaware Life Insurance Company","page_number":2,"box":{"x":116,"y":382,"width":240,"height":12}},{"id":"b8b102f1-7cc3-4e70-8d53-8f9fced1fa9d","block_type":"box","text":"Delaware Trust Company","page_number":2,"box":{"x":116,"y":398,"width":178,"height":11}},{"id":"a6519385-cff9-457a-88df-27ba7698438d","block_type":"box","text":"Deutsche Bank AG","page_number":2,"box":{"x":116,"y":413,"width":135,"height":9}},{"id":"e7c2f241-3a3c-4ebe-b934-9971094d3728","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":2,"box":{"x":116,"y":429,"width":285,"height":11}},{"id":"5fda4e31-a4b9-487d-8c6d-75fc9bf89460","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":2,"box":{"x":116,"y":444,"width":232,"height":12}},{"id":"ed4384d5-1b2b-4e1d-9a00-aa69b5fbef90","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":2,"box":{"x":116,"y":460,"width":328,"height":10}},{"id":"9c507e9e-311b-4157-90e5-1d06fca8794a","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":2,"box":{"x":116,"y":475,"width":223,"height":12}},{"id":"2e149655-6a20-4126-8c2c-432d6d00babf","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":2,"box":{"x":116,"y":491,"width":200,"height":10}},{"id":"95c5fe41-aa75-4b2a-9392-c4be10ff1f93","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":2,"box":{"x":116,"y":506,"width":298,"height":12}},{"id":"5a4a448f-87f1-45d4-baee-dcf3579bb270","block_type":"box","text":"Company","page_number":2,"box":{"x":116,"y":522,"width":69,"height":11}},{"id":"6e8b8e0f-4899-4d2e-9059-c6d370bf4a8d","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":2,"box":{"x":116,"y":537,"width":349,"height":12}},{"id":"b8c85a86-8d04-4e27-b156-4b890b21f6ed","block_type":"box","text":"Empower Financial Services, Inc.","page_number":2,"box":{"x":116,"y":553,"width":232,"height":11}},{"id":"8bafcb51-bc71-48c6-9114-03dfbe3d4672","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":2,"box":{"x":116,"y":568,"width":336,"height":12}},{"id":"5a387e9d-f081-410d-8a6b-51bec482637e","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":584,"width":74,"height":9}},{"id":"34ffe422-bc78-4a54-90c0-b066cedc7440","block_type":"box","text":"Empower Plan Services, LLC","page_number":2,"box":{"x":116,"y":599,"width":205,"height":12}},{"id":"ea8377a9-1e79-4c07-befe-55965cb6645c","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":2,"box":{"x":116,"y":615,"width":238,"height":11}},{"id":"1ab1d7e8-79e6-4e50-b299-a7aca21557ea","block_type":"box","text":"Equitable Advisors, LLC","page_number":2,"box":{"x":116,"y":630,"width":174,"height":12}},{"id":"be1a73d2-85d3-4c06-9ab5-4ef797c3c95b","block_type":"box","text":"Equitable Life Insurance Company","page_number":2,"box":{"x":116,"y":646,"width":240,"height":11}},{"id":"ea762c3e-3c08-4732-98a3-7b369a94391a","block_type":"box","text":"E*trade Savings Bank","page_number":2,"box":{"x":116,"y":661,"width":150,"height":12}},{"id":"a60d5b8d-6d37-4ff2-b437-b9a1cba67456","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":2,"box":{"x":116,"y":677,"width":262,"height":11}},{"id":"ff77ff56-5864-4853-93b4-b4bd23590f88","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":2,"box":{"x":116,"y":692,"width":223,"height":12}},{"id":"b59798db-26f4-4964-b6fa-75745ecced76","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":2,"box":{"x":116,"y":708,"width":301,"height":11}},{"id":"743fbfa0-4feb-408f-9d36-d0f84ea690d9","block_type":"box","text":"Company, Inc.","page_number":2,"box":{"x":116,"y":723,"width":98,"height":12}},{"id":"d693729a-570c-43f1-8e14-9b44231f0d05","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":2,"box":{"x":116,"y":739,"width":309,"height":11}},{"id":"7c55d14b-6611-4cdb-9e18-c165a0632044","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":2,"box":{"x":116,"y":754,"width":178,"height":11}},{"id":"7f0db555-df8e-42a3-af9e-9ab1e7a68076","block_type":"box","text":"First Allied Securities, Inc.","page_number":2,"box":{"x":116,"y":770,"width":181,"height":10}},{"id":"02b21a29-70b3-43de-bce7-2512a16931fc","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":2,"box":{"x":116,"y":785,"width":269,"height":12}},{"id":"12a4927f-e0e9-44a9-b99b-0629ecbff0b1","block_type":"box","text":"First Hawaiian Bank","page_number":2,"box":{"x":116,"y":801,"width":139,"height":9}},{"id":"657528aa-865b-4e60-8ac8-71a79545e805","block_type":"box","text":"First Republic Bank","page_number":2,"box":{"x":116,"y":816,"width":136,"height":12}},{"id":"95f1676c-f015-4671-a901-d6f93d687fcd","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":2,"box":{"x":116,"y":832,"width":339,"height":11}},{"id":"e7cf13b1-6f1f-42e0-9f44-79cad8f28645","block_type":"box","text":"Company of New York","page_number":2,"box":{"x":116,"y":847,"width":162,"height":12}},{"id":"8489de70-d66e-4036-9a2c-613292425e9d","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":2,"box":{"x":116,"y":863,"width":348,"height":11}},{"id":"d66aac3a-3c37-479f-8391-2d0c7a232ed7","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":878,"width":74,"height":9}},{"id":"699189fd-b14a-439f-9c34-df2769c61438","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":2,"box":{"x":116,"y":894,"width":262,"height":11}},{"id":"3b882f69-2225-4015-979f-7ff5bc4b6068","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":2,"box":{"x":116,"y":909,"width":283,"height":12}},{"id":"3d72c3c8-f988-40ff-9efe-7c8d68b876c6","block_type":"box","text":"FNEX Capital, LLC","page_number":2,"box":{"x":520,"y":88,"width":141,"height":11}},{"id":"4c6b8bac-95c3-4279-95bf-ad2bde3578fa","block_type":"box","text":"Forethought Life Insurance Company","page_number":2,"box":{"x":520,"y":103,"width":258,"height":12}},{"id":"3a0c597e-bdb5-441e-a440-06dcf91f096d","block_type":"box","text":"FSC Securities Corporation","page_number":2,"box":{"x":520,"y":119,"width":190,"height":11}},{"id":"7ef37df1-2460-4513-9c22-82646929a9b7","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":2,"box":{"x":520,"y":134,"width":331,"height":12}},{"id":"e8aa3020-0754-4ca9-b86a-accab9358f54","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":150,"width":336,"height":11}},{"id":"d8e189c4-ba82-4084-abad-3e03364f3f82","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":2,"box":{"x":520,"y":165,"width":233,"height":11}},{"id":"c775025f-e134-4c72-ad56-ce272aab7a61","block_type":"box","text":"Goldman Sachs & Co.","page_number":2,"box":{"x":520,"y":181,"width":156,"height":9}},{"id":"1dcc177c-1110-4fd5-affc-76370e4854de","block_type":"box","text":"Great Pacific Securities, LLC","page_number":2,"box":{"x":520,"y":196,"width":203,"height":11}},{"id":"c2e058cd-2c80-421c-87a8-a7b72216c2ec","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":2,"box":{"x":520,"y":212,"width":275,"height":11}},{"id":"9ecd3b32-9d33-4814-9881-0abf45e0d2cd","block_type":"box","text":"Hancock Whitney Bank","page_number":2,"box":{"x":520,"y":227,"width":166,"height":12}},{"id":"653ac802-20f9-4414-9e6f-95eac59a6ef3","block_type":"box","text":"Hartford Funds Management Company","page_number":2,"box":{"x":520,"y":243,"width":269,"height":11}},{"id":"9915076d-d932-4662-95b8-56ab7bd44823","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":2,"box":{"x":520,"y":258,"width":322,"height":12}},{"id":"0751ecac-e163-45fc-98dc-3399babd9368","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":2,"box":{"x":520,"y":274,"width":203,"height":10}},{"id":"491c2980-2d89-44fb-863c-a8faee1c9e16","block_type":"box","text":"Hightower Securities, Inc.","page_number":2,"box":{"x":520,"y":289,"width":181,"height":12}},{"id":"fd61464c-0926-4928-bd80-ccd16d118389","block_type":"box","text":"Hilltop Securities Inc.","page_number":2,"box":{"x":520,"y":305,"width":152,"height":11}},{"id":"e526fdd8-75b9-48d5-8623-0164a25f8d3e","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":2,"box":{"x":520,"y":320,"width":166,"height":11}},{"id":"ea66fbd2-31cf-4c5d-a210-03e4b82d3be8","block_type":"box","text":"Huntington Securities, Inc.","page_number":2,"box":{"x":520,"y":336,"width":186,"height":11}},{"id":"cdf55368-f141-4dd5-a000-f1118dcff273","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":2,"box":{"x":520,"y":351,"width":249,"height":11}},{"id":"a287deda-8831-4f7f-b170-a2920a9f77f9","block_type":"box","text":"Integrity Life Insurance Company","page_number":2,"box":{"x":520,"y":367,"width":234,"height":11}},{"id":"0a1fed3b-88d8-4d69-8221-28717f617c25","block_type":"box","text":"Interactive Brokers, LLC","page_number":2,"box":{"x":520,"y":382,"width":174,"height":11}},{"id":"4c2e0822-fefa-458b-8d06-25977ad58a9c","block_type":"box","text":"Investment Trust of California","page_number":2,"box":{"x":520,"y":398,"width":209,"height":9}},{"id":"1c805496-1456-43f9-8e67-c2e9010cb823","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":2,"box":{"x":520,"y":413,"width":287,"height":12}},{"id":"a81f2f6a-4765-4e23-becd-be31da803406","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":2,"box":{"x":520,"y":429,"width":193,"height":11}},{"id":"81f8e26b-1f1a-482f-8e39-ebf5469f5ba8","block_type":"box","text":"Jefferies LLC","page_number":2,"box":{"x":520,"y":444,"width":97,"height":9}},{"id":"ed15741d-cb87-4b89-b95d-fac417098a01","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":2,"box":{"x":520,"y":460,"width":300,"height":11}},{"id":"233fa027-0731-46f3-85eb-623918896e5f","block_type":"box","text":"Jefferson National Life Insurance Company of New","page_number":2,"box":{"x":520,"y":475,"width":354,"height":12}},{"id":"2d022409-d901-413d-bccc-e2a88c1ef593","block_type":"box","text":"York","page_number":2,"box":{"x":520,"y":491,"width":39,"height":9}},{"id":"293f8c2a-d5c5-4716-858a-a7a45bfe5fc8","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":2,"box":{"x":520,"y":506,"width":333,"height":12}},{"id":"828f136d-66b8-4fcc-8923-8eb4b19bf2b9","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":522,"width":365,"height":11}},{"id":"50a09ff1-e813-4665-b961-32c900ad532d","block_type":"box","text":"John Hancock Trust Company","page_number":2,"box":{"x":520,"y":537,"width":209,"height":12}},{"id":"8074ad82-ebb9-4f2b-9e2f-47a3f8439aee","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":2,"box":{"x":520,"y":553,"width":199,"height":11}},{"id":"05b8aba5-a913-4c88-9c82-829ba52b9f00","block_type":"box","text":"Kestra Investment Services, LLC","page_number":2,"box":{"x":520,"y":568,"width":229,"height":11}},{"id":"53eb205d-d5c0-49a5-86ea-079eea38f985","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":2,"box":{"x":520,"y":584,"width":274,"height":11}},{"id":"64ef2109-9168-4cf0-89d5-a9a54658d361","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":2,"box":{"x":520,"y":599,"width":280,"height":12}},{"id":"24d75ee1-5d5a-4e20-9d47-16b175a4da84","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":2,"box":{"x":520,"y":615,"width":328,"height":11}},{"id":"d2ed4b91-865e-4c99-b3f4-3d66f9cd28a0","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":2,"box":{"x":520,"y":630,"width":290,"height":12}},{"id":"0e1e83ea-e518-4e80-9519-8ea0b7592368","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":2,"box":{"x":520,"y":646,"width":233,"height":9}},{"id":"109f2e84-46a7-4e01-9655-4691f43e4248","block_type":"box","text":"Lombard International Life Assurance Company","page_number":2,"box":{"x":520,"y":661,"width":328,"height":12}},{"id":"640cae20-44da-4151-a561-c9fd2e95a610","block_type":"box","text":"LPL Financial LLC","page_number":2,"box":{"x":520,"y":677,"width":132,"height":9}},{"id":"f229439d-d430-4f0b-8d01-580dd11942a2","block_type":"box","text":"M&T Securities Inc.","page_number":2,"box":{"x":520,"y":692,"width":138,"height":9}},{"id":"9eee76d6-29c1-498c-ba5e-95eacb120564","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":2,"box":{"x":520,"y":708,"width":291,"height":11}},{"id":"b217eb53-b7f1-477d-bbcc-ef649bc8d9d5","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":2,"box":{"x":520,"y":723,"width":321,"height":12}},{"id":"6bba8f6e-b2da-475e-9b95-7da78f97c9c5","block_type":"box","text":"Members Life Insurance Company","page_number":2,"box":{"x":520,"y":739,"width":235,"height":11}},{"id":"afefc003-310f-4664-b992-a34176548d08","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":2,"box":{"x":520,"y":754,"width":353,"height":12}},{"id":"cef9c312-f8fb-46d2-9920-59fb09413e1e","block_type":"box","text":"Metavante Corporation","page_number":2,"box":{"x":520,"y":770,"width":156,"height":11}},{"id":"461df7df-e039-4284-b097-ea9565f4dcab","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":2,"box":{"x":520,"y":785,"width":259,"height":12}},{"id":"275121d5-5cef-4817-a315-b6de99f4f82b","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":2,"box":{"x":520,"y":801,"width":328,"height":11}},{"id":"6891f3b5-303b-4b28-8aad-b4f3931caf0c","block_type":"box","text":"Midland Life Insurance Company","page_number":2,"box":{"x":520,"y":816,"width":228,"height":12}},{"id":"d32efc26-054e-434b-9fd6-1660bad454a8","block_type":"box","text":"Minnesota Life Insurance Company","page_number":2,"box":{"x":520,"y":832,"width":247,"height":11}},{"id":"fa8e9689-ca44-419b-9440-c3222ce6b440","block_type":"box","text":"Mischler Financial Group","page_number":2,"box":{"x":520,"y":847,"width":178,"height":12}},{"id":"ca5e58c2-301d-4432-8c89-52a1a3a495d4","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":2,"box":{"x":520,"y":863,"width":195,"height":9}},{"id":"365e163b-3e80-4f6c-be6f-6bbb694103b4","block_type":"box","text":"MML Distributors, LLC","page_number":2,"box":{"x":520,"y":878,"width":169,"height":11}},{"id":"c4dacbe7-bf96-464f-a010-44fbf59053ec","block_type":"box","text":"MML Investors Services, LLC","page_number":2,"box":{"x":520,"y":894,"width":212,"height":10}},{"id":"64986f33-e4da-40ff-b808-7e782c296b0d","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":2,"box":{"x":520,"y":909,"width":189,"height":12}},{"id":"e0134722-6537-45d0-a57a-599a97bf212f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":2,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"84c23411-07d2-4b0e-976b-2c835f20defa","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":3,"box":{"x":116,"y":88,"width":232,"height":11}},{"id":"7cd1fcaf-274e-4704-968b-a45f8b37b8fe","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":3,"box":{"x":116,"y":103,"width":245,"height":12}},{"id":"060f991a-6e02-4f3b-8141-363f88767b37","block_type":"box","text":"MUFG Union Bank, National Association","page_number":3,"box":{"x":116,"y":119,"width":289,"height":10}},{"id":"92f0f5c0-d305-4694-988e-b0e99e4c62bb","block_type":"box","text":"Nassau Life Insurance Company","page_number":3,"box":{"x":116,"y":134,"width":224,"height":12}},{"id":"66af1828-0913-4073-9878-953375190c93","block_type":"box","text":"National Financial Services LLC","page_number":3,"box":{"x":116,"y":150,"width":226,"height":9}},{"id":"a6ff5551-1666-4201-b680-3b54ae896093","block_type":"box","text":"National Integrity Life Insurance Company","page_number":3,"box":{"x":116,"y":165,"width":296,"height":12}},{"id":"eefa2ddf-5f5e-40e6-84db-4f16a785fc32","block_type":"box","text":"National Life Insurance Company","page_number":3,"box":{"x":116,"y":181,"width":234,"height":11}},{"id":"51415510-656e-41fc-8334-fac7bb365f4b","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":3,"box":{"x":116,"y":196,"width":245,"height":11}},{"id":"567da7c2-1a98-47d6-a5c7-a77cbf719a27","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":3,"box":{"x":116,"y":212,"width":242,"height":9}},{"id":"cf4ba99a-fa14-4aa2-a4f9-4e4775d59072","block_type":"box","text":"Nationwide Retirement Solutions","page_number":3,"box":{"x":116,"y":227,"width":230,"height":9}},{"id":"37a388c5-43a2-43cc-9336-c5fb9f05f691","block_type":"box","text":"NCB Federal Savings Bank","page_number":3,"box":{"x":116,"y":243,"width":191,"height":11}},{"id":"00ea1c6a-eb3e-4c6b-a2c9-6921781480cd","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":3,"box":{"x":116,"y":258,"width":288,"height":12}},{"id":"4bf441a6-160d-4930-9fe0-fdcf1002b101","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":3,"box":{"x":116,"y":274,"width":350,"height":11}},{"id":"f636d271-90e0-44c6-bbd2-f00fdce8d644","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":3,"box":{"x":116,"y":289,"width":237,"height":12}},{"id":"3914f4e1-6a7f-40b9-bd81-0f33f2c02f12","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":3,"box":{"x":116,"y":305,"width":249,"height":11}},{"id":"ff46f361-e5b2-4e3a-937b-58dc05414d69","block_type":"box","text":"Northern Trust Company","page_number":3,"box":{"x":116,"y":320,"width":174,"height":12}},{"id":"64990bf8-e43f-4b4b-b07e-1e85954130ff","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":3,"box":{"x":116,"y":336,"width":329,"height":10}},{"id":"e994a232-3b52-4f45-aef1-68b84eea7f3d","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":3,"box":{"x":116,"y":351,"width":320,"height":12}},{"id":"3381652c-1d79-4e8f-9b79-5a11bae4d0eb","block_type":"box","text":"NYLife Distributors LLC","page_number":3,"box":{"x":116,"y":367,"width":177,"height":9}},{"id":"e1bf828c-bc42-4dc3-b58d-68e54a527895","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":3,"box":{"x":116,"y":382,"width":175,"height":12}},{"id":"98689257-ecc9-4261-89e2-8637519350d9","block_type":"box","text":"Orion Advisor Services, LLC","page_number":3,"box":{"x":116,"y":398,"width":203,"height":10}},{"id":"aa5650f3-6560-491d-9a00-f6febfce1d63","block_type":"box","text":"Osaic Wealth, Inc.","page_number":3,"box":{"x":116,"y":413,"width":129,"height":11}},{"id":"0109f2d4-2b4e-499e-bb65-21bd126de8d8","block_type":"box","text":"Pacific Life & Annuity Company","page_number":3,"box":{"x":116,"y":429,"width":230,"height":11}},{"id":"20f0a7d6-3220-4f37-a976-253720069b97","block_type":"box","text":"Pacific Life Insurance Company","page_number":3,"box":{"x":116,"y":444,"width":223,"height":12}},{"id":"47aeb92b-7ef9-4fbd-ac26-951de5a1aa1b","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":3,"box":{"x":116,"y":460,"width":221,"height":10}},{"id":"235650e7-a139-4439-8966-edfde8d0c671","block_type":"box","text":"Park Avenue Securities LLC","page_number":3,"box":{"x":116,"y":475,"width":198,"height":9}},{"id":"e1def4e3-51da-49ab-90d1-6a426993646e","block_type":"box","text":"Penserra Securities LLC","page_number":3,"box":{"x":116,"y":491,"width":169,"height":9}},{"id":"d97ec3f2-97f9-453a-852b-c1bdad602e9e","block_type":"box","text":"Pershing LLC","page_number":3,"box":{"x":116,"y":506,"width":99,"height":12}},{"id":"108b0fe3-2a50-46f5-bb96-0cab6ae90fe5","block_type":"box","text":"PFPC Inc.","page_number":3,"box":{"x":116,"y":522,"width":73,"height":9}},{"id":"024208f6-88a2-4532-93e3-9765abc3b1e3","block_type":"box","text":"Piper Jaffray & Co.","page_number":3,"box":{"x":116,"y":537,"width":136,"height":12}},{"id":"84cea1a0-1fac-43de-a90b-f01f2e815a23","block_type":"box","text":"PNC Bank, National Association","page_number":3,"box":{"x":116,"y":553,"width":226,"height":10}},{"id":"ddbfb3cb-eaae-46f6-b8ec-cea8fd5af6c5","block_type":"box","text":"PNC Capital Markets LLC","page_number":3,"box":{"x":116,"y":568,"width":185,"height":12}},{"id":"4c51bcdd-ce8a-44cd-a5de-2d338a59329b","block_type":"box","text":"PNC Investments LLC","page_number":3,"box":{"x":116,"y":584,"width":158,"height":9}},{"id":"d7248d4c-67a7-4ac5-8533-131a05ff822e","block_type":"box","text":"Principal Bank","page_number":3,"box":{"x":116,"y":599,"width":105,"height":12}},{"id":"767d4e52-333e-44b7-83f4-b44de48daeb1","block_type":"box","text":"Principal Life Insurance Company","page_number":3,"box":{"x":116,"y":615,"width":237,"height":11}},{"id":"b207ba33-0c3d-4306-9d1c-434d90fb9d8b","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":3,"box":{"x":116,"y":630,"width":332,"height":12}},{"id":"53c086ad-9db3-4825-8b28-c0398d5a9740","block_type":"box","text":"Protective Life Insurance Company","page_number":3,"box":{"x":116,"y":646,"width":244,"height":11}},{"id":"cb148792-2bc3-49fa-83e9-605e37a1d2dd","block_type":"box","text":"Pruco Life Insurance Company","page_number":3,"box":{"x":116,"y":661,"width":210,"height":12}},{"id":"d9cab7ef-2f84-4ddf-8527-570789bb3158","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":3,"box":{"x":116,"y":677,"width":311,"height":11}},{"id":"b283ebc9-af99-4129-98ab-c18c8312855c","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":3,"box":{"x":116,"y":692,"width":257,"height":11}},{"id":"cf4cefe6-c99c-4616-9941-a8f0619985b0","block_type":"box","text":"Prudential Insurance Company of America","page_number":3,"box":{"x":116,"y":708,"width":289,"height":11}},{"id":"57ddca6c-c993-408e-8a80-433cd83d1392","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":3,"box":{"x":116,"y":723,"width":237,"height":12}},{"id":"b4d7d8ca-fee8-4209-b54c-6e0afdc63beb","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":3,"box":{"x":116,"y":739,"width":272,"height":11}},{"id":"388dd32a-afc4-4100-9ee1-8a0c2013f44d","block_type":"box","text":"RBC Capital Markets, LLC","page_number":3,"box":{"x":116,"y":754,"width":185,"height":12}},{"id":"0f904578-3ec9-45f3-ae5a-3987d9eec6c6","block_type":"box","text":"Regions Bank","page_number":3,"box":{"x":116,"y":770,"width":95,"height":11}},{"id":"c508998f-67ef-47e8-82dd-0a63818397d6","block_type":"box","text":"Reliance Trust Company","page_number":3,"box":{"x":116,"y":785,"width":168,"height":12}},{"id":"a165d4c3-c822-4a69-a946-4bc4a88c396e","block_type":"box","text":"Reliastar Life Insurance Company","page_number":3,"box":{"x":116,"y":801,"width":231,"height":11}},{"id":"a2385732-b9fd-4b04-825f-ddad3d1983e1","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":3,"box":{"x":116,"y":816,"width":325,"height":12}},{"id":"c0a7f7f6-b65d-45d2-8aad-956bc7e12b66","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":3,"box":{"x":116,"y":832,"width":207,"height":10}},{"id":"e10996a5-0afa-4376-a66d-ca51622701ec","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":3,"box":{"x":116,"y":847,"width":311,"height":9}},{"id":"54e004b1-e48b-433a-8df8-2626b7b3f6e0","block_type":"box","text":"RiverSource Life Insurance Company","page_number":3,"box":{"x":116,"y":863,"width":260,"height":11}},{"id":"2495f080-3375-4c54-a20f-b51882c1c373","block_type":"box","text":"SagePoint Financial, Inc.","page_number":3,"box":{"x":116,"y":878,"width":173,"height":12}},{"id":"314728e3-d2c6-4b13-8886-d00bb872c0a7","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":3,"box":{"x":116,"y":894,"width":252,"height":10}},{"id":"7010b96f-a3bc-489a-aee9-f190af7e5267","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":3,"box":{"x":116,"y":909,"width":207,"height":12}},{"id":"224e6555-1086-4287-9e0d-6c6482fc1546","block_type":"box","text":"Santander Bank, N.A.","page_number":3,"box":{"x":520,"y":88,"width":152,"height":10}},{"id":"56351e3e-2227-4791-a18b-8318431cfcff","block_type":"box","text":"Saturna Trust Company","page_number":3,"box":{"x":520,"y":103,"width":165,"height":12}},{"id":"2c2edd19-e695-4bdf-bb5a-79a854328064","block_type":"box","text":"Securities America, Inc.","page_number":3,"box":{"x":520,"y":119,"width":167,"height":10}},{"id":"a39d5d54-d9c5-437f-a560-a1c2d892d9f4","block_type":"box","text":"Securities Finance Trust Company","page_number":3,"box":{"x":520,"y":134,"width":238,"height":12}},{"id":"0e62301a-03c1-4414-9b31-94a541de1c44","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":3,"box":{"x":520,"y":150,"width":286,"height":11}},{"id":"dc9af378-e106-43cf-beb0-5db121b6fd4b","block_type":"box","text":"Security Financial Resources, Inc.","page_number":3,"box":{"x":520,"y":165,"width":235,"height":12}},{"id":"570371e5-bf25-40c6-9a5e-72961ef5c337","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":3,"box":{"x":520,"y":181,"width":304,"height":11}},{"id":"1b154886-068e-4173-9945-cde355ce62ca","block_type":"box","text":"SEI Private Trust Company","page_number":3,"box":{"x":520,"y":196,"width":191,"height":12}},{"id":"0089c515-8d7c-4f72-aaee-b929e0d5b1c4","block_type":"box","text":"SG Americas Securities, LLC","page_number":3,"box":{"x":520,"y":212,"width":205,"height":10}},{"id":"92bff813-67d6-4db4-bb1a-f5a74b77b8c8","block_type":"box","text":"Silicon Valley Bank","page_number":3,"box":{"x":520,"y":227,"width":141,"height":12}},{"id":"a1efeeec-365b-48fc-aae5-913f3168c55c","block_type":"box","text":"Standard Insurance Company","page_number":3,"box":{"x":520,"y":243,"width":203,"height":11}},{"id":"f8242e53-9669-47da-a82b-99a00d74a080","block_type":"box","text":"Standard Retirement Services, Inc.","page_number":3,"box":{"x":520,"y":258,"width":239,"height":11}},{"id":"aab57f43-9133-407c-9c93-44991e8f5661","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":3,"box":{"x":520,"y":274,"width":347,"height":11}},{"id":"c491837a-6908-4da5-980b-700ca944fb48","block_type":"box","text":"State Farm Life Insurance Company","page_number":3,"box":{"x":520,"y":289,"width":249,"height":12}},{"id":"8dbb9385-f92d-4f97-b48d-3aa9f5ceeb24","block_type":"box","text":"State Farm VP Management Corp.","page_number":3,"box":{"x":520,"y":305,"width":237,"height":11}},{"id":"8734afda-fa76-4803-9e29-b4fe952db2ae","block_type":"box","text":"State Street Bank and Trust Company","page_number":3,"box":{"x":520,"y":320,"width":259,"height":12}},{"id":"35887e0d-331b-43a2-b465-9f0a111b99fd","block_type":"box","text":"State Street Global Markets, LLC","page_number":3,"box":{"x":520,"y":336,"width":231,"height":10}},{"id":"7b548ba0-9f15-4cf3-8ad6-f8ab3b01e724","block_type":"box","text":"Stern Brothers & Co.","page_number":3,"box":{"x":520,"y":351,"width":147,"height":9}},{"id":"925a5b26-c47d-46a6-a928-7efcb80c492f","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":3,"box":{"x":520,"y":367,"width":290,"height":11}},{"id":"b7482462-f194-4926-a5bf-556f7f6a75ac","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":3,"box":{"x":520,"y":382,"width":227,"height":12}},{"id":"6e9ba39c-4139-4056-966c-7230f6334a7d","block_type":"box","text":"SVB Asset Management","page_number":3,"box":{"x":520,"y":398,"width":170,"height":11}},{"id":"cca6140a-7c1e-42bc-84cb-d94dab55021a","block_type":"box","text":"Symetra Life Insurance Company","page_number":3,"box":{"x":520,"y":413,"width":232,"height":12}},{"id":"3c870af5-7bd1-4049-8dc5-10642a06c662","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":3,"box":{"x":520,"y":429,"width":200,"height":11}},{"id":"107d6745-cd5b-4b4a-9a9e-ff395d22810c","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":3,"box":{"x":520,"y":444,"width":310,"height":11}},{"id":"91fd6f40-294f-4c76-8acd-0acaf9659b38","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":3,"box":{"x":520,"y":460,"width":319,"height":11}},{"id":"dd2a44b8-d33b-4fa7-ab6d-85a786b88792","block_type":"box","text":"Company","page_number":3,"box":{"x":520,"y":475,"width":69,"height":12}},{"id":"c85ec36b-638e-4863-b904-30906840a155","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":3,"box":{"x":520,"y":491,"width":301,"height":11}},{"id":"734abca2-3212-4417-9512-828d19f0fb1a","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":3,"box":{"x":520,"y":506,"width":204,"height":12}},{"id":"eced857f-7334-4412-b627-7fe515726ba3","block_type":"box","text":"TD Ameritrade, Inc.","page_number":3,"box":{"x":520,"y":522,"width":141,"height":10}},{"id":"73a961d2-9926-4b9f-8536-41acb684b324","block_type":"box","text":"TD Prime Services (US) LLC","page_number":3,"box":{"x":520,"y":537,"width":205,"height":11}},{"id":"f04a2230-41af-4f9b-a80b-075349268670","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":3,"box":{"x":520,"y":553,"width":325,"height":11}},{"id":"c39335c1-155c-4e09-b49a-d6a6772c7a07","block_type":"box","text":"America","page_number":3,"box":{"x":520,"y":568,"width":62,"height":9}},{"id":"c5ae43fe-daa6-457f-8b09-cf4e79ae4f59","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":3,"box":{"x":520,"y":584,"width":220,"height":11}},{"id":"93454870-7404-49fd-b2be-9cb1c7f1dc29","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":3,"box":{"x":520,"y":599,"width":335,"height":12}},{"id":"1523e597-3f8d-4171-963a-9c2a5ac4d803","block_type":"box","text":"Transamerica Life Insurance Company","page_number":3,"box":{"x":520,"y":615,"width":268,"height":11}},{"id":"45be3790-db68-4ddd-9231-b5d10359e943","block_type":"box","text":"Treasury Brokerage","page_number":3,"box":{"x":520,"y":630,"width":138,"height":12}},{"id":"e3077334-0c10-4189-bd56-0151bf0d1f12","block_type":"box","text":"Triad Advisors, LLC","page_number":3,"box":{"x":520,"y":646,"width":146,"height":10}},{"id":"4746ed01-72d1-4373-be6f-d8df92f2ff7f","block_type":"box","text":"Truist Bank","page_number":3,"box":{"x":520,"y":661,"width":80,"height":9}},{"id":"a8c446a7-5393-4b34-ba85-a7c9b95459a8","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":3,"box":{"x":520,"y":677,"width":210,"height":11}},{"id":"bd340e0e-d754-4a42-9149-64963729ddc2","block_type":"box","text":"U.S. Bank, National Association","page_number":3,"box":{"x":520,"y":692,"width":219,"height":11}},{"id":"a80052a5-f443-4c5f-adf2-a2a29db0bac7","block_type":"box","text":"UBATCO & Co.","page_number":3,"box":{"x":520,"y":708,"width":113,"height":9}},{"id":"ecbea2f4-be67-49c4-ae5d-41837e3fd027","block_type":"box","text":"UBS Financial Services, Inc.","page_number":3,"box":{"x":520,"y":723,"width":194,"height":11}},{"id":"7e132094-4280-4ff6-b2d4-0041f792067d","block_type":"box","text":"UBS Securities LLC","page_number":3,"box":{"x":520,"y":739,"width":139,"height":9}},{"id":"40a19e98-2781-425c-b984-f285009a1991","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":3,"box":{"x":520,"y":754,"width":200,"height":11}},{"id":"e2a65532-2796-424b-9588-38bd2646fddf","block_type":"box","text":"UMB Bank, National Association","page_number":3,"box":{"x":520,"y":770,"width":228,"height":10}},{"id":"6bf2aa63-b3f5-4852-94eb-3af0d0b20aae","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":3,"box":{"x":520,"y":785,"width":356,"height":12}},{"id":"761b0d6c-d2ae-4794-8921-cf70517c35bc","block_type":"box","text":"New York","page_number":3,"box":{"x":520,"y":801,"width":70,"height":9}},{"id":"3b6b135a-e0cd-425d-9748-9d155add6286","block_type":"box","text":"VALIC Retirement Services Company","page_number":3,"box":{"x":520,"y":816,"width":261,"height":12}},{"id":"5dfd0a1c-d65c-4fce-84cf-cc57a5a837f5","block_type":"box","text":"Vanguard Group, Inc.","page_number":3,"box":{"x":520,"y":832,"width":152,"height":11}},{"id":"eb14d492-6443-425d-8fd3-81635e7da67a","block_type":"box","text":"Vanguard Marketing Corporation","page_number":3,"box":{"x":520,"y":847,"width":230,"height":12}},{"id":"1aeb0346-0418-4d73-8a2f-68a6237711b0","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":3,"box":{"x":520,"y":863,"width":207,"height":11}},{"id":"00d5fdcc-93df-466e-b44b-dc5a6aeba66f","block_type":"box","text":"Voya Financial Partners, LLC","page_number":3,"box":{"x":520,"y":878,"width":207,"height":12}},{"id":"97222b70-4595-44ca-82a0-1899d8732242","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":3,"box":{"x":520,"y":894,"width":262,"height":11}},{"id":"fd7c9e2b-f2fe-4a27-93b4-01cfaa4c0740","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":3,"box":{"x":520,"y":909,"width":263,"height":12}},{"id":"30d96b42-008c-4b6d-92a2-f41e30371c4e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":3,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"98c7605e-de1e-4bd4-9ae9-98de438d7534","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":4,"box":{"x":116,"y":88,"width":245,"height":11}},{"id":"b1a0c2b0-e2f4-4784-8500-e975e22fe38f","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":4,"box":{"x":116,"y":103,"width":347,"height":12}},{"id":"c9fdda12-2b16-496a-829f-341eafc77f3e","block_type":"box","text":"Waddell & Reed, Inc.","page_number":4,"box":{"x":116,"y":119,"width":151,"height":10}},{"id":"3ca77498-636b-4c8e-ac9f-4793333f861f","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":4,"box":{"x":116,"y":134,"width":192,"height":12}},{"id":"0bd8988d-f206-42f5-a1be-bf3bb4a1d1bc","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":4,"box":{"x":116,"y":150,"width":322,"height":11}},{"id":"d6e4fb88-6da7-4152-b935-4ee74b36ecde","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":4,"box":{"x":116,"y":165,"width":168,"height":12}},{"id":"b1abd412-84d5-4d2b-90b1-bb138b8314f4","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":4,"box":{"x":520,"y":88,"width":251,"height":11}},{"id":"09b35ab4-14b8-4c2e-b702-b792a5a3b9d8","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":4,"box":{"x":520,"y":103,"width":213,"height":12}},{"id":"681c07dc-71ab-4a11-b144-29c2c20cc37a","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":4,"box":{"x":520,"y":119,"width":198,"height":11}},{"id":"a9e86761-36fe-4a37-aa6a-e05fe3fbd585","block_type":"box","text":"Wilmington Trust, National Association","page_number":4,"box":{"x":520,"y":134,"width":275,"height":12}},{"id":"0ecbdc55-ee04-40c2-8de7-92e1409d37ba","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":4,"box":{"x":520,"y":150,"width":238,"height":11}},{"id":"20062fff-3c28-42ae-a117-1cb0d765d71b","block_type":"box","text":"ZB, National Association","page_number":4,"box":{"x":520,"y":165,"width":176,"height":11}},{"id":"dcf676cf-d35c-451e-9ea0-b49991dc7037","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":4,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d62da9bf-e667-44ff-aae8-e94d2ac7f6dc","block_type":"box","text":"Appendix A","page_number":5,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"908821cd-e91c-4d93-b0fc-eb735c3eef79","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":5,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"1eb92675-8b27-4fce-b12d-9a9105738002","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":5,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"1f7be901-8934-4385-a2ee-13851d603eda","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":5,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"b0b7d4bd-79ea-4aff-ad43-a1c9784f1fdb","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":5,"box":{"x":150,"y":196,"width":267,"height":9}},{"id":"9ef3613b-6309-4cb3-b2eb-624ebf3f9edb","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":5,"box":{"x":150,"y":212,"width":304,"height":11}},{"id":"b98d202e-222e-41c6-a4c6-a536920de287","block_type":"box","text":"BATS: High Income Municipal Series","page_number":5,"box":{"x":150,"y":227,"width":263,"height":12}},{"id":"d9a63ff2-2bce-4441-a25d-c1168184fa9c","block_type":"box","text":"BATS: High Income Taxable Series","page_number":5,"box":{"x":150,"y":243,"width":248,"height":11}},{"id":"0a8e39f4-9b97-4258-b305-fbd4fdea98e8","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":5,"box":{"x":150,"y":258,"width":256,"height":12}},{"id":"81adeaea-94c5-4309-8b73-4ad95510130e","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":5,"box":{"x":150,"y":274,"width":235,"height":11}},{"id":"56970356-37cb-4144-8cb4-25e232daf247","block_type":"box","text":"BATS: Short Duration Taxable Total","page_number":5,"box":{"x":150,"y":289,"width":254,"height":9}},{"id":"26cbc280-bcca-43d7-a82b-20bf4dd220f8","block_type":"box","text":"Return Series","page_number":5,"box":{"x":150,"y":305,"width":95,"height":9}},{"id":"d3dbfef3-313b-45cd-9ef7-847fa7d11a5e","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":5,"box":{"x":150,"y":320,"width":306,"height":12}},{"id":"28a0517c-0893-4f92-bec7-bc6c9eda5e5c","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":5,"box":{"x":116,"y":351,"width":232,"height":11}},{"id":"e14be779-425b-4b48-8c82-c17e51a9cc5f","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":5,"box":{"x":116,"y":382,"width":203,"height":11}},{"id":"df256e92-d1cf-4a83-a403-ec3132bb1bbd","block_type":"box","text":"BlackRock Total Return Fund","page_number":5,"box":{"x":150,"y":398,"width":207,"height":9}},{"id":"a06e186b-60e4-4134-92c5-6320a91246a4","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":5,"box":{"x":116,"y":429,"width":331,"height":11}},{"id":"69cfef6c-9f87-4caf-ad95-0843b871cef5","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":5,"box":{"x":150,"y":444,"width":321,"height":12}},{"id":"dd4dfb5e-34c1-4c92-9c15-c232017364f3","block_type":"box","text":"Fund","page_number":5,"box":{"x":150,"y":460,"width":38,"height":9}},{"id":"fea36622-f9ef-4f2b-90fb-423874bfcdc7","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":5,"box":{"x":116,"y":491,"width":317,"height":11}},{"id":"8409463c-d0fe-4309-ad79-9c4ebd85d7a5","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":5,"box":{"x":116,"y":522,"width":301,"height":11}},{"id":"ced27d47-eeb5-4cab-8935-f00dbbaac9da","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":5,"box":{"x":116,"y":553,"width":248,"height":11}},{"id":"e81ebf23-3f62-4d85-981a-b815944ada5f","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":5,"box":{"x":116,"y":584,"width":332,"height":9}},{"id":"f7b0412d-361c-4b89-a1aa-5b5ef681dd9f","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":5,"box":{"x":150,"y":599,"width":278,"height":9}},{"id":"5c7a4e95-6268-4a68-b58d-c8c23d52ae98","block_type":"box","text":"BlackRock Funds","page_number":5,"box":{"x":116,"y":630,"width":127,"height":9}},{"id":"813a2abf-fcfb-4850-b22c-ab349f7977d1","block_type":"box","text":"SM","page_number":5,"box":{"x":244,"y":630,"width":15,"height":6}},{"id":"8c882441-7af9-47db-a48e-6eec795c3499","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":5,"box":{"x":150,"y":646,"width":325,"height":11}},{"id":"899f932e-23b6-4d9a-8a97-d897b39da5d9","block_type":"box","text":"BlackRock Advantage International Fund","page_number":5,"box":{"x":150,"y":661,"width":281,"height":12}},{"id":"7f960042-775d-460c-8cfc-2489ef73c859","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":5,"box":{"x":150,"y":677,"width":320,"height":11}},{"id":"c74fd1d2-8f6f-4447-8f8e-72dea9ddce2f","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":5,"box":{"x":150,"y":692,"width":302,"height":12}},{"id":"22c8254b-3531-431e-b0a4-9e636be52ba6","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":5,"box":{"x":150,"y":708,"width":321,"height":11}},{"id":"29dbc705-7171-41cf-90f3-64ef57558857","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":5,"box":{"x":150,"y":723,"width":271,"height":12}},{"id":"1d19a368-1319-484e-bc66-1c602da54dbe","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":5,"box":{"x":150,"y":739,"width":268,"height":11}},{"id":"7795341d-ff7c-4811-8e42-987f2d881264","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":5,"box":{"x":150,"y":754,"width":288,"height":12}},{"id":"63bfa3d8-a939-466a-8b98-5cfdafb8796d","block_type":"box","text":"Reserve Vehicle","page_number":5,"box":{"x":150,"y":770,"width":110,"height":9}},{"id":"b2e045b9-dfcd-425b-a0af-c99cf4e729dd","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":5,"box":{"x":150,"y":785,"width":294,"height":12}},{"id":"27011bd2-2257-4651-ba55-01e69accc77e","block_type":"box","text":"Markets Fund","page_number":5,"box":{"x":150,"y":801,"width":93,"height":9}},{"id":"c9865369-0bbf-4e3d-bb77-81a6a33d0926","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":5,"box":{"x":150,"y":816,"width":309,"height":12}},{"id":"e97916bf-fa99-4ca8-afbe-d443e235ee83","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":5,"box":{"x":150,"y":832,"width":267,"height":11}},{"id":"9bbac6c9-1ec4-45a0-960b-6e0e176027d9","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":5,"box":{"x":150,"y":847,"width":213,"height":12}},{"id":"0ccb5d46-c6ba-4ac0-970c-ecfa400410dc","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":5,"box":{"x":150,"y":863,"width":324,"height":11}},{"id":"20f2e7f5-9041-451b-a241-ec11512e88f7","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":5,"box":{"x":150,"y":878,"width":288,"height":12}},{"id":"8563a14f-94a5-4932-a2a2-ca42c222715b","block_type":"box","text":"Portfolio","page_number":5,"box":{"x":150,"y":894,"width":63,"height":9}},{"id":"4548ecfd-de0c-433d-bd23-1abc42bc7c7f","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":5,"box":{"x":150,"y":909,"width":255,"height":12}},{"id":"5babfd16-7c1d-49a7-b020-419b66152228","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":5,"box":{"x":554,"y":119,"width":312,"height":11}},{"id":"1bb9f9a5-89d3-418f-80ce-96641c7db8c7","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":5,"box":{"x":554,"y":134,"width":269,"height":9}},{"id":"cc57cc62-2e8e-45a6-96bd-bed0b96d8a7a","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":5,"box":{"x":554,"y":150,"width":241,"height":11}},{"id":"9cfaa383-8a03-4f4d-b5a3-ea597ed6c618","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":5,"box":{"x":554,"y":165,"width":287,"height":12}},{"id":"b234d23a-a6d8-4e63-a37c-7ca370187491","block_type":"box","text":"Emerging Markets Equity Fund","page_number":5,"box":{"x":554,"y":181,"width":218,"height":11}},{"id":"4ecd4b7a-6411-4285-a6d4-936155b93546","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":5,"box":{"x":554,"y":196,"width":330,"height":12}},{"id":"a6b6aec1-cf81-4ec0-8f7a-7045e5d6f945","block_type":"box","text":"Cap Core Fund","page_number":5,"box":{"x":554,"y":212,"width":106,"height":11}},{"id":"2b1ab1ad-7d60-482e-8ab6-c0cbcf5d00fd","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":5,"box":{"x":554,"y":227,"width":273,"height":12}},{"id":"79f6db1f-1a9b-453b-925c-52ce5c1d107d","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":5,"box":{"x":554,"y":243,"width":299,"height":11}},{"id":"820e64ee-f210-464c-8cf5-cbe157d2e143","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":5,"box":{"x":554,"y":258,"width":298,"height":12}},{"id":"bd40ab3e-3352-464f-b227-2ec7c4fb6a26","block_type":"box","text":"Aware Fund","page_number":5,"box":{"x":554,"y":274,"width":87,"height":9}},{"id":"1881afe6-0671-4992-91b4-3c4b6c5d192e","block_type":"box","text":"Circle Reserve Fund","page_number":5,"box":{"x":554,"y":289,"width":142,"height":9}},{"id":"04f731ee-2b5e-4019-86ad-3e950ec8479e","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":5,"box":{"x":554,"y":305,"width":292,"height":11}},{"id":"a470a3ea-4da7-41ca-a4f0-39ca852fdffc","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":5,"box":{"x":554,"y":320,"width":280,"height":9}},{"id":"2c0dcb48-0256-4fbc-8d94-a52d8f18d90d","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":5,"box":{"x":554,"y":336,"width":322,"height":11}},{"id":"edeb599c-2e94-4ed6-8784-1fcc0c359396","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":351,"width":38,"height":9}},{"id":"957ecaad-f8fa-48c3-be2c-bbed48321f2c","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":5,"box":{"x":554,"y":367,"width":249,"height":11}},{"id":"63d53023-1e45-42b7-b27b-5280a9273e6a","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":382,"width":254,"height":12}},{"id":"5d2054d2-c3b9-471c-bb93-e26742cff17c","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":398,"width":298,"height":11}},{"id":"7bf6b840-d6a7-4343-96ed-39b4b0fc1650","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":5,"box":{"x":554,"y":413,"width":297,"height":9}},{"id":"a8189d10-479e-49c0-8079-4c230bc6920e","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":5,"box":{"x":554,"y":429,"width":304,"height":9}},{"id":"782f0120-e5ee-465a-8400-973bd8916c90","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":5,"box":{"x":554,"y":444,"width":306,"height":9}},{"id":"8e28c1c5-8b67-43f8-b4e0-aba9469bf4a3","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"1093aa16-6047-4350-a45b-296d0701cc6b","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":5,"box":{"x":554,"y":475,"width":306,"height":9}},{"id":"4b523bea-ebf7-4376-8217-474cfc51233d","block_type":"box","text":"Index Fund","page_number":5,"box":{"x":554,"y":491,"width":81,"height":9}},{"id":"567d5b7a-1414-4f43-af58-89fe44dcc907","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":5,"box":{"x":554,"y":506,"width":296,"height":12}},{"id":"61ea2a09-37dd-44b5-8147-5714f3bc7ff7","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":5,"box":{"x":554,"y":522,"width":299,"height":11}},{"id":"2ba28ff4-de3f-4371-9fbd-17066b1a44bc","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":537,"width":38,"height":9}},{"id":"16640119-3cc7-4847-80df-21690f5401b0","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":5,"box":{"x":554,"y":553,"width":290,"height":9}},{"id":"599b7cc2-3425-4653-8ba7-98a29e654c24","block_type":"box","text":"BlackRock Funds II","page_number":5,"box":{"x":520,"y":584,"width":149,"height":9}},{"id":"7c3fcac1-c3f9-4d62-97d2-099e4c8da82c","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":5,"box":{"x":554,"y":599,"width":283,"height":12}},{"id":"7ba12936-9b38-41e5-848f-b0eca7b58e81","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":5,"box":{"x":554,"y":615,"width":283,"height":11}},{"id":"8fbab113-92d9-4b3f-8173-8b41cd8d9d2c","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":5,"box":{"x":554,"y":630,"width":283,"height":12}},{"id":"7b34541f-88d0-456c-80ca-d200c6cd02bd","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":5,"box":{"x":554,"y":646,"width":283,"height":11}},{"id":"60cf9b81-81b5-4a44-8f6e-cbd6052c6567","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":5,"box":{"x":554,"y":661,"width":296,"height":12}},{"id":"03a7b8c4-9d42-4d5f-944e-87a730bde93c","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":5,"box":{"x":554,"y":677,"width":255,"height":9}},{"id":"160c6c87-712b-43e3-8d93-9ee352a70e2f","block_type":"box","text":"BlackRock Managed Income Fund","page_number":5,"box":{"x":554,"y":692,"width":235,"height":12}},{"id":"5b0551fc-63d2-4aca-bd99-b58a72736a6c","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":5,"box":{"x":554,"y":708,"width":277,"height":9}},{"id":"a4f1dc6f-814f-43d9-add4-98d5d989cabc","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":5,"box":{"x":554,"y":723,"width":285,"height":9}},{"id":"c04b9f2e-20e8-4c4d-b3a2-3f2f4986dc02","block_type":"box","text":"BlackRock Funds III","page_number":5,"box":{"x":520,"y":754,"width":151,"height":9}},{"id":"1251b4a0-444d-4b81-a16f-b0b7fa8a044f","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":5,"box":{"x":554,"y":770,"width":247,"height":9}},{"id":"f52f4d70-d4ce-463e-84ad-23a23869dcaf","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":5,"box":{"x":554,"y":785,"width":226,"height":12}},{"id":"1cf74d9b-6c56-4bf1-9f3f-12687a1297ed","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":5,"box":{"x":554,"y":801,"width":288,"height":11}},{"id":"9c25686c-271c-4424-8dc5-4569417fc556","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":5,"box":{"x":554,"y":816,"width":290,"height":9}},{"id":"b983d6f1-cd1e-4b37-acbb-d1c44a24a277","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"7ee7997e-ba6c-474b-9ffd-01b2ea69a613","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"8618a6e3-917e-4aed-9883-8657da4d00bb","block_type":"box","text":"Dynamic Retirement","page_number":5,"box":{"x":700,"y":832,"width":149,"height":11}},{"id":"156c539a-7da7-4878-9136-7f1a0ec4271d","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":847,"width":38,"height":9}},{"id":"4e1665c7-9b60-41f3-bf63-aed8643db565","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"cad8bef9-6902-440c-b144-1986887b9c8a","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"ef494832-28d5-4850-b6c7-f9cfe1ced0fd","block_type":"box","text":"Dynamic 2030 Fund","page_number":5,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"6075a297-5786-4667-b9e8-22d944b0cd5b","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"8f013037-f6ab-48e1-ab64-dc444d8da415","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"1c88e64a-55b7-4cf2-a55b-64e4d4064a24","block_type":"box","text":"Dynamic 2035 Fund","page_number":5,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"f6356301-9544-4ebb-a631-9ad75fcc42c9","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":894,"width":136,"height":9}},{"id":"9075e750-0a1c-4062-8019-40ce725e95ad","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":893,"width":9,"height":6}},{"id":"c03025f8-d182-43f1-8804-f15c6f313cf8","block_type":"box","text":"Dynamic 2040 Fund","page_number":5,"box":{"x":700,"y":894,"width":147,"height":11}},{"id":"9ed6a6bd-3201-43e2-aae5-404159ae0b31","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":909,"width":136,"height":9}},{"id":"60438bce-e5a9-462b-8c2b-4ceb17d2aea3","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":908,"width":9,"height":7}},{"id":"80c70844-9b52-4f7c-8015-1d7e861c839f","block_type":"box","text":"Dynamic 2045 Fund","page_number":5,"box":{"x":705,"y":909,"width":138,"height":12}},{"id":"3dd57fea-8929-42ab-ad7e-ad9457a32d37","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":5,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"df285400-f935-454d-8129-70be3fc35368","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"907fc195-fbe5-43c2-b8a1-b50e1c666c4e","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"3899f5b3-4ff3-4285-9048-e68c843acc2f","block_type":"box","text":"Dynamic 2050 Fund","page_number":6,"box":{"x":296,"y":88,"width":147,"height":11}},{"id":"3062bea4-a0cd-491c-8849-846fecdb8177","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":103,"width":136,"height":9}},{"id":"68d95a4e-c443-490e-9e6f-6675e28a1560","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":102,"width":9,"height":7}},{"id":"3572a698-cc45-4da6-94db-8e3eef84af90","block_type":"box","text":"Dynamic 2055 Fund","page_number":6,"box":{"x":296,"y":103,"width":147,"height":12}},{"id":"bf7ad3d9-47de-4601-9748-590877f61354","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"ff2b52d6-57ff-4ed5-9b15-60ba1459a7df","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"771539e9-d348-4849-bbd4-005a6feb2b58","block_type":"box","text":"Dynamic 2060 Fund","page_number":6,"box":{"x":296,"y":119,"width":147,"height":11}},{"id":"293e0996-592f-46d0-bc9b-f606ad5a086d","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"684f0bb6-7ead-47b4-8ea3-49e5890f3ea3","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"0f21d0d0-0f44-4a54-a4ad-4b4c02008357","block_type":"box","text":"Dynamic 2065 Fund","page_number":6,"box":{"x":296,"y":134,"width":147,"height":12}},{"id":"ea143634-ff40-4b67-a4da-96bc5205dab6","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"b8e08d85-5b02-405b-8abd-70931f4ea405","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"03e4fb28-1868-448b-82bb-98370f8d81bf","block_type":"box","text":"Dynamic 2070 Fund","page_number":6,"box":{"x":296,"y":150,"width":147,"height":11}},{"id":"38ac5d1f-ea34-4e88-80a6-1221611302c2","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"4f9bb393-56ed-4353-98a5-b1153274195e","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"f9b20cdc-3ef2-461f-ae5d-5ac94e27eba9","block_type":"box","text":"Index Retirement Fund","page_number":6,"box":{"x":296,"y":165,"width":165,"height":9}},{"id":"fcdc7ac0-cc42-41b0-b8fe-fda5f17ee64d","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"25050b07-542d-4698-8622-766bdf7b7c49","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"8674c388-06e8-4556-b85e-1e3919ba2f6b","block_type":"box","text":"Index 2030 Fund","page_number":6,"box":{"x":296,"y":181,"width":124,"height":9}},{"id":"2a41bfa5-4650-43f4-ba8e-25a1983acf6c","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"500b247e-c733-4235-b484-a427c65b1bd9","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"6690e904-51c3-4af7-b3c8-2c3be4fe08af","block_type":"box","text":"Index 2035 Fund","page_number":6,"box":{"x":296,"y":196,"width":124,"height":9}},{"id":"f2833abb-b89c-4c9a-a55a-7780c39bb986","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"2ba407b5-2bd4-4e12-a088-b4d16f120b89","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"fb1878ec-dfbe-42b5-95b9-d2f6af4cd615","block_type":"box","text":"Index 2040 Fund","page_number":6,"box":{"x":296,"y":212,"width":124,"height":9}},{"id":"2dd070b5-3295-4926-a656-ea8284268b2f","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"09999817-4304-4dfd-b966-f0568a24153f","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"2dc37b39-6aae-4a87-b8ba-40dbc6498175","block_type":"box","text":"Index 2045 Fund","page_number":6,"box":{"x":296,"y":227,"width":124,"height":9}},{"id":"cd851ac4-70c8-4aa8-a27a-458e3fa4fbea","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"628668b2-2c1f-438a-8dfe-0f3eaf6cea18","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"b7e6eae5-fcfd-41c3-8479-a12ccf7f2de1","block_type":"box","text":"Index 2050 Fund","page_number":6,"box":{"x":296,"y":243,"width":124,"height":9}},{"id":"6c367182-e916-4f2c-9caa-796f9b5382cb","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"d24c4b43-5160-451f-ae04-7fe67d4936fb","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"d9694649-b05c-4e45-abaf-93e58387177e","block_type":"box","text":"Index 2055 Fund","page_number":6,"box":{"x":296,"y":258,"width":124,"height":9}},{"id":"d9320549-b228-45a9-87d6-ea993fcc9801","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"2ccf9bc1-0c1c-4703-a063-14dee97273b2","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"fe437cbc-5090-4daa-9282-4e112de1e26e","block_type":"box","text":"Index 2060 Fund","page_number":6,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"e03ddd99-17dd-4fed-8fee-2d887e1ae0d9","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"c921b5b4-db15-4d9c-a379-b0075195f0d4","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"887c00d6-fdb6-416f-9531-7ca7b82d6b04","block_type":"box","text":"Index 2065 Fund","page_number":6,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"0bf65df4-f802-400b-8231-e2a0307bc1dc","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"3d5720f9-27b0-4517-a314-a7b3740c9be0","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"1a9e0e4c-b0ca-482c-bb51-0daad56d1624","block_type":"box","text":"Index 2070 Fund","page_number":6,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"57562f0d-64fb-4c89-ac13-132e8a871262","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":6,"box":{"x":150,"y":320,"width":310,"height":9}},{"id":"07d8d258-0cf9-473d-9cd6-144950bbfdab","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":6,"box":{"x":150,"y":336,"width":303,"height":11}},{"id":"b3fa7aea-dcbc-4c6b-b938-35cb181d135f","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":6,"box":{"x":150,"y":351,"width":200,"height":9}},{"id":"72a0a1bb-7430-49ce-a6c4-9415a7580889","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":6,"box":{"x":150,"y":367,"width":284,"height":11}},{"id":"7226769a-10b7-4f7e-b9c1-5d52440d737f","block_type":"box","text":"BlackRock Funds IV","page_number":6,"box":{"x":116,"y":398,"width":154,"height":9}},{"id":"ebcd8104-165f-4949-a270-c80d0b4d956a","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":6,"box":{"x":150,"y":413,"width":268,"height":9}},{"id":"ec0b4cf1-65fb-4cdd-a4ff-1dd71e946de5","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":6,"box":{"x":150,"y":429,"width":299,"height":11}},{"id":"fef89f32-62b4-436a-87bf-975d33be93f1","block_type":"box","text":"BlackRock Funds V","page_number":6,"box":{"x":116,"y":460,"width":148,"height":9}},{"id":"7dbf4154-97e2-41f3-bd45-4edbda4dead7","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":6,"box":{"x":150,"y":475,"width":220,"height":9}},{"id":"ff6ab1ae-87ea-41e6-b06a-32aaec4417df","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":6,"box":{"x":150,"y":491,"width":293,"height":11}},{"id":"9807a9e5-0b8f-478d-bb2f-2e5f9892bee8","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":150,"y":506,"width":222,"height":12}},{"id":"64c45040-737c-4d67-a001-caed9387715a","block_type":"box","text":"BlackRock Income Fund","page_number":6,"box":{"x":150,"y":522,"width":172,"height":9}},{"id":"96bfa51d-5b68-4597-bd04-5f06b3c6efa6","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":6,"box":{"x":150,"y":537,"width":313,"height":9}},{"id":"60448fd0-4317-4f6a-a6e1-101ec7023254","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":6,"box":{"x":150,"y":553,"width":282,"height":9}},{"id":"37566d4f-0d8e-4213-af00-306ccd82e9a2","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":6,"box":{"x":150,"y":568,"width":294,"height":12}},{"id":"b837fa04-0477-4716-947a-ac0f3299eef4","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":150,"y":584,"width":63,"height":9}},{"id":"3d181425-7456-4ec2-9496-9cf27a87068f","block_type":"box","text":"BlackRock Funds VI","page_number":6,"box":{"x":116,"y":615,"width":154,"height":9}},{"id":"f9917d5a-0a92-4b82-88c2-c5a5f1ba83e2","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":6,"box":{"x":150,"y":630,"width":313,"height":12}},{"id":"21076cbc-ddc3-48f9-879a-631d390e6ffd","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":6,"box":{"x":116,"y":661,"width":287,"height":11}},{"id":"95748b0e-ae9c-4ce2-b1bc-0aca8271916f","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":6,"box":{"x":116,"y":692,"width":208,"height":11}},{"id":"d0f82a0b-b00e-4fc7-afd4-650c3ae36573","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":6,"box":{"x":150,"y":708,"width":312,"height":9}},{"id":"3caa1252-dde5-4741-96c7-4fb0983d24e4","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":6,"box":{"x":150,"y":723,"width":298,"height":12}},{"id":"02e77ce6-9fb1-4e06-b5f6-88283fe9cf8c","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":6,"box":{"x":116,"y":754,"width":319,"height":12}},{"id":"beb30305-2bf3-4a34-8186-52df3044df87","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":6,"box":{"x":116,"y":785,"width":344,"height":12}},{"id":"428396ea-7866-4bec-b0a7-3e7a1642b14d","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":6,"box":{"x":116,"y":816,"width":330,"height":12}},{"id":"94379192-1323-4ce0-8142-d031c135754f","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":6,"box":{"x":116,"y":847,"width":296,"height":12}},{"id":"6d6a0b5b-cdcd-41f2-bfff-3c64542dcc92","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":6,"box":{"x":150,"y":863,"width":306,"height":11}},{"id":"5d3c9d7d-8e74-4a79-a754-4a253f43f893","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":6,"box":{"x":150,"y":878,"width":314,"height":12}},{"id":"5041bb00-4191-4b00-83c2-e38a5c11d2e4","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":6,"box":{"x":150,"y":894,"width":261,"height":11}},{"id":"f629ef85-7043-44ff-b37e-d0fca848263b","block_type":"box","text":"BlackRock Liquidity Funds","page_number":6,"box":{"x":520,"y":87,"width":203,"height":12}},{"id":"f658328d-4c1d-4f5f-97d7-32a3cf76d283","block_type":"box","text":"FedFund","page_number":6,"box":{"x":554,"y":103,"width":63,"height":9}},{"id":"9dded476-a384-45cf-8c02-97d6d8b1d0a5","block_type":"box","text":"MuniCash","page_number":6,"box":{"x":554,"y":119,"width":74,"height":9}},{"id":"d9d2a91f-4984-4937-a7e6-3dbb896c03a2","block_type":"box","text":"TempCash","page_number":6,"box":{"x":554,"y":134,"width":77,"height":12}},{"id":"3f1b33ff-eb9e-43c7-ab4f-e952e69bbe81","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":6,"box":{"x":554,"y":150,"width":300,"height":11}},{"id":"84224d00-88e5-4336-9377-e18ab23a32c4","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":165,"width":38,"height":9}},{"id":"ecd6d9a5-232c-4f6f-9405-fee025549899","block_type":"box","text":"T-Fund","page_number":6,"box":{"x":554,"y":181,"width":54,"height":9}},{"id":"09ab59bb-7302-4938-8fd8-d2112f8f3782","block_type":"box","text":"Treasury Trust Fund","page_number":6,"box":{"x":554,"y":196,"width":142,"height":12}},{"id":"75a16ce2-310a-47e8-b8f8-cf58b4fdf20a","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":6,"box":{"x":520,"y":227,"width":282,"height":12}},{"id":"9c976a39-57be-4baa-b370-92bc1a5d6b2a","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":6,"box":{"x":554,"y":243,"width":227,"height":11}},{"id":"1feddba6-8eca-444f-8f19-b0f435369b3f","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":6,"box":{"x":520,"y":274,"width":339,"height":11}},{"id":"df5032e8-ed85-4cbd-bb76-ad2fba6b8b27","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":6,"box":{"x":554,"y":289,"width":314,"height":12}},{"id":"2cb3d327-d600-4ee4-8a44-e349b63d89e3","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":6,"box":{"x":554,"y":305,"width":324,"height":11}},{"id":"bb687ba7-4289-4875-8f23-a20d04dce238","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":320,"width":38,"height":9}},{"id":"177f47c9-7682-4a57-87f9-92a983639f1e","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":6,"box":{"x":554,"y":336,"width":326,"height":11}},{"id":"adaf8605-88ad-417d-877a-67c0684cc209","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":367,"width":282,"height":11}},{"id":"45a7f258-bc3d-4c8f-8aa2-9f7a88b966d9","block_type":"box","text":"BlackRock National Municipal Fund","page_number":6,"box":{"x":554,"y":382,"width":253,"height":12}},{"id":"8cbc18b1-1a1f-42c1-9bc5-f75f600951e8","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":6,"box":{"x":554,"y":398,"width":263,"height":9}},{"id":"843e014d-d1b1-46e5-8498-a7a07b9c1b29","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":6,"box":{"x":520,"y":429,"width":252,"height":11}},{"id":"0c974f6d-8e74-43e6-a3f0-943c50214d16","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":6,"box":{"x":554,"y":444,"width":313,"height":12}},{"id":"dd19b61c-573d-43ba-b3bd-4d115e3f8d7e","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"69cd4a68-73eb-4f1c-a6ad-a9c278194cbd","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":6,"box":{"x":520,"y":491,"width":264,"height":9}},{"id":"6c702020-4834-4a30-b662-62eab57f3b3d","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":6,"box":{"x":520,"y":522,"width":208,"height":11}},{"id":"c826bb5c-07e7-4652-83e6-7c668fd9df49","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":6,"box":{"x":554,"y":537,"width":331,"height":12}},{"id":"09c01861-5847-43ed-98e4-1ebd07de1731","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":6,"box":{"x":554,"y":553,"width":209,"height":9}},{"id":"43e673c6-4517-4863-93e8-58c3974abbce","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":6,"box":{"x":554,"y":568,"width":288,"height":12}},{"id":"750d7faa-3ebe-4a07-b1e8-13d217054207","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":6,"box":{"x":554,"y":584,"width":268,"height":9}},{"id":"48dbaca4-ceac-438b-bf13-19c55c58de75","block_type":"box","text":"BlackRock Government Money Market","page_number":6,"box":{"x":554,"y":599,"width":272,"height":12}},{"id":"689767eb-5765-472e-b31b-9a465f6f5e23","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":554,"y":615,"width":63,"height":9}},{"id":"7a4b26a8-df28-4966-a422-057b81783007","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":6,"box":{"x":520,"y":646,"width":226,"height":11}},{"id":"2a568c02-5031-457c-a109-b53742a995f2","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":554,"y":661,"width":217,"height":12}},{"id":"0d8eee71-d375-4341-9b78-339168f468f9","block_type":"box","text":"BlackRock Series, Inc.","page_number":6,"box":{"x":520,"y":692,"width":161,"height":11}},{"id":"bd0f503b-61c8-4697-b1e2-4faaf54eb0a5","block_type":"box","text":"BlackRock International Fund","page_number":6,"box":{"x":554,"y":708,"width":203,"height":9}},{"id":"8a717780-15a2-4415-803e-9834a82379da","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":739,"width":320,"height":11}},{"id":"95b5dc85-2f86-4c5c-9f61-eb77cf5ae319","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":6,"box":{"x":520,"y":770,"width":283,"height":11}},{"id":"02e68cf2-fcd8-4063-8478-7f926b2c8da1","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":6,"box":{"x":520,"y":801,"width":277,"height":11}},{"id":"2ef2705b-a08c-4d9e-96c7-4cc26d05e7b7","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":6,"box":{"x":554,"y":816,"width":304,"height":12}},{"id":"272bde65-44e1-4786-88c1-a4bee56ea6cb","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":832,"width":38,"height":9}},{"id":"5e986fa2-5837-416c-9dfa-1807e6426445","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":6,"box":{"x":554,"y":847,"width":298,"height":12}},{"id":"3a70adba-3b76-41ad-b3e0-f207cdcf4790","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":863,"width":38,"height":9}},{"id":"a33dbcf9-1e83-462c-b324-e674800f15f0","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":6,"box":{"x":554,"y":878,"width":305,"height":12}},{"id":"c21fcb18-a36e-4ba2-9003-e651dd31d90b","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":894,"width":38,"height":9}},{"id":"6dec2bdb-a063-4cdf-8bdb-af6d97951602","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":6,"box":{"x":554,"y":909,"width":298,"height":12}},{"id":"8a64d8d2-0d50-4e77-87fc-6e576157785e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":6,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0089633d-07f3-4211-b46e-a60add642735","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":7,"box":{"x":150,"y":88,"width":234,"height":9}},{"id":"b4836302-0a81-4d4e-a708-09f620e1c03a","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":7,"box":{"x":150,"y":103,"width":293,"height":12}},{"id":"0e1e65fb-cd1c-445b-9333-09cae7e62574","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":7,"box":{"x":150,"y":119,"width":264,"height":11}},{"id":"7e747aa1-ad7a-4b66-9d97-eb0c967899c2","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":7,"box":{"x":150,"y":134,"width":273,"height":9}},{"id":"e0e5c44d-7c8c-4604-9da5-09b940880d6c","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":7,"box":{"x":150,"y":150,"width":302,"height":11}},{"id":"911e58ba-1e44-494f-b750-c6ceee126ddd","block_type":"box","text":"Fund","page_number":7,"box":{"x":150,"y":165,"width":38,"height":9}},{"id":"665385ae-afce-44d9-9799-eff8c61579ec","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":7,"box":{"x":150,"y":181,"width":281,"height":9}},{"id":"2a702e1d-c5c6-475e-b546-c789e378f51c","block_type":"box","text":"BlackRock International V.I. Fund","page_number":7,"box":{"x":150,"y":196,"width":238,"height":9}},{"id":"ffab5b0d-2841-4d36-bb7b-e62031d4c93b","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":7,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"569081a2-3132-4c42-86fc-8402b4f89784","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":7,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"a3801ff9-a58b-4c5d-a69c-14bf6217b07e","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":7,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"02683c41-a8dc-4c3d-8c64-59708e239344","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":7,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"84cc2096-e2c6-4b36-80fb-cc1cd296aaed","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":7,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"60f60185-417a-4c36-be72-e49331d33720","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":7,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"36185b89-cc8a-4ea6-9688-444a61a85a9e","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":7,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"c4bc50e6-5e07-41fd-b540-b0cb292746a9","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":7,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"180ba803-d0fb-4ebc-908a-a4f6aa5d7233","block_type":"box","text":"SAI-GLOBAL-1026SUP","page_number":7,"box":{"x":116,"y":258,"width":175,"height":9}},{"id":"4b7a06a1-69b7-467b-b6f4-13a992fde457","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":7,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"41634afc-f05f-4e37-8815-17ae4cadce10","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":8,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"0be1cee5-62db-40d0-9f96-9ce001bed0ea","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":8,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"12f58ae8-b923-44f1-bbb9-a8a0e11e0286","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":8,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"64b39ab1-c954-4254-b669-caf1735b519d","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":8,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"a395aaae-487e-4dc0-b73f-b31f0bf6d5ea","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":8,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"15bc8f50-99f8-4702-bd30-3240939d94b0","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":8,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"e261b3ac-52c4-4375-8f53-342e42c6e31a","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":8,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"22844455-9cf2-4806-88b6-7cc7c8d50e48","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":8,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"5276558a-6c59-45e8-94e0-409dc5162549","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":8,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"7ed4f40c-a36c-4fa0-9a68-d501bb6e78d2","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":8,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"7581a4fc-dc13-417f-8235-a1e62582cff7","block_type":"box","text":"BlackRock Funds","page_number":8,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"e8e5fe9a-cec6-474d-aea0-a3c21cead642","block_type":"box","text":"SM","page_number":8,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"165b88eb-a016-4414-80ac-4093da37b75e","block_type":"box","text":"BlackRock Funds II","page_number":8,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"4aa79ba8-2845-45d2-a592-9e04bf89674a","block_type":"box","text":"BlackRock Funds III","page_number":8,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"8c5d943b-1c49-41fa-8039-9e57695c2be3","block_type":"box","text":"BlackRock Funds IV","page_number":8,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"4c43195e-37be-46ed-9671-511ee89f2c04","block_type":"box","text":"BlackRock Funds V","page_number":8,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"eb8a7a34-9b89-420f-a765-1c1972915702","block_type":"box","text":"BlackRock Funds VI","page_number":8,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"2c091983-4e5f-49ce-9961-5b1bb5024a57","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":8,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"4a50fef6-34f6-456b-82c5-63495ec854ad","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":8,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"d4e63753-adbb-41c8-8dc2-4d0fec5e52d4","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":8,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"bbcab5ff-b6ac-481b-9de3-ec9d572b9c94","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":8,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"aa27c174-da36-4e3a-bb44-6bdc4da8dea0","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":8,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"34759f07-261c-4ae1-bf3a-9af4fc8b5f0e","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":8,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"c9abd7b1-a3f4-410c-81ed-c403ae9558f9","block_type":"box","text":"BlackRock Liquidity Funds","page_number":8,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"19694a18-8163-4546-8483-c7d5e895306c","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":8,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"b3bfa4b7-e6e3-4835-8d7d-dcabb8f728e0","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":8,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"94c29f41-e953-4329-92ca-b3a696e0919b","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"1e6bfa2a-5d28-4d60-a629-046a7352dc38","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":8,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"1a9275bf-7ade-4425-a3c0-01fe1bdd0abb","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":8,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"5b78ac83-3543-4e90-a277-95a25e905ec1","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":8,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"7b64d943-c1fe-45f8-b222-cc96b3d19f1b","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":8,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"25a0f6b3-3799-4b49-8362-44e9eaf4f9c7","block_type":"box","text":"BlackRock Series, Inc.","page_number":8,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"31d04a0a-a787-4ed2-8fb5-f5bb2439ed9a","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"ed48ff83-3313-4c73-a267-e0daa7adcb16","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":8,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"7a93ea2e-cfcb-4497-b20e-4a53306bcbc8","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":8,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"c24ce305-31b0-4940-9376-26648a56654d","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":8,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"a6f995e8-0294-4ef6-a2a2-7f1a5ad39915","block_type":"box","text":"Supplement dated September 11, 2026","page_number":8,"box":{"x":362,"y":382,"width":280,"height":12}},{"id":"193ec075-4d31-4d2e-a5cb-47e78a03dbc3","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed in Appendix A (each, a","page_number":8,"box":{"x":137,"y":398,"width":729,"height":11}},{"id":"bc530138-46f0-4a9a-bccc-52abd4286627","block_type":"box","text":"“Fund”), as amended from time to time.","page_number":8,"box":{"x":356,"y":413,"width":292,"height":11}},{"id":"d477e107-4010-48f1-b926-3a92b35c53d3","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":8,"box":{"x":116,"y":444,"width":292,"height":9}},{"id":"f9edd9d1-1398-4bc3-8b17-87ee274ec4e6","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":8,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"4d443b7e-f2c8-4f72-928d-be6fbd29c1af","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":8,"box":{"x":116,"y":491,"width":721,"height":11}},{"id":"be26e093-b432-4b00-9544-a6d0a348cd9a","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":8,"box":{"x":116,"y":506,"width":695,"height":12}},{"id":"96be8872-6f58-4ec4-a448-27222154774c","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":8,"box":{"x":116,"y":522,"width":734,"height":11}},{"id":"4b7bb332-6b9e-4749-ac9a-9480a9530667","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":8,"box":{"x":116,"y":537,"width":712,"height":12}},{"id":"1e299fad-4ecc-4934-a1ea-e51ec1122bb9","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":8,"box":{"x":116,"y":553,"width":771,"height":11}},{"id":"05a10f6c-5baf-4b17-a5b9-dfbca7c68684","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":8,"box":{"x":116,"y":568,"width":557,"height":12}},{"id":"120da738-f60d-451e-872e-e85ffb53f9f2","block_type":"box","text":"&Partners","page_number":8,"box":{"x":116,"y":599,"width":72,"height":9}},{"id":"9c20de77-11d8-4b2c-89ec-d15398f886d4","block_type":"box","text":"AccuTech Systems Corporation","page_number":8,"box":{"x":116,"y":615,"width":219,"height":11}},{"id":"cc3e46cc-e676-4441-a8b1-5afb627cb15f","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":8,"box":{"x":116,"y":630,"width":173,"height":11}},{"id":"39a166e0-1343-41c3-b406-650d93e9ddfe","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":8,"box":{"x":116,"y":646,"width":215,"height":11}},{"id":"93780e92-b01a-41be-9721-d5e1c4ade2f4","block_type":"box","text":"Advisor Group, Inc.","page_number":8,"box":{"x":116,"y":661,"width":134,"height":12}},{"id":"5642de1b-9d31-494f-89b0-2a9651e7a4bb","block_type":"box","text":"AE Wealth Management, LLC","page_number":8,"box":{"x":116,"y":677,"width":207,"height":11}},{"id":"6a7a07b6-49ed-4de3-b20e-3ac2d1c189d7","block_type":"box","text":"Alight Solutions LLC","page_number":8,"box":{"x":116,"y":692,"width":146,"height":12}},{"id":"30ad7976-f58f-4cd5-8f31-8e207949d48f","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":8,"box":{"x":116,"y":708,"width":250,"height":10}},{"id":"0fc500bd-41a4-4611-a287-cd9d5c8d8519","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":8,"box":{"x":116,"y":723,"width":314,"height":12}},{"id":"5e7a728e-9f98-49fb-ad04-ade2136faf68","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":8,"box":{"x":116,"y":739,"width":345,"height":11}},{"id":"34770618-09b5-405f-ba9d-9f8e2f094350","block_type":"box","text":"Altruist Financial LLC","page_number":8,"box":{"x":116,"y":754,"width":154,"height":9}},{"id":"9b1cf686-56c7-4d06-8668-2082b407c8b7","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":8,"box":{"x":116,"y":770,"width":313,"height":11}},{"id":"924154d4-60a0-4f5e-9847-4246b22764f7","block_type":"box","text":"American General Life Insurance Company","page_number":8,"box":{"x":116,"y":785,"width":295,"height":12}},{"id":"08bd3f7b-1356-414e-8ad6-0336ed189e35","block_type":"box","text":"American United Life Insurance Company","page_number":8,"box":{"x":116,"y":801,"width":288,"height":11}},{"id":"1f3c0b57-8c09-4691-8f26-339e8f49e38f","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":8,"box":{"x":116,"y":816,"width":292,"height":12}},{"id":"33cd253f-ac8e-4c2a-8248-d989e7716aa7","block_type":"box","text":"Anthem Securities LLC","page_number":8,"box":{"x":116,"y":832,"width":165,"height":9}},{"id":"7d97a803-7ce8-48fb-997d-dd208d7eacea","block_type":"box","text":"Argent Institutional Trust Company","page_number":8,"box":{"x":116,"y":847,"width":246,"height":12}},{"id":"e6d26557-4449-4e43-929a-c8260010d7db","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":8,"box":{"x":116,"y":863,"width":263,"height":10}},{"id":"8a067fa3-b495-4859-93f9-3d2801746dd4","block_type":"box","text":"Ascensus, Inc.","page_number":8,"box":{"x":116,"y":878,"width":102,"height":11}},{"id":"6a48cb83-12bf-45ed-abfb-4d520fcdafdf","block_type":"box","text":"Atomic Brokerage LLC","page_number":8,"box":{"x":116,"y":894,"width":165,"height":11}},{"id":"7d05292c-1e98-4d68-aa0a-27893c434973","block_type":"box","text":"Avantax Investment Services, LLC","page_number":8,"box":{"x":116,"y":909,"width":237,"height":11}},{"id":"e54a245a-5898-4cb4-ad35-eca8ab34f972","block_type":"box","text":"Bancroft Capital LLC","page_number":8,"box":{"x":520,"y":599,"width":152,"height":12}},{"id":"b2e0dbf9-c852-41d1-b76b-18c035251b06","block_type":"box","text":"Bank of America, N.A.","page_number":8,"box":{"x":520,"y":615,"width":161,"height":10}},{"id":"95c5e38b-7741-4b6e-8f45-ee206d00bf90","block_type":"box","text":"Bank of New York Mellon","page_number":8,"box":{"x":520,"y":630,"width":185,"height":9}},{"id":"83161832-e39e-4895-8044-321bc4d639d4","block_type":"box","text":"Barclays Capital Inc.","page_number":8,"box":{"x":520,"y":646,"width":146,"height":11}},{"id":"10576353-9480-4962-a7cb-a2bc75443e1b","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":8,"box":{"x":520,"y":661,"width":290,"height":11}},{"id":"e86adcfe-0595-4f7b-85ed-6eebd9d92f91","block_type":"box","text":"Benefit Trust Company","page_number":8,"box":{"x":520,"y":677,"width":158,"height":11}},{"id":"a7b00d88-cbbc-4bf8-b6bb-5b9a6a916c6f","block_type":"box","text":"Beta Capital Securities LLC","page_number":8,"box":{"x":520,"y":692,"width":190,"height":12}},{"id":"d89c56d9-7053-492f-94c8-5563b98f7fd0","block_type":"box","text":"bfinance US Ltd.","page_number":8,"box":{"x":520,"y":708,"width":114,"height":9}},{"id":"81f1b45b-f70d-4bfb-8674-f18e0fe9a13d","block_type":"box","text":"BlackRock Advisors, LLC","page_number":8,"box":{"x":520,"y":723,"width":179,"height":11}},{"id":"a383a7c8-ece7-4f37-92ec-d269ffc3e2fb","block_type":"box","text":"BMO Capital Markets Corp.","page_number":8,"box":{"x":520,"y":739,"width":191,"height":11}},{"id":"b5bded17-b7f7-4a69-945e-eb7a930c52b4","block_type":"box","text":"BNP Paribas","page_number":8,"box":{"x":520,"y":754,"width":85,"height":9}},{"id":"446fec99-a80d-4fd5-b69f-7bd44610f6a4","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":8,"box":{"x":520,"y":770,"width":311,"height":9}},{"id":"068bd483-8eac-4832-bf76-f4143f41c643","block_type":"box","text":"BNY Mellon, N.A.","page_number":8,"box":{"x":520,"y":785,"width":128,"height":11}},{"id":"541eb4cd-921c-4e29-a8e1-2adccf2d1fcd","block_type":"box","text":"BofA Securities, Inc.","page_number":8,"box":{"x":520,"y":801,"width":141,"height":10}},{"id":"1f6c1393-dc23-4a48-b48b-2f84b46b7264","block_type":"box","text":"BOKF, N.A.","page_number":8,"box":{"x":520,"y":816,"width":84,"height":11}},{"id":"1fb6dd6c-9a39-4947-8277-960963c02548","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":8,"box":{"x":520,"y":832,"width":258,"height":11}},{"id":"89313b7f-fdda-4cfe-a6c1-b9ebb733f007","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":8,"box":{"x":520,"y":847,"width":305,"height":12}},{"id":"f5ddd269-ba34-48c9-910f-a6b62c9c271b","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":8,"box":{"x":520,"y":863,"width":327,"height":11}},{"id":"883ab9b5-40ef-4571-9743-eb685066eb78","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":8,"box":{"x":520,"y":878,"width":226,"height":9}},{"id":"643bee12-ccdd-490e-9559-3c40e9cf1223","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":8,"box":{"x":520,"y":894,"width":210,"height":11}},{"id":"93e16c15-9929-4587-b58a-7122f98fafb5","block_type":"box","text":"Capital One, N.A.","page_number":8,"box":{"x":520,"y":909,"width":121,"height":12}},{"id":"1bdd46d5-9737-4dbb-9690-3f8b49640cac","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":8,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"102e58f5-753a-4e0c-b63e-b0df7febe2be","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":9,"box":{"x":116,"y":88,"width":212,"height":9}},{"id":"bd900133-57ab-441e-a5fd-37b9419b81a8","block_type":"box","text":"Cetera Advisors LLC","page_number":9,"box":{"x":116,"y":103,"width":149,"height":9}},{"id":"10aef6f9-dc72-4e84-beb1-3822dd3d4d82","block_type":"box","text":"Cetera Financial Group","page_number":9,"box":{"x":116,"y":119,"width":162,"height":11}},{"id":"5270ba77-2eaa-4759-8427-f59a32e6c886","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":9,"box":{"x":116,"y":134,"width":227,"height":12}},{"id":"80a91c44-7101-4db1-a998-40b205a58b4b","block_type":"box","text":"Cetera Investment Services LLC","page_number":9,"box":{"x":116,"y":150,"width":224,"height":9}},{"id":"7bf2a420-13d3-441e-bd6c-d504f9137978","block_type":"box","text":"CF Secured, LLC","page_number":9,"box":{"x":116,"y":165,"width":123,"height":11}},{"id":"897aa81d-8de1-4fc0-b2bb-5a15d1b27aa9","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":9,"box":{"x":116,"y":181,"width":192,"height":10}},{"id":"80071910-aaff-47d3-8eef-e8ff25b0b185","block_type":"box","text":"Charles Schwab Trust Bank","page_number":9,"box":{"x":116,"y":196,"width":192,"height":9}},{"id":"1e9a3b64-d461-4902-b7fb-ea9ae51b7988","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":9,"box":{"x":116,"y":212,"width":238,"height":11}},{"id":"c14edda3-4b54-4597-991f-d9c2da697679","block_type":"box","text":"CIM Investment Management, Inc.","page_number":9,"box":{"x":116,"y":227,"width":241,"height":12}},{"id":"f79fe5b1-b5a0-44ea-bcb7-25dc5a1ebebd","block_type":"box","text":"Citco Securities, LLC","page_number":9,"box":{"x":116,"y":243,"width":151,"height":10}},{"id":"739f756b-0902-47d7-8498-3e36d6d9b337","block_type":"box","text":"CitiBank, National Association","page_number":9,"box":{"x":116,"y":258,"width":215,"height":11}},{"id":"4688d03b-fe09-46c6-9237-08ca6c48f073","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":9,"box":{"x":116,"y":274,"width":212,"height":11}},{"id":"2f1a64f2-d2fc-40b8-938f-94619b731bf2","block_type":"box","text":"Citizens Bank","page_number":9,"box":{"x":116,"y":289,"width":99,"height":9}},{"id":"1de6d538-34b2-4a52-b35c-fc56050e9c71","block_type":"box","text":"Citizens Business Bank","page_number":9,"box":{"x":116,"y":305,"width":163,"height":9}},{"id":"ff97dc7e-0085-4ce5-8715-fc14aabe13a7","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":9,"box":{"x":116,"y":320,"width":231,"height":12}},{"id":"7a982ab8-6158-4150-8351-7bc7e2b90216","block_type":"box","text":"CMFG Life Insurance Company","page_number":9,"box":{"x":116,"y":336,"width":223,"height":11}},{"id":"42c86ddf-fff0-43dc-971d-e33014265377","block_type":"box","text":"Comerica Bank","page_number":9,"box":{"x":116,"y":351,"width":109,"height":9}},{"id":"413ac7d6-9659-4d93-a576-e4a4aec7b7a8","block_type":"box","text":"Commonwealth Financial Network","page_number":9,"box":{"x":116,"y":367,"width":242,"height":9}},{"id":"a453d248-8a25-4da4-a435-2e99ad3a5855","block_type":"box","text":"Computershare Trust Company","page_number":9,"box":{"x":116,"y":382,"width":216,"height":12}},{"id":"01849f61-d5f6-4a86-a7f6-aee0ffe7104a","block_type":"box","text":"Conduent HR Services, LLC","page_number":9,"box":{"x":116,"y":398,"width":198,"height":10}},{"id":"d5f2814c-fe4f-4e57-86ab-ab570d0ef156","block_type":"box","text":"Delaware Life Insurance Company","page_number":9,"box":{"x":116,"y":413,"width":240,"height":12}},{"id":"0aebac24-d83e-43f9-a21a-3accaa19d609","block_type":"box","text":"Delaware Trust Company","page_number":9,"box":{"x":116,"y":429,"width":178,"height":11}},{"id":"beac0603-e129-4b13-b355-7193f759efd3","block_type":"box","text":"Deutsche Bank AG","page_number":9,"box":{"x":116,"y":444,"width":135,"height":9}},{"id":"2ec005c6-ea9e-49c4-9f40-cba82cc3312c","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":9,"box":{"x":116,"y":460,"width":285,"height":11}},{"id":"25d59c56-f63e-4f76-b845-3caefeec8380","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":9,"box":{"x":116,"y":475,"width":232,"height":12}},{"id":"a544353c-d352-48e9-aa1f-507dd01ba95b","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":9,"box":{"x":116,"y":491,"width":328,"height":10}},{"id":"d1fbc82b-5b5a-4b64-9448-48fbb5db09c4","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":9,"box":{"x":116,"y":506,"width":223,"height":12}},{"id":"9cc23de0-a332-403c-b250-05a2568dfa68","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":9,"box":{"x":116,"y":522,"width":200,"height":10}},{"id":"b278a0a1-bd98-4353-b07b-e98357937f90","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":9,"box":{"x":116,"y":537,"width":298,"height":12}},{"id":"8134a6c3-1687-4914-b693-cddee1fd64b9","block_type":"box","text":"Company","page_number":9,"box":{"x":116,"y":553,"width":69,"height":11}},{"id":"9d2fd52b-465d-4949-a249-733e1db618b8","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":9,"box":{"x":116,"y":568,"width":349,"height":12}},{"id":"76a37b0d-c9f2-4617-89df-70b28b24a815","block_type":"box","text":"Empower Financial Services, Inc.","page_number":9,"box":{"x":116,"y":584,"width":232,"height":11}},{"id":"8dab4d4b-0784-478c-9e92-81b06a5bb4e4","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":9,"box":{"x":116,"y":599,"width":336,"height":12}},{"id":"f341af19-e8a4-4006-9e23-b47be3b44911","block_type":"box","text":"New York","page_number":9,"box":{"x":116,"y":615,"width":74,"height":9}},{"id":"d806ab0e-b27d-424a-add5-29ef8b3e7447","block_type":"box","text":"Empower Plan Services, LLC","page_number":9,"box":{"x":116,"y":630,"width":205,"height":12}},{"id":"7c1b77d6-beb2-4bcd-91b3-c80f8abd01d7","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":9,"box":{"x":116,"y":646,"width":238,"height":11}},{"id":"75329cff-91d6-41b2-8180-ca569626dbea","block_type":"box","text":"Equitable Advisors, LLC","page_number":9,"box":{"x":116,"y":661,"width":169,"height":12}},{"id":"d6d0b9c3-6de7-4ba5-bcc7-d6dfad88e242","block_type":"box","text":"Equitable Life Insurance Company","page_number":9,"box":{"x":116,"y":677,"width":236,"height":11}},{"id":"9e0b2207-a4a8-4c2f-955c-62e9a69b0100","block_type":"box","text":"E*trade Savings Bank","page_number":9,"box":{"x":116,"y":692,"width":150,"height":12}},{"id":"77fdfc43-ce95-4dfc-8ddd-801f884f2c01","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":9,"box":{"x":116,"y":708,"width":262,"height":11}},{"id":"35404bf0-c888-4751-8647-e98ed5e17b04","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":9,"box":{"x":116,"y":723,"width":223,"height":12}},{"id":"54fa5af7-f292-41a0-84b3-cda776056005","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":9,"box":{"x":116,"y":739,"width":301,"height":11}},{"id":"ab80fed6-31a7-48c9-8174-8710a2f2df06","block_type":"box","text":"Company, Inc.","page_number":9,"box":{"x":116,"y":754,"width":98,"height":12}},{"id":"63e75d63-b7f3-432e-ac9f-f3163cf87e1b","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":9,"box":{"x":116,"y":770,"width":309,"height":11}},{"id":"4f9acc83-97a7-45dc-843a-6ebc052e28a8","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":9,"box":{"x":116,"y":785,"width":178,"height":11}},{"id":"e5a33b83-06f8-493a-8023-277393efa5d9","block_type":"box","text":"First Allied Securities, Inc.","page_number":9,"box":{"x":116,"y":801,"width":181,"height":10}},{"id":"63645de2-52a3-48a7-8795-ce00eb06776c","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":9,"box":{"x":116,"y":816,"width":269,"height":12}},{"id":"ed803e2b-588b-4749-99af-dcc8f2b20d07","block_type":"box","text":"First Hawaiian Bank","page_number":9,"box":{"x":116,"y":832,"width":143,"height":9}},{"id":"ee2478ea-f199-420c-81ca-af6230e1cee5","block_type":"box","text":"First Republic Bank","page_number":9,"box":{"x":116,"y":847,"width":140,"height":12}},{"id":"3d90a25c-636f-44ad-bc55-cc597fecf35c","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":9,"box":{"x":116,"y":863,"width":339,"height":11}},{"id":"10d579af-b3ac-486d-9019-a57f23f622b3","block_type":"box","text":"Company of New York","page_number":9,"box":{"x":116,"y":878,"width":162,"height":12}},{"id":"e5c9eaeb-cb59-4296-ab4e-15c5bed49466","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":9,"box":{"x":520,"y":88,"width":348,"height":11}},{"id":"e82428b2-b3ef-4e02-88f0-898fa94e21c6","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":103,"width":74,"height":9}},{"id":"4f257c4e-dc63-45f7-88ac-0aa8ab6b509c","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":9,"box":{"x":520,"y":119,"width":262,"height":11}},{"id":"5f0605c0-add3-49be-8e3c-352d53d6cd2a","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":9,"box":{"x":520,"y":134,"width":288,"height":12}},{"id":"e7ab4c9f-c2db-4aa0-b970-848d3c83e4d3","block_type":"box","text":"FNEX Capital, LLC","page_number":9,"box":{"x":520,"y":150,"width":141,"height":11}},{"id":"925aa152-853c-4632-920a-aa8488ef1b68","block_type":"box","text":"Forethought Life Insurance Company","page_number":9,"box":{"x":520,"y":165,"width":258,"height":12}},{"id":"aa37a7a0-1610-4aab-a632-7d37a18116a9","block_type":"box","text":"FSC Securities Corporation","page_number":9,"box":{"x":520,"y":181,"width":190,"height":11}},{"id":"586bfac9-f4aa-485f-80f5-d42979a6f3b6","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":9,"box":{"x":520,"y":196,"width":331,"height":12}},{"id":"79a3b802-eaea-4eb1-ba4b-a338d7a385d4","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":212,"width":336,"height":11}},{"id":"9cf7e19c-803b-4e2d-8305-7ce9f79bbbf1","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":9,"box":{"x":520,"y":227,"width":233,"height":11}},{"id":"1d6c60f6-76bc-4e80-8d0d-7ef4aa3541c5","block_type":"box","text":"Goldman Sachs & Co.","page_number":9,"box":{"x":520,"y":243,"width":156,"height":9}},{"id":"a0ad56a3-962d-403a-8a68-657af8548755","block_type":"box","text":"Great Pacific Securities, LLC","page_number":9,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"764001fd-2877-413c-a9e0-f3f6ad79cbb9","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":9,"box":{"x":520,"y":274,"width":275,"height":11}},{"id":"b440aa65-1440-484c-bcac-32ff1fff616f","block_type":"box","text":"Hancock Whitney Bank","page_number":9,"box":{"x":520,"y":289,"width":166,"height":12}},{"id":"54567074-aed4-42e3-b681-6325a158155b","block_type":"box","text":"Hartford Funds Management Company","page_number":9,"box":{"x":520,"y":305,"width":269,"height":11}},{"id":"06a558ce-9e7f-4001-8dde-498fcc7994fa","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":9,"box":{"x":520,"y":320,"width":322,"height":12}},{"id":"9096008c-c5fb-4cd7-a30b-af8c323baf01","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":9,"box":{"x":520,"y":336,"width":203,"height":10}},{"id":"3a7851aa-812b-4810-a9b7-ab1384424cec","block_type":"box","text":"Hightower Securities, Inc.","page_number":9,"box":{"x":520,"y":351,"width":181,"height":12}},{"id":"178396b3-4c6e-45e9-bae4-3cd4f20e61ee","block_type":"box","text":"Hilltop Securities Inc.","page_number":9,"box":{"x":520,"y":367,"width":152,"height":11}},{"id":"38022f13-5267-4d45-9407-f4625af195b0","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":9,"box":{"x":520,"y":382,"width":166,"height":11}},{"id":"61966b1b-aa97-4d9d-a850-5f66c41efc3d","block_type":"box","text":"Huntington Securities, Inc.","page_number":9,"box":{"x":520,"y":398,"width":186,"height":11}},{"id":"d790fe94-5845-4eb0-a1d4-f679026602f7","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":9,"box":{"x":520,"y":413,"width":249,"height":11}},{"id":"9bd17e14-c429-41fb-9787-fb5a00debe60","block_type":"box","text":"Integrity Life Insurance Company","page_number":9,"box":{"x":520,"y":429,"width":234,"height":11}},{"id":"86181718-899d-4e13-829f-918eaeef5e2c","block_type":"box","text":"Interactive Brokers, LLC","page_number":9,"box":{"x":520,"y":444,"width":174,"height":11}},{"id":"5183cf31-b5b2-40c4-9f19-6ed887efc136","block_type":"box","text":"Investment Trust of California","page_number":9,"box":{"x":520,"y":460,"width":209,"height":9}},{"id":"dad98f9b-8f52-4520-902d-0dc0659adda4","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":9,"box":{"x":520,"y":475,"width":287,"height":12}},{"id":"aea37852-82da-4e3f-8168-3b3c9bde001b","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":9,"box":{"x":520,"y":491,"width":193,"height":11}},{"id":"3d220e59-f901-495b-93d1-27e251f82f32","block_type":"box","text":"Jefferies LLC","page_number":9,"box":{"x":520,"y":506,"width":97,"height":9}},{"id":"9c1a5756-3eea-43b2-b872-c5ec86dbf030","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":9,"box":{"x":520,"y":522,"width":300,"height":11}},{"id":"1f1563b3-67a3-4a0c-8692-a504f70ddf80","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":9,"box":{"x":520,"y":537,"width":318,"height":12}},{"id":"61417b1b-c04f-41cf-9953-135b1573d85c","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":553,"width":74,"height":9}},{"id":"f3cb9ab6-e7ec-489e-94e0-d6f238f4d5d8","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":9,"box":{"x":520,"y":568,"width":333,"height":12}},{"id":"5034fb54-997c-4922-b0d2-e721da2a6002","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":584,"width":365,"height":11}},{"id":"c0d15798-18ad-4332-90f0-faf6324f535b","block_type":"box","text":"John Hancock Trust Company","page_number":9,"box":{"x":520,"y":599,"width":209,"height":12}},{"id":"fa2bc43f-bef5-4542-b93f-87be81f53eda","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":9,"box":{"x":520,"y":615,"width":199,"height":11}},{"id":"e0d1f151-30fa-4fae-9f91-43a106375b82","block_type":"box","text":"Kestra Investment Services, LLC","page_number":9,"box":{"x":520,"y":630,"width":229,"height":11}},{"id":"02b05d32-9471-468a-81b1-4794b93fbfd6","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":9,"box":{"x":520,"y":646,"width":274,"height":11}},{"id":"47eca299-9b7a-488a-a1ba-0288463a4418","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":9,"box":{"x":520,"y":661,"width":275,"height":12}},{"id":"88f9c34f-0f16-48f4-8fe2-7ff6c0e060e8","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":9,"box":{"x":520,"y":677,"width":324,"height":11}},{"id":"2ee08257-8fa6-4838-8059-526c5f1dff8c","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":9,"box":{"x":520,"y":692,"width":286,"height":12}},{"id":"adaa15ee-2ecb-4b44-bf5d-a04b6bbb7158","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":9,"box":{"x":520,"y":708,"width":228,"height":9}},{"id":"77570a82-06b5-4dcc-8819-b7ef4d2266a7","block_type":"box","text":"Lombard International Life Assurance Company","page_number":9,"box":{"x":520,"y":723,"width":328,"height":12}},{"id":"28cd4572-e2be-4088-9806-e7850a46e995","block_type":"box","text":"LPL Financial LLC","page_number":9,"box":{"x":520,"y":739,"width":132,"height":9}},{"id":"2b1644f5-1b3e-4eaf-a66e-2e095c46b30c","block_type":"box","text":"M&T Securities Inc.","page_number":9,"box":{"x":520,"y":754,"width":138,"height":9}},{"id":"69e2c1ff-41be-4bdf-a0e4-fd31eb22d3f0","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":9,"box":{"x":520,"y":770,"width":291,"height":11}},{"id":"41371692-7baa-44db-87f2-d4bb7440db07","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":9,"box":{"x":520,"y":785,"width":321,"height":12}},{"id":"9677ac0b-cdf8-4484-b060-e43060267986","block_type":"box","text":"Members Life Insurance Company","page_number":9,"box":{"x":520,"y":801,"width":235,"height":11}},{"id":"4f7c896b-8050-4fd3-8ca8-fb0f97cf1f70","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":9,"box":{"x":520,"y":816,"width":353,"height":12}},{"id":"6028bfeb-19c8-4a15-a754-6de093a93f57","block_type":"box","text":"Metavante Corporation","page_number":9,"box":{"x":520,"y":832,"width":161,"height":11}},{"id":"b8d14d63-5409-4cad-82c5-028b2f4de1bf","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":9,"box":{"x":520,"y":847,"width":264,"height":12}},{"id":"1ac2a239-9ee3-4800-a30f-6e8248e36a4d","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":9,"box":{"x":520,"y":863,"width":332,"height":11}},{"id":"ecd67cd8-a678-495f-97d4-bb3537a93461","block_type":"box","text":"Midland Life Insurance Company","page_number":9,"box":{"x":520,"y":878,"width":233,"height":12}},{"id":"178ccd0a-315c-4a49-99c4-bf27c3fedde5","block_type":"box","text":"2","page_number":9,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"49dc84ee-2725-4d69-b4fd-b6615f9ade5d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":9,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"df77e76b-f2a5-4a2a-97e5-1eac33888258","block_type":"box","text":"Minnesota Life Insurance Company","page_number":10,"box":{"x":116,"y":88,"width":247,"height":11}},{"id":"608c7b90-ce9c-44a6-ab23-bb42eacf960d","block_type":"box","text":"Mischler Financial Group","page_number":10,"box":{"x":116,"y":103,"width":178,"height":12}},{"id":"046ca616-58cc-4efe-9bb9-0e796678eafa","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":10,"box":{"x":116,"y":119,"width":195,"height":9}},{"id":"69be6e37-5dd3-49a2-8c4b-ba5ecf22e29f","block_type":"box","text":"MML Distributors, LLC","page_number":10,"box":{"x":116,"y":134,"width":169,"height":11}},{"id":"9ef7138d-f40d-43d0-ab22-44e079f0f30c","block_type":"box","text":"MML Investors Services, LLC","page_number":10,"box":{"x":116,"y":150,"width":212,"height":10}},{"id":"625b9401-c94b-49b9-8ce7-6a7bfeb42710","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":10,"box":{"x":116,"y":165,"width":193,"height":12}},{"id":"561602ac-d09f-4918-975b-8d6e75efa97b","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":10,"box":{"x":116,"y":181,"width":232,"height":11}},{"id":"0c315c0a-afdd-445f-889b-ba1af4f4d562","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":10,"box":{"x":116,"y":196,"width":245,"height":12}},{"id":"ed33a007-ec88-47d8-9647-ed674b03b139","block_type":"box","text":"MUFG Union Bank, National Association","page_number":10,"box":{"x":116,"y":212,"width":289,"height":10}},{"id":"6ecb96fa-6b65-4839-8635-263db5e4ee8a","block_type":"box","text":"Nassau Life Insurance Company","page_number":10,"box":{"x":116,"y":227,"width":224,"height":12}},{"id":"605623de-5092-48ca-87c5-c8576c6e5141","block_type":"box","text":"National Financial Services LLC","page_number":10,"box":{"x":116,"y":243,"width":226,"height":9}},{"id":"dd84754c-2922-4ab5-af66-3ffa08f0eac2","block_type":"box","text":"National Integrity Life Insurance Company","page_number":10,"box":{"x":116,"y":258,"width":296,"height":12}},{"id":"6a35fbbc-b93b-47d9-b27c-cc05b7bcb7e9","block_type":"box","text":"National Life Insurance Company","page_number":10,"box":{"x":116,"y":274,"width":234,"height":11}},{"id":"9db382a3-123a-492e-9775-c82a9eb48a52","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":10,"box":{"x":116,"y":289,"width":245,"height":11}},{"id":"4c3a99c8-25ba-4aef-a0de-f5154675d543","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":10,"box":{"x":116,"y":305,"width":242,"height":9}},{"id":"1ff4b442-9f6e-4ebf-8f92-ea6b922a7470","block_type":"box","text":"Nationwide Retirement Solutions","page_number":10,"box":{"x":116,"y":320,"width":230,"height":9}},{"id":"4286d037-7804-42fa-985f-629f961bd7e4","block_type":"box","text":"NCB Federal Savings Bank","page_number":10,"box":{"x":116,"y":336,"width":191,"height":11}},{"id":"e48ae8b5-b984-493b-8ac5-7d26392f9c82","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":10,"box":{"x":116,"y":351,"width":288,"height":12}},{"id":"30c47be9-5e3d-4769-a3bf-e67d1065e8d6","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":10,"box":{"x":116,"y":367,"width":350,"height":11}},{"id":"27295547-9ecb-46c1-a1cc-0fabf582ee44","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":10,"box":{"x":116,"y":382,"width":237,"height":12}},{"id":"c1d0ff2c-b15b-499d-8252-5854823721b2","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":10,"box":{"x":116,"y":398,"width":249,"height":11}},{"id":"6baf4ef8-6081-4bd8-bc0a-3b4687382e38","block_type":"box","text":"Northern Trust Company","page_number":10,"box":{"x":116,"y":413,"width":174,"height":12}},{"id":"42663f50-53b2-445d-be65-962bd6aa221d","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":10,"box":{"x":116,"y":429,"width":329,"height":10}},{"id":"cfc85dcc-6b14-4c35-bc37-099f56473cf6","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":10,"box":{"x":116,"y":444,"width":320,"height":12}},{"id":"7032d4aa-6d01-477f-a9d9-b4bd7bbbee6d","block_type":"box","text":"NYLife Distributors LLC","page_number":10,"box":{"x":116,"y":460,"width":177,"height":9}},{"id":"decee454-7c99-49cc-99ee-bb8949fbdd0e","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":10,"box":{"x":116,"y":475,"width":175,"height":12}},{"id":"7306ebe2-0e70-4153-9207-acfcc290765e","block_type":"box","text":"Orion Advisor Services, LLC","page_number":10,"box":{"x":116,"y":491,"width":203,"height":10}},{"id":"202e27ee-da0b-4dfa-b7c1-cdcc3b2fdc78","block_type":"box","text":"Osaic Wealth, Inc.","page_number":10,"box":{"x":116,"y":506,"width":129,"height":11}},{"id":"4bb9866f-a72b-4209-ba1c-d148e7b882a9","block_type":"box","text":"Pacific Life & Annuity Company","page_number":10,"box":{"x":116,"y":522,"width":230,"height":11}},{"id":"a9ea976e-4236-4697-b45e-8c0e96cb3771","block_type":"box","text":"Pacific Life Insurance Company","page_number":10,"box":{"x":116,"y":537,"width":223,"height":12}},{"id":"aab33c31-4339-4a94-9dc8-b4571d5f9166","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":10,"box":{"x":116,"y":553,"width":221,"height":10}},{"id":"aaae9b1d-1b9c-4769-aeb8-09ddfc9f69f8","block_type":"box","text":"Park Avenue Securities LLC","page_number":10,"box":{"x":116,"y":568,"width":198,"height":9}},{"id":"5c600f5e-5ac8-4eaa-a2f8-c5fc5612bf5b","block_type":"box","text":"Penserra Securities LLC","page_number":10,"box":{"x":116,"y":584,"width":169,"height":9}},{"id":"39489133-94f9-426e-aaa0-b8ab76bbbec4","block_type":"box","text":"Pershing LLC","page_number":10,"box":{"x":116,"y":599,"width":99,"height":12}},{"id":"ecddf74c-36e6-4ad0-b5af-8733d4c5fd98","block_type":"box","text":"PFPC Inc.","page_number":10,"box":{"x":116,"y":615,"width":73,"height":9}},{"id":"7d450739-ec6d-4d4f-9347-ffa3f654a7b7","block_type":"box","text":"Piper Jaffray & Co.","page_number":10,"box":{"x":116,"y":630,"width":136,"height":12}},{"id":"2e978185-95d2-405e-9020-0ea913e17b92","block_type":"box","text":"PNC Bank, National Association","page_number":10,"box":{"x":116,"y":646,"width":226,"height":10}},{"id":"a43f17d3-8a7f-4f5d-a762-d958bf5e8f60","block_type":"box","text":"PNC Capital Markets LLC","page_number":10,"box":{"x":116,"y":661,"width":180,"height":12}},{"id":"67cbfd56-5003-4637-984e-be926e5713b3","block_type":"box","text":"PNC Investments LLC","page_number":10,"box":{"x":116,"y":677,"width":154,"height":9}},{"id":"966d5185-f4c0-49f3-8771-7d14ad80fba0","block_type":"box","text":"Principal Bank","page_number":10,"box":{"x":116,"y":692,"width":100,"height":12}},{"id":"f5914b8e-ef58-462e-ab46-78c4ce9b8442","block_type":"box","text":"Principal Life Insurance Company","page_number":10,"box":{"x":116,"y":708,"width":232,"height":11}},{"id":"99210d78-3e0a-4511-91da-2da50d4375eb","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":10,"box":{"x":116,"y":723,"width":327,"height":12}},{"id":"587904e7-2e54-4bb3-9710-a6c228525357","block_type":"box","text":"Protective Life Insurance Company","page_number":10,"box":{"x":116,"y":739,"width":239,"height":11}},{"id":"7fd74e24-5a74-45f4-bbcf-dd0f8c4324ed","block_type":"box","text":"Pruco Life Insurance Company","page_number":10,"box":{"x":116,"y":754,"width":210,"height":12}},{"id":"3a0f10dd-cc9f-45ea-9c55-146ff846d589","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":10,"box":{"x":116,"y":770,"width":311,"height":11}},{"id":"faafae00-6ac4-46bd-8278-96ee2b56c081","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":10,"box":{"x":116,"y":785,"width":257,"height":11}},{"id":"6d970dfb-7351-4b58-abd2-d4d9dbc5d6d7","block_type":"box","text":"Prudential Insurance Company of America","page_number":10,"box":{"x":116,"y":801,"width":289,"height":11}},{"id":"d63df5a6-3c0c-451a-9a26-78e85961a724","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":10,"box":{"x":116,"y":816,"width":237,"height":12}},{"id":"89fce739-b26e-426b-ac09-2fc10ded4514","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":10,"box":{"x":116,"y":832,"width":277,"height":11}},{"id":"508ade2a-2e3d-47e1-bed1-ebf8fd91caad","block_type":"box","text":"RBC Capital Markets, LLC","page_number":10,"box":{"x":116,"y":847,"width":190,"height":12}},{"id":"4b8277cc-f95a-4c3d-9c08-76338b2c37a8","block_type":"box","text":"Regions Bank","page_number":10,"box":{"x":116,"y":863,"width":99,"height":11}},{"id":"818d7a5d-faba-4ea3-8acf-38a0230be1b3","block_type":"box","text":"Reliance Trust Company","page_number":10,"box":{"x":116,"y":878,"width":172,"height":12}},{"id":"70fcea70-b1f7-4b3f-8b3c-a84cd4cf7803","block_type":"box","text":"Reliastar Life Insurance Company","page_number":10,"box":{"x":520,"y":88,"width":236,"height":11}},{"id":"741b0725-d1f4-4371-9758-1f6c64ec03e7","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":10,"box":{"x":520,"y":103,"width":329,"height":12}},{"id":"d9dad98c-4a06-40c4-b531-a1e7454d5fd7","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":10,"box":{"x":520,"y":119,"width":207,"height":10}},{"id":"79b87007-fae4-4f4a-8d30-eb7b4326d69e","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":10,"box":{"x":520,"y":134,"width":311,"height":9}},{"id":"e00bed7b-3fd9-4da3-ab3f-3f31907b2522","block_type":"box","text":"RiverSource Life Insurance Company","page_number":10,"box":{"x":520,"y":150,"width":260,"height":11}},{"id":"40d557aa-e4b1-4f73-87b4-2a93d7dbc01a","block_type":"box","text":"SagePoint Financial, Inc.","page_number":10,"box":{"x":520,"y":165,"width":173,"height":12}},{"id":"e0395490-f157-4554-a461-bec7de1ab87d","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":10,"box":{"x":520,"y":181,"width":252,"height":10}},{"id":"52b019ac-1f29-491d-a036-92fd619b3e03","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":10,"box":{"x":520,"y":196,"width":212,"height":12}},{"id":"8178308e-48e9-47ab-aabd-12b7505deb9f","block_type":"box","text":"Santander Bank, N.A.","page_number":10,"box":{"x":520,"y":212,"width":152,"height":10}},{"id":"b4ebf396-7ece-4e66-a933-868e6ec88d93","block_type":"box","text":"Saturna Trust Company","page_number":10,"box":{"x":520,"y":227,"width":165,"height":12}},{"id":"3a5d2df7-045b-41e5-ad5b-057023e1e474","block_type":"box","text":"Securities America, Inc.","page_number":10,"box":{"x":520,"y":243,"width":167,"height":10}},{"id":"aa07b709-6d48-46a7-a731-34a562e5ef85","block_type":"box","text":"Securities Finance Trust Company","page_number":10,"box":{"x":520,"y":258,"width":238,"height":12}},{"id":"143448d2-995a-4501-9927-1a9a8af398f1","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":10,"box":{"x":520,"y":274,"width":286,"height":11}},{"id":"9858e2bf-b66a-4ce9-bdd5-e199dab5648c","block_type":"box","text":"Security Financial Resources, Inc.","page_number":10,"box":{"x":520,"y":289,"width":235,"height":12}},{"id":"de281695-cd1a-48f0-86fa-1e135a794e2b","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":10,"box":{"x":520,"y":305,"width":304,"height":11}},{"id":"a927bba2-e91d-4ff9-a22b-920b442bb891","block_type":"box","text":"SEI Private Trust Company","page_number":10,"box":{"x":520,"y":320,"width":191,"height":12}},{"id":"54ceae1f-8104-4e1f-b54f-f440a624b4e7","block_type":"box","text":"SG Americas Securities, LLC","page_number":10,"box":{"x":520,"y":336,"width":205,"height":10}},{"id":"30323919-f4a7-48fa-a8d1-640b292054e2","block_type":"box","text":"Silicon Valley Bank","page_number":10,"box":{"x":520,"y":351,"width":141,"height":12}},{"id":"156845c7-2905-45b1-81ae-1b2f04349fc5","block_type":"box","text":"Standard Insurance Company","page_number":10,"box":{"x":520,"y":367,"width":203,"height":11}},{"id":"7c957bb7-a460-484d-8858-63b1b334946d","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":10,"box":{"x":520,"y":382,"width":347,"height":12}},{"id":"78dd7043-3b71-4ad8-8ea1-0d1353088f53","block_type":"box","text":"State Farm Life Insurance Company","page_number":10,"box":{"x":520,"y":398,"width":249,"height":11}},{"id":"78a50343-b711-42c3-94c3-136adbaa62db","block_type":"box","text":"State Farm VP Management Corp.","page_number":10,"box":{"x":520,"y":413,"width":237,"height":12}},{"id":"c419d7f1-ca8b-4f7c-9a4b-53101b7e5ecd","block_type":"box","text":"State Street Bank and Trust Company","page_number":10,"box":{"x":520,"y":429,"width":259,"height":11}},{"id":"10f0b38d-4032-4e09-9f58-ab58249877fb","block_type":"box","text":"State Street Global Markets, LLC","page_number":10,"box":{"x":520,"y":444,"width":231,"height":11}},{"id":"57a74299-e370-4e8d-a1d1-25d34da13bd8","block_type":"box","text":"Stern Brothers & Co.","page_number":10,"box":{"x":520,"y":460,"width":147,"height":9}},{"id":"213382b7-44ad-4415-90a9-a6c312ba24f4","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":10,"box":{"x":520,"y":475,"width":290,"height":12}},{"id":"721c14f7-a5aa-4bdf-93d4-69df95c77cc1","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":10,"box":{"x":520,"y":491,"width":227,"height":11}},{"id":"6d78312f-0694-4e92-9921-d67ad2244e50","block_type":"box","text":"SVB Asset Management","page_number":10,"box":{"x":520,"y":506,"width":170,"height":12}},{"id":"b84c31f9-796b-4906-8a39-1a7649d1b14e","block_type":"box","text":"Symetra Life Insurance Company","page_number":10,"box":{"x":520,"y":522,"width":232,"height":11}},{"id":"f5e02e40-d631-472f-ada4-77c8687aec54","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":10,"box":{"x":520,"y":537,"width":200,"height":12}},{"id":"54715f3a-6c8d-4fcd-89c6-b80f818eaa65","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":10,"box":{"x":520,"y":553,"width":310,"height":10}},{"id":"d76729a6-b258-40b2-b74a-56613c8aac94","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":10,"box":{"x":520,"y":568,"width":319,"height":12}},{"id":"9da09be0-90a0-463f-a0f7-fd098547d74f","block_type":"box","text":"Company","page_number":10,"box":{"x":520,"y":584,"width":69,"height":11}},{"id":"a371d018-7a69-4118-b6c9-c6d1178ae56b","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":10,"box":{"x":520,"y":599,"width":301,"height":12}},{"id":"dc631014-e00d-418a-b0d0-aed67e9e63af","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":10,"box":{"x":520,"y":615,"width":204,"height":11}},{"id":"1c64d229-5912-4696-9dc7-44b52915e980","block_type":"box","text":"TD Ameritrade, Inc.","page_number":10,"box":{"x":520,"y":630,"width":141,"height":11}},{"id":"d3159581-a911-4c87-b274-f00155fb9634","block_type":"box","text":"TD Prime Services (US) LLC","page_number":10,"box":{"x":520,"y":646,"width":205,"height":11}},{"id":"3ac03cc1-5468-4331-b5df-0af761e5ecdd","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":10,"box":{"x":520,"y":661,"width":321,"height":12}},{"id":"5dbaf3fe-b0bb-4e8a-b8c6-08233866bb85","block_type":"box","text":"America","page_number":10,"box":{"x":520,"y":677,"width":58,"height":9}},{"id":"c1591e64-d74d-46ad-b908-ab04d303a998","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":10,"box":{"x":520,"y":692,"width":216,"height":12}},{"id":"29ebe62f-d47e-4e57-a645-80e6f33e1f2a","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":10,"box":{"x":520,"y":708,"width":330,"height":11}},{"id":"271ea971-4dff-4bf7-ac18-ec5b92c9ce09","block_type":"box","text":"Transamerica Life Insurance Company","page_number":10,"box":{"x":520,"y":723,"width":263,"height":12}},{"id":"e33c65b7-afcf-48e4-9af6-2af52d1bbe12","block_type":"box","text":"Treasury Brokerage","page_number":10,"box":{"x":520,"y":739,"width":134,"height":11}},{"id":"0048cc74-0c53-4cf5-978d-49daf8f0ec85","block_type":"box","text":"Triad Advisors, LLC","page_number":10,"box":{"x":520,"y":754,"width":141,"height":11}},{"id":"86d49656-4bb0-4354-98f6-6fbcbdaf5ed9","block_type":"box","text":"Truist Bank","page_number":10,"box":{"x":520,"y":770,"width":80,"height":9}},{"id":"f94b5144-c3af-41da-9e17-5f3d46cd3850","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":10,"box":{"x":520,"y":785,"width":210,"height":12}},{"id":"93776a30-eb46-467c-bbc8-b4be1ec9b1cd","block_type":"box","text":"U.S. Bank, National Association","page_number":10,"box":{"x":520,"y":801,"width":219,"height":10}},{"id":"3d1f3b3c-bc51-4c75-9039-90fc97c3290c","block_type":"box","text":"UBATCO & Co.","page_number":10,"box":{"x":520,"y":816,"width":113,"height":9}},{"id":"120c8f1c-a55b-4014-8ba8-8145200d9899","block_type":"box","text":"UBS Financial Services, Inc.","page_number":10,"box":{"x":520,"y":832,"width":199,"height":10}},{"id":"232ad048-2340-4ce5-bd78-f3fb96928b53","block_type":"box","text":"UBS Securities LLC","page_number":10,"box":{"x":520,"y":847,"width":143,"height":9}},{"id":"1b9f4109-e66b-4f64-9d83-831ec24475c8","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":10,"box":{"x":520,"y":863,"width":205,"height":10}},{"id":"61c62d1c-33f6-4b16-9961-c7a8904fe111","block_type":"box","text":"UMB Bank, National Association","page_number":10,"box":{"x":520,"y":878,"width":232,"height":11}},{"id":"becc1f5b-ecea-4621-9abd-22c447347b1d","block_type":"box","text":"3","page_number":10,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"8091b49f-c564-4399-a0d7-7b46d86b7e6b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":10,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8dd28a91-72c1-4c8a-98a6-dd7c29013df4","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":11,"box":{"x":116,"y":88,"width":360,"height":11}},{"id":"5719c24e-7540-4db1-a342-dc6be57b1923","block_type":"box","text":"New York","page_number":11,"box":{"x":116,"y":103,"width":74,"height":9}},{"id":"4841605f-896c-498e-b432-072efd781817","block_type":"box","text":"VALIC Retirement Services Company","page_number":11,"box":{"x":116,"y":119,"width":265,"height":11}},{"id":"c20caf14-3004-40b6-840e-b73a68ae14ea","block_type":"box","text":"Vanguard Group, Inc.","page_number":11,"box":{"x":116,"y":134,"width":152,"height":12}},{"id":"bc7ad6b5-3e64-44c3-bdde-b9d1454e4292","block_type":"box","text":"Vanguard Marketing Corporation","page_number":11,"box":{"x":116,"y":150,"width":230,"height":11}},{"id":"2776fb2e-34f2-4ad7-876e-f2dfab390de7","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":11,"box":{"x":116,"y":165,"width":207,"height":12}},{"id":"d961f306-75b4-4de8-afac-ad9f7cc2588d","block_type":"box","text":"Voya Financial Partners, LLC","page_number":11,"box":{"x":116,"y":181,"width":207,"height":11}},{"id":"a58564cf-9c00-4b29-8853-fbc7d063e178","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":11,"box":{"x":116,"y":196,"width":262,"height":12}},{"id":"36a30c06-bd53-4131-914b-5169214f6667","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":212,"width":268,"height":11}},{"id":"93fbfd63-02ab-48e3-ab5f-cbcc7a87b015","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":11,"box":{"x":116,"y":227,"width":245,"height":12}},{"id":"8b69ea01-201b-437e-811b-84e6d8054af9","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":243,"width":347,"height":11}},{"id":"1bc81e85-67c7-4fc9-95fe-dd822637cf81","block_type":"box","text":"Waddell & Reed, Inc.","page_number":11,"box":{"x":520,"y":88,"width":151,"height":10}},{"id":"d8746178-9f57-4743-acde-35bf475d0553","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":11,"box":{"x":520,"y":103,"width":192,"height":12}},{"id":"93564853-3e38-4f1b-b7ab-2898d01eee7a","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":11,"box":{"x":520,"y":119,"width":322,"height":11}},{"id":"a0a5cdea-d142-47c7-a6bd-e9f183caf154","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":11,"box":{"x":520,"y":134,"width":168,"height":12}},{"id":"37c6b98f-e27d-400f-aab5-9c535c604912","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":11,"box":{"x":520,"y":150,"width":251,"height":11}},{"id":"6cbb0be2-f328-43b1-bba3-ecd66f7b2214","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":11,"box":{"x":520,"y":165,"width":213,"height":12}},{"id":"8ce31b9a-cb2d-42ac-a97f-c8ab8278b288","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":11,"box":{"x":520,"y":181,"width":198,"height":11}},{"id":"f1550fa8-f216-480a-8f17-08e0b2203020","block_type":"box","text":"Wilmington Trust, National Association","page_number":11,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"4b1258b7-2ced-47b0-86b2-38f2367ee5e4","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":11,"box":{"x":520,"y":212,"width":238,"height":11}},{"id":"20d01071-efb9-4ce2-b9bf-8d255769fda8","block_type":"box","text":"ZB, National Association","page_number":11,"box":{"x":520,"y":227,"width":176,"height":11}},{"id":"0a1c9376-e222-4b68-b391-640e406b0340","block_type":"box","text":"4","page_number":11,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"daa9e6ff-72d7-40d4-8997-5c3827074c36","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":11,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"95faa578-50b6-4f30-a6da-53d5f3e7f51d","block_type":"box","text":"Appendix A","page_number":12,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"f3b30b87-dc22-4fc0-925f-8bdbbe9fe191","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":12,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"56c13abe-ec67-4d22-9d72-062945998e71","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":12,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"785c4e92-13e7-440a-b6ff-a21e08d00793","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":12,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"2745c7b1-b8f6-40e3-92c8-f477b4431378","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":12,"box":{"x":133,"y":196,"width":267,"height":9}},{"id":"fc821459-6649-4aed-83fe-8ed9f1a153a4","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":12,"box":{"x":133,"y":212,"width":305,"height":11}},{"id":"6c759ca1-6523-4de2-bedc-3b6a764522ad","block_type":"box","text":"BATS: High Income Municipal Series","page_number":12,"box":{"x":133,"y":227,"width":263,"height":12}},{"id":"dcb54523-ab4e-4c67-babf-74e7bbd2acd6","block_type":"box","text":"BATS: High Income Taxable Series","page_number":12,"box":{"x":133,"y":243,"width":248,"height":11}},{"id":"17cfa0d7-06e4-402d-befa-ce1a92fa7533","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":12,"box":{"x":133,"y":258,"width":256,"height":12}},{"id":"79470f84-42c0-4850-935e-86200ccc5d63","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":12,"box":{"x":133,"y":274,"width":235,"height":11}},{"id":"7f18d2c9-ceeb-4f7a-81bc-89fafed094c3","block_type":"box","text":"BATS: Short Duration Taxable Total Return Series","page_number":12,"box":{"x":133,"y":289,"width":350,"height":9}},{"id":"0b5ca23c-0417-4730-bb27-b6810ec5ed74","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":12,"box":{"x":133,"y":305,"width":307,"height":11}},{"id":"d7c75dd0-92ab-4317-88b8-34fe452b4dd7","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":12,"box":{"x":116,"y":336,"width":232,"height":11}},{"id":"92623487-8c8f-4ba7-882d-d93abb5a4884","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":12,"box":{"x":116,"y":367,"width":203,"height":11}},{"id":"e1805ba2-14c2-437b-a383-222f7d7512ee","block_type":"box","text":"BlackRock Total Return Fund","page_number":12,"box":{"x":133,"y":382,"width":207,"height":9}},{"id":"2aa8bf52-b914-4ec9-9845-f87fb414c9e7","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":12,"box":{"x":116,"y":413,"width":331,"height":12}},{"id":"20f43422-ca2f-4fa0-afa3-5d3449815e95","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":12,"box":{"x":133,"y":429,"width":322,"height":11}},{"id":"a2c3696d-e384-4a88-88ba-8c2c635cf1d4","block_type":"box","text":"Fund","page_number":12,"box":{"x":133,"y":444,"width":38,"height":9}},{"id":"b901e4e2-721d-44f3-b51c-643835551526","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":12,"box":{"x":116,"y":475,"width":317,"height":12}},{"id":"f4fa176b-2145-449c-8f3a-83bed84d53ab","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":12,"box":{"x":116,"y":506,"width":301,"height":12}},{"id":"6d9ae91a-2207-4072-bc63-32589bbefd66","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":12,"box":{"x":116,"y":537,"width":248,"height":12}},{"id":"16ce7ecb-6282-4910-952a-e5ba692a930d","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":12,"box":{"x":116,"y":568,"width":332,"height":9}},{"id":"639868cf-b508-455f-af22-28e83ef88a03","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":12,"box":{"x":133,"y":584,"width":278,"height":9}},{"id":"def11419-5d52-4378-9160-8803daf9db0a","block_type":"box","text":"BlackRock Funds","page_number":12,"box":{"x":116,"y":615,"width":127,"height":9}},{"id":"1866b7b1-316f-4c37-aaa1-a2332731b0c1","block_type":"box","text":"SM","page_number":12,"box":{"x":244,"y":614,"width":15,"height":6}},{"id":"a8af7cdb-84cf-4cdf-8f30-fa5cbd7f738a","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":12,"box":{"x":133,"y":630,"width":325,"height":12}},{"id":"9d635e52-4e12-4dfe-9ac7-40beafde9be7","block_type":"box","text":"BlackRock Advantage International Fund","page_number":12,"box":{"x":133,"y":646,"width":285,"height":11}},{"id":"24efc423-9c37-4af7-9563-e240277dc675","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":12,"box":{"x":133,"y":661,"width":321,"height":12}},{"id":"70be870c-7a37-424e-b22d-84727b643d21","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":12,"box":{"x":133,"y":677,"width":302,"height":11}},{"id":"f2194452-7330-4749-90a1-bf6948df84cd","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":12,"box":{"x":133,"y":692,"width":321,"height":12}},{"id":"0165a53c-979e-4d7c-8205-a46ad829de41","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":12,"box":{"x":133,"y":708,"width":271,"height":11}},{"id":"f7ee28e6-4538-4a8a-928d-2e749c1cf057","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":12,"box":{"x":133,"y":723,"width":269,"height":12}},{"id":"988a8717-8368-4f70-8195-7861e9a0a17e","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":12,"box":{"x":133,"y":739,"width":288,"height":11}},{"id":"8b5fcc9e-b15a-4381-a8ab-2a217a99fc01","block_type":"box","text":"Reserve Vehicle","page_number":12,"box":{"x":133,"y":754,"width":110,"height":9}},{"id":"130ed951-43fa-4843-8ac1-a08fc9acb87f","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":12,"box":{"x":133,"y":770,"width":294,"height":11}},{"id":"9ca561c8-2c67-4722-ad8f-564f2cf24796","block_type":"box","text":"Markets Fund","page_number":12,"box":{"x":133,"y":785,"width":93,"height":9}},{"id":"480c4452-97a0-41ea-8722-52cd19cf984a","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":12,"box":{"x":133,"y":801,"width":309,"height":11}},{"id":"6059675b-47a4-44b1-97f3-20bcaacb8c0c","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":12,"box":{"x":133,"y":816,"width":263,"height":12}},{"id":"f8d8efde-064a-4a00-9407-89be5c9d216d","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":12,"box":{"x":133,"y":832,"width":213,"height":11}},{"id":"f037afa3-5d76-4495-b501-43f994a97857","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":12,"box":{"x":133,"y":847,"width":324,"height":12}},{"id":"049bc004-3fda-40c4-820a-7e45950354d6","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":12,"box":{"x":133,"y":863,"width":288,"height":11}},{"id":"a9a01e90-fcc9-4d9c-a078-a39f5be71e2d","block_type":"box","text":"Portfolio","page_number":12,"box":{"x":133,"y":878,"width":64,"height":9}},{"id":"775d28ea-31ec-40a2-9d39-7f0193309e2d","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":12,"box":{"x":537,"y":119,"width":259,"height":11}},{"id":"6910813a-f8ee-4520-94bd-7a5e907985c0","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":12,"box":{"x":537,"y":134,"width":313,"height":12}},{"id":"2e5be86c-5903-4529-b46c-48342e363069","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":12,"box":{"x":537,"y":150,"width":269,"height":9}},{"id":"64d3a505-7b2e-45c0-8cfe-7515f2fa11a7","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":12,"box":{"x":537,"y":165,"width":241,"height":12}},{"id":"b498fbf5-ab89-428c-8746-577427b8394b","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":12,"box":{"x":537,"y":181,"width":287,"height":11}},{"id":"ba18aa37-6a4b-433c-b98d-ffbac7c25553","block_type":"box","text":"Emerging Markets Equity Fund","page_number":12,"box":{"x":537,"y":196,"width":218,"height":12}},{"id":"8f958d9a-58e8-48ab-b7c6-d971b98bee72","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":12,"box":{"x":537,"y":212,"width":330,"height":11}},{"id":"344a635c-0e16-41c7-b92b-6240efb1f02e","block_type":"box","text":"Cap Core Fund","page_number":12,"box":{"x":537,"y":227,"width":107,"height":12}},{"id":"2a39be42-57be-452a-9c68-6f4f43b8b241","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":12,"box":{"x":537,"y":243,"width":273,"height":11}},{"id":"53e71e88-7a54-439c-9b04-e2ae967ed653","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":12,"box":{"x":537,"y":258,"width":299,"height":12}},{"id":"27b11425-a57f-4af2-8117-cee79eebde52","block_type":"box","text":"BlackRock Wealth Liquid Environmentally Aware","page_number":12,"box":{"x":537,"y":274,"width":347,"height":11}},{"id":"25412026-da11-4edf-bbc4-71b68a39729b","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":289,"width":38,"height":9}},{"id":"2cd68c31-3ae5-4621-9351-1f7baec6ea14","block_type":"box","text":"Circle Reserve Fund","page_number":12,"box":{"x":537,"y":305,"width":142,"height":9}},{"id":"d8b7d190-84d3-4991-af87-4ccfbd987774","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":12,"box":{"x":537,"y":320,"width":293,"height":12}},{"id":"59e626df-876b-43de-ac88-7d0ba7348783","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":12,"box":{"x":537,"y":336,"width":280,"height":9}},{"id":"e0603784-238d-4dc1-ac14-34eafbdd823b","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":12,"box":{"x":537,"y":351,"width":322,"height":12}},{"id":"e0df55bb-db9a-43f1-b179-fcc4294e67e5","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":367,"width":38,"height":9}},{"id":"9552ece4-9295-454f-87ae-12575a8c7b01","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":12,"box":{"x":537,"y":382,"width":249,"height":12}},{"id":"dc0dbdba-a1fd-4da8-85af-e3eac4096e27","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":398,"width":254,"height":11}},{"id":"3fdc3203-0370-427c-8e10-36eb559646c3","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":413,"width":298,"height":12}},{"id":"ea26dbfb-253d-4ab9-8698-70c09f8728b9","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":12,"box":{"x":537,"y":429,"width":297,"height":9}},{"id":"7e705bcc-5fd9-4f1f-aadd-a145773e284b","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":12,"box":{"x":537,"y":444,"width":304,"height":9}},{"id":"36b629bd-d158-43e4-9d3f-ece918b12b06","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":460,"width":346,"height":9}},{"id":"bbe2ab65-287d-471c-a44e-99414a827de6","block_type":"box","text":"iShares U.S. Intermediate Government Bond Index","page_number":12,"box":{"x":537,"y":475,"width":349,"height":9}},{"id":"aaee3b84-c3b0-40ab-9d3e-f4729a0ec1a6","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":491,"width":38,"height":9}},{"id":"4153a6b2-f04a-46a2-956b-732d707c8834","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":506,"width":296,"height":12}},{"id":"d3d72521-9376-4d74-898a-4175332c956e","block_type":"box","text":"iShares U.S. Long Government Bond Index Fund","page_number":12,"box":{"x":537,"y":522,"width":338,"height":11}},{"id":"c638d91f-e691-477d-8629-c0f130223dbb","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":12,"box":{"x":537,"y":537,"width":290,"height":9}},{"id":"70ee4ce0-46a3-415d-a321-286bc867716f","block_type":"box","text":"BlackRock Funds II","page_number":12,"box":{"x":520,"y":568,"width":149,"height":9}},{"id":"568fcd73-3520-4477-8cb7-9925004478ad","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":12,"box":{"x":537,"y":584,"width":284,"height":11}},{"id":"095f0f52-b539-4aa8-b770-f35c6006f7b4","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":12,"box":{"x":537,"y":599,"width":284,"height":12}},{"id":"52443f0f-69ee-4e08-b8b5-1859aca12885","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":12,"box":{"x":537,"y":615,"width":284,"height":11}},{"id":"875c3c0c-0c52-4b94-8dea-dfd6c0e6bb41","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":12,"box":{"x":537,"y":630,"width":284,"height":12}},{"id":"a362360f-6113-4d8e-bd0b-dd411eaf633f","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":12,"box":{"x":537,"y":646,"width":301,"height":11}},{"id":"853111f7-bdc7-442f-8c3a-e7141decbbcc","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":12,"box":{"x":537,"y":661,"width":255,"height":9}},{"id":"0c248319-f642-45fb-b531-c01988169449","block_type":"box","text":"BlackRock Managed Income Fund","page_number":12,"box":{"x":537,"y":677,"width":235,"height":11}},{"id":"6cf358aa-ada0-4335-a984-55a2d8fb1bfd","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":12,"box":{"x":537,"y":692,"width":278,"height":9}},{"id":"8fa73b70-bf86-44ef-ba83-84f574e68a01","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":12,"box":{"x":537,"y":708,"width":285,"height":9}},{"id":"9d4521c9-3caa-4e5f-83ff-93b2ec0474c6","block_type":"box","text":"BlackRock Funds III","page_number":12,"box":{"x":520,"y":739,"width":151,"height":9}},{"id":"bd99cdba-63e4-4b22-8d8f-4d6b3b1b9d99","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":12,"box":{"x":537,"y":754,"width":248,"height":9}},{"id":"7de11f41-d7c4-48d8-b1b0-e07a7c82cdb1","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":12,"box":{"x":537,"y":770,"width":226,"height":11}},{"id":"69116c5b-c712-42a3-be8b-254551694561","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":12,"box":{"x":537,"y":785,"width":288,"height":12}},{"id":"417bcf4e-b8f1-4c02-b7ad-9c1ff45398fb","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":12,"box":{"x":537,"y":801,"width":291,"height":9}},{"id":"2ed76c53-5b3b-4b9b-bca4-30c396d03985","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":816,"width":136,"height":9}},{"id":"6b765a68-75bb-4dc9-86cc-7efaf6163f3f","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":815,"width":9,"height":7}},{"id":"9641aefd-35ac-4086-88f2-834122711c57","block_type":"box","text":"Dynamic Retirement Fund","page_number":12,"box":{"x":688,"y":816,"width":179,"height":12}},{"id":"e0dd8d66-0060-4e3c-baf1-89568fdaf752","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":832,"width":136,"height":9}},{"id":"076f1dbd-e242-4216-8d5c-176342d70c25","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":831,"width":9,"height":6}},{"id":"81a1ceab-4fb8-4b27-a29a-6b436f30e465","block_type":"box","text":"Dynamic 2030 Fund","page_number":12,"box":{"x":683,"y":832,"width":147,"height":11}},{"id":"e5e59a5b-c3a8-48e7-99af-b9052ab07538","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":847,"width":136,"height":9}},{"id":"b5f2f54e-928e-4669-8931-46733620cec7","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":846,"width":9,"height":7}},{"id":"94ffc802-83c0-49b0-8f9c-35adeb74ed26","block_type":"box","text":"Dynamic 2035 Fund","page_number":12,"box":{"x":683,"y":847,"width":147,"height":12}},{"id":"4ffba37e-4fa0-4bc1-8e65-288676642d8b","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":863,"width":136,"height":9}},{"id":"25f39528-bc66-417f-86fd-7e67ff200d40","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":862,"width":9,"height":6}},{"id":"d23329da-76f6-4e96-ac5f-c9f1b264d082","block_type":"box","text":"Dynamic 2040 Fund","page_number":12,"box":{"x":683,"y":863,"width":147,"height":11}},{"id":"27183dc9-158c-488a-bfa8-6a3823b8d4f0","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":878,"width":136,"height":9}},{"id":"a679a0b8-52f3-4083-9197-b6e782e94ce3","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":877,"width":9,"height":7}},{"id":"b243d585-801c-4781-9d25-5326c12daa16","block_type":"box","text":"Dynamic 2045 Fund","page_number":12,"box":{"x":683,"y":878,"width":147,"height":12}},{"id":"c4306c1a-d24b-470c-aff3-d708550cdabc","block_type":"box","text":"5","page_number":12,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"53d32b6b-6a8d-4db1-9b49-1305cd157c2c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":12,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"79872992-36f9-4d87-a9fa-70b7be4c940f","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":88,"width":136,"height":9}},{"id":"21d94ea2-faa3-468d-bb26-5ca8a1986cbe","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":87,"width":9,"height":6}},{"id":"fb43b36f-1683-4510-b56d-796f337a2b62","block_type":"box","text":"Dynamic 2050 Fund","page_number":13,"box":{"x":279,"y":88,"width":147,"height":11}},{"id":"45d37bb3-cd6f-4b90-99dd-0e9b7b835c29","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":103,"width":136,"height":9}},{"id":"b5d4d342-4c59-4371-a0e0-d89b4fa7c24f","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":102,"width":9,"height":7}},{"id":"1c276a7d-373e-40e6-bc90-e4eeb9d1434a","block_type":"box","text":"Dynamic 2055 Fund","page_number":13,"box":{"x":279,"y":103,"width":147,"height":12}},{"id":"30239a96-16d4-4608-b086-012f4fef6471","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":119,"width":136,"height":9}},{"id":"738acaec-a66f-4724-a0d2-7192e531db39","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":118,"width":9,"height":6}},{"id":"c89a6048-cda5-47a8-b49e-c9a7fe739f60","block_type":"box","text":"Dynamic 2060 Fund","page_number":13,"box":{"x":279,"y":119,"width":147,"height":11}},{"id":"75cb764d-1670-499c-8138-bca686b821a4","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":134,"width":136,"height":9}},{"id":"a99a68e8-15f9-46da-90c7-7828123636ec","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":133,"width":9,"height":7}},{"id":"8d638f1e-1191-4ee0-8206-7a3d9bdd78e9","block_type":"box","text":"Dynamic 2065 Fund","page_number":13,"box":{"x":279,"y":134,"width":147,"height":12}},{"id":"0973a4f4-6ddb-4b21-b911-5e6fe5c1a8a1","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":150,"width":136,"height":9}},{"id":"2ae568ac-d712-48b3-a903-03e2e1dc0a4c","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":149,"width":9,"height":6}},{"id":"5e4a8e41-237a-4e4b-a247-57fd5f396b30","block_type":"box","text":"Dynamic 2070 Fund","page_number":13,"box":{"x":279,"y":150,"width":147,"height":11}},{"id":"5c6ea522-135c-4fa4-b725-c3bd7c11bf85","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":165,"width":136,"height":9}},{"id":"a6448c9c-ca13-4767-8742-adb0c8b4a52a","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":164,"width":9,"height":7}},{"id":"b959a60a-0610-4c46-9ecf-13262cf4b29f","block_type":"box","text":"ESG Index Retirement Fund","page_number":13,"box":{"x":279,"y":165,"width":201,"height":9}},{"id":"f4755955-d0eb-4b87-873f-e45c1dc88d58","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":181,"width":136,"height":9}},{"id":"9e1dc257-711c-47f6-8e89-75766b7e92ec","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":180,"width":9,"height":6}},{"id":"7418ec01-ef00-48b6-a97b-a4e1c0fa1f1a","block_type":"box","text":"ESG Index 2030 Fund","page_number":13,"box":{"x":279,"y":181,"width":160,"height":9}},{"id":"198f4882-6468-443b-9d23-197aa4642035","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":196,"width":136,"height":9}},{"id":"c3801d9c-e52e-43c0-b69a-fac39812f379","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":195,"width":9,"height":7}},{"id":"fcecae71-03f2-4f99-b35b-43821b174560","block_type":"box","text":"ESG Index 2035 Fund","page_number":13,"box":{"x":279,"y":196,"width":160,"height":9}},{"id":"6b0819e9-e8cd-416f-9ed4-ff20f879ae6a","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":212,"width":136,"height":9}},{"id":"301cc6cc-48f5-471d-b96f-cfd7301fac6a","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":211,"width":9,"height":6}},{"id":"38ac178d-135f-45c5-8e6a-73a5417ce96e","block_type":"box","text":"ESG Index 2040 Fund","page_number":13,"box":{"x":279,"y":212,"width":160,"height":9}},{"id":"f31e1f06-bfe0-4200-8ca5-914e9373eb1e","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":227,"width":136,"height":9}},{"id":"15feeb18-db5c-4d06-a2e1-6d66de95b30f","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":226,"width":9,"height":7}},{"id":"63c062d8-defe-42ff-84ca-478258af56dc","block_type":"box","text":"ESG Index 2045 Fund","page_number":13,"box":{"x":279,"y":227,"width":160,"height":9}},{"id":"d949ef3e-8aab-4e94-a417-d74bc0e8581c","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":243,"width":136,"height":9}},{"id":"6e3b7bda-6ac0-410b-914f-291b0e67b4b9","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":242,"width":9,"height":6}},{"id":"73329642-1db2-4a09-913b-2f181fb0a453","block_type":"box","text":"ESG Index 2050 Fund","page_number":13,"box":{"x":279,"y":243,"width":160,"height":9}},{"id":"d19abbc3-f394-42dd-88ab-0fe784890170","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":258,"width":136,"height":9}},{"id":"55579393-a3fa-42aa-b622-ca1b87069917","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":257,"width":9,"height":7}},{"id":"6283e3a2-eec7-40f9-962b-1bc9802ff764","block_type":"box","text":"ESG Index 2055 Fund","page_number":13,"box":{"x":279,"y":258,"width":160,"height":9}},{"id":"8f48d3c8-3bd5-437e-9bb2-cbb1ed4df71d","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":274,"width":136,"height":9}},{"id":"da55b486-b1ec-4aad-8dec-4780b16e8c16","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":273,"width":9,"height":6}},{"id":"9614e511-0950-4695-850c-06040b27e5c0","block_type":"box","text":"ESG Index 2060 Fund","page_number":13,"box":{"x":279,"y":274,"width":160,"height":9}},{"id":"67486a58-4a13-4725-8f29-1bfd1098bd55","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":289,"width":136,"height":9}},{"id":"769c23a1-6086-4a07-b316-b210833a2f9c","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":288,"width":9,"height":7}},{"id":"cf566ec4-990f-4b77-a9fe-e9d48e32efc3","block_type":"box","text":"ESG Index 2065 Fund","page_number":13,"box":{"x":279,"y":289,"width":160,"height":9}},{"id":"04fa6022-cc02-4af7-af55-691d308fc95a","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":305,"width":136,"height":9}},{"id":"ef039836-9df0-42ce-a543-b6d384f83ee9","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":304,"width":9,"height":6}},{"id":"43e680a3-04aa-417c-b61b-252674eb24b3","block_type":"box","text":"ESG Index 2070 Fund","page_number":13,"box":{"x":279,"y":305,"width":160,"height":9}},{"id":"938bed49-7bbd-469a-b089-f211778ad8f5","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":320,"width":136,"height":9}},{"id":"c225164b-4e23-4d52-a6b8-d6bdc6ab0f88","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":319,"width":9,"height":7}},{"id":"c2a19830-9441-4609-8cd4-919def50f4dc","block_type":"box","text":"Index Retirement Fund","page_number":13,"box":{"x":279,"y":320,"width":165,"height":9}},{"id":"b59c915c-a2eb-48f5-8fef-c8cc86d37ed2","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":336,"width":136,"height":9}},{"id":"de1b3387-754c-416c-bade-3e33c35dfa27","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":335,"width":9,"height":6}},{"id":"d1880ee7-2183-4466-a30d-962ac97e1bf5","block_type":"box","text":"Index 2030 Fund","page_number":13,"box":{"x":279,"y":336,"width":124,"height":9}},{"id":"6d617767-094d-44e4-b119-0c3b66f491a4","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":351,"width":136,"height":9}},{"id":"2ea04582-88a0-45da-a5fc-b8dde76f4cbb","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":350,"width":9,"height":7}},{"id":"75b80462-27dd-4c5a-8a3d-32bd5a8c2c24","block_type":"box","text":"Index 2035 Fund","page_number":13,"box":{"x":279,"y":351,"width":124,"height":9}},{"id":"1d58f300-3b5b-4afa-8f7c-fe6a1b92c9bb","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":367,"width":136,"height":9}},{"id":"10bf36d0-3dca-4bf3-b2a4-1dd6b1e93472","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":366,"width":9,"height":6}},{"id":"49e39622-e3b0-482f-8645-b00e3e421056","block_type":"box","text":"Index 2040 Fund","page_number":13,"box":{"x":279,"y":367,"width":124,"height":9}},{"id":"a5516ea0-4b58-41bf-b21f-aae9060f886f","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":382,"width":136,"height":9}},{"id":"d15133c5-6328-4dec-bf7f-17caa5fb0a2b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":381,"width":9,"height":7}},{"id":"1fea0c7c-7531-46c7-b16e-1082864fb3e2","block_type":"box","text":"Index 2045 Fund","page_number":13,"box":{"x":279,"y":382,"width":124,"height":9}},{"id":"8434ced7-54de-488f-aa69-afea23240406","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":398,"width":136,"height":9}},{"id":"9d0faa72-168a-444c-a1b8-ea18f0972042","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":397,"width":9,"height":6}},{"id":"705c518e-adae-4f8f-817a-fe7da1e86918","block_type":"box","text":"Index 2050 Fund","page_number":13,"box":{"x":279,"y":398,"width":124,"height":9}},{"id":"b0b01121-e220-4f51-aed1-ddbe2359adc0","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":413,"width":136,"height":9}},{"id":"d3f0b68e-10ff-480b-b070-dd514768e86e","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":412,"width":9,"height":7}},{"id":"884f35ee-bb4a-4902-be05-bc80d2357f64","block_type":"box","text":"Index 2055 Fund","page_number":13,"box":{"x":279,"y":413,"width":124,"height":9}},{"id":"1bd79a6f-dca5-4ec7-bba5-2bbe0b1ece57","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":429,"width":136,"height":9}},{"id":"0fe486dd-374a-4355-94da-6b452a026d61","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":428,"width":9,"height":6}},{"id":"cfa74950-f538-41ae-aa56-89ca98f3878c","block_type":"box","text":"Index 2060 Fund","page_number":13,"box":{"x":279,"y":429,"width":124,"height":9}},{"id":"18ad7e47-89b8-4554-af0d-616e89ca2f21","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":444,"width":136,"height":9}},{"id":"e4ae2387-7328-4ed4-a2b5-ccf238a59eba","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":443,"width":9,"height":7}},{"id":"91678774-c7e1-4a20-ab9a-49c4b3ab81d2","block_type":"box","text":"Index 2065 Fund","page_number":13,"box":{"x":279,"y":444,"width":124,"height":9}},{"id":"73cc76b2-c3a0-4383-b402-0d2546fc2bbe","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":460,"width":136,"height":9}},{"id":"da9cfdc9-35c6-4c96-964a-7000f39c27c8","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":459,"width":9,"height":6}},{"id":"9b4d7dc6-3dbc-40ad-a9cd-0b19a559711b","block_type":"box","text":"Index 2070 Fund","page_number":13,"box":{"x":279,"y":460,"width":124,"height":9}},{"id":"cc087b50-b4e4-4c7e-a028-4b40e1198273","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":13,"box":{"x":133,"y":475,"width":310,"height":9}},{"id":"e9058490-3038-428f-982a-d5f9fe0e04c3","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":13,"box":{"x":133,"y":491,"width":303,"height":11}},{"id":"3699090d-680e-4bf0-a29e-afd5667bdf00","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":13,"box":{"x":133,"y":506,"width":200,"height":9}},{"id":"ecdeb3b2-2ca3-489e-849a-82eaa581e1cd","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":13,"box":{"x":133,"y":522,"width":284,"height":11}},{"id":"e05dabd5-a4af-4135-bb3a-3d893e9f851c","block_type":"box","text":"BlackRock Funds IV","page_number":13,"box":{"x":116,"y":553,"width":154,"height":9}},{"id":"33e1e124-c799-4347-9f56-37931b568b2c","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":13,"box":{"x":133,"y":568,"width":269,"height":9}},{"id":"7caf0228-4ef3-469a-9be5-34aa650dcadb","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":13,"box":{"x":133,"y":584,"width":299,"height":11}},{"id":"4ebf5dae-c8c4-4f3e-ab4e-08a3f5807705","block_type":"box","text":"BlackRock Funds V","page_number":13,"box":{"x":116,"y":615,"width":148,"height":9}},{"id":"a83bfe44-360f-4edb-9287-90aef90dece6","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":13,"box":{"x":133,"y":630,"width":220,"height":9}},{"id":"7d3409b8-31fc-48b1-8f88-dc20f38c4b97","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":13,"box":{"x":133,"y":646,"width":293,"height":11}},{"id":"361720bf-e902-4a32-941d-bf142ff2390f","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":133,"y":661,"width":217,"height":12}},{"id":"81fb3a88-55a9-45ce-baf5-ce5de9c4b5c7","block_type":"box","text":"BlackRock Income Fund","page_number":13,"box":{"x":133,"y":677,"width":168,"height":9}},{"id":"a57c839a-0725-4739-8cd1-29b560152fdb","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":13,"box":{"x":133,"y":692,"width":309,"height":9}},{"id":"d1a8c98c-5537-484b-9620-c008c272b274","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":13,"box":{"x":133,"y":708,"width":278,"height":9}},{"id":"8189ff53-11a9-4c5e-9679-581889aabdfe","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":13,"box":{"x":133,"y":723,"width":289,"height":12}},{"id":"573a7f90-fd89-47d2-b92f-9bfd254d9b43","block_type":"box","text":"Portfolio","page_number":13,"box":{"x":133,"y":739,"width":59,"height":9}},{"id":"bc9a2d11-43d7-4cf1-96ca-354e03c596c4","block_type":"box","text":"BlackRock Funds VI","page_number":13,"box":{"x":116,"y":770,"width":150,"height":9}},{"id":"0078332f-d502-4493-a9b4-f290ede34493","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":13,"box":{"x":133,"y":785,"width":309,"height":12}},{"id":"3541239f-cc36-44fc-bb7e-031b44c7683c","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":13,"box":{"x":116,"y":816,"width":287,"height":11}},{"id":"2b263732-6eb8-463a-9629-a3a3dd55f48b","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":13,"box":{"x":116,"y":847,"width":213,"height":11}},{"id":"7061ea1a-8baf-481b-9b70-1ac4373d0837","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":13,"box":{"x":133,"y":863,"width":317,"height":9}},{"id":"b0f87682-f7a4-4441-8f13-d27c561979bc","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":13,"box":{"x":133,"y":878,"width":303,"height":12}},{"id":"ca55e031-6f62-455b-8bf5-509084df8bf2","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":13,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"e0b6888f-e2fd-4aed-9317-4faf9f73e899","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":13,"box":{"x":520,"y":118,"width":349,"height":12}},{"id":"51df7efa-2ca6-4a3b-a728-b956c2f8b0ab","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":13,"box":{"x":520,"y":149,"width":335,"height":12}},{"id":"62899daa-de59-4eed-b9d6-580ff9a78a9e","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":13,"box":{"x":520,"y":180,"width":296,"height":12}},{"id":"26f4304b-4588-46f1-bfa2-3ec35b2b1b25","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":13,"box":{"x":537,"y":196,"width":306,"height":12}},{"id":"bd006a50-0851-443a-9998-46cc02312f2b","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":13,"box":{"x":537,"y":212,"width":314,"height":11}},{"id":"a7acc9e1-c07d-472e-b2f5-0c3c1ef2d2ef","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":13,"box":{"x":537,"y":227,"width":261,"height":12}},{"id":"6aaac6c0-6b24-433d-adf9-ea0f62a747a2","block_type":"box","text":"BlackRock Liquidity Funds","page_number":13,"box":{"x":520,"y":258,"width":203,"height":12}},{"id":"e34a58e6-429c-4286-af55-da41ac2243ff","block_type":"box","text":"FedFund","page_number":13,"box":{"x":537,"y":274,"width":64,"height":9}},{"id":"8e922a9a-bb6e-4e0e-87f6-783781babf1e","block_type":"box","text":"MuniCash","page_number":13,"box":{"x":537,"y":289,"width":74,"height":9}},{"id":"b5f58e9e-77f2-4a4e-b40e-f062ff11d3cd","block_type":"box","text":"TempCash","page_number":13,"box":{"x":537,"y":305,"width":77,"height":11}},{"id":"3120e276-0e78-4e4c-8c2c-35b02cdccf3a","block_type":"box","text":"BlackRock Select Treasury Based Liquidity Fund","page_number":13,"box":{"x":537,"y":320,"width":339,"height":12}},{"id":"ba8d5791-d2d9-40dd-8594-9df861e9a29c","block_type":"box","text":"T-Fund","page_number":13,"box":{"x":537,"y":336,"width":54,"height":9}},{"id":"5ce15d64-9b5b-474c-b66b-64107fb11475","block_type":"box","text":"Treasury Trust Fund","page_number":13,"box":{"x":537,"y":351,"width":142,"height":12}},{"id":"2e02c3f7-4236-4f04-840a-ceb197c4b1fc","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":13,"box":{"x":520,"y":382,"width":282,"height":12}},{"id":"8f56e1b0-d036-4115-afc5-d4dfdc7c7c42","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":13,"box":{"x":537,"y":398,"width":227,"height":11}},{"id":"8aa11759-b2fd-47ab-9422-d308fa5ebfcd","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":13,"box":{"x":520,"y":429,"width":339,"height":11}},{"id":"458f264a-94f0-4af2-98b9-baeaefa6db98","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":13,"box":{"x":537,"y":444,"width":314,"height":12}},{"id":"f551f5df-2e70-47b6-b4ea-f5f7ddf2d314","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":13,"box":{"x":537,"y":460,"width":324,"height":11}},{"id":"9aa4cd3b-3ce0-4313-a3ba-92e14dfc7331","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":475,"width":38,"height":9}},{"id":"d7fd7a94-dcc8-4a3d-b7ac-91f48dc7d8df","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":13,"box":{"x":537,"y":491,"width":326,"height":11}},{"id":"426bce55-9f30-46de-95da-0d682866b116","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":522,"width":282,"height":11}},{"id":"f9b7e821-ddf5-479a-bc53-8f197d424ec6","block_type":"box","text":"BlackRock National Municipal Fund","page_number":13,"box":{"x":537,"y":537,"width":253,"height":12}},{"id":"b7df1259-524b-4ffa-a9a9-3faf2d59514e","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":13,"box":{"x":537,"y":553,"width":263,"height":9}},{"id":"6d443e2c-9f5a-49e7-bde2-ed2862a93960","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":13,"box":{"x":520,"y":584,"width":252,"height":11}},{"id":"6e381537-38ad-4b49-b0a4-6ae01a233adc","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":13,"box":{"x":537,"y":599,"width":313,"height":12}},{"id":"735985d9-e41d-4de0-af5e-2034bc1967c4","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":615,"width":38,"height":9}},{"id":"e4261fdd-3e9b-4702-bdb6-0c5e815f9a6e","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":13,"box":{"x":520,"y":646,"width":264,"height":9}},{"id":"caf89377-491c-4be2-8744-765df0eb8a85","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":13,"box":{"x":520,"y":677,"width":203,"height":11}},{"id":"cfc9f575-147f-4652-9721-26c3b3465b61","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":13,"box":{"x":537,"y":692,"width":327,"height":12}},{"id":"d51fea1b-64ef-44ec-96a0-64b3c3d4b9c7","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":13,"box":{"x":537,"y":708,"width":205,"height":9}},{"id":"1aaf0a02-080d-47ed-86af-7304bec7f4fb","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":13,"box":{"x":537,"y":723,"width":283,"height":12}},{"id":"d2f49235-30ff-4b1d-a61d-cf7000b48f30","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":13,"box":{"x":537,"y":739,"width":263,"height":9}},{"id":"7e7343d8-eeda-4f38-bf07-70d49a4b2818","block_type":"box","text":"BlackRock Government Money Market Portfolio","page_number":13,"box":{"x":537,"y":754,"width":331,"height":12}},{"id":"6d0feffe-b7f1-455d-946d-953f808333d9","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":13,"box":{"x":520,"y":785,"width":221,"height":11}},{"id":"29b5eb1d-7d1f-453b-8062-1155f090631c","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":537,"y":801,"width":217,"height":11}},{"id":"b41298a9-3a40-4af1-b3a8-57880818ce66","block_type":"box","text":"BlackRock Series, Inc.","page_number":13,"box":{"x":520,"y":832,"width":166,"height":11}},{"id":"dceef4be-81d9-407f-b5c4-590b50751c9b","block_type":"box","text":"BlackRock International Fund","page_number":13,"box":{"x":537,"y":847,"width":208,"height":9}},{"id":"3903fb70-0b6b-422a-9b94-093fac14db72","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":878,"width":325,"height":12}},{"id":"f9b5721c-e796-43c6-8240-420de9297abb","block_type":"box","text":"6","page_number":13,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"c12aa354-25e0-4633-a026-277a8aa7981f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":13,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"05682a5f-9d69-4d6d-9d8b-2f04b4bbf7be","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":14,"box":{"x":116,"y":87,"width":288,"height":12}},{"id":"0eba2199-12c4-4e85-ba7b-e6b4280a49ee","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":14,"box":{"x":116,"y":118,"width":282,"height":12}},{"id":"50460bb1-ea5c-45b3-bdc9-dba104fd1b3d","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I. Fund","page_number":14,"box":{"x":133,"y":134,"width":348,"height":12}},{"id":"84dbca5b-92f7-4953-a4e4-41e399f3b6ce","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I. Fund","page_number":14,"box":{"x":133,"y":150,"width":337,"height":11}},{"id":"0a88ffd6-2fd1-416a-91cd-38cfd61dcdb1","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I. Fund","page_number":14,"box":{"x":133,"y":165,"width":344,"height":12}},{"id":"d095b64b-2afd-4e1d-a471-5a4dd0e6af53","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":14,"box":{"x":133,"y":181,"width":303,"height":11}},{"id":"6c046d49-1f3e-466c-a0d6-3eb5a0d06333","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":14,"box":{"x":133,"y":196,"width":234,"height":9}},{"id":"22c5ba10-d228-47c1-be68-2fdd55966eaa","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":14,"box":{"x":133,"y":212,"width":293,"height":11}},{"id":"e7ee56c2-2671-4de3-973c-4c5411015371","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":14,"box":{"x":133,"y":227,"width":264,"height":12}},{"id":"59daa434-ae47-4d4b-9ed4-6bcf028c62a5","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":14,"box":{"x":133,"y":243,"width":273,"height":9}},{"id":"0ac44449-b81b-4691-897d-ceeadd931fcb","block_type":"box","text":"BlackRock Government Money Market V.I. Fund","page_number":14,"box":{"x":537,"y":88,"width":341,"height":11}},{"id":"b91b0bd6-71d7-44d0-bdc9-425a11d28894","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":14,"box":{"x":537,"y":103,"width":281,"height":9}},{"id":"718454b6-e069-4325-adf0-5bbf84cb73f2","block_type":"box","text":"BlackRock International V.I. Fund","page_number":14,"box":{"x":537,"y":119,"width":238,"height":9}},{"id":"64ae6b10-2d33-4877-9ae5-cacf64f7b75e","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":14,"box":{"x":537,"y":134,"width":323,"height":12}},{"id":"cc82f034-1001-4455-98c7-ed8db177ffe3","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":14,"box":{"x":537,"y":150,"width":284,"height":11}},{"id":"a89d5ad3-8bc4-4973-8503-37dc08fe1a97","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":14,"box":{"x":537,"y":165,"width":256,"height":9}},{"id":"2a57dc94-a445-4812-924f-3afe645f25d1","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":14,"box":{"x":537,"y":181,"width":265,"height":11}},{"id":"af52697d-6bf4-488b-b670-71737ff1c7c5","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":14,"box":{"x":520,"y":211,"width":299,"height":12}},{"id":"97316546-e3f8-4c86-a711-c58bc43b68d6","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":14,"box":{"x":537,"y":227,"width":227,"height":12}},{"id":"a8192138-83f8-4a8d-befb-08ef5a60c21d","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":14,"box":{"x":537,"y":243,"width":238,"height":9}},{"id":"003e0304-299d-4a0c-9ee0-1760870b3afd","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":14,"box":{"x":267,"y":274,"width":470,"height":11}},{"id":"1086a0d3-b37c-4de9-86d3-49e5ca0ca084","block_type":"box","text":"SAI-GLOBAL-0926SUP","page_number":14,"box":{"x":116,"y":305,"width":175,"height":9}},{"id":"fe70b979-f186-41c9-af03-d7045403a660","block_type":"box","text":"7","page_number":14,"box":{"x":496,"y":910,"width":7,"height":8}},{"id":"74080e18-7994-4032-a1be-3f44f49e6723","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":14,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3d892878-c383-45eb-bf5d-e23d72b9c9c7","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":15,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"8db35ad8-939e-48a2-b8d4-ae9e8998230d","block_type":"box","text":"BlackRock Funds","page_number":15,"box":{"x":371,"y":120,"width":216,"height":14}},{"id":"3a9817f8-85b5-448a-8d76-f0a407a1ad47","block_type":"box","text":"SM","page_number":15,"box":{"x":589,"y":120,"width":19,"height":7}},{"id":"144a089c-93c0-433a-a862-cf2a40275b11","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":15,"box":{"x":327,"y":149,"width":325,"height":11}},{"id":"26a44d53-b8d5-4aec-9232-29433171dbe5","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":15,"box":{"x":118,"y":176,"width":742,"height":14}},{"id":"e2c6e2fd-890d-450c-9051-0c31f06447f7","block_type":"box","text":"This Statement of Additional Information of BlackRock Emerging Markets ex-China Fund (the “Fund”), a","page_number":15,"box":{"x":101,"y":233,"width":793,"height":12}},{"id":"4915c095-67a8-41af-af7a-92edd5043413","block_type":"box","text":"series of BlackRock Funds","page_number":15,"box":{"x":69,"y":249,"width":199,"height":9}},{"id":"29fc58e3-52ff-4f9a-b65a-3090ef15c704","block_type":"box","text":"SM","page_number":15,"box":{"x":269,"y":249,"width":12,"height":5}},{"id":"4990532a-4886-49f2-a705-fc5a88cb5093","block_type":"box","text":"(the “Trust”), is not a prospectus and should be read in conjunction with the","page_number":15,"box":{"x":286,"y":248,"width":575,"height":12}},{"id":"06682dc7-0c64-4751-8af3-3490b514c91a","block_type":"box","text":"Prospectuses of the Fund, dated August 28, 2026, as they may be amended or supplemented from time to","page_number":15,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"d453b1ba-3025-4282-9d0a-e292f22959d6","block_type":"box","text":"time (the “Prospectus”), which have been filed with the Securities and Exchange Commission (the","page_number":15,"box":{"x":69,"y":279,"width":743,"height":12}},{"id":"bca4a9a5-5c68-4f2a-ad93-e5b33fea328e","block_type":"box","text":"“Commission” or the “SEC”) and can be obtained, without charge, by calling (800) 441-7762 or by writing to","page_number":15,"box":{"x":69,"y":294,"width":820,"height":12}},{"id":"c6ae86c8-6411-4ca9-a48e-e4a927998e5c","block_type":"box","text":"the Fund at the above address. Part I of this Statement of Additional Information and the portions of Part II of","page_number":15,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"a6f7a196-3f04-4554-83e3-4e1e5d77b7f6","block_type":"box","text":"this Statement of Additional Information that relate to the Fund have been incorporated by reference into the","page_number":15,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"766668bb-37fc-4d6b-b0bf-32513fb30390","block_type":"box","text":"Fund’s Prospectus. The portions of Part II of this Statement of Additional Information that do not relate to the","page_number":15,"box":{"x":70,"y":339,"width":830,"height":12}},{"id":"db25c549-e976-4d3d-97f3-4aff3db3f6d7","block_type":"box","text":"Fund do not form a part of the Fund’s Statement of Additional Information, have not been incorporated by","page_number":15,"box":{"x":70,"y":354,"width":806,"height":12}},{"id":"f8d0ec7d-677c-4654-9a2d-acdab672f004","block_type":"box","text":"reference into the Fund’s Prospectus and should not be relied upon by investors in the Fund. The audited","page_number":15,"box":{"x":70,"y":369,"width":798,"height":12}},{"id":"fc703852-4612-48dd-8b5a-0bae0e9829be","block_type":"box","text":"financial statements of the Fund are incorporated into this Statement of Additional Information by reference","page_number":15,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"6db5084e-923a-4b4e-9f4f-ba2972f52949","block_type":"box","text":"to the Fund’s Annual Financial Statements and Additional Information (the “Annual Financial Statements”),","page_number":15,"box":{"x":69,"y":400,"width":817,"height":10}},{"id":"5fdcfbd6-cf40-49b7-9fa6-8f1a2b22a051","block_type":"box","text":"for the fiscal year ended April 30, 2026, as filed with the SEC on Form N-CSR (the “2026 Annual Financial","page_number":15,"box":{"x":69,"y":415,"width":801,"height":12}},{"id":"22a103fd-7899-467a-aede-a65173a2ae5a","block_type":"box","text":"Statements”). You may request a copy of the 2026 Annual Financial Statements at no charge by calling","page_number":15,"box":{"x":69,"y":430,"width":783,"height":12}},{"id":"6a2e8ae8-5cb2-4bbb-936d-fc808e6ac8df","block_type":"box","text":"(800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":15,"box":{"x":69,"y":445,"width":637,"height":12}},{"id":"897b61f5-f6cf-451f-8584-f7863bd85550","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":"9681c28d-6356-479a-844a-6ba246af566d","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":"88f2185c-07f4-4415-ae19-9a8e48cfc66c","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":"7dd80783-9de5-49b1-9cda-59b5359703af","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":"080ad344-ef00-47d7-9b4c-23ffd0807a3a","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"fbfecda8-2f87-49f0-a3f4-aa0e9b6a6027","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"5dd3c318-31b8-47f6-a6a6-78d9a4b08580","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"c0e301e0-7cf7-4cdd-a926-743a54e85ff3","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":575,"width":124,"height":8}},{"id":"d95c9073-200c-4de7-a49c-ad8d7eafd7ea","block_type":"box","text":".......................................................................... M","page_number":15,"box":{"x":199,"y":575,"width":656,"height":8}},{"id":"accefc35-061f-4f23-96fb-8c2f07133cfe","block_type":"box","text":"XCAX","page_number":15,"box":{"x":857,"y":575,"width":36,"height":8}},{"id":"0ddf199a-958c-46a7-904a-91922af98e03","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":590,"width":137,"height":9}},{"id":"7c3b9c44-0ca5-4c60-9510-0eb60633a33a","block_type":"box","text":"........................................................................ M","page_number":15,"box":{"x":216,"y":590,"width":639,"height":8}},{"id":"7f8930fc-42f7-4dec-809e-267c7b591471","block_type":"box","text":"AECX","page_number":15,"box":{"x":857,"y":590,"width":37,"height":9}},{"id":"e2caf466-b51b-4f1f-953a-952cc1c691f5","block_type":"box","text":"Class K Shares","page_number":15,"box":{"x":69,"y":605,"width":109,"height":9}},{"id":"c79af48a-7bf0-4438-a9b0-51009d2ec048","block_type":"box","text":"............................................................................ M","page_number":15,"box":{"x":183,"y":605,"width":672,"height":9}},{"id":"606b6e42-5273-4045-afe4-427d9e31805f","block_type":"box","text":"KECX","page_number":15,"box":{"x":857,"y":605,"width":37,"height":9}},{"id":"ad2dae3d-0092-41c5-9d90-cb15b6448b72","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":659,"width":460,"height":19}},{"id":"36449d0c-7b7f-452d-857a-a233ac0c230d","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":682,"width":536,"height":18}},{"id":"da265b40-d4f9-46f1-8fe8-01be0ad9732a","block_type":"box","text":"The date of this Statement of Additional Information is August 28, 2026.","page_number":15,"box":{"x":214,"y":742,"width":550,"height":12}},{"id":"140a95e1-6092-4f52-ab78-9ab1c08d9308","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a54700f3-8f48-4c55-a222-f4d21b26c25f","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"72fe4ac5-8d39-4981-b85b-c83145673926","block_type":"box","text":"Page","page_number":16,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"6dbd1bdf-3ad4-4d2f-8a71-f770174e75b2","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"6434c0e6-7f06-4090-b416-b98a4e252f12","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"616f90b2-a1dd-42a9-b5d3-9cb2a7fc390c","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"da88717c-b79d-4765-a39c-d82ba403cdca","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":16,"box":{"x":70,"y":141,"width":838,"height":9}},{"id":"187071c1-00dc-41dc-b00c-a053f0a3c8c7","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"0b85b735-d229-4145-9d3e-591a1b4a6a34","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"c3ea2131-c06d-4dc1-8dc4-73d07ad47dc1","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":"2b1e20f2-c7ab-4735-9f9a-0476c74ea6dd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-23","page_number":16,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"df9a0a94-5b2f-47ae-829e-ca260b08594d","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"dc432ed6-1417-4154-b6c8-5406e701609a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"62359a73-1b4b-46bd-a853-5625c45415db","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"14e8f220-8536-43b8-b5d1-f19fe3f4dc0e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"4caf00ec-6c3f-4f73-a496-92e5d5d9a920","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"e1057a71-a0b2-438c-b9cd-40347bceb0f6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"542474f4-446a-4641-8348-2a7638304cf0","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"9e422bd9-c53b-4567-972f-2956986e8995","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":16,"box":{"x":227,"y":239,"width":681,"height":9}},{"id":"3a632d68-38df-40a7-8808-56225e37230e","block_type":"box","text":"PART II","page_number":16,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"848e60b7-e661-422b-9d81-c4627ef62d1d","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":16,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"1bf31f78-5088-44c2-b99c-de366f910152","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":16,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"5fc5b174-f7e3-4a6a-893b-e9e003cfac8e","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"d6f0b01f-48fd-44e2-8e6c-e7e57114b1f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-82","page_number":16,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"91bc4f28-1f67-40ec-be9e-8f0034532431","block_type":"box","text":"Selective Disclosure of Por tfolio Holdings . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"693b507a-9f6f-4cda-b4bd-7bb802e01f4e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-84","page_number":16,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"62446d62-b688-424e-82b6-50b0aa1ed305","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"a1ac5733-55d0-47cb-9239-749b729386ba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-97","page_number":16,"box":{"x":211,"y":336,"width":697,"height":9}},{"id":"a0704cfd-c1c4-4970-86be-3203d2844fd0","block_type":"box","text":"Redemption of Shares . .","page_number":16,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"aee8b7d2-7f18-40d1-866e-161d5572e9dc","block_type":"box","text":"........................................................................... I","page_number":16,"box":{"x":252,"y":353,"width":619,"height":9}},{"id":"987459f5-f2c3-42fc-a5b7-c68532359d18","block_type":"box","text":"I-114","page_number":16,"box":{"x":874,"y":353,"width":35,"height":9}},{"id":"e65b283a-4b5e-4607-8852-9191c3174348","block_type":"box","text":"Shareholder Services . .","page_number":16,"box":{"x":69,"y":369,"width":168,"height":9}},{"id":"2d64e21c-04c4-4c4d-8e36-9149e48efd19","block_type":"box","text":"............................................................................ I","page_number":16,"box":{"x":244,"y":369,"width":627,"height":9}},{"id":"771d8504-f1f6-46e7-9af3-df743a42e7a4","block_type":"box","text":"I-118","page_number":16,"box":{"x":874,"y":369,"width":35,"height":9}},{"id":"e340cb86-6c1a-4572-bf20-704e9ffec30d","block_type":"box","text":"Pricing of Shares","page_number":16,"box":{"x":69,"y":385,"width":119,"height":12}},{"id":"0cca0608-d643-4f53-b49e-7062946542c8","block_type":"box","text":".................................................................................. I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"a15c68df-5e94-4df1-b5d1-05df6328f8fb","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"70be078d-0332-4fd7-b927-5497f41321ea","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"bead9ce4-a01b-4423-99a9-3987967c4a15","block_type":"box","text":".............................................................. I","page_number":16,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"80560ce2-0265-41ef-826c-d81cf4fc42ae","block_type":"box","text":"I-124","page_number":16,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"8b3b8328-7cd7-4306-8fd0-1b68b7581796","block_type":"box","text":"Dividends and Taxes . .","page_number":16,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"a6eb8ae3-d781-4ee2-b018-287ba1732aa4","block_type":"box","text":"............................................................................. I","page_number":16,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"cd37d529-ba55-40e7-aec9-da80f2ba60d4","block_type":"box","text":"I-129","page_number":16,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"e01eff3d-b7cc-4533-8f0f-71c6bc5ee6f4","block_type":"box","text":"Per formance Data","page_number":16,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"55e7209b-c39b-41f7-b554-541d4fa03078","block_type":"box","text":"................................................................................. I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"ebbb81bf-2e6c-4f86-ae01-2ec53ebb573f","block_type":"box","text":"I-137","page_number":16,"box":{"x":874,"y":435,"width":34,"height":9}},{"id":"bc2f5904-928f-4d30-a5d5-76d26ba84b8b","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"f58281c7-8070-47b5-af26-a3c791a8156c","block_type":"box","text":"........................................... I","page_number":16,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"209ffe84-7dcb-4cdf-a7d9-2ef022f2e91a","block_type":"box","text":"I-139","page_number":16,"box":{"x":874,"y":451,"width":35,"height":9}},{"id":"aeedebc4-b3e6-4eb7-a8d6-8467af3f32c0","block_type":"box","text":"General Information","page_number":16,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"4853bd4f-2fe7-47a7-91a3-ffa6a3728bb9","block_type":"box","text":"............................................................................... I","page_number":16,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"755fc038-6107-4453-a5a7-682aeee1c631","block_type":"box","text":"I-139","page_number":16,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"950a327c-adbb-4bbe-915a-f3b44a99cd4f","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":16,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"873b6dcc-d96e-44fd-836b-ab53f4856853","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"f38f8589-ad22-48e4-b246-dbe6b7fdf4ff","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"973dc4e0-403b-45a7-bbab-4cd85bacc0fc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"8079267a-82fc-40fe-8a6c-639cf3a4e5e9","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba34a3b6-20f7-4dc1-9649-cba710e35c98","block_type":"box","text":"PART I: INFORMATION ABOUT BLACKROCK EMERGING MARKETS EX-CHINA FUND","page_number":17,"box":{"x":187,"y":45,"width":604,"height":9}},{"id":"e6ca6062-1886-4a9e-99f6-d16b6d5a22b7","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about BlackRock Emerging","page_number":17,"box":{"x":102,"y":67,"width":756,"height":12}},{"id":"fc6422b1-0f18-478b-8965-f1dfd4fe2795","block_type":"box","text":"Markets ex-China Fund (the “Fund”), a series of BlackRock Funds","page_number":17,"box":{"x":70,"y":82,"width":463,"height":11}},{"id":"939c12fe-9bf1-4dbd-a794-54ad8937e71f","block_type":"box","text":"SM","page_number":17,"box":{"x":534,"y":83,"width":11,"height":4}},{"id":"48297622-c327-41c7-8576-f32bf449a71b","block_type":"box","text":"(the “Trust”). It includes information about the","page_number":17,"box":{"x":551,"y":82,"width":330,"height":11}},{"id":"9747b128-a898-419c-9e2f-140e284dfa61","block_type":"box","text":"Trust’s Board of Trustees (the “Board”), the advisory and management services provided to and the management","page_number":17,"box":{"x":68,"y":98,"width":813,"height":11}},{"id":"f1151113-981a-458c-93bc-56e76f01f9f8","block_type":"box","text":"fees paid by the Fund and information about other fees applicable to and services provided to the Fund. This Par t I of","page_number":17,"box":{"x":68,"y":113,"width":840,"height":11}},{"id":"1fae05dc-58e6-42c4-ad53-dd9b137dbf91","block_type":"box","text":"this SAI should be read in conjunction with the Fund’s Prospectus and those por tions of Par t II of this SAI that","page_number":17,"box":{"x":68,"y":128,"width":787,"height":11}},{"id":"eaa6e83b-6ae5-4da8-be35-65b467ab3455","block_type":"box","text":"per tain to the Fund.","page_number":17,"box":{"x":70,"y":143,"width":138,"height":11}},{"id":"3602b373-a05d-415a-bffe-d9f98ae512a8","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":173,"width":262,"height":11}},{"id":"a683bcca-acd4-4e4d-a094-c37cfac5253d","block_type":"box","text":"Please see the section “Details About the Fund-How the Fund Invests” in the Fund’s Prospectus for information","page_number":17,"box":{"x":102,"y":196,"width":792,"height":11}},{"id":"5e4b506b-e365-4d52-863e-d3a0e118bb4a","block_type":"box","text":"about the Fund’s investment objective and policies. The Fund is classified as a non-diversified fund under the","page_number":17,"box":{"x":69,"y":211,"width":779,"height":11}},{"id":"86ceb827-3800-4009-8002-ea1c0a88617b","block_type":"box","text":"Investment Company Act of 1940, as amended (the “Investment Company Act”).","page_number":17,"box":{"x":70,"y":226,"width":573,"height":11}},{"id":"a17a309f-dd62-40b2-ab84-71575d4f05d1","block_type":"box","text":"The Fund is subject to Rule 35d-1 under the Investment Company Act and will not change its investment policies","page_number":17,"box":{"x":101,"y":249,"width":802,"height":11}},{"id":"1c1dd6f4-8eea-4fb5-b076-59ee81c3542d","block_type":"box","text":"required by that Rule without giving shareholders 60 days’ prior written notice.","page_number":17,"box":{"x":69,"y":264,"width":556,"height":11}},{"id":"92c34bbd-7ac2-46f9-a5a0-0de82fc029c9","block_type":"box","text":"In implementing the Fund’s investment strategy, from time to time, BlackRock Advisors, LLC (“BlackRock” or the","page_number":17,"box":{"x":102,"y":286,"width":799,"height":12}},{"id":"c6ce955e-4541-4554-a19c-7fce376d100d","block_type":"box","text":"“Manager”), the Fund’s investment manager, may consider and employ techniques and strategies designed to","page_number":17,"box":{"x":70,"y":302,"width":784,"height":11}},{"id":"3a99d154-c0b4-4cbb-85d9-21b415980f18","block_type":"box","text":"minimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection with their","page_number":17,"box":{"x":69,"y":317,"width":805,"height":11}},{"id":"f1691651-d4c2-471a-a436-ae0cac3d0b71","block_type":"box","text":"investment in the Fund.","page_number":17,"box":{"x":70,"y":332,"width":165,"height":9}},{"id":"fbb1da1b-ced5-4b81-9f53-9095d8d3b697","block_type":"box","text":"Set for th below is a listing of some of the types of investments and investment strategies that the Fund may","page_number":17,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"2124639a-0cab-4d29-85e8-b5c6853c6272","block_type":"box","text":"use, and the risks and considerations associated with those investments and investment strategies. Please see Par t","page_number":17,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"c0347c11-a883-4bb4-a16a-6387a0e2db25","block_type":"box","text":"II of this SAI for fur ther information on these investments and investment strategies. Information contained in Par t II","page_number":17,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"bbb6d94f-a05c-4413-81fd-b6d20758413c","block_type":"box","text":"about the risks and considerations associated with investments and/or investment strategies applies only to the","page_number":17,"box":{"x":69,"y":400,"width":805,"height":11}},{"id":"c8b00a19-1b13-4550-85fc-cd70fd2bb42a","block_type":"box","text":"extent the Fund makes each type of investment or uses each investment strategy. Also set for th below is a listing of","page_number":17,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"37294590-3aa6-4936-bb53-75c4af1b72e7","block_type":"box","text":"the proxy voting policy and related guidelines applicable to the Fund. Please see “Proxy Voting Policies and","page_number":17,"box":{"x":68,"y":430,"width":760,"height":11}},{"id":"3a4ece5f-7c38-4c03-a8ea-d82a5716b2dc","block_type":"box","text":"Procedures” in Par t II of this SAI for fur ther information about these policies. A copy of each policy is included in","page_number":17,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"249a1373-fec2-42d3-a468-7d791f9aa621","block_type":"box","text":"Appendix B.","page_number":17,"box":{"x":68,"y":461,"width":83,"height":10}},{"id":"51e6857d-324c-441a-9341-cdfb6dcfb4e8","block_type":"box","text":"Information that does not apply to the Fund does not form a par t of the Fund’s SAI and should not be relied on","page_number":17,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"6d338f66-4c17-4e89-9f2a-f0b9a1ec1750","block_type":"box","text":"by investors in the Fund. Only information that is clearly identified as applicable to the Fund is considered to form a","page_number":17,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"e769a0ee-a1b3-4a98-952e-8155b1b5b2e1","block_type":"box","text":"par t of the Fund’s SAI.","page_number":17,"box":{"x":70,"y":513,"width":158,"height":11}},{"id":"c788b579-23bd-4676-a6ee-83a1b44add32","block_type":"box","text":"Emerging Markets ex-China Fund","page_number":17,"box":{"x":696,"y":542,"width":193,"height":9}},{"id":"98ab534a-fd45-448f-b58f-50dacebd9322","block_type":"box","text":"Asset-Backed Securities","page_number":17,"box":{"x":72,"y":562,"width":161,"height":8}},{"id":"329f324a-b3a9-4fe8-8ee7-0da64da32f35","block_type":"box","text":"Asset-Based Securities","page_number":17,"box":{"x":72,"y":582,"width":152,"height":8}},{"id":"9023e9ae-05fb-4f16-8616-957c33542c06","block_type":"box","text":"X","page_number":17,"box":{"x":788,"y":582,"width":8,"height":8}},{"id":"a41d676f-7293-4156-ac36-e46898ede317","block_type":"box","text":"Precious Metal-Related Securities","page_number":17,"box":{"x":83,"y":602,"width":215,"height":8}},{"id":"57fa12ca-38d7-4332-aa2b-0feb9873ed20","block_type":"box","text":"X","page_number":17,"box":{"x":788,"y":602,"width":8,"height":8}},{"id":"f720ec40-d39f-4f03-a060-41e67938d008","block_type":"box","text":"Borrowing and Leverage","page_number":17,"box":{"x":73,"y":622,"width":157,"height":10}},{"id":"7a77379e-1f08-4b5a-880a-79ff611ac013","block_type":"box","text":"X","page_number":17,"box":{"x":788,"y":622,"width":8,"height":8}},{"id":"e5c9453b-e665-4fe3-9e1e-6d8cea636cea","block_type":"box","text":"Cash Management","page_number":17,"box":{"x":73,"y":642,"width":122,"height":10}},{"id":"639b5ca1-2d89-4a48-b16d-a7752d7f08bd","block_type":"box","text":"X","page_number":17,"box":{"x":788,"y":642,"width":8,"height":8}},{"id":"ce2fffbc-5769-489b-9950-26c654ee55fc","block_type":"box","text":"Collateralized Debt Obligations","page_number":17,"box":{"x":73,"y":662,"width":202,"height":10}},{"id":"442e5587-e537-4330-a432-f6a5679deeb2","block_type":"box","text":"Collateralized Bond Obligations","page_number":17,"box":{"x":83,"y":682,"width":198,"height":11}},{"id":"293c3744-c047-44ec-8b99-3ae4cff2be55","block_type":"box","text":"Collateralized Loan Obligations","page_number":17,"box":{"x":83,"y":703,"width":196,"height":10}},{"id":"dd577f44-82ee-4e32-adeb-ccf57f58ad94","block_type":"box","text":"Commercial Paper","page_number":17,"box":{"x":73,"y":723,"width":120,"height":10}},{"id":"7fa9561d-b3d7-4916-bb9e-606cc3b2ac50","block_type":"box","text":"X","page_number":17,"box":{"x":788,"y":723,"width":8,"height":8}},{"id":"afd8d48f-df78-4e36-8244-1193ac34721c","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments","page_number":17,"box":{"x":73,"y":743,"width":431,"height":10}},{"id":"cd342f94-f932-49e8-ab1a-2e3f5e6c487c","block_type":"box","text":"Qualifying Hybrid Instruments","page_number":17,"box":{"x":83,"y":763,"width":187,"height":10}},{"id":"075973f0-1c77-44aa-9989-c4eb6c4ce587","block_type":"box","text":"Hybrid Instruments Without Principal Protection","page_number":17,"box":{"x":83,"y":783,"width":301,"height":10}},{"id":"3f58049f-d9e6-4983-8c30-9e9ffc9c87b7","block_type":"box","text":"Limitations on Leverage","page_number":17,"box":{"x":83,"y":804,"width":151,"height":9}},{"id":"77aa3c39-4598-4a74-9f91-ebcd298716ed","block_type":"box","text":"Counterpar ty Risk","page_number":17,"box":{"x":83,"y":824,"width":114,"height":10}},{"id":"83f82774-b886-4f43-b3f1-34cbad309785","block_type":"box","text":"Convertible Securities","page_number":17,"box":{"x":73,"y":844,"width":145,"height":8}},{"id":"a27ee00a-331c-4d8b-82db-f4798dff66c8","block_type":"box","text":"X","page_number":17,"box":{"x":788,"y":844,"width":8,"height":8}},{"id":"d7893773-61be-4e9d-ba51-d797fa3dbc33","block_type":"box","text":"Corporate Loans","page_number":17,"box":{"x":73,"y":864,"width":107,"height":10}},{"id":"4e0d97e2-25b0-4e3a-a213-a7eabc58bd16","block_type":"box","text":"Direct Lending","page_number":17,"box":{"x":83,"y":884,"width":91,"height":10}},{"id":"f86ee187-64ba-4910-9716-6ff2daa74a01","block_type":"box","text":"Credit Linked Securities","page_number":17,"box":{"x":73,"y":904,"width":157,"height":8}},{"id":"69becc7f-7419-4543-ac2b-525001ddd0bc","block_type":"box","text":"I-1","page_number":17,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"761cedde-1d97-4052-a8b1-2a87d7c69188","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":17,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d059b6c9-6b9d-47a9-89e0-14fa65d39a48","block_type":"box","text":"Emerging Markets ex-China Fund","page_number":18,"box":{"x":696,"y":50,"width":193,"height":8}},{"id":"a8778016-fc37-467f-a0d9-5a739e27e5cc","block_type":"box","text":"Debt Securities","page_number":18,"box":{"x":73,"y":69,"width":100,"height":8}},{"id":"d3ae26c2-e037-4dda-b17b-98eecc04f8c9","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":69,"width":8,"height":8}},{"id":"9b45b6cf-ce3a-4173-9f9f-107429962768","block_type":"box","text":"Floating and Variable Rate Securities","page_number":18,"box":{"x":83,"y":89,"width":234,"height":10}},{"id":"8252c1d9-d0c3-4e03-b6af-5c2c6bf2c53c","block_type":"box","text":"Inflation-Indexed Bonds","page_number":18,"box":{"x":83,"y":109,"width":148,"height":8}},{"id":"1ce27a03-fd3d-4ae2-94d6-a670c181f2ba","block_type":"box","text":"Investment Grade Debt Obligations","page_number":18,"box":{"x":83,"y":129,"width":223,"height":10}},{"id":"3d1a93d1-1ef9-414c-af32-4a199bed619f","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":130,"width":8,"height":7}},{"id":"36e75d96-1c99-4240-b7eb-bdb920f34e3b","block_type":"box","text":"High Yield Investments (“Junk Bonds”)","page_number":18,"box":{"x":83,"y":150,"width":246,"height":10}},{"id":"934520a1-466f-410f-ac42-17b1a30f3b64","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":150,"width":8,"height":7}},{"id":"7186a9b9-3d15-4801-a832-cbc4e0942ebd","block_type":"box","text":"Mezzanine Investments","page_number":18,"box":{"x":93,"y":170,"width":149,"height":8}},{"id":"6681fa54-8f6c-4684-ba5c-51cafef23211","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":170,"width":8,"height":8}},{"id":"3d275b23-5add-48d1-8977-40ba4b3e71d8","block_type":"box","text":"Pay-in-kind Bonds","page_number":18,"box":{"x":83,"y":190,"width":110,"height":10}},{"id":"700c76e1-ac3d-45ba-a68e-7e461001521a","block_type":"box","text":"Supranational Entities","page_number":18,"box":{"x":83,"y":210,"width":140,"height":10}},{"id":"6779fc79-7203-494b-b726-37a9be367467","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs)","page_number":18,"box":{"x":73,"y":230,"width":296,"height":10}},{"id":"41c145df-7b2a-4790-aaf0-8fa101052393","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":230,"width":8,"height":8}},{"id":"55a93810-cf63-4e90-b4e5-cfe842d7f04a","block_type":"box","text":"Derivatives","page_number":18,"box":{"x":73,"y":250,"width":72,"height":8}},{"id":"4b1bef93-8da5-4b64-b314-7c6b91070453","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":250,"width":8,"height":8}},{"id":"8960e338-4773-4383-95f7-9ee59144960d","block_type":"box","text":"Hedging","page_number":18,"box":{"x":83,"y":271,"width":51,"height":10}},{"id":"80ccfb1c-5e12-4b07-b3de-e9df42e0e3f8","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":271,"width":8,"height":7}},{"id":"adf53afe-0ee9-4e0e-aa10-3d63e990fd80","block_type":"box","text":"Speculation","page_number":18,"box":{"x":83,"y":291,"width":74,"height":9}},{"id":"71abd434-d59c-4c39-b0ad-b485b645c492","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":291,"width":8,"height":8}},{"id":"ad0f7c71-ac9d-40d6-b7b6-3d9e50731bff","block_type":"box","text":"Risk Factors in Derivatives","page_number":18,"box":{"x":83,"y":311,"width":168,"height":8}},{"id":"dd2624c3-0f9c-4a14-af25-2d5cea10879f","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":311,"width":8,"height":8}},{"id":"b292dd44-32ca-4c3f-aaab-2102f63f1f6b","block_type":"box","text":"Correlation Risk","page_number":18,"box":{"x":93,"y":331,"width":101,"height":8}},{"id":"0c5a2d59-e8f9-4031-bc06-274b1b54ce7f","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":331,"width":8,"height":8}},{"id":"50f40d75-959a-4efa-b8b2-5f4c40595bdd","block_type":"box","text":"Counterpar ty Risk","page_number":18,"box":{"x":93,"y":351,"width":114,"height":10}},{"id":"2eabecb3-6740-4415-bdb6-07f38c0d9b24","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":351,"width":8,"height":8}},{"id":"4f858886-9809-4f02-b77e-1ea6ddd59ade","block_type":"box","text":"Credit Risk","page_number":18,"box":{"x":93,"y":371,"width":69,"height":8}},{"id":"16a90297-3ed2-48c2-86a8-3c65b2f9101e","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":371,"width":8,"height":8}},{"id":"df872a7b-8739-45fc-815e-74e0a9fea5c9","block_type":"box","text":"Currency Risk","page_number":18,"box":{"x":93,"y":391,"width":87,"height":10}},{"id":"fb81b0ed-da62-402f-b793-57de59a3ddd1","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":392,"width":8,"height":7}},{"id":"19910ea0-1d8c-449f-8e07-0013b35754fe","block_type":"box","text":"Illiquidity Risk","page_number":18,"box":{"x":93,"y":412,"width":87,"height":10}},{"id":"a0f12e16-0c02-4cec-8bae-618f3e290719","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":412,"width":8,"height":8}},{"id":"65e2299a-4405-4d81-a04e-3676732a213d","block_type":"box","text":"Index Risk","page_number":18,"box":{"x":93,"y":432,"width":65,"height":8}},{"id":"12e0282e-6018-4849-b180-c926c3464275","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":432,"width":8,"height":8}},{"id":"c611a66b-1036-4031-a718-fe2b38e8f7e5","block_type":"box","text":"Legal Risk","page_number":18,"box":{"x":93,"y":452,"width":65,"height":10}},{"id":"67b87add-e1ac-4acd-87f5-abb996964fb7","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":452,"width":8,"height":8}},{"id":"b28e1a17-10bc-44b8-9877-664f9d70d0d2","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":93,"y":472,"width":88,"height":10}},{"id":"339f0333-fdbb-4a7c-9b80-6e1af234cf90","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":472,"width":8,"height":8}},{"id":"6b50c3f7-e0fd-4285-a77a-c71d40f6a451","block_type":"box","text":"Market Risk","page_number":18,"box":{"x":93,"y":492,"width":75,"height":8}},{"id":"42bcae03-cb73-4316-a7b3-33f89ee3a741","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":492,"width":8,"height":8}},{"id":"2a8f62e4-2caf-484c-a08c-c4f5899bbbc4","block_type":"box","text":"Operational Risk","page_number":18,"box":{"x":93,"y":512,"width":104,"height":10}},{"id":"76296a23-aaf1-41bc-a270-ef78535008ad","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":513,"width":8,"height":7}},{"id":"5e38435d-a86b-4441-b499-cc8508130a61","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":92,"y":533,"width":90,"height":8}},{"id":"5caa8ef0-5c79-4999-93e0-502a67c45dad","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":533,"width":8,"height":7}},{"id":"b4d5d6b5-f35c-4813-ab4c-7564d94b25f8","block_type":"box","text":"Volatility Risk","page_number":18,"box":{"x":92,"y":553,"width":85,"height":10}},{"id":"fb2d991f-7d2d-44a2-8bbe-dfa3fc1112aa","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":553,"width":8,"height":8}},{"id":"7e832529-fd8e-4501-83aa-70335a01e77e","block_type":"box","text":"Futures","page_number":18,"box":{"x":83,"y":573,"width":46,"height":8}},{"id":"35521315-badc-4e9b-9a13-f426004fa392","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":573,"width":8,"height":8}},{"id":"137a6361-8b59-461e-9ad8-4fa2b912e11e","block_type":"box","text":"Swap Agreements","page_number":18,"box":{"x":83,"y":593,"width":114,"height":10}},{"id":"16213f73-a720-42d6-a87e-b9402b7f833b","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":593,"width":8,"height":8}},{"id":"5c73fb8c-d7ed-4a03-a55b-fbf94cf8ac8c","block_type":"box","text":"Credit Default Swaps and Similar Instruments","page_number":18,"box":{"x":93,"y":613,"width":292,"height":10}},{"id":"10d77292-b952-42ac-a213-8cc5c99df4df","block_type":"box","text":"Interest Rate Swaps, Floors and Caps X","page_number":18,"box":{"x":93,"y":633,"width":703,"height":10}},{"id":"7d8b9a55-74ff-4223-9e64-79947c0027bd","block_type":"box","text":"Total Return Swaps","page_number":18,"box":{"x":92,"y":653,"width":123,"height":10}},{"id":"7d88eca8-6533-48e0-b7ec-04df5fa98ca8","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":654,"width":8,"height":7}},{"id":"77b7b3af-9bfa-4c0d-bba5-f3c2292a05a9","block_type":"box","text":"Options","page_number":18,"box":{"x":83,"y":674,"width":48,"height":9}},{"id":"35d9a5a7-5662-433f-a656-45265c14a46e","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":674,"width":8,"height":8}},{"id":"99ef7b74-b5ab-4545-bbc7-6c9f7051898c","block_type":"box","text":"Options on Securities and Securities Indices X","page_number":18,"box":{"x":93,"y":694,"width":703,"height":10}},{"id":"039e44ce-347e-4df4-aabd-9608895bb75c","block_type":"box","text":"Call Options","page_number":18,"box":{"x":93,"y":714,"width":76,"height":10}},{"id":"3f6f79c9-8407-4943-bb29-2367a4c718b2","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":714,"width":8,"height":8}},{"id":"5b3cf6fd-20f8-4f74-a0da-ced006071876","block_type":"box","text":"Put Options","page_number":18,"box":{"x":93,"y":734,"width":73,"height":10}},{"id":"603b0038-5a94-4afa-8f15-17cb116ae73c","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":734,"width":8,"height":8}},{"id":"36546c34-a3b6-4ddf-8c25-91b262e74d93","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates","page_number":18,"box":{"x":93,"y":754,"width":496,"height":10}},{"id":"a9c04c02-8dae-433d-acca-d4d8c65090d8","block_type":"box","text":"Options on Swaps (“Swaptions”)","page_number":18,"box":{"x":93,"y":774,"width":207,"height":10}},{"id":"26b9d5f3-f23b-4d3e-b702-38127b08670e","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":775,"width":8,"height":7}},{"id":"f5f5bea4-c8c0-4a85-8f94-f4a90e78b738","block_type":"box","text":"FLEX Options","page_number":18,"box":{"x":93,"y":795,"width":82,"height":9}},{"id":"9260d298-6792-4ea5-9c8f-0e1a9b597ac1","block_type":"box","text":"Foreign Exchange Transactions","page_number":18,"box":{"x":83,"y":815,"width":196,"height":10}},{"id":"1f1677ff-1f26-4efe-b3f1-30a46e441e1e","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":815,"width":8,"height":8}},{"id":"4de6938b-0440-45ec-b4e0-4f09bf704558","block_type":"box","text":"Spot Transactions and FX Forwards","page_number":18,"box":{"x":93,"y":835,"width":225,"height":10}},{"id":"78783a00-19c7-4b5a-b01b-d433592ee57b","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":835,"width":8,"height":8}},{"id":"a46ad22f-6b16-4a4f-baa1-f21db008be51","block_type":"box","text":"Currency Futures","page_number":18,"box":{"x":93,"y":855,"width":107,"height":10}},{"id":"f5222f66-a49d-4292-96b3-03576a79bacf","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":855,"width":8,"height":8}},{"id":"0c006c7b-0aaf-4f70-a9d1-e756353c9928","block_type":"box","text":"Currency Options","page_number":18,"box":{"x":93,"y":875,"width":108,"height":10}},{"id":"2d79228f-a577-4e6d-acec-f3002abfefb4","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":875,"width":8,"height":8}},{"id":"2ca808a7-443a-438c-982b-7b4d37a0dde8","block_type":"box","text":"Currency Swaps","page_number":18,"box":{"x":93,"y":895,"width":101,"height":10}},{"id":"cd90ef47-8c02-446d-ba1f-fcb26827d1b9","block_type":"box","text":"X","page_number":18,"box":{"x":788,"y":896,"width":8,"height":7}},{"id":"cd7b0533-3e49-44fd-bf4a-131f4899f5eb","block_type":"box","text":"I-2","page_number":18,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"0e79cdae-8ea5-406d-89b6-d34f10158499","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":18,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f97f7b6-e519-4b23-a92e-d3a573b83771","block_type":"box","text":"Emerging Markets ex-China Fund","page_number":19,"box":{"x":696,"y":50,"width":193,"height":8}},{"id":"addbbd48-acb0-4cf8-b865-c47aafffb451","block_type":"box","text":"Distressed Securities","page_number":19,"box":{"x":73,"y":69,"width":139,"height":8}},{"id":"09b10ebb-d50a-4325-8353-0511fcf21ace","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":19,"box":{"x":73,"y":89,"width":384,"height":10}},{"id":"a79208b5-6478-4ec8-b72c-6856ec16590b","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":89,"width":8,"height":8}},{"id":"1300ea4d-c1c1-483e-aa61-3620cd6ea5e1","block_type":"box","text":"Equity Securities","page_number":19,"box":{"x":73,"y":109,"width":110,"height":10}},{"id":"bf7357db-fe66-4892-92d7-ccd271977c33","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":109,"width":8,"height":8}},{"id":"8734d124-629b-4b92-9371-b211e2999873","block_type":"box","text":"Real Estate-Related Securities","page_number":19,"box":{"x":83,"y":129,"width":193,"height":8}},{"id":"df164579-d063-4267-89d7-a2ee6d77d70d","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":130,"width":8,"height":7}},{"id":"59c4b1b2-5f50-4b6d-9547-99f2f7f1812b","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies X","page_number":19,"box":{"x":83,"y":149,"width":713,"height":11}},{"id":"5f39489c-cc1b-4c7c-b434-b39f993a1fbf","block_type":"box","text":"Tracking Stocks","page_number":19,"box":{"x":82,"y":170,"width":100,"height":10}},{"id":"aab13ce2-80a1-45c8-914b-587d9d5cf68b","block_type":"box","text":"Exchange-Traded Notes (“ETNs”)","page_number":19,"box":{"x":73,"y":190,"width":216,"height":10}},{"id":"e5457054-2d6c-40be-bf89-054a677d47ed","block_type":"box","text":"Foreign Investments","page_number":19,"box":{"x":73,"y":210,"width":133,"height":10}},{"id":"e525d480-d0cc-44c4-af32-ef53411b1359","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":210,"width":8,"height":8}},{"id":"93e1b984-2dbe-483d-9be1-39f57b559c64","block_type":"box","text":"Foreign Investment Risks","page_number":19,"box":{"x":83,"y":230,"width":160,"height":10}},{"id":"874f8002-cc85-46e4-a18f-cff6267c8f96","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":230,"width":8,"height":8}},{"id":"9490e5f2-972d-4fb5-b2db-d5d904d75cac","block_type":"box","text":"Foreign Market Risk","page_number":19,"box":{"x":83,"y":250,"width":127,"height":10}},{"id":"417f6a7b-fc75-46a1-a7c5-b80c087997c3","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":250,"width":8,"height":8}},{"id":"4bd65d61-9e78-4efc-a2be-8bb51e015af0","block_type":"box","text":"Foreign Economy Risk","page_number":19,"box":{"x":83,"y":271,"width":139,"height":10}},{"id":"9107882b-12ca-4438-bad1-7616be4903c6","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":271,"width":8,"height":7}},{"id":"ee4bdd56-5fb9-4df5-8349-aa7fbd323bd0","block_type":"box","text":"Currency Risk and Exchange Risk","page_number":19,"box":{"x":83,"y":291,"width":212,"height":10}},{"id":"c73257d9-4bcf-4c13-b2f9-34c480fd51ed","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":291,"width":8,"height":8}},{"id":"1935de53-d435-4595-af65-ce51eb4fe198","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards X","page_number":19,"box":{"x":83,"y":311,"width":713,"height":10}},{"id":"a42d21ee-c440-416c-aa7e-303a9fd77f9a","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States X","page_number":19,"box":{"x":83,"y":331,"width":713,"height":10}},{"id":"30cc5ecb-49f6-4058-a9c7-fdaf07dad07a","block_type":"box","text":"Publicly Available Information","page_number":19,"box":{"x":83,"y":351,"width":185,"height":10}},{"id":"3b5ecc32-7c6d-412c-89f8-2c7e39362d39","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":351,"width":8,"height":8}},{"id":"8fa421c5-3cfe-4b9f-a220-4b71ed5cea5a","block_type":"box","text":"Settlement Risk","page_number":19,"box":{"x":83,"y":371,"width":101,"height":8}},{"id":"4edc1eff-e9a5-4d66-aa3b-0f63a3ee93f3","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":371,"width":8,"height":8}},{"id":"2ec3df22-6cc1-465a-b824-0513278e6966","block_type":"box","text":"Sovereign Debt","page_number":19,"box":{"x":83,"y":391,"width":97,"height":11}},{"id":"e3b58da9-9b34-456a-8b73-365ead3f0779","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":392,"width":8,"height":7}},{"id":"7363bb94-a0dc-49da-8af8-dac940987b72","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":19,"box":{"x":82,"y":412,"width":194,"height":10}},{"id":"d96d14d4-9e94-49a0-bc10-a94af87a3052","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":412,"width":8,"height":8}},{"id":"c438d623-fdd0-4646-8cd6-34b95d55abb5","block_type":"box","text":"U.S. Economic Trading Par tners Risk","page_number":19,"box":{"x":83,"y":432,"width":234,"height":10}},{"id":"5b5ce9c0-94a6-4019-91ab-801f5d6afd11","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":432,"width":8,"height":8}},{"id":"4e0ed678-3d46-43f2-bb65-479c2915a163","block_type":"box","text":"Funding Agreements","page_number":19,"box":{"x":73,"y":452,"width":134,"height":10}},{"id":"cd6ce209-3a6a-492c-bb01-79ff55ef1c43","block_type":"box","text":"Guarantees","page_number":19,"box":{"x":73,"y":472,"width":74,"height":8}},{"id":"2c7828d2-6925-4d47-b1ae-900ef3c351cd","block_type":"box","text":"Illiquid Investments","page_number":19,"box":{"x":73,"y":492,"width":128,"height":10}},{"id":"c486ecaa-a319-4f35-bdff-a1dd34c2340c","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":492,"width":8,"height":8}},{"id":"f83ffc8c-a455-4f35-8031-d9f8ee545208","block_type":"box","text":"Index Funds","page_number":19,"box":{"x":73,"y":513,"width":78,"height":7}},{"id":"3ea4dd89-7bd5-4735-b555-2c6013e50875","block_type":"box","text":"Cash Flows; Expenses","page_number":19,"box":{"x":83,"y":533,"width":142,"height":9}},{"id":"739b7504-75b2-4223-b599-2a31652b03b9","block_type":"box","text":"Tracking Error Risk","page_number":19,"box":{"x":82,"y":553,"width":120,"height":10}},{"id":"3420c22a-2daf-4db4-b55a-13a62bc8d460","block_type":"box","text":"S&P 500 Index","page_number":19,"box":{"x":83,"y":573,"width":96,"height":8}},{"id":"fa4160cd-36b7-43d4-8308-841b0c683661","block_type":"box","text":"Russell Indexes","page_number":19,"box":{"x":83,"y":593,"width":100,"height":8}},{"id":"94fc0e6f-7271-4357-a723-b43a7b0bf77a","block_type":"box","text":"MSCI Indexes","page_number":19,"box":{"x":83,"y":613,"width":86,"height":8}},{"id":"0d604f0a-64c2-48ab-9d23-63a1f986f4b7","block_type":"box","text":"FTSE Indexes","page_number":19,"box":{"x":83,"y":633,"width":84,"height":8}},{"id":"d5018458-b28d-41b6-a844-fab30f323536","block_type":"box","text":"Bloomberg Indexes","page_number":19,"box":{"x":83,"y":654,"width":121,"height":10}},{"id":"2dd5a385-3f13-4981-a02f-7085ad57f747","block_type":"box","text":"ICE BofA Indexes","page_number":19,"box":{"x":83,"y":674,"width":108,"height":8}},{"id":"756aeba0-aa1e-42c3-bdd4-379e3ff55062","block_type":"box","text":"Indexed and Inverse Securities","page_number":19,"box":{"x":73,"y":694,"width":201,"height":8}},{"id":"f5aea513-ce07-4c1d-8994-ab242aee2eb9","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":694,"width":8,"height":8}},{"id":"8a942398-dfae-4157-9bc2-bf974c92b919","block_type":"box","text":"Inflation Risk","page_number":19,"box":{"x":73,"y":714,"width":86,"height":8}},{"id":"071e8c67-188b-47f7-b41d-e89139995d39","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":714,"width":8,"height":8}},{"id":"865b3f81-e0df-400c-8fd3-bda52e3194d7","block_type":"box","text":"Initial Public Offering (“IPO”) Risk","page_number":19,"box":{"x":73,"y":734,"width":224,"height":10}},{"id":"09c288c2-bc29-4fb7-b8fa-a4460783ebf1","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":734,"width":8,"height":8}},{"id":"9fb71df1-9ca0-468a-9510-87e166c86cda","block_type":"box","text":"Investment in Emerging Markets","page_number":19,"box":{"x":73,"y":754,"width":214,"height":10}},{"id":"cd2f773d-8b74-4b1a-bdd4-4549314d3e00","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":754,"width":8,"height":8}},{"id":"d6b8b851-da90-43fd-9d1a-5dfceed42dd1","block_type":"box","text":"Brady Bonds","page_number":19,"box":{"x":83,"y":775,"width":79,"height":9}},{"id":"366876aa-a255-4c03-b60f-806bf074259d","block_type":"box","text":"China Investments Risk","page_number":19,"box":{"x":83,"y":795,"width":150,"height":8}},{"id":"7786b332-a52d-4a24-8342-96130d85aa3c","block_type":"box","text":"Investment in Other Investment Companies","page_number":19,"box":{"x":73,"y":815,"width":284,"height":10}},{"id":"46e6ef66-a7b9-4ca7-b594-ce9fa7f17bda","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":815,"width":8,"height":8}},{"id":"e6142754-c191-40b2-a5a7-fa9586beea87","block_type":"box","text":"Exchange-Traded Funds","page_number":19,"box":{"x":83,"y":835,"width":148,"height":10}},{"id":"bcbb83f7-975f-4e2e-89fa-c7f407cb3ee8","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":835,"width":8,"height":8}},{"id":"d7e50c2d-d27e-4e4d-b7a2-11359481fc35","block_type":"box","text":"Issuer Insolvency Risk","page_number":19,"box":{"x":73,"y":855,"width":146,"height":10}},{"id":"e77e64b5-9537-4c6d-b076-4399749300a1","block_type":"box","text":"Lease Obligations","page_number":19,"box":{"x":73,"y":875,"width":116,"height":10}},{"id":"388d89b2-6203-4c77-bbe4-b5d8698702e0","block_type":"box","text":"Life Settlement Investments","page_number":19,"box":{"x":73,"y":895,"width":185,"height":8}},{"id":"1254aa43-42b6-4d01-a1c2-610ac1b7f95e","block_type":"box","text":"X","page_number":19,"box":{"x":788,"y":896,"width":8,"height":7}},{"id":"e527a998-4f31-4fb9-a9d5-7b81b5118392","block_type":"box","text":"I-3","page_number":19,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"91998f1d-8369-4251-9d18-e2aa17685eb5","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":19,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e176323-b45f-4b52-a949-7f05943ae650","block_type":"box","text":"Emerging Markets ex-China Fund","page_number":20,"box":{"x":696,"y":50,"width":193,"height":8}},{"id":"4182f7f8-d1bc-4dc6-adbb-af13d49ea81d","block_type":"box","text":"Liquidity Risk Management","page_number":20,"box":{"x":73,"y":69,"width":178,"height":10}},{"id":"c816d059-2b77-40e5-b5c5-6a74849f44ef","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":69,"width":8,"height":8}},{"id":"b2d3ec0d-b118-4f2d-acab-6551e5889c5b","block_type":"box","text":"Market Risks/Recent Market Events","page_number":20,"box":{"x":73,"y":89,"width":244,"height":10}},{"id":"6c028c23-0c59-40f9-9ab5-ce044cce399d","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":89,"width":8,"height":8}},{"id":"c4bc6029-6dac-41ce-9369-a3735ffdf42a","block_type":"box","text":"Master Limited Partnerships","page_number":20,"box":{"x":73,"y":109,"width":186,"height":10}},{"id":"161c6669-620d-4a12-be7a-956d46e3e3cf","block_type":"box","text":"Merger Transaction Risk","page_number":20,"box":{"x":73,"y":129,"width":161,"height":10}},{"id":"b956f7a3-651a-45e4-87d6-f674023a383d","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of","page_number":20,"box":{"x":73,"y":150,"width":570,"height":9}},{"id":"2423ccbd-a094-4d18-a332-371bf1348550","block_type":"box","text":"U.S. Banks","page_number":20,"box":{"x":88,"y":163,"width":71,"height":8}},{"id":"8ed5776e-361f-440c-9834-509e529a0348","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":164,"width":8,"height":7}},{"id":"d891ae64-6344-4d1e-8969-2c40eb0f92c9","block_type":"box","text":"Money Market Securities","page_number":20,"box":{"x":73,"y":184,"width":165,"height":9}},{"id":"cdb99fd7-1a29-4834-92af-826a98fcc0e5","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":184,"width":8,"height":7}},{"id":"93d8f916-fe36-4eda-8b24-693abba17216","block_type":"box","text":"Mortgage-Related Securities","page_number":20,"box":{"x":73,"y":204,"width":188,"height":10}},{"id":"fab49231-e327-44e8-9851-182b7f61c1a0","block_type":"box","text":"Mor tgage-Backed Securities","page_number":20,"box":{"x":83,"y":224,"width":178,"height":10}},{"id":"c485227b-1260-4de5-a9a3-a0f61a1779ee","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”)","page_number":20,"box":{"x":83,"y":244,"width":291,"height":10}},{"id":"3ae38966-9bed-49d1-8c0f-165e80a2d094","block_type":"box","text":"Adjustable Rate Mor tgage Securities","page_number":20,"box":{"x":82,"y":264,"width":234,"height":10}},{"id":"d61a04c5-2b9b-4ab0-b438-d88f3af25b63","block_type":"box","text":"CMO Residuals","page_number":20,"box":{"x":83,"y":284,"width":97,"height":8}},{"id":"00446130-9557-4543-94e7-e4e9d5824d30","block_type":"box","text":"Stripped Mor tgage-Backed Securities","page_number":20,"box":{"x":83,"y":305,"width":237,"height":10}},{"id":"0482db40-f968-494b-99dc-97f7e380a490","block_type":"box","text":"Tiered Index Bonds","page_number":20,"box":{"x":82,"y":325,"width":122,"height":8}},{"id":"d4b0f39e-f393-4d28-9482-28d80507d414","block_type":"box","text":"TBA Commitments","page_number":20,"box":{"x":82,"y":345,"width":118,"height":8}},{"id":"0e4165cf-18b8-45d0-8bf6-eb326870f4fa","block_type":"box","text":"Mor tgage Dollar Rolls","page_number":20,"box":{"x":83,"y":365,"width":137,"height":10}},{"id":"650f7b9e-2a8a-49f6-b63d-efb3acea610a","block_type":"box","text":"Net Interest Margin (NIM) Securities","page_number":20,"box":{"x":83,"y":385,"width":230,"height":10}},{"id":"07ee4e73-d5a6-481f-872a-2631666bea2f","block_type":"box","text":"Municipal Investments","page_number":20,"box":{"x":73,"y":405,"width":148,"height":10}},{"id":"1095227a-0a74-4792-8bd9-c6541e082b93","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds","page_number":20,"box":{"x":83,"y":425,"width":442,"height":11}},{"id":"dc52fe88-8c56-4765-b745-27a6b517c741","block_type":"box","text":"Description of Municipal Bonds","page_number":20,"box":{"x":83,"y":445,"width":198,"height":10}},{"id":"d64c00d5-0b07-4a2c-ba83-fb027aa654f0","block_type":"box","text":"General Obligation Bonds","page_number":20,"box":{"x":93,"y":466,"width":161,"height":10}},{"id":"53c921a7-5d11-410c-9f33-6c940c6c2cb3","block_type":"box","text":"Revenue Bonds","page_number":20,"box":{"x":93,"y":486,"width":98,"height":8}},{"id":"a23f2b70-b84f-4f50-97a7-2fb8becde29b","block_type":"box","text":"Private Activity Bonds (“PABs”)","page_number":20,"box":{"x":93,"y":506,"width":194,"height":10}},{"id":"2e030182-25bd-40b8-a40f-d71c597c5d04","block_type":"box","text":"Moral Obligation Bonds","page_number":20,"box":{"x":93,"y":526,"width":148,"height":10}},{"id":"e8f51d4c-4ee3-4ec4-88e3-ac0dc31a34f9","block_type":"box","text":"Municipal Notes","page_number":20,"box":{"x":93,"y":547,"width":102,"height":9}},{"id":"d6ef0aa6-31fb-461e-b825-be5d587f8caf","block_type":"box","text":"Municipal Commercial Paper","page_number":20,"box":{"x":93,"y":567,"width":182,"height":9}},{"id":"2c8b29c0-d49d-44db-9c74-987cee6fe8f4","block_type":"box","text":"Municipal Lease Obligations","page_number":20,"box":{"x":93,"y":587,"width":179,"height":10}},{"id":"70049dbb-6a45-4973-865d-0b1f573e95c9","block_type":"box","text":"Tender Option Bonds","page_number":20,"box":{"x":92,"y":607,"width":133,"height":10}},{"id":"78a50e04-fb97-4b86-8676-191a57224069","block_type":"box","text":"Yields","page_number":20,"box":{"x":92,"y":627,"width":38,"height":8}},{"id":"54a62fd5-2297-4e41-a46e-532239979a2d","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”)","page_number":20,"box":{"x":92,"y":647,"width":288,"height":10}},{"id":"b2c1b40b-89d6-4f23-afd1-07a8b8ff97f7","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes","page_number":20,"box":{"x":92,"y":667,"width":416,"height":10}},{"id":"01120bb5-789e-417a-a811-cf82af982d8a","block_type":"box","text":"Call Rights","page_number":20,"box":{"x":93,"y":688,"width":67,"height":10}},{"id":"503b533e-9968-4818-8c34-acf9ba7bd617","block_type":"box","text":"Municipal Interest Rate Swap Transactions","page_number":20,"box":{"x":93,"y":708,"width":272,"height":9}},{"id":"ad4ab260-e477-4476-a4de-66d092e47423","block_type":"box","text":"Insured Municipal Bonds","page_number":20,"box":{"x":93,"y":728,"width":157,"height":10}},{"id":"60c3455b-6a48-4c1d-a05e-764a65a00a7f","block_type":"box","text":"Build America Bonds","page_number":20,"box":{"x":93,"y":748,"width":131,"height":8}},{"id":"71f6d102-8f17-49fc-bb52-84f05862ae1b","block_type":"box","text":"Tax-Exempt Municipal Investments","page_number":20,"box":{"x":82,"y":768,"width":219,"height":10}},{"id":"78ce84dc-fb74-497e-8cb9-2bb0c87d6821","block_type":"box","text":"Operational and Technology Risks","page_number":20,"box":{"x":73,"y":788,"width":221,"height":10}},{"id":"b73bd2d6-5e3e-42f9-9787-c28f8e8a7738","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":788,"width":8,"height":8}},{"id":"2ad97289-9493-4355-8363-b495f1ab9080","block_type":"box","text":"Participation Notes","page_number":20,"box":{"x":73,"y":808,"width":127,"height":10}},{"id":"dd7f59ef-c857-441c-9a3c-6342f1c5cf77","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":809,"width":8,"height":7}},{"id":"be61ea16-4eb0-4217-aa3e-5581c84a0f9b","block_type":"box","text":"Portfolio Turnover Rates","page_number":20,"box":{"x":73,"y":829,"width":159,"height":8}},{"id":"607d9607-2f56-43ab-8cfd-40a017d119b7","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":829,"width":8,"height":8}},{"id":"45fe7cc2-82dc-43ca-a5bc-498b8d8a81e4","block_type":"box","text":"Preferred Stock","page_number":20,"box":{"x":73,"y":849,"width":103,"height":8}},{"id":"63696316-4cee-4171-bdc3-a39deedf52af","block_type":"box","text":"X","page_number":20,"box":{"x":788,"y":849,"width":8,"height":8}},{"id":"77388f2e-0017-4cb5-b02a-0f37fdbf70d1","block_type":"box","text":"Tax-Exempt Preferred Shares","page_number":20,"box":{"x":82,"y":869,"width":184,"height":10}},{"id":"31cfab47-86be-4b28-9c4e-d3303b92fd1f","block_type":"box","text":"Trust Preferred Securities","page_number":20,"box":{"x":82,"y":889,"width":164,"height":8}},{"id":"513a5d4d-dfb4-4707-a786-f471b716eecd","block_type":"box","text":"I-4","page_number":20,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"ef8924fc-7ac7-47cf-87b9-800efe2dc53a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":20,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccb21f5c-69a5-43ad-af27-1bdc2ff791ed","block_type":"box","text":"Emerging Markets ex-China Fund","page_number":21,"box":{"x":696,"y":50,"width":193,"height":8}},{"id":"ffa4ff42-0083-4b48-9065-ea239fa10a4e","block_type":"box","text":"Proxy Voting Policies","page_number":21,"box":{"x":73,"y":69,"width":138,"height":10}},{"id":"76b60e76-ced4-47c7-bd0e-4e7ac289ee7c","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":69,"width":8,"height":8}},{"id":"94482f79-64ba-4d3d-9081-32cdd548ce57","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":21,"box":{"x":83,"y":89,"width":414,"height":10}},{"id":"839f142f-04c1-4b42-8c13-723997cbe193","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":89,"width":8,"height":8}},{"id":"813e9f10-e90f-40b8-9fbb-de33855da5b8","block_type":"box","text":"BlackRock Active Investment Stewardship Climate and Decarbonization Stewardship","page_number":21,"box":{"x":93,"y":109,"width":538,"height":10}},{"id":"332fec3b-e7e6-4a3c-8657-486b9e0a83b6","block_type":"box","text":"Guidelines","page_number":21,"box":{"x":102,"y":121,"width":67,"height":8}},{"id":"ffc665ce-336e-4119-bfff-65b412040c53","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":21,"box":{"x":83,"y":141,"width":233,"height":10}},{"id":"5baf461e-ac47-4975-ae21-84cb4edf5f8a","block_type":"box","text":"BlackRock Investment Stewardship Climate and Decarbonization Stewardship","page_number":21,"box":{"x":93,"y":161,"width":496,"height":10}},{"id":"6752e5d6-74d6-4585-9364-3f28baf1c06f","block_type":"box","text":"Guidelines","page_number":21,"box":{"x":102,"y":172,"width":67,"height":8}},{"id":"99119376-d5c8-43e6-8546-4d5054b78101","block_type":"box","text":"Real Estate Investment Trusts (“REITs”)","page_number":21,"box":{"x":73,"y":193,"width":265,"height":9}},{"id":"a76ae323-5955-442d-b40a-0208bdb55a25","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":193,"width":8,"height":7}},{"id":"e1201e57-012d-49af-8d0f-074c48773098","block_type":"box","text":"Reference Rate Replacement Risk","page_number":21,"box":{"x":73,"y":212,"width":226,"height":10}},{"id":"5314adda-b030-4069-8975-efe7d70ef91d","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":213,"width":8,"height":7}},{"id":"d4264093-7446-496f-b1ff-ec3f933964e8","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":21,"box":{"x":73,"y":233,"width":385,"height":10}},{"id":"7415c636-715f-4adb-a645-341f7e92a3a4","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":233,"width":8,"height":8}},{"id":"5efe73eb-4c46-4b31-a6ec-653e56f8c3a8","block_type":"box","text":"Restricted Securities","page_number":21,"box":{"x":73,"y":253,"width":138,"height":8}},{"id":"808cc99c-09b9-4541-b6ab-9ef3392335b6","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":253,"width":8,"height":8}},{"id":"1439d291-ad04-4727-b8de-f8aff5b1d6a8","block_type":"box","text":"Reverse Repurchase Agreements","page_number":21,"box":{"x":73,"y":273,"width":218,"height":10}},{"id":"ac03ebfe-57f9-4fab-82ca-dc6e5c184a40","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":273,"width":8,"height":8}},{"id":"1d95e78b-339f-4f8f-8414-f163d79c46a4","block_type":"box","text":"Rights Offerings and Warrants to Purchase","page_number":21,"box":{"x":73,"y":293,"width":281,"height":10}},{"id":"0b7c02a1-9312-418c-8069-ea53bc412fe9","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":293,"width":8,"height":8}},{"id":"3a870ee8-136c-454a-a043-b0b678e67524","block_type":"box","text":"Rule 144A Securities","page_number":21,"box":{"x":73,"y":313,"width":139,"height":8}},{"id":"99d2056b-97a7-4b3b-922a-c0b3b28fd33b","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":313,"width":8,"height":8}},{"id":"349dfcfd-7b3d-4755-85d0-727dcf23a5ec","block_type":"box","text":"Securities Lending","page_number":21,"box":{"x":72,"y":334,"width":122,"height":9}},{"id":"cc4205fa-2867-427c-801e-910397b1b06d","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":334,"width":8,"height":7}},{"id":"0c3a6b94-6a45-4d3e-9faa-fa6e61e34743","block_type":"box","text":"Short Sales","page_number":21,"box":{"x":72,"y":354,"width":76,"height":8}},{"id":"cc49b2d4-c69b-4e64-a9ec-d98edc078689","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":354,"width":8,"height":8}},{"id":"864923fa-97c5-43c7-a406-9b5b1337bf2c","block_type":"box","text":"Special Purpose Acquisition Companies","page_number":21,"box":{"x":72,"y":374,"width":260,"height":10}},{"id":"92c1463b-4055-40fb-bb35-d81725d227d0","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":374,"width":8,"height":8}},{"id":"23a43d20-db74-4456-ac0d-ba4897a44132","block_type":"box","text":"Standby Commitment Agreements","page_number":21,"box":{"x":72,"y":394,"width":226,"height":10}},{"id":"84a70c99-9c82-4f5b-86d6-2496597c5b49","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":394,"width":8,"height":8}},{"id":"2e65334b-33c8-4e88-b59e-4a6a89872e65","block_type":"box","text":"Stripped Securities","page_number":21,"box":{"x":72,"y":414,"width":125,"height":10}},{"id":"81291feb-0542-4107-8b65-dcf6f48abbc4","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":414,"width":8,"height":8}},{"id":"046d2404-74be-4ccf-800d-cf6556491cb4","block_type":"box","text":"Structured Notes","page_number":21,"box":{"x":72,"y":434,"width":113,"height":8}},{"id":"6416ee3d-0b19-4324-ae60-ca0b79c24991","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":434,"width":8,"height":8}},{"id":"85b5efe5-cc66-47be-9c82-90803af87ea1","block_type":"box","text":"Taxability Risk","page_number":21,"box":{"x":73,"y":454,"width":95,"height":10}},{"id":"792987b2-3e25-497e-9ebc-f47c037b8780","block_type":"box","text":"Temporary Defensive Measures","page_number":21,"box":{"x":73,"y":475,"width":204,"height":9}},{"id":"31f243d8-aee5-4ba3-bf8c-3b133cd14c69","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":475,"width":8,"height":7}},{"id":"1987098b-f4d5-47c0-885f-fab3a6ed01e6","block_type":"box","text":"U.S. Government Obligations","page_number":21,"box":{"x":73,"y":495,"width":188,"height":10}},{"id":"4fd34caf-926b-463f-9a41-e3beae9d965c","block_type":"box","text":"U.S. Treasury Obligations","page_number":21,"box":{"x":83,"y":515,"width":161,"height":10}},{"id":"4f19fe9b-943a-4057-887c-465879c7a828","block_type":"box","text":"U.S. Treasury Rolls","page_number":21,"box":{"x":73,"y":535,"width":124,"height":10}},{"id":"2c04c531-78e3-463c-b193-26f7e818e605","block_type":"box","text":"Utility Industries","page_number":21,"box":{"x":73,"y":555,"width":108,"height":10}},{"id":"f1d7b953-27ef-4799-b131-8f0b97f39dd1","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":555,"width":8,"height":8}},{"id":"f6c376f8-cc1a-4346-9da4-c4ba5e9722cc","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments","page_number":21,"box":{"x":72,"y":575,"width":524,"height":10}},{"id":"982e18c5-ab6f-452b-b4d8-5bf4fb981099","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":576,"width":8,"height":7}},{"id":"8acb5775-43d8-445b-95e5-4353978587ba","block_type":"box","text":"Yields and Ratings","page_number":21,"box":{"x":72,"y":596,"width":123,"height":9}},{"id":"4396cbc7-3ef8-4c4a-aac6-caf8a61b5a04","block_type":"box","text":"X","page_number":21,"box":{"x":788,"y":596,"width":8,"height":7}},{"id":"20c3dbe2-82dc-471a-a6ee-1571b9f790d7","block_type":"box","text":"Zero Coupon Securities","page_number":21,"box":{"x":73,"y":616,"width":154,"height":10}},{"id":"2b4eb87d-ecd8-40fb-8e47-3427d4fa86bf","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":21,"box":{"x":102,"y":639,"width":246,"height":11}},{"id":"d6847dfe-3aff-4dad-8ccb-b694e22d66a9","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers to","page_number":21,"box":{"x":355,"y":639,"width":530,"height":12}},{"id":"1db278b3-6aef-4400-8a16-71e0d46ff17f","block_type":"box","text":"registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either","page_number":21,"box":{"x":69,"y":654,"width":828,"height":12}},{"id":"073ec756-9f57-4ee0-82d1-0dc047ab9b6f","block_type":"box","text":"(i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options","page_number":21,"box":{"x":69,"y":669,"width":837,"height":12}},{"id":"dc0e089d-b2bb-4a7e-a9b6-101973101f65","block_type":"box","text":"and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments.","page_number":21,"box":{"x":69,"y":685,"width":770,"height":11}},{"id":"641d6865-5c93-4a42-854a-6699cc29d34d","block_type":"box","text":"To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market","page_number":21,"box":{"x":68,"y":700,"width":815,"height":11}},{"id":"590e83c6-3958-4b16-b1a5-e87640553fd0","block_type":"box","text":"itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, BlackRock has claimed an","page_number":21,"box":{"x":70,"y":715,"width":780,"height":11}},{"id":"3c09226d-f231-4b88-9409-9d26828b8aa0","block_type":"box","text":"exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”)","page_number":21,"box":{"x":69,"y":730,"width":796,"height":11}},{"id":"f7b03528-1134-45df-940d-2618e635f44e","block_type":"box","text":"pursuant to Rule 4.5 under the CEA. BlackRock is not, therefore, subject to registration or regulation as a","page_number":21,"box":{"x":70,"y":745,"width":751,"height":11}},{"id":"b8152cf0-0c8e-4f14-bed8-4d4d7fb1d716","block_type":"box","text":"“commodity pool operator” under the CEA in respect of the Fund.","page_number":21,"box":{"x":70,"y":760,"width":461,"height":11}},{"id":"0b99e34d-8293-4ad9-a78e-b0c356bcbe44","block_type":"box","text":"II. Investment Restrictions","page_number":21,"box":{"x":69,"y":791,"width":194,"height":8}},{"id":"3a1cedb5-af6b-43f6-8d42-b9e278d21b84","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":21,"box":{"x":101,"y":813,"width":800,"height":11}},{"id":"bbb81bc8-325d-457b-a3fe-d446ab5072db","block_type":"box","text":"Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":21,"box":{"x":69,"y":828,"width":825,"height":12}},{"id":"a12c45d3-0464-4988-944d-727e0da79f66","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":21,"box":{"x":69,"y":843,"width":809,"height":12}},{"id":"d6b1cc36-58ee-4923-a26d-4f42545ea227","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":21,"box":{"x":69,"y":858,"width":803,"height":12}},{"id":"41be264c-8b39-4d4f-a4b7-f7a2e5b3e059","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":21,"box":{"x":69,"y":874,"width":608,"height":11}},{"id":"5d8b00c9-3775-45c4-977d-9633ca69b461","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":21,"box":{"x":102,"y":896,"width":485,"height":11}},{"id":"42f17151-ad87-4862-af52-0c4ca788fa86","block_type":"box","text":"I-5","page_number":21,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c43af32b-ad1f-4858-b811-e7f3bfee749d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":21,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f10f944-ade3-4fae-a192-1b08a711d131","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":22,"box":{"x":135,"y":45,"width":770,"height":11}},{"id":"41bda497-0851-4bdd-a53b-e14f96db0b89","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":22,"box":{"x":134,"y":67,"width":529,"height":11}},{"id":"82c69f20-8ce1-4c94-8fe0-376fe1a6fcc7","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":22,"box":{"x":134,"y":90,"width":694,"height":11}},{"id":"deebc2d0-fa79-4a4a-a4de-c35aa0160dfb","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that","page_number":22,"box":{"x":134,"y":113,"width":774,"height":11}},{"id":"fc9432fb-9fbe-4829-9e8c-b5bfeaedbe0d","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":22,"box":{"x":102,"y":128,"width":736,"height":11}},{"id":"db9d5efe-5fb7-484a-b192-ded38627ddbf","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":22,"box":{"x":102,"y":143,"width":775,"height":11}},{"id":"0412b977-c2f4-4e85-b36a-3e94e2f8561b","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":22,"box":{"x":102,"y":158,"width":666,"height":11}},{"id":"370213f7-b104-4731-84be-f47def78cc63","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":22,"box":{"x":134,"y":181,"width":746,"height":11}},{"id":"aced34e5-893a-4894-84f0-74d7c99844ca","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":22,"box":{"x":102,"y":196,"width":627,"height":11}},{"id":"0fc8489c-a64b-46c0-8866-33827993f7f8","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":22,"box":{"x":134,"y":219,"width":757,"height":11}},{"id":"f8b1304c-1e16-4673-b1b9-7380986c6466","block_type":"box","text":"Act.","page_number":22,"box":{"x":101,"y":234,"width":25,"height":9}},{"id":"e46c755c-bce3-40b9-9186-2e8fafff00c9","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":22,"box":{"x":135,"y":256,"width":506,"height":11}},{"id":"fdfbe7c8-ae4e-4217-b8c7-327684d0533d","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":22,"box":{"x":69,"y":287,"width":511,"height":11}},{"id":"a4872777-f0ed-43cc-a5dc-84fad247b397","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":309,"width":799,"height":11}},{"id":"674ac082-d501-41b5-81d7-76f10c744514","block_type":"box","text":"subject to change without shareholder approval.","page_number":22,"box":{"x":69,"y":325,"width":341,"height":11}},{"id":"184f0401-5ba1-40bc-90ed-6120b5b54e6f","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":347,"width":796,"height":11}},{"id":"9bf4f09e-6247-494d-84b7-b933ac0812f2","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":362,"width":811,"height":11}},{"id":"1a9b6802-a5f8-4287-b1ca-9a96281f8109","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":377,"width":833,"height":12}},{"id":"10d5b8e0-027f-4cba-ad69-1ec5fe5918a8","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":392,"width":836,"height":12}},{"id":"0c02ae94-07af-41c2-af72-94dc916c673a","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":407,"width":815,"height":12}},{"id":"be886a20-8ccf-4ccc-a701-b8dc003c6627","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":423,"width":813,"height":11}},{"id":"aceb72ec-4148-48a6-840b-9ad1be94041c","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":438,"width":820,"height":11}},{"id":"8f564d8e-1ee1-4cff-a0bc-6a1b599be6fb","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":453,"width":809,"height":11}},{"id":"b2825fa7-3997-48c4-97cc-345ca71307b6","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":468,"width":772,"height":11}},{"id":"29402f2e-4776-4807-8baa-387e9e3e2f76","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":22,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"945100ba-361a-4112-8573-a3505c4398dc","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":22,"box":{"x":67,"y":498,"width":829,"height":11}},{"id":"d981533b-820d-4552-9cd4-9dac99804b55","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":22,"box":{"x":69,"y":513,"width":805,"height":12}},{"id":"6ef8d1e2-6db0-4bac-b152-fb83253c85d9","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":22,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"eb804d25-8aed-4f40-bd51-2345f5fac230","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":22,"box":{"x":69,"y":543,"width":803,"height":12}},{"id":"0c987ab7-6e89-4a47-af7c-a3d02ad4005c","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":22,"box":{"x":70,"y":559,"width":807,"height":11}},{"id":"d3fbaccc-e2f9-4c37-b6b9-0b1aab2b9c4a","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":70,"y":574,"width":438,"height":11}},{"id":"b74a285f-2479-4854-ad33-7f0c1837c24e","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":596,"width":750,"height":12}},{"id":"eb99b54f-c625-48ca-8483-167e47fcf562","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks","page_number":22,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"d99c086c-5bec-41db-afe2-d3dee9a2bcb9","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":627,"width":781,"height":11}},{"id":"fbd8ed88-1a6d-44e8-8ab2-9b68e64d4ff6","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":642,"width":815,"height":11}},{"id":"a9080015-1968-4245-a2b4-c45d8290fa6c","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":657,"width":825,"height":11}},{"id":"d813d86f-a55f-40ec-a8d7-ada78aa295fc","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":672,"width":777,"height":11}},{"id":"71d23890-45f5-48b1-95f8-781c50a7283d","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":687,"width":776,"height":11}},{"id":"300c56ac-05de-4b6c-9c0e-5f98d1c45e5b","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":702,"width":828,"height":12}},{"id":"7aa50099-ed02-4a89-ad64-ba42d56147f8","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":718,"width":788,"height":11}},{"id":"10a8c4ea-c52f-440b-9820-52af3d95cc5a","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":732,"width":813,"height":12}},{"id":"c2d94fea-5347-46a0-840e-3dac8f071e1c","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":22,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"cc497b58-e138-4e5a-b801-6215fae1d111","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":22,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"0c764acc-f3f9-4e73-82b8-2ef8ebc258c2","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to","page_number":22,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"66adc768-e320-470a-9411-d3bbc12b28ba","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":22,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"fbcfb0af-e56a-4c90-89fc-ce6a631d47e1","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":22,"box":{"x":69,"y":808,"width":835,"height":11}},{"id":"2ce6412b-52f3-4511-b76a-58503cf499cf","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":22,"box":{"x":69,"y":823,"width":643,"height":12}},{"id":"568cebc2-1b65-4528-b9d7-358f0b38fa11","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":22,"box":{"x":101,"y":846,"width":788,"height":11}},{"id":"02db3d4c-0c0c-4094-b60a-25267e8d012e","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":22,"box":{"x":68,"y":861,"width":840,"height":11}},{"id":"2fc49cad-7d99-46fa-a205-215a59b66792","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":22,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"8e195b15-bcd8-4718-b0b6-cae22ce1b6c2","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":22,"box":{"x":69,"y":891,"width":811,"height":11}},{"id":"6fd269f0-dd98-46dd-baa9-6239b810e437","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":22,"box":{"x":69,"y":906,"width":838,"height":12}},{"id":"069a7d30-b1e1-4f81-90fb-ee9f4341a468","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"690b86c1-550f-480f-a3b5-1ae1376ad6c3","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4059f74-027d-4c38-ae0d-b7fad757ba80","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":45,"width":818,"height":11}},{"id":"789ad52f-df42-459a-9d93-33018e2805d8","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":60,"width":826,"height":11}},{"id":"d20ff729-d8df-4789-8ecd-9bc0bb95f4e5","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":75,"width":822,"height":11}},{"id":"7918c147-28bf-415e-a4fd-a34b56d33753","block_type":"box","text":"the application of the Securities Act provisions described above would cause the Fund to be engaged in the business","page_number":23,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"e6d58396-8b93-4d2d-9d32-f73564f128c9","block_type":"box","text":"of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in transactions","page_number":23,"box":{"x":69,"y":105,"width":793,"height":11}},{"id":"eff9d6e6-c4ef-4587-bc9d-647ff022df3b","block_type":"box","text":"involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be considered to","page_number":23,"box":{"x":70,"y":120,"width":818,"height":12}},{"id":"9d90d3cb-aa5d-4044-9bb6-441bcf9fa663","block_type":"box","text":"be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent","page_number":23,"box":{"x":69,"y":135,"width":781,"height":12}},{"id":"42c052a4-4fc9-48ba-a785-03723a6e0e4c","block_type":"box","text":"permitted by applicable law.","page_number":23,"box":{"x":70,"y":151,"width":195,"height":11}},{"id":"9c09e011-0e64-43bb-8533-412b6ddefb69","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":173,"width":778,"height":11}},{"id":"f0cacca1-dcb1-4af4-954d-fd49ed90afcd","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":188,"width":759,"height":12}},{"id":"b4520ccf-c954-4088-bbfc-189d4a8e9f28","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":203,"width":807,"height":12}},{"id":"0deec63c-1a6a-44e1-a5fe-fb19bccde315","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":218,"width":784,"height":12}},{"id":"30506c7f-8fa4-42ec-8290-9437d52d82c9","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":234,"width":791,"height":11}},{"id":"94ceeb17-c8c0-4e94-a681-c2b61a5c78fc","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":249,"width":803,"height":11}},{"id":"44b222e9-d811-43fd-bf68-50f84a0fb148","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":264,"width":40,"height":9}},{"id":"4cc2b135-d4d5-4cc1-a893-8e6117ee0e7d","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":286,"width":768,"height":12}},{"id":"09ab4b7a-665f-4409-b129-c561b510a4b4","block_type":"box","text":"approval, the Fund may not:","page_number":23,"box":{"x":69,"y":302,"width":197,"height":11}},{"id":"f58328bb-65ab-4022-882f-1725f7e1fa3f","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":324,"width":742,"height":11}},{"id":"b5c9a1f1-2a51-4977-92a7-71103adb2b60","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":339,"width":759,"height":12}},{"id":"68f3951d-55bf-4663-ab45-1e3570dbd419","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":355,"width":779,"height":11}},{"id":"bfb8035e-a0d8-401c-9a7b-167d3ba9a090","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":370,"width":761,"height":11}},{"id":"f498f172-d7af-4d0d-baca-69462cd276ad","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":385,"width":795,"height":11}},{"id":"5ce649f1-1119-469a-9ec7-732eb53d6c98","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":400,"width":60,"height":11}},{"id":"3f7cd418-8564-47e0-9f06-9a0b9f7f651f","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":423,"width":765,"height":11}},{"id":"7c772ec6-e256-4f54-898a-96a978064efd","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":438,"width":509,"height":11}},{"id":"56e1475d-35c7-4fcf-b6d6-1633ca3e1c5d","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 under the Investment","page_number":23,"box":{"x":102,"y":460,"width":771,"height":11}},{"id":"e4f1eadf-675b-490d-9059-4c0ed4ec40fe","block_type":"box","text":"Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only at","page_number":23,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"aa7dd1a0-1b40-4842-91bc-0535be586838","block_type":"box","text":"the time that a transaction is under taken. Any change in the percentage of the Fund’s assets invested in cer tain","page_number":23,"box":{"x":68,"y":491,"width":803,"height":11}},{"id":"0ed61695-42eb-442e-9f1b-3ab1cd35c87b","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not","page_number":23,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"b8a89587-9314-4400-be1a-a16294b1f16d","block_type":"box","text":"require the Fund to dispose of an investment until BlackRock determines that it is practicable to sell or close out the","page_number":23,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"36158222-3bb3-45d2-bc7e-c75c3869d5b3","block_type":"box","text":"investment without undue market or tax consequences.","page_number":23,"box":{"x":70,"y":536,"width":393,"height":11}},{"id":"656c8b63-8bbe-41d8-a95c-d10f85a7b6a6","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":566,"width":290,"height":9}},{"id":"716bd65a-50a0-4597-8411-9f77a57ecbcd","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":589,"width":788,"height":11}},{"id":"df904b82-5c58-4e92-ae0d-9db98b598825","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":604,"width":779,"height":11}},{"id":"0eff726b-9bbf-430b-8b39-0417435974af","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":619,"width":837,"height":11}},{"id":"06d91524-9169-4125-a4fd-9b54e114ccbd","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":23,"box":{"x":70,"y":634,"width":793,"height":11}},{"id":"3d413090-5f8e-4599-b8bb-66d5835ba1e2","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":649,"width":822,"height":11}},{"id":"df3064fe-6cd1-4438-97fb-7d82cb500ffe","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":23,"box":{"x":68,"y":664,"width":837,"height":12}},{"id":"7943e631-df67-4e05-a634-3e67a852ef01","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":70,"y":680,"width":335,"height":11}},{"id":"b9fddc8e-f5f7-495e-a51d-fd0f0d040c97","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":23,"box":{"x":101,"y":702,"width":769,"height":12}},{"id":"4d9ad5d8-4ed1-4c0c-946a-c66b1e917886","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":23,"box":{"x":70,"y":717,"width":827,"height":11}},{"id":"a63c7ccf-0bbf-4166-afe3-bfbb894e221f","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":23,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"9d7152b6-6fd2-4dc4-8234-1c5a9da2bd16","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":23,"box":{"x":69,"y":748,"width":835,"height":11}},{"id":"b30a36bd-c882-4ef8-8b6b-ed84c2b4ae98","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":23,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"b7222764-5dba-42bf-a9f4-bdc8a4d68980","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":23,"box":{"x":68,"y":778,"width":789,"height":11}},{"id":"a1ac52e0-6339-4903-a7ce-2f931826c0d0","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":23,"box":{"x":69,"y":793,"width":810,"height":11}},{"id":"336ef40c-0403-45bf-8d1a-28abe97549aa","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":23,"box":{"x":69,"y":808,"width":809,"height":11}},{"id":"984fcfea-41c8-459b-a4e5-628055bfa3ac","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":23,"box":{"x":70,"y":823,"width":794,"height":12}},{"id":"b58409ae-37c4-4c0b-a408-bfef41ceb4be","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":23,"box":{"x":69,"y":838,"width":816,"height":12}},{"id":"e7e457fd-27a4-4ba6-863f-8dfcbf7b2921","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":23,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"13d77e11-4173-4c6c-9ffc-a668ce69f01a","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":23,"box":{"x":70,"y":869,"width":811,"height":11}},{"id":"6b9e754e-b92a-47d4-baf5-ea003b2f9977","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":23,"box":{"x":68,"y":884,"width":809,"height":11}},{"id":"d4635f3c-2cae-4d28-aded-8adee56c155b","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"55c182f3-3e51-426f-81c6-0ed1607f37ca","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47fdeeda-0c27-435b-aab9-f620ad60201c","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":45,"width":825,"height":11}},{"id":"f17e31c1-4f1b-435a-a9bb-8d1bab26003e","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":60,"width":441,"height":11}},{"id":"d82c96fe-957b-4ee4-a5f4-fbf734ae547d","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":82,"width":777,"height":12}},{"id":"5a1b73c3-e5c9-4db5-82f0-8be649987b0e","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":98,"width":832,"height":11}},{"id":"3f8c9c0c-ac5b-4e9d-b4d1-929d238b72d9","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":113,"width":820,"height":11}},{"id":"83a63975-0dcb-4742-9b5a-ecbe002f3eb8","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":128,"width":812,"height":11}},{"id":"daaf0444-4299-45cb-a633-c54d89ed916a","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":143,"width":819,"height":11}},{"id":"d8c85c23-6b6e-4d5a-9711-301afe8d26ba","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":158,"width":192,"height":11}},{"id":"1600f519-661d-4831-b5d7-018dcfa9b69c","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":181,"width":785,"height":11}},{"id":"8230da61-c798-4e83-9981-4edf87da5430","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":196,"width":828,"height":11}},{"id":"20fd8471-b27d-4b27-ab11-9a4addb9214e","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":211,"width":832,"height":11}},{"id":"a919ecb6-7e80-407d-8014-518ef41a864f","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":226,"width":820,"height":11}},{"id":"a2f47551-479c-4510-a7e6-5d988333c9c9","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":241,"width":811,"height":11}},{"id":"b21692c5-77a1-4a6f-ae26-bd496f1ab6ff","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":256,"width":767,"height":12}},{"id":"1998d6d7-9637-4b73-a470-044cbf097fcf","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":271,"width":815,"height":12}},{"id":"86eeecc6-df17-4ff8-86a0-802eedc8ca2d","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":286,"width":803,"height":12}},{"id":"d602501b-a80a-4aab-bfda-3634ac9d2aba","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":302,"width":840,"height":11}},{"id":"428534b6-66ab-4448-8902-81fb10a53604","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":317,"width":812,"height":11}},{"id":"a56727ca-3170-4500-ac64-5121a0ed8d64","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":332,"width":817,"height":11}},{"id":"f5911d01-56a6-4da8-99c1-e86390f87a3f","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":347,"width":812,"height":11}},{"id":"68937454-6634-4829-a7eb-d52dfdb7a134","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":362,"width":818,"height":11}},{"id":"acd329c1-fc4a-4dd5-95f5-3170b3138d8f","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":377,"width":759,"height":12}},{"id":"0cbe6bd9-fc68-488b-b94a-55a6505314cb","block_type":"box","text":"per forming their oversight responsibilities.","page_number":24,"box":{"x":70,"y":392,"width":299,"height":12}},{"id":"e5e34cff-1047-4cf4-8bfe-4532d46632ad","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":415,"width":122,"height":9}},{"id":"dd9232b9-799b-49df-94e9-f0c4529ff2ed","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":415,"width":673,"height":11}},{"id":"754c21e2-932e-4853-8261-e2c97f359e41","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":24,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"dd5af410-d1f5-4719-ae96-8a0f3c16e185","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":24,"box":{"x":68,"y":445,"width":820,"height":11}},{"id":"f1cfb867-fa84-44c0-a9cf-f20ed6bbde62","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":24,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"c6627fbe-8c57-4654-9ee6-12a797f13c58","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":476,"width":830,"height":11}},{"id":"8efff4b0-b781-4134-95d9-6afbc8e76180","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":491,"width":825,"height":11}},{"id":"943156a6-ddde-4af9-8961-626f0df07d6e","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":506,"width":807,"height":11}},{"id":"a3577c12-5343-472f-8d9d-2a6778fb39eb","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":521,"width":781,"height":11}},{"id":"47181d6b-8ce3-403a-8384-0ac7d2645fea","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":536,"width":834,"height":11}},{"id":"173fa055-95bd-4be2-9183-88ffd21e99ae","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":551,"width":838,"height":11}},{"id":"3e8d98e8-827c-42a0-8fd9-bd74f87aa169","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":566,"width":825,"height":11}},{"id":"545febba-26c0-49a6-8120-5655dd1832a4","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":581,"width":809,"height":12}},{"id":"a83555d7-dff5-4c86-9209-93727b5c9faf","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":596,"width":815,"height":12}},{"id":"90373704-0738-44b7-8d1a-49f241e5c3f0","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":612,"width":774,"height":11}},{"id":"8fada327-cc20-432e-9c26-d032d4c9de3b","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":627,"width":815,"height":11}},{"id":"291b317c-8726-43c6-af47-adb113dde1d2","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":642,"width":819,"height":11}},{"id":"4d08343a-e463-4599-88e6-a8d02141c95d","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":24,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"4af3f17b-4dba-4ccf-b3c6-e761827f1fa3","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":672,"width":576,"height":11}},{"id":"b5248c12-4fe9-4b65-a6d5-5a8741d6419c","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":695,"width":286,"height":11}},{"id":"bd7bda6e-079e-4ce6-895f-78e3a6799ebf","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":695,"width":464,"height":11}},{"id":"233a1294-a3b0-438b-a752-0759b8fb7d0e","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":24,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"31b84b44-7853-4b32-bde7-47c3f373791f","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":24,"box":{"x":70,"y":725,"width":784,"height":11}},{"id":"a0685aa8-1e53-4217-9306-10c11629d9f9","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and","page_number":24,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"c41c5f21-dc23-45eb-a51d-4bf7f1a774fa","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":24,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"f309cd1d-146d-43a0-b7ac-3b3ae8a01939","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":24,"box":{"x":70,"y":770,"width":828,"height":11}},{"id":"e9744cad-2e7b-4e69-acb8-6526585dfa57","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":24,"box":{"x":70,"y":785,"width":809,"height":11}},{"id":"c3997810-b41f-49e8-8b63-8bb2df3ae8fd","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":24,"box":{"x":69,"y":801,"width":838,"height":11}},{"id":"5155601c-e6bd-476f-99fb-3b34092aa606","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":24,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"ad50e108-c5b3-418f-a207-39e1efefea86","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":24,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"9076263f-d51c-4c0a-b4cf-a3e52bcbd3a1","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":24,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"379d1f77-ce7f-4b27-bfe2-37c81d87624e","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":24,"box":{"x":68,"y":861,"width":804,"height":11}},{"id":"302a7d1e-70d0-4e87-8440-1748a8554da3","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and","page_number":24,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"62e6f047-b0e4-4c5b-9426-f7d1861202c9","block_type":"box","text":"Restated Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for","page_number":24,"box":{"x":70,"y":891,"width":801,"height":12}},{"id":"94fa49ef-a29b-4e1c-83c7-2dff7ce02c59","block_type":"box","text":"election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice","page_number":24,"box":{"x":69,"y":907,"width":799,"height":11}},{"id":"3049551a-8ea2-45df-9866-e19d113302a3","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"abbee988-954a-4d38-af4e-e4008e7e4a0b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a5c250a-fa2c-42e7-bdb3-b19154d8ae18","block_type":"box","text":"procedures, notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and","page_number":25,"box":{"x":70,"y":45,"width":776,"height":11}},{"id":"88602210-24e5-4031-a882-ad54b0263a64","block_type":"box","text":"received at the principal executive offices of the Trust not later than the close of business on the fifth day following","page_number":25,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"785f3c63-f923-4744-853c-a4d58d7461b6","block_type":"box","text":"the day on which notice of the date of the meeting was mailed or public disclosure of the date of the meeting was","page_number":25,"box":{"x":68,"y":75,"width":812,"height":11}},{"id":"fe522ac2-bb9a-4a24-8403-4c131babc3bb","block_type":"box","text":"made, whichever first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain","page_number":25,"box":{"x":69,"y":90,"width":823,"height":11}},{"id":"d1928053-c039-4059-b82f-976cd50cc33f","block_type":"box","text":"information about the shareholder and the nominee, as well as cer tain other information, including a written consent","page_number":25,"box":{"x":70,"y":105,"width":832,"height":11}},{"id":"ca43e6ec-bb0f-4bc7-89f6-f5088167ed7e","block_type":"box","text":"of the proposed nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board","page_number":25,"box":{"x":69,"y":120,"width":811,"height":11}},{"id":"434e372f-3722-4b8b-ad27-c5914cdff039","block_type":"box","text":"has adopted a written char ter for the Governance Committee. During the fiscal year ended April 30, 2026, the","page_number":25,"box":{"x":69,"y":135,"width":785,"height":12}},{"id":"a14c1abd-3bf0-42c2-ae74-656f7c7b3e2f","block_type":"box","text":"Governance Committee met eleven times.","page_number":25,"box":{"x":69,"y":151,"width":297,"height":8}},{"id":"9c13eaea-257c-452f-bde2-2be5d3e440fb","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":173,"width":168,"height":11}},{"id":"a83e6b3d-9575-4511-9bf5-0fe4e79b2d4c","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":173,"width":629,"height":11}},{"id":"1c5c82a5-caaf-42d8-9172-bfc0dc849d0a","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":25,"box":{"x":68,"y":188,"width":828,"height":12}},{"id":"ed56a1a4-d5dd-49d8-ab5b-6a49594fa5be","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":25,"box":{"x":68,"y":203,"width":771,"height":12}},{"id":"3c8f58d4-90b4-493e-821c-632dfeefc8bb","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":25,"box":{"x":69,"y":218,"width":835,"height":12}},{"id":"2704daed-d284-4267-9c68-0c4567177106","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":25,"box":{"x":70,"y":234,"width":754,"height":11}},{"id":"7ec86a37-b9a4-432b-96a0-873d5eef3794","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":25,"box":{"x":69,"y":249,"width":834,"height":11}},{"id":"5924fd89-c1e9-4570-9e57-9d24d76b2428","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":25,"box":{"x":69,"y":264,"width":815,"height":11}},{"id":"a97e24c4-48ba-498a-a14a-df72ffe7cb0b","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":25,"box":{"x":69,"y":279,"width":785,"height":11}},{"id":"9c72cde1-e62a-41c6-bddd-c050ad75b52a","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":25,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"59878bc7-3b92-4b0a-bc21-ad83d449671b","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":25,"box":{"x":69,"y":309,"width":812,"height":11}},{"id":"c9805fa4-b32f-4217-a452-e3bc221e605f","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":25,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"e7429576-03e1-4f95-9c4f-4812e24ac692","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":25,"box":{"x":69,"y":339,"width":825,"height":12}},{"id":"d6979393-52c6-4f4d-a2f6-1f2fa42b69f4","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the fiscal","page_number":25,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"abb7a538-4d1a-4334-abd7-e47c81455978","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":25,"box":{"x":68,"y":370,"width":504,"height":11}},{"id":"252d7ce2-bb44-4e6a-b902-b839d227aab7","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":392,"width":248,"height":12}},{"id":"21d3707a-16f0-40c6-8bfb-374cc583b37e","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":392,"width":531,"height":12}},{"id":"200a0d22-d090-4e42-97a4-483b1c0465bf","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Neil A.","page_number":25,"box":{"x":69,"y":408,"width":829,"height":11}},{"id":"a690af8a-213e-4f87-9944-865ef9243372","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is","page_number":25,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"145e0a3a-5fe5-46ec-8feb-7b2bb26ab337","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed","page_number":25,"box":{"x":68,"y":438,"width":832,"height":11}},{"id":"0397b963-2068-4fd1-9680-00fd53b419f0","block_type":"box","text":"upon per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":25,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"dd9cc2b2-2fbf-4648-8506-052b8e2392b7","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":468,"width":782,"height":11}},{"id":"daa11bfe-c158-4481-ab28-e75b0ac9593b","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":483,"width":829,"height":11}},{"id":"c0bf4bfb-fc79-4387-85f3-e00e273dcfb4","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":498,"width":816,"height":11}},{"id":"c5748122-41dc-45c5-be92-9c79a4494ecf","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":514,"width":803,"height":10}},{"id":"a179d8d2-20e4-4020-a743-69e3c0931efa","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":528,"width":827,"height":12}},{"id":"bf841bee-facb-49a6-b559-1d3f9dd333f7","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":543,"width":811,"height":12}},{"id":"c8b93374-2c99-4ef3-b159-1af0f471ed5a","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":559,"width":757,"height":11}},{"id":"360633e4-9e15-4c24-a63b-d099dc8bc510","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":574,"width":835,"height":11}},{"id":"f1320e94-b527-4176-8789-822d46399cdc","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":589,"width":800,"height":11}},{"id":"699183b3-6c13-4973-b7c9-481992e4cd11","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":604,"width":780,"height":11}},{"id":"ade9e51e-db38-44b5-b8c7-911a46dcabe6","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":619,"width":838,"height":11}},{"id":"b368b902-f07a-4ee3-b3b1-33585311777a","block_type":"box","text":"ended April 30, 2026, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":634,"width":546,"height":12}},{"id":"f00dbe9a-b57e-4e90-97be-087d83f207e7","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":657,"width":186,"height":11}},{"id":"c1a255a3-2059-414b-86c2-34d52cb5a588","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":25,"box":{"x":293,"y":657,"width":598,"height":11}},{"id":"7ce0c623-010a-45ff-b77c-0a2d643fe5d1","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":25,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"62aa5699-7f78-4753-ac21-687f8c05fac4","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":25,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"c4aca8c8-b6c1-4945-8960-2bc2f6b84b3d","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":25,"box":{"x":69,"y":702,"width":788,"height":12}},{"id":"5be028b9-056f-4a22-9cf1-9283ac22288f","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":25,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"0ee3f766-dad2-4d27-8266-2f5c9fa09673","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":25,"box":{"x":68,"y":732,"width":816,"height":12}},{"id":"72544077-4761-42c5-9563-5968fe91e771","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":25,"box":{"x":68,"y":748,"width":577,"height":11}},{"id":"d07e221d-d833-47c3-898a-f6a88537946c","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":25,"box":{"x":101,"y":770,"width":771,"height":11}},{"id":"c11d52a9-141b-44b1-b828-9f12c90af4a2","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":25,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"0ae95b43-7ab2-400b-b2f9-34a61ae9086c","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":25,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"687ae625-f118-4ed2-acff-21195f178f78","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":25,"box":{"x":69,"y":816,"width":825,"height":11}},{"id":"2487c9c5-e1d5-463a-a9a8-86aed2fbe2aa","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":25,"box":{"x":70,"y":831,"width":807,"height":11}},{"id":"c504c934-108b-4ab1-ac0d-daaa421475d4","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":25,"box":{"x":70,"y":846,"width":787,"height":11}},{"id":"cac0794a-c7fc-4c92-b002-632fe33590a0","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":25,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"497ba120-18b4-44c6-832a-0d46f4721cc5","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":25,"box":{"x":68,"y":876,"width":794,"height":11}},{"id":"df2eb975-5fb0-4481-b3b8-548944d905da","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":25,"box":{"x":68,"y":891,"width":829,"height":12}},{"id":"6d5aeff3-9b46-4567-8247-1a345a8ff756","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":25,"box":{"x":69,"y":906,"width":823,"height":12}},{"id":"3abc31c5-6975-452a-84ac-a186ed7fc965","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"dd357a7a-6d87-45b0-add1-798a14737c85","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc5c27dc-b8a7-4fb2-8fb3-a3d9c0c15615","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":45,"width":771,"height":11}},{"id":"d83d137c-2811-490c-9981-f0ab9f336248","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"b7cd4691-4cd3-4a5d-8db1-00fbaa828a2c","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":82,"width":792,"height":12}},{"id":"8b190fe1-4af5-4d30-a39c-b4cd3d3987c3","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":98,"width":807,"height":11}},{"id":"5a4d38f9-0afc-4ec1-8de5-9eb5ff4dfb4d","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":113,"width":837,"height":11}},{"id":"dcdd8951-ad3b-4cf6-ac3c-0d47596f9da2","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":128,"width":759,"height":11}},{"id":"0a026b84-45c9-4f08-bf2e-77ebdd8d88d3","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":143,"width":685,"height":11}},{"id":"7c701c47-f8c6-4f61-982b-630396b0ebcc","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":143,"width":47,"height":9}},{"id":"e5d35d53-39a5-4e6a-8ba2-e36673327106","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":143,"width":82,"height":9}},{"id":"5d00ee20-4277-4531-9f43-e34bb0a8a6ae","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":158,"width":395,"height":11}},{"id":"061a74e8-19c4-4982-9eb0-0e9a03400dd3","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":181,"width":751,"height":11}},{"id":"9a53217b-6abc-4fa7-b7af-c72905e19534","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":196,"width":492,"height":11}},{"id":"52def32d-2f9a-434b-a897-f299ec82c0c6","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":224,"width":409,"height":9}},{"id":"9c9a3a3b-4b4f-47e2-959a-e5f93d8f5701","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":241,"width":154,"height":10}},{"id":"2f03460b-e580-4f3b-845d-21ad28f549de","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":256,"width":781,"height":11}},{"id":"d21db820-1aa4-4d0a-8133-c2c8bcb477e3","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":271,"width":604,"height":11}},{"id":"74250c5d-9dca-4c2c-bc87-750c27093dd4","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":286,"width":623,"height":11}},{"id":"ae6aefce-f3b2-49e6-937e-a9f8e1206d24","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":301,"width":637,"height":11}},{"id":"2e0f7f91-fd5a-42ff-ba32-c765670a6fb4","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":316,"width":631,"height":11}},{"id":"6488512c-11ef-4fae-929e-f7f30d24fcd7","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":331,"width":626,"height":11}},{"id":"6b32b136-a6b5-4315-9a7f-f5cdc307c6af","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":346,"width":639,"height":11}},{"id":"a9a5d048-e099-4089-9a00-d4aadfd22638","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":362,"width":637,"height":11}},{"id":"f3a8f7e0-148d-4626-b05c-e8a23990d825","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":377,"width":586,"height":11}},{"id":"da39af19-ca14-4b24-bab1-2a2248043ee1","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":392,"width":640,"height":11}},{"id":"7abbc0a5-9e53-4110-aac4-6dffce1c0a0c","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":407,"width":389,"height":11}},{"id":"3ac384ad-f4b4-4b4c-b542-60af792aa3a3","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":26,"box":{"x":69,"y":429,"width":806,"height":12}},{"id":"c0bbb1b9-3f68-46b4-b5f2-cfdb26489645","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":26,"box":{"x":265,"y":445,"width":604,"height":11}},{"id":"394d3569-64b9-469f-9bf5-fface41468c6","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":26,"box":{"x":265,"y":460,"width":632,"height":11}},{"id":"b5afdbf9-6d8b-40d1-807f-3390a11d8355","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":26,"box":{"x":265,"y":475,"width":562,"height":9}},{"id":"16719039-b058-477a-b75e-b7765819bde8","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":26,"box":{"x":265,"y":490,"width":616,"height":10}},{"id":"fbdfde15-db8c-45ef-b66e-95a8cf064c4d","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":26,"box":{"x":264,"y":505,"width":591,"height":11}},{"id":"fbd0a082-bd90-4a43-b925-139d36ba22d5","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":26,"box":{"x":265,"y":520,"width":641,"height":11}},{"id":"913b643c-c567-4e9d-83e2-608d29287c7b","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":26,"box":{"x":264,"y":535,"width":638,"height":12}},{"id":"2d6fb36d-508c-4446-89cf-0224f07d9067","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":26,"box":{"x":265,"y":550,"width":584,"height":12}},{"id":"5b5beca9-59cd-4858-ad48-c5802c2eaddb","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":26,"box":{"x":265,"y":566,"width":630,"height":11}},{"id":"b67893ed-c8e3-43da-b9b1-e52d77257852","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":26,"box":{"x":265,"y":581,"width":634,"height":11}},{"id":"e84a178a-4305-4a51-84d4-99d072fa368c","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":26,"box":{"x":265,"y":596,"width":599,"height":11}},{"id":"ab9fb2ed-5f37-452c-9558-828c8171faa6","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":611,"width":407,"height":11}},{"id":"cdd51e76-e5fd-416a-a880-c2f6b1be6f80","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":26,"box":{"x":69,"y":634,"width":837,"height":11}},{"id":"b6666a64-5b6a-4c6a-901f-bda4125a55a0","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":26,"box":{"x":265,"y":649,"width":638,"height":11}},{"id":"97b1688d-cf36-41e7-b670-237dad5a047b","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":26,"box":{"x":265,"y":664,"width":642,"height":11}},{"id":"a84dec2d-f786-4d38-9fdc-6fad1e621a51","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":26,"box":{"x":265,"y":678,"width":601,"height":12}},{"id":"4c8af5f7-d5e2-4f63-bd80-c4912e06eb32","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":26,"box":{"x":265,"y":694,"width":595,"height":11}},{"id":"c8e6b05a-2ae2-4d3e-9b43-17f8f5a96b7d","block_type":"box","text":"perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":709,"width":323,"height":11}},{"id":"8aed4dac-82f7-4735-8fc3-f70a4adf6fe1","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":26,"box":{"x":70,"y":732,"width":798,"height":11}},{"id":"1e2558ed-ac15-4e66-af04-fcd5be55dfc5","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":26,"box":{"x":265,"y":747,"width":631,"height":11}},{"id":"e5ef2107-a956-463d-b4df-21dd86b9854c","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":26,"box":{"x":265,"y":762,"width":633,"height":11}},{"id":"78b00bd8-b0d1-4a6f-a71f-75cfbc80e5b4","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":26,"box":{"x":265,"y":777,"width":628,"height":12}},{"id":"95e945c1-382e-480d-8640-41510378963c","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":26,"box":{"x":265,"y":792,"width":596,"height":12}},{"id":"17008b0b-fccf-44a0-88e2-5565a8503a48","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":26,"box":{"x":265,"y":807,"width":616,"height":12}},{"id":"d64a5860-6ccc-4982-8a57-580e9620a05a","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":26,"box":{"x":264,"y":823,"width":368,"height":11}},{"id":"b1c4d37a-48a1-45d1-b02b-6dc46db6ab40","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"af559c65-30f8-4736-97d9-05bc732ec14f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f83f121-25e1-4ed2-a066-cda568efafa5","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"634e1106-8f8c-44ca-ad8c-35e6e77c214c","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":27,"box":{"x":69,"y":65,"width":777,"height":12}},{"id":"8dc8678b-ad40-4fd0-9531-1194e078c68e","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":27,"box":{"x":265,"y":81,"width":613,"height":11}},{"id":"091d6485-34bd-4b3a-b2fe-d119e5a75e9e","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":27,"box":{"x":265,"y":96,"width":563,"height":11}},{"id":"02608d3c-ff1b-4f5b-990d-e09d2c681c10","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":27,"box":{"x":265,"y":111,"width":607,"height":11}},{"id":"9160ff97-90bd-477b-ab3f-684821708f97","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":27,"box":{"x":265,"y":126,"width":638,"height":11}},{"id":"2aabb23f-88f4-4424-8fa2-114d10c4f82e","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":27,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"823afc79-9459-4401-b985-0ff34ac75845","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":27,"box":{"x":265,"y":156,"width":563,"height":11}},{"id":"c8e4ef17-0bf5-497d-8bfc-f597c3e3eb9e","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":27,"box":{"x":265,"y":171,"width":625,"height":12}},{"id":"3d3d3987-7893-4338-a8ac-f23523233c91","block_type":"box","text":"Independent Trustee.","page_number":27,"box":{"x":265,"y":187,"width":149,"height":10}},{"id":"f0c10576-78e2-4528-ac56-ce007363e6b4","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":27,"box":{"x":70,"y":209,"width":806,"height":11}},{"id":"f091868e-3ace-4046-b023-70970658df36","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":224,"width":584,"height":11}},{"id":"53bc8718-7af8-4354-90c6-9ee1cefb9c1b","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":240,"width":622,"height":11}},{"id":"3de002fc-b529-4a7f-888d-166aad6cbc8a","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":254,"width":638,"height":12}},{"id":"35606fc3-a942-4cfe-9ba7-da329e9a2aea","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":269,"width":570,"height":12}},{"id":"8e701fb2-db81-4dd7-9992-b44165019f7e","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":285,"width":642,"height":11}},{"id":"386c5c4f-0ad8-4cb1-8878-3db8fb6ecf06","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":300,"width":626,"height":11}},{"id":"0edd4fa6-3bdc-4880-b611-ebe7d70531e5","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":315,"width":630,"height":11}},{"id":"415678fb-cb81-40e1-94c0-15b23eb61436","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":330,"width":602,"height":11}},{"id":"a308bb72-a074-49fd-95c8-c32803b77b95","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":345,"width":643,"height":11}},{"id":"bd1e5358-57a6-49c7-b05e-1768af0f7802","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":360,"width":639,"height":11}},{"id":"ce6fa944-ff2f-47ff-86f6-04de860b798f","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":375,"width":641,"height":11}},{"id":"ad0b75b9-4f17-4d86-b7ec-6611cb251950","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":391,"width":208,"height":10}},{"id":"ad803005-d3ba-45cd-8ce2-c5e3b914ee8b","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":413,"width":769,"height":11}},{"id":"6eab77df-2bdd-4a0d-b218-fbbb2d68ac6e","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":428,"width":621,"height":11}},{"id":"1645dde2-d516-47d8-818f-a8d3bed452b1","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":443,"width":599,"height":12}},{"id":"a48bd151-3dae-4221-ad27-5921c40a92f6","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":458,"width":641,"height":12}},{"id":"0af79706-f16c-4013-961e-ab3b82e504c7","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":474,"width":602,"height":11}},{"id":"3be2a7ab-3c88-42d0-b527-492c6dc40997","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":489,"width":617,"height":11}},{"id":"865a2f69-4ea0-49ae-b54d-05bf034ed127","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":504,"width":629,"height":11}},{"id":"81ef8b64-5b2e-4907-bf7e-773fa29da776","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":519,"width":628,"height":11}},{"id":"d4eb2951-f13d-4309-8afd-46e41fc53fb0","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":534,"width":251,"height":11}},{"id":"47e937b0-9715-41f4-bef1-4291dd2175d3","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":27,"box":{"x":70,"y":557,"width":764,"height":11}},{"id":"d9d7fb8d-885d-41c9-8c3a-6171c3732594","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":572,"width":642,"height":11}},{"id":"b58aaf3a-166a-40f5-8d4c-5f797decc2bc","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":27,"box":{"x":264,"y":587,"width":593,"height":11}},{"id":"6c0b5e6f-ac5b-4c7c-826a-f6ee56eff78b","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":27,"box":{"x":265,"y":602,"width":603,"height":11}},{"id":"20e64a9d-cc7a-4421-acd1-d096bea444fb","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":617,"width":629,"height":12}},{"id":"4c30838f-56d6-4c2e-87c9-0a25fcef67db","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"36c8cf07-4835-4233-bc58-b23c52e33c46","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88ae2270-46cc-4560-af9e-eceec344f527","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"061e24dc-9323-470b-ac5b-e8613569fd4e","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":"cb6e52d5-d526-4141-adc2-1cfe7d692793","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":"58a87b54-ffaa-4e3a-b419-52bc7badc195","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":"26c5a15c-ef75-4124-b3b7-d12567d2f933","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":"a3fdc4a5-89cc-4d2d-ae12-e79c4573d371","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":"36e5ecac-48fb-462e-a220-72c201240867","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":"9e7f58dd-9bc7-463c-aba3-89278a4e07f5","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":"5a9b82ae-9000-456d-a367-15a80ddbab02","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":"c803ae83-01fe-42fa-b6b1-9ab2f3e897ca","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":"36ec1ea6-bc9d-43b0-9e1b-21e438bba2fa","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":"f7c6314c-5a5b-4c3c-8e33-654107d326c3","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":"95e0313f-bf0a-4b79-82b6-66cad6b02507","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":"8596e861-6ea5-43bb-a241-4126a5aa3e87","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":"d7c0dfd4-a2ca-4260-b04a-8a4c781b321b","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":"5b59b426-0003-4635-bb6f-454a6e41d5d5","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":"2de1b68e-dccb-4c74-80cc-22f410cb82c3","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":"29dff890-d4f6-46cf-865d-998c5db59108","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":"4ad54a83-0a97-4a7f-b581-eb389a65bbbf","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":"60921084-aed2-474c-80eb-eb234abf3cab","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":"7fd5acb0-cc6f-4ef0-908a-dd21e57faf4a","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":"bea5a9b2-b5a2-497d-aa30-687d8d759ab3","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":"d53c2d52-6320-416e-a072-43615c2be05b","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":"b500d3cd-a387-4384-a26d-d101f9eb4b71","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":"a7aea987-3f5f-4e64-b9f7-f400040580c4","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":"3c58b066-d332-4c6e-bc42-43aec373c917","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":"beb2c673-5d24-4a56-bba2-1ef6c99f52ea","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":"33d52c77-7a6f-4f4d-8416-a68914a42564","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":"032350fc-e666-4e27-9dd8-ab1739d81c54","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":"edb9c518-ed96-4930-b1fa-1e4124eaa10d","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"e5c3c35b-5407-43c8-9fba-393667c0e4cd","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":28,"box":{"x":70,"y":519,"width":833,"height":11}},{"id":"2c2d876a-9f37-4117-9a46-0ab3af4970e5","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":28,"box":{"x":265,"y":534,"width":638,"height":11}},{"id":"ddfb3e42-d9eb-4081-b1d7-c32f14d6c0f6","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":28,"box":{"x":265,"y":549,"width":608,"height":11}},{"id":"a7a29eb9-dd98-4cb7-a0b2-d2370cb90d8e","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":28,"box":{"x":264,"y":564,"width":645,"height":11}},{"id":"980ce5f6-f554-4ccf-8dbc-b4e2610164af","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":28,"box":{"x":264,"y":579,"width":639,"height":9}},{"id":"9f01b26a-298f-4133-8542-a1b6a263cafb","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":28,"box":{"x":264,"y":595,"width":573,"height":11}},{"id":"030642de-a7ad-4035-a279-d6c68ef39eff","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":28,"box":{"x":265,"y":610,"width":625,"height":11}},{"id":"728d7747-ce0f-4997-bce3-f1d5c3de0276","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. These positions","page_number":28,"box":{"x":265,"y":625,"width":610,"height":11}},{"id":"84d0eff6-7851-4acd-9582-5e458eb390c4","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":28,"box":{"x":265,"y":640,"width":642,"height":11}},{"id":"e7fe4375-92da-48ab-b0f8-dc0f5da4743a","block_type":"box","text":"and fiduciary governance. Mr. Stern also served as consultant to the Independent","page_number":28,"box":{"x":265,"y":655,"width":583,"height":11}},{"id":"22ced81c-5da3-4a2e-949d-c545b5462f42","block_type":"box","text":"Trustees prior to becoming an Independent Trustee.","page_number":28,"box":{"x":264,"y":670,"width":369,"height":11}},{"id":"f4909fd6-af2d-411a-80fe-1f8ce76ddc07","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":693,"width":807,"height":11}},{"id":"8f840a88-a4ea-4cb4-9306-a41eacdffbb6","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":708,"width":641,"height":11}},{"id":"551e9208-89e6-48a4-9948-bca5a96dcda3","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":723,"width":618,"height":11}},{"id":"ccb30a6a-1dd0-40e9-b746-7017dcbdfcc1","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":738,"width":594,"height":11}},{"id":"a61f3294-621a-4a8a-a37d-d55a6e8851c3","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":753,"width":639,"height":12}},{"id":"6441d48d-35a9-42d7-a15e-d45cdcb573ab","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":768,"width":575,"height":11}},{"id":"b050a05c-4f09-4da8-a2c9-b47ef8afaba5","block_type":"box","text":"Commission rules.","page_number":28,"box":{"x":265,"y":784,"width":131,"height":9}},{"id":"7cfcca01-5ae5-42d5-9594-1b0e89089762","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5a98e554-b5b6-4aa9-a069-c1f8578507df","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04b6cdb2-d65d-4fd4-81b5-14f8ebe017f4","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"7913716f-9f2a-4605-84bf-e000fbc74d4f","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":29,"box":{"x":69,"y":65,"width":808,"height":12}},{"id":"34d23a77-ecea-483b-8e7b-ce1fda0eb36a","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":29,"box":{"x":265,"y":81,"width":630,"height":11}},{"id":"e0aeb3d0-225f-4e45-9b42-b3a3f57e1536","block_type":"box","text":"Management, LP / Steel Par tners Japan Asset Management, LP from 1998 to 2015, an","page_number":29,"box":{"x":265,"y":96,"width":627,"height":11}},{"id":"9b21a596-0dab-47fc-ba25-8faf75f86334","block_type":"box","text":"investment manager that specialized in long/shor t non-U.S. equity investments, and was","page_number":29,"box":{"x":265,"y":111,"width":632,"height":11}},{"id":"c68f24c4-c1e4-4498-87e3-6ef3bf011f2f","block_type":"box","text":"an owner and General Par tner of Neon Liber ty Capital Management, LLC from 2003 to","page_number":29,"box":{"x":265,"y":126,"width":615,"height":11}},{"id":"cd0732e3-b60a-4f4c-8926-b5467342e1ec","block_type":"box","text":"2023, a firm focusing on long/shor t equities in global emerging and frontier markets.","page_number":29,"box":{"x":265,"y":141,"width":608,"height":11}},{"id":"83e4c9c0-6432-40d0-80a3-753856ab0288","block_type":"box","text":"These positions have provided her with insight and perspective on the markets and the","page_number":29,"box":{"x":264,"y":156,"width":620,"height":11}},{"id":"9a271591-4f14-486f-ac7e-eafdec27d967","block_type":"box","text":"economy. Ms. Walton has been determined by the Audit Committee to be an audit","page_number":29,"box":{"x":265,"y":171,"width":584,"height":11}},{"id":"4393bd40-199d-4519-89c4-a675defd9f21","block_type":"box","text":"committee financial exper t, as such term is defined in the applicable Commission rules.","page_number":29,"box":{"x":264,"y":186,"width":629,"height":11}},{"id":"acfc75e0-d9a6-4178-9abe-041c9e390753","block_type":"box","text":"Interested Trustees","page_number":29,"box":{"x":70,"y":209,"width":138,"height":9}},{"id":"121dd382-cd9e-4e35-93b5-675a27db6ae9","block_type":"box","text":"Rober t Fairbairn Rober t Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":29,"box":{"x":70,"y":224,"width":823,"height":11}},{"id":"691fbd23-4286-4a26-90be-e376e774d609","block_type":"box","text":"years of experience in finance and asset management. In par ticular, Mr. Fairbairn’s","page_number":29,"box":{"x":264,"y":239,"width":593,"height":12}},{"id":"cd190929-3005-4863-bf1b-19b36f714e35","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":29,"box":{"x":265,"y":254,"width":629,"height":12}},{"id":"0516bddf-4387-4018-9b1a-e8b00045f447","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":29,"box":{"x":265,"y":269,"width":639,"height":11}},{"id":"034b7e8f-0a12-4f88-a997-f8e6f9548f3c","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":29,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"2ecbf54b-a1cc-483a-af30-788f18d7a952","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":29,"box":{"x":264,"y":300,"width":634,"height":11}},{"id":"87f9c81b-d1ba-4b94-9941-3ba9a3d814cb","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":29,"box":{"x":265,"y":315,"width":624,"height":10}},{"id":"b6566739-1a06-4c7c-b767-6ed5cde563ac","block_type":"box","text":"and iShares","page_number":29,"box":{"x":265,"y":330,"width":84,"height":9}},{"id":"94f9de37-0727-403a-8e6e-0d0fe97d2a4f","block_type":"box","text":"®","page_number":29,"box":{"x":350,"y":330,"width":6,"height":5}},{"id":"ac45c3c7-a749-4570-83a1-8951d47f272e","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":29,"box":{"x":362,"y":330,"width":478,"height":11}},{"id":"c701d784-475b-44f7-8fe7-150571f0c5a0","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":29,"box":{"x":265,"y":345,"width":585,"height":11}},{"id":"8a160a06-63ea-4bfd-a0e5-cabf2bde797f","block_type":"box","text":"Strategic Par tner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":29,"box":{"x":265,"y":360,"width":620,"height":12}},{"id":"8bf2cad0-06b2-4b69-b1a2-fbe6d3c29ebf","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":29,"box":{"x":265,"y":375,"width":578,"height":11}},{"id":"abfb3892-6874-4179-9c18-c2443f67a989","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Senior Managing Director of BlackRock, Inc. since","page_number":29,"box":{"x":69,"y":398,"width":800,"height":11}},{"id":"3f950fa2-d3d6-48be-ad3d-28cc3d5e1bbd","block_type":"box","text":"2026, as Managing Director of BlackRock, Inc. from 2009 to 2025, as the Head of","page_number":29,"box":{"x":265,"y":413,"width":593,"height":11}},{"id":"9d5683bc-334e-4f50-ba3d-0a2a02c9b7f7","block_type":"box","text":"BlackRock Global Business Operations Services since 2009, and as President and Chief","page_number":29,"box":{"x":265,"y":428,"width":633,"height":11}},{"id":"f429143e-5f37-4ebf-83fe-e011284889fc","block_type":"box","text":"Executive Officer of the BlackRock-advised Funds provides him with a strong","page_number":29,"box":{"x":265,"y":443,"width":542,"height":12}},{"id":"ed4cfeee-184d-47c7-ae1b-fc47db0f7898","block_type":"box","text":"understanding of the BlackRock-advised Funds, their operations, and the business and","page_number":29,"box":{"x":265,"y":458,"width":617,"height":12}},{"id":"67486096-a824-423b-ba7a-36777d48cbf1","block_type":"box","text":"regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position as","page_number":29,"box":{"x":265,"y":474,"width":620,"height":11}},{"id":"2df0dfd4-e445-4397-a576-fa0fe6404885","block_type":"box","text":"Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":29,"box":{"x":265,"y":489,"width":616,"height":11}},{"id":"928a686f-ed41-4c85-a0ed-65873554477e","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":29,"box":{"x":265,"y":504,"width":639,"height":11}},{"id":"31893ef3-4f40-48be-8fc2-f07cea28dade","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":29,"box":{"x":265,"y":519,"width":603,"height":9}},{"id":"90e6fe2d-417f-4855-9eae-8a450340df44","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":29,"box":{"x":265,"y":534,"width":582,"height":11}},{"id":"5a430482-52c0-490b-b74a-5ff4a807cc5c","block_type":"box","text":"practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":29,"box":{"x":265,"y":549,"width":632,"height":11}},{"id":"64320708-22fc-4994-8df8-add6a3a7ada4","block_type":"box","text":"the funds in the BlackRock Fixed-Income Complex. Mr. Perlowski is a member of","page_number":29,"box":{"x":264,"y":564,"width":572,"height":11}},{"id":"c57f935c-c92f-4371-9344-787473154cd1","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":29,"box":{"x":265,"y":580,"width":294,"height":8}},{"id":"bef6602e-b946-4b15-b994-1532ec610961","block_type":"box","text":"Biographical Information","page_number":29,"box":{"x":69,"y":611,"width":178,"height":11}},{"id":"38c22b40-1b8d-448c-a3fd-4a29813d808a","block_type":"box","text":"Cer tain biographical and other information relating to the Trustees of the Trust is set for th below, including their","page_number":29,"box":{"x":102,"y":634,"width":798,"height":11}},{"id":"43fa129e-2358-4b27-acd1-4bfdc4145b4f","block_type":"box","text":"address and year of bir th, principal occupations for at least the last five years, length of time served, total number of","page_number":29,"box":{"x":69,"y":649,"width":836,"height":11}},{"id":"92c630f2-ad91-4dac-b0f7-ea78d016ac0c","block_type":"box","text":"registered investment companies and investment por tfolios overseen in the BlackRock-advised Funds and any","page_number":29,"box":{"x":69,"y":664,"width":785,"height":11}},{"id":"914a8218-7f82-44d6-a89e-30e0ecc46738","block_type":"box","text":"currently held public company and other investment company directorships.","page_number":29,"box":{"x":69,"y":679,"width":536,"height":11}},{"id":"c334c79a-a948-4645-b09f-61821032a1af","block_type":"box","text":"I-13","page_number":29,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"c96c733f-e534-49f3-a28c-947632ccd68a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f1f69ed-0cb3-4846-b54d-bea5ed585812","block_type":"box","text":"Name","page_number":30,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"3ce7af5c-221c-4762-848e-44d032c282f5","block_type":"box","text":"and Year of Birth","page_number":30,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"624332a2-23d4-4e19-887a-8ba1b01bb25b","block_type":"box","text":"1,2","page_number":30,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"b7a01bbb-20fa-417c-940e-710c097012fb","block_type":"box","text":"Position(s)","page_number":30,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"e5e5d4ff-a53b-4eb6-9ff9-b8cba1fa6a17","block_type":"box","text":"Held","page_number":30,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"0ff798d7-c602-4958-8d67-7639e2fb61fe","block_type":"box","text":"(Length of","page_number":30,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"f7a97f1f-cf7c-4247-9346-38ef603995c4","block_type":"box","text":"Service)","page_number":30,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"73ff3e2f-c5db-47fd-b8d0-a272f32a932b","block_type":"box","text":"3","page_number":30,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"4e4b322b-1251-4300-9f32-a3d6d5a0e7fd","block_type":"box","text":"Principal Occupation(s)","page_number":30,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"cfce50c4-2922-46a9-b60e-8c47011e2f4c","block_type":"box","text":"During Past Five Years","page_number":30,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"351cab17-3a81-4271-9b4a-69e58d090828","block_type":"box","text":"Number of","page_number":30,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"926085d0-177d-41a7-a74a-7f1635ec96fe","block_type":"box","text":"BlackRock","page_number":30,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"9bb0213e-0302-429f-99d8-143107d3e3bf","block_type":"box","text":"Advised","page_number":30,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"f6821088-4ed7-4177-9e75-eda6609bc3c3","block_type":"box","text":"Registered","page_number":30,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"c6263099-bf92-40ae-ad40-3e4bac4a4f67","block_type":"box","text":"Investment","page_number":30,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"cbf17b27-4041-4459-9958-11c7ae141c2f","block_type":"box","text":"Companies","page_number":30,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"57353994-d1a4-45c1-bb62-51d001c37ca8","block_type":"box","text":"(“RICs”)","page_number":30,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"7453b537-eddb-4070-82e7-0ed3e875190c","block_type":"box","text":"Consisting of","page_number":30,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"c226410a-362e-40cb-b9b5-652b3bead598","block_type":"box","text":"Investment","page_number":30,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"1b66caae-6a46-4c54-9e74-95e357cdbef0","block_type":"box","text":"Portfolios","page_number":30,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"45357d60-d522-4ea4-adc3-b3496923e826","block_type":"box","text":"(“Portfolios”)","page_number":30,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"6a038e62-6201-437d-97cb-9ffa6b87a042","block_type":"box","text":"Overseen","page_number":30,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"fa65bed3-4856-47e6-9094-22108fbfd3e4","block_type":"box","text":"Public","page_number":30,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"d270eb5e-8070-42a8-8f8f-42e76b586ebc","block_type":"box","text":"Company","page_number":30,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"b5e12dfa-7c85-44ff-a50b-8a8814c584af","block_type":"box","text":"and Other","page_number":30,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"6d92977d-9e23-4c4d-8f2f-3d0b25e34bbe","block_type":"box","text":"Investment","page_number":30,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"58822631-8f4e-43c7-9766-b40e490a37d2","block_type":"box","text":"Company","page_number":30,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"c5e91e35-a0e9-4862-bc0d-b06f3ec9e778","block_type":"box","text":"Directorships","page_number":30,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"4512526a-b97b-4db6-933d-813405a01cd7","block_type":"box","text":"Held During","page_number":30,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"9a346ba2-170d-4f2a-be70-f3c685877f1d","block_type":"box","text":"Past Five Years","page_number":30,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"7e6aa947-6d97-4d4e-ac8b-f78fca960936","block_type":"box","text":"Independent Trustees","page_number":30,"box":{"x":70,"y":174,"width":138,"height":10}},{"id":"ecae3da7-3609-4eb0-808b-c09155310299","block_type":"box","text":"Mark Stalnecker","page_number":30,"box":{"x":69,"y":192,"width":98,"height":8}},{"id":"7103bc9c-5099-476a-851b-f46200a6a7b7","block_type":"box","text":"1951","page_number":30,"box":{"x":69,"y":208,"width":33,"height":8}},{"id":"8ea34db1-5123-421c-a90d-542e39a5d621","block_type":"box","text":"Chair of the","page_number":30,"box":{"x":235,"y":192,"width":69,"height":8}},{"id":"04194d3b-02e4-41ef-abea-34d216b42dd6","block_type":"box","text":"Board","page_number":30,"box":{"x":236,"y":204,"width":34,"height":8}},{"id":"e306d6b3-32b1-4b9c-af49-e5de74f339ed","block_type":"box","text":"(Since 2019)","page_number":30,"box":{"x":235,"y":216,"width":78,"height":10}},{"id":"6d50ddc8-7bb6-42fc-bff8-25564c64c968","block_type":"box","text":"and Trustee","page_number":30,"box":{"x":235,"y":228,"width":71,"height":8}},{"id":"472bd14b-152a-4509-ade3-13f7683e1d07","block_type":"box","text":"(Since 2015)","page_number":30,"box":{"x":235,"y":240,"width":78,"height":9}},{"id":"0685ad43-d688-43f6-a522-c2da7e8aa9f5","block_type":"box","text":"Chief Investment Officer, University of","page_number":30,"box":{"x":343,"y":192,"width":226,"height":10}},{"id":"042103b7-4f35-496b-b114-e189b5a405cd","block_type":"box","text":"Delaware from 1999 to 2013; Trustee and","page_number":30,"box":{"x":343,"y":204,"width":257,"height":9}},{"id":"b80bc5d0-6829-4c7d-9f9c-04b21f83e067","block_type":"box","text":"Chair of the Finance and Investment","page_number":30,"box":{"x":343,"y":216,"width":217,"height":8}},{"id":"ff317164-85df-4b0e-bd44-1fd95ab57864","block_type":"box","text":"Committees, Winterthur Museum and","page_number":30,"box":{"x":343,"y":228,"width":227,"height":9}},{"id":"b237ea4c-7b7f-4728-ba5c-c4cf42e39229","block_type":"box","text":"Country Estate from 2005 to 2016; Member","page_number":30,"box":{"x":343,"y":240,"width":270,"height":10}},{"id":"8a2e3e58-9a1a-489d-bfb3-12d271ff6b4b","block_type":"box","text":"of the Investment Committee, Delaware","page_number":30,"box":{"x":343,"y":251,"width":239,"height":10}},{"id":"4f4681d8-4ed5-465d-8f34-7ebf0c9b8ef7","block_type":"box","text":"Public Employees’ Retirement System from","page_number":30,"box":{"x":343,"y":263,"width":259,"height":11}},{"id":"37996177-a430-460f-b855-debd0810bbc7","block_type":"box","text":"2002 to 2024; Member of the Investment","page_number":30,"box":{"x":343,"y":275,"width":254,"height":10}},{"id":"dd488c3a-d18e-4dc2-95ce-4b06cdc30f8e","block_type":"box","text":"Committee, Christiana Care Health System","page_number":30,"box":{"x":343,"y":288,"width":258,"height":9}},{"id":"6f33240b-55eb-4423-be8d-c6dae8fb75a3","block_type":"box","text":"from 2009 to 2017; Member of the","page_number":30,"box":{"x":342,"y":299,"width":215,"height":10}},{"id":"a599ccbf-e07a-406a-99ca-791baa9c394f","block_type":"box","text":"Investment Committee, Delaware Community","page_number":30,"box":{"x":343,"y":311,"width":273,"height":10}},{"id":"f19915f8-8efb-4965-bc0d-02b89dd291f3","block_type":"box","text":"Foundation from 2013 to 2014; Director and","page_number":30,"box":{"x":343,"y":323,"width":269,"height":10}},{"id":"03801c28-756e-4302-9f3a-71bf90541f59","block_type":"box","text":"Chair of the Audit Committee, SEI Private","page_number":30,"box":{"x":343,"y":335,"width":246,"height":10}},{"id":"1c6f8130-4ab4-41ed-9290-4abbf0682c66","block_type":"box","text":"Trust Co. from 2001 to 2014.","page_number":30,"box":{"x":342,"y":347,"width":180,"height":8}},{"id":"750d11fe-7e5b-495a-80a2-526ad1fe8807","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":192,"width":129,"height":10}},{"id":"284a6c85-3b73-43cf-a44a-1d30143389b0","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":204,"width":85,"height":8}},{"id":"1328a214-ae4c-4166-a4ac-227318f68839","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":192,"width":30,"height":8}},{"id":"13e46a6b-f903-4ead-838c-c195b7ee920c","block_type":"box","text":"Christopher J. Ailman","page_number":30,"box":{"x":69,"y":365,"width":126,"height":10}},{"id":"908127c0-cd02-45b7-b942-0876828b288c","block_type":"box","text":"1958","page_number":30,"box":{"x":69,"y":381,"width":33,"height":8}},{"id":"88d973f9-11dd-4aa9-af89-d5c8c605e737","block_type":"box","text":"Trustee (Since","page_number":30,"box":{"x":235,"y":365,"width":86,"height":10}},{"id":"abfe5727-a0cd-4522-9ad9-f651d7c82003","block_type":"box","text":"2024)","page_number":30,"box":{"x":235,"y":377,"width":37,"height":10}},{"id":"735aeb77-a9bc-4584-9e99-1e371bcb3fbe","block_type":"box","text":"Principal, Ailman Advisers, since 2024; Chief","page_number":30,"box":{"x":343,"y":365,"width":270,"height":10}},{"id":"f544a609-88d6-4edf-8560-6722672a3484","block_type":"box","text":"Investment Officer, California State Teachers","page_number":30,"box":{"x":343,"y":377,"width":268,"height":9}},{"id":"7916a0e5-b18f-4b88-897e-bc6faf902177","block_type":"box","text":"Retirement System (CalSTRS) from 2000 to","page_number":30,"box":{"x":343,"y":389,"width":264,"height":10}},{"id":"f25ad484-4b0b-48bf-88cc-f63eb74707e0","block_type":"box","text":"2024.","page_number":30,"box":{"x":343,"y":401,"width":36,"height":8}},{"id":"e1214066-9ca4-4710-a26e-757444bd0b0f","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":365,"width":129,"height":10}},{"id":"c64200a1-f3d1-491e-97a7-57f830592322","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":377,"width":85,"height":8}},{"id":"a95c1e37-f588-4104-9fa7-d8b06d3e8025","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":365,"width":30,"height":8}},{"id":"26cb7bed-58cb-46b0-9bd2-39d2bbf6956b","block_type":"box","text":"Susan J. Carter","page_number":30,"box":{"x":69,"y":419,"width":93,"height":8}},{"id":"b25659d3-6cfd-470f-ac82-6072d9063987","block_type":"box","text":"1956","page_number":30,"box":{"x":69,"y":434,"width":33,"height":8}},{"id":"c9f47d06-90c3-4535-951d-f676efa1c53f","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":419,"width":45,"height":8}},{"id":"1321ae56-9dcc-43fb-849e-b9f8b98d9dc2","block_type":"box","text":"(Since 2016)","page_number":30,"box":{"x":235,"y":431,"width":78,"height":9}},{"id":"fbbac74e-0e8f-48e8-94d8-c1082b6e3419","block_type":"box","text":"Trustee, Financial Accounting Foundation","page_number":30,"box":{"x":342,"y":419,"width":246,"height":10}},{"id":"38a2197d-c8e5-47bd-8dfe-c7c63f2957fa","block_type":"box","text":"from 2017 to 2021; Advisory Board","page_number":30,"box":{"x":342,"y":430,"width":217,"height":10}},{"id":"9b16413d-b512-4214-8584-fdd8559e61d9","block_type":"box","text":"Member, Center for Private Equity and","page_number":30,"box":{"x":343,"y":442,"width":227,"height":10}},{"id":"f96008e1-c928-45b8-9123-be586197cf32","block_type":"box","text":"Entrepreneurship at Tuck School of Business","page_number":30,"box":{"x":343,"y":454,"width":270,"height":10}},{"id":"81e18636-9920-492f-b19a-787f4f16dd45","block_type":"box","text":"from 1997 to 2021; Director, Pacific Pension","page_number":30,"box":{"x":342,"y":466,"width":272,"height":10}},{"id":"679939a8-ef8a-4d9e-9ee6-399b1fe69d75","block_type":"box","text":"Institute from 2014 to 2018; Senior Advisor,","page_number":30,"box":{"x":343,"y":478,"width":267,"height":10}},{"id":"db3d4d52-921a-477a-8969-53f4b14601f7","block_type":"box","text":"CCI (investment adviser) in 2015; Chief","page_number":30,"box":{"x":343,"y":490,"width":238,"height":10}},{"id":"c90d6d09-86f2-481c-8d6f-8d87f94d30c3","block_type":"box","text":"Executive Officer, CCI from 2013 to 2014;","page_number":30,"box":{"x":343,"y":502,"width":253,"height":10}},{"id":"b923ea41-cffa-4166-a6c3-48578e4eaaf5","block_type":"box","text":"President & Chief Executive Officer, CCI from","page_number":30,"box":{"x":343,"y":514,"width":268,"height":10}},{"id":"a7d046ef-bc6a-4227-96ad-4c3a9a352b01","block_type":"box","text":"1997 to 2013; Advisory Board Member,","page_number":30,"box":{"x":343,"y":526,"width":241,"height":10}},{"id":"b5e3e05d-8e23-4e62-837b-d3810f30bb05","block_type":"box","text":"Girls Who Invest from 2015 to 2018 and","page_number":30,"box":{"x":343,"y":538,"width":245,"height":8}},{"id":"88e85b9a-f3d4-4a73-a55a-1d20b8a1487b","block_type":"box","text":"Board Member thereof from 2018 to 2022;","page_number":30,"box":{"x":343,"y":550,"width":262,"height":10}},{"id":"e434afb1-4ad1-47cb-bb2a-0525f22f3bd2","block_type":"box","text":"Advisory Board Member, Bridges Fund","page_number":30,"box":{"x":342,"y":562,"width":230,"height":10}},{"id":"f9fb9071-5768-438c-ba1a-ccf69f93506c","block_type":"box","text":"Management from 2016 to 2018;","page_number":30,"box":{"x":343,"y":574,"width":204,"height":10}},{"id":"ae63b16e-96aa-4aaf-88f6-252d9ccbfb58","block_type":"box","text":"Practitioner Advisory Board Member, PCRI","page_number":30,"box":{"x":343,"y":586,"width":251,"height":10}},{"id":"44b11882-658c-4082-81ac-f462a15b8d93","block_type":"box","text":"from 2017 to 2024; Lecturer in the Practice","page_number":30,"box":{"x":342,"y":598,"width":265,"height":9}},{"id":"2ad5f0d3-eaf2-42bb-8472-a1f31e54e0c8","block_type":"box","text":"of Management, Yale School of Management","page_number":30,"box":{"x":343,"y":610,"width":271,"height":10}},{"id":"36923ed6-2780-4fb0-85f9-048f57db3d80","block_type":"box","text":"from 2019 to 2025; Advisor to Finance","page_number":30,"box":{"x":342,"y":622,"width":236,"height":9}},{"id":"f234a829-615d-45da-abc1-a1767c43ab0f","block_type":"box","text":"Committee, Altman Foundation from 2020 to","page_number":30,"box":{"x":343,"y":634,"width":271,"height":9}},{"id":"7f7d6b54-0195-4758-9afb-f51547a5cf49","block_type":"box","text":"2024; Investment Committee Member,","page_number":30,"box":{"x":343,"y":646,"width":234,"height":9}},{"id":"7cbb80f9-23c5-41b5-909e-15ceb2e09a17","block_type":"box","text":"Tostan since 2021; Member of the","page_number":30,"box":{"x":342,"y":658,"width":210,"height":9}},{"id":"2dd53464-15cb-4282-b2b1-c574248c17ff","block_type":"box","text":"President’s Counsel, Commonfund since","page_number":30,"box":{"x":343,"y":670,"width":245,"height":9}},{"id":"21327da4-c6b6-4724-98c0-9f50f32aaca3","block_type":"box","text":"2023.","page_number":30,"box":{"x":343,"y":682,"width":36,"height":8}},{"id":"738de002-8eb9-4e15-bfd5-8fe3dd6f37b4","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":418,"width":129,"height":11}},{"id":"02c27901-da49-4dd3-9029-9eb1282289e4","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":430,"width":85,"height":9}},{"id":"2fe448ea-88fb-4915-8eae-e6308136e89a","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":419,"width":30,"height":8}},{"id":"05a53f14-0de1-4522-969f-4d62e2d1be01","block_type":"box","text":"Collette Chilton","page_number":30,"box":{"x":69,"y":700,"width":90,"height":8}},{"id":"88eeae1f-7178-48f0-ae4f-cca4efb820a2","block_type":"box","text":"1958","page_number":30,"box":{"x":69,"y":715,"width":33,"height":8}},{"id":"bf48bc91-2bec-4b52-8a1b-430874912695","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":700,"width":45,"height":8}},{"id":"7b1146ab-9c73-4cb5-b103-f6d1998f6983","block_type":"box","text":"(Since 2015)","page_number":30,"box":{"x":235,"y":711,"width":78,"height":10}},{"id":"f368cbd2-8580-4a57-a6c6-0d4619d93bf5","block_type":"box","text":"Trustee, UC Berkeley Foundation Board since","page_number":30,"box":{"x":342,"y":700,"width":273,"height":9}},{"id":"cac31052-9106-4491-a30d-10945561469c","block_type":"box","text":"2024; Committee member, Oxford University","page_number":30,"box":{"x":343,"y":711,"width":269,"height":10}},{"id":"c9e5e90f-3f82-4c45-94c6-4e72bf15ac98","block_type":"box","text":"Endowment Management since 2024;","page_number":30,"box":{"x":343,"y":723,"width":230,"height":11}},{"id":"b66abfec-36e4-4019-869e-801ed8840d5b","block_type":"box","text":"Senior advisor, Insignia since 2024; Chief","page_number":30,"box":{"x":343,"y":735,"width":252,"height":10}},{"id":"a01512e2-2696-43d3-84dc-738b056f12a3","block_type":"box","text":"Investment Officer, Williams College from","page_number":30,"box":{"x":343,"y":747,"width":247,"height":10}},{"id":"62fd774a-17eb-47e0-84a3-65826aba99d0","block_type":"box","text":"2006 to 2023; Chief Investment Officer,","page_number":30,"box":{"x":343,"y":759,"width":242,"height":10}},{"id":"9919c99b-e067-4a36-ba43-59f579ae8c14","block_type":"box","text":"Lucent Asset Management Corporation from","page_number":30,"box":{"x":343,"y":771,"width":266,"height":10}},{"id":"f945e8da-0058-4630-ac4b-f20e9020ba91","block_type":"box","text":"1998 to 2006; Director, Boys and Girls Club","page_number":30,"box":{"x":343,"y":783,"width":266,"height":10}},{"id":"a1780451-ae58-4b36-aab7-db78ab6150c9","block_type":"box","text":"of Boston since 2017; Director, B1 Capital","page_number":30,"box":{"x":343,"y":795,"width":255,"height":10}},{"id":"513fa525-74db-4137-a594-1d403f051486","block_type":"box","text":"since 2018.","page_number":30,"box":{"x":343,"y":807,"width":72,"height":8}},{"id":"f3bc666b-3381-4cf2-9ce1-53b6060abc70","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":699,"width":129,"height":11}},{"id":"6445ec9a-17b3-41b1-9591-32a91b457bec","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":711,"width":85,"height":8}},{"id":"7b5d1218-d90d-475f-ad1a-efd537d1899d","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":700,"width":30,"height":8}},{"id":"2ab4b8ab-fe28-4325-982d-1dc7947d1f32","block_type":"box","text":"I-14","page_number":30,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"45f560d8-5d0e-44d4-b473-2fcb846574bf","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3cd89b87-3332-472c-92d3-6adfe72d2db8","block_type":"box","text":"Name","page_number":31,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"50eb91a2-e1b1-4c70-93ce-6ac964c1ec49","block_type":"box","text":"and Year of Birth","page_number":31,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"990ac14f-38a1-4c35-8c0c-b90d69b5327b","block_type":"box","text":"1,2","page_number":31,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"9e059cf0-c000-4dac-981d-9f3974fc91b6","block_type":"box","text":"Position(s)","page_number":31,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"bc66f905-667f-483b-bc27-b91ab7ce9591","block_type":"box","text":"Held","page_number":31,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"8661fd62-8b91-42ca-a30b-96994bf25a39","block_type":"box","text":"(Length of","page_number":31,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"9086dd76-551b-4f46-a8f5-c2d66e360c29","block_type":"box","text":"Service)","page_number":31,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"5524ca0b-0f1f-4e4f-be45-14142a9acfb2","block_type":"box","text":"3","page_number":31,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"1c552b94-c023-4203-994a-663a973e54a6","block_type":"box","text":"Principal Occupation(s)","page_number":31,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"cdc8822f-f5cf-4091-b943-8d878acb1ec3","block_type":"box","text":"During Past Five Years","page_number":31,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"df543888-689f-4c91-babb-d79a077a771f","block_type":"box","text":"Number of","page_number":31,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"6bafd822-9bea-4fc4-bcec-201b32ba47d1","block_type":"box","text":"BlackRock","page_number":31,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"fc6037ee-fdde-479c-ad4d-3ba6fcd05641","block_type":"box","text":"Advised","page_number":31,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"c23839ac-4752-49be-93b8-cfed6e90f4c4","block_type":"box","text":"Registered","page_number":31,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"6e5640b8-07c8-4519-80b8-1a9fde7a1b3c","block_type":"box","text":"Investment","page_number":31,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"cf21678f-3436-414b-bd77-87e5bf2badcc","block_type":"box","text":"Companies","page_number":31,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"6ccd7027-a704-4b66-833b-7df17d81a9cb","block_type":"box","text":"(“RICs”)","page_number":31,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"ffb5d003-bbf0-42f5-94c9-6262dc41fc2d","block_type":"box","text":"Consisting of","page_number":31,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"e954ba8c-d854-44a8-88c9-ca246e6336ba","block_type":"box","text":"Investment","page_number":31,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"b7e440fd-3f57-4e8b-b87d-50980de7217d","block_type":"box","text":"Portfolios","page_number":31,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"2c900058-d58e-4a42-8532-9834f6381766","block_type":"box","text":"(“Portfolios”)","page_number":31,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"231ce0e1-0f4f-40a0-8ffe-ebd11a428107","block_type":"box","text":"Overseen","page_number":31,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"d083d2dd-790d-47b9-a934-7f1517293f61","block_type":"box","text":"Public","page_number":31,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"4428f938-42dd-41b9-8217-0d3a516a65ab","block_type":"box","text":"Company","page_number":31,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"d9ab4919-1ffa-4081-9096-a69b1e3903ba","block_type":"box","text":"and Other","page_number":31,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"e71b7a98-0c67-4b72-9e5c-a38aecd02cab","block_type":"box","text":"Investment","page_number":31,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"590963cf-8936-4a4c-87ff-0f67664a9cbd","block_type":"box","text":"Company","page_number":31,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"d735d18c-1564-417d-905d-b321e062b2d5","block_type":"box","text":"Directorships","page_number":31,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"0da795c2-c974-4c75-88f1-3f21e8e1df4d","block_type":"box","text":"Held During","page_number":31,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"6e27fa95-4324-4820-93a3-264a4abc42c0","block_type":"box","text":"Past Five Years","page_number":31,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"f4db88c5-7878-4a0b-9910-a817f57552d3","block_type":"box","text":"Neil A. Cotty","page_number":31,"box":{"x":69,"y":174,"width":73,"height":10}},{"id":"76af68f7-19a3-410e-bc19-bcd344523965","block_type":"box","text":"1954","page_number":31,"box":{"x":69,"y":190,"width":33,"height":8}},{"id":"7fab4a7a-afc7-4727-bad7-0073e9ffb427","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":174,"width":45,"height":8}},{"id":"18e9fe3f-f804-4dba-b0e5-2e328e6dec78","block_type":"box","text":"(Since 2016)","page_number":31,"box":{"x":235,"y":186,"width":78,"height":10}},{"id":"66e36cc9-44ae-4e1c-85e1-5b5d9c75b8e9","block_type":"box","text":"Bank of America Corporation from 1996 to","page_number":31,"box":{"x":343,"y":174,"width":256,"height":10}},{"id":"819ec12a-b63a-4e07-b220-3d4e19f73dff","block_type":"box","text":"2015, serving in various senior finance","page_number":31,"box":{"x":343,"y":186,"width":235,"height":10}},{"id":"cb98371a-8fc0-41e8-b162-537bd413ef1e","block_type":"box","text":"leadership roles, including Chief Accounting","page_number":31,"box":{"x":343,"y":198,"width":261,"height":10}},{"id":"068c5160-edfb-432a-a69e-32c2fc47eeb9","block_type":"box","text":"Officer from 2009 to 2015, Chief Financial","page_number":31,"box":{"x":343,"y":210,"width":256,"height":9}},{"id":"f1d89d3c-6240-4421-8544-44c13b433a7d","block_type":"box","text":"Officer of Global Banking, Markets and","page_number":31,"box":{"x":343,"y":222,"width":232,"height":10}},{"id":"2ab4c2d0-e1f8-46a2-a1b4-3025245b8f00","block_type":"box","text":"Wealth Management from 2008 to 2009,","page_number":31,"box":{"x":342,"y":234,"width":251,"height":10}},{"id":"b92a6e94-dbb0-4afd-b377-eff0d193c7aa","block_type":"box","text":"Chief Accounting Officer from 2004 to 2008,","page_number":31,"box":{"x":343,"y":246,"width":269,"height":10}},{"id":"27b2019e-edde-4d10-9a46-832799da71ee","block_type":"box","text":"Chief Financial Officer of Consumer Bank","page_number":31,"box":{"x":343,"y":258,"width":247,"height":8}},{"id":"a0f5e2b8-c911-4dbf-8438-b6bae1bb240e","block_type":"box","text":"from 2003 to 2004, Chief Financial Officer of","page_number":31,"box":{"x":342,"y":270,"width":274,"height":9}},{"id":"c0cb849e-21db-4d58-94fb-01c82a6da6de","block_type":"box","text":"Global Corporate Investment Bank from","page_number":31,"box":{"x":343,"y":282,"width":237,"height":10}},{"id":"0d201bb9-ad59-43fd-8dbc-b715ec983d38","block_type":"box","text":"1999 to 2002.","page_number":31,"box":{"x":343,"y":294,"width":89,"height":8}},{"id":"09c85c14-78e1-4bcc-9995-6dbf0d437ee2","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"8cc84e6b-a488-4dbb-a71e-f9585ad040bf","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"efe77449-99a4-4ad0-9757-32e3a68a4d4e","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"09d28c28-3909-42e7-bf26-2c4d6b9aa1a0","block_type":"box","text":"Jeffrey Jarczyk4","page_number":31,"box":{"x":69,"y":311,"width":86,"height":10}},{"id":"5fca611d-4009-4b18-b229-dd11e1e4d087","block_type":"box","text":"k4","page_number":31,"box":{"x":155,"y":311,"width":4,"height":4}},{"id":"f6f389dd-f483-47ba-82f0-5d45168a9173","block_type":"box","text":"1964","page_number":31,"box":{"x":69,"y":327,"width":33,"height":8}},{"id":"20c986ce-2c00-4fc3-a1cc-133446932f19","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":312,"width":45,"height":7}},{"id":"b723762c-dfc0-4296-aca0-604df32d193e","block_type":"box","text":"(Since 2026)","page_number":31,"box":{"x":235,"y":323,"width":78,"height":10}},{"id":"9814ec06-d9d7-49fd-b94f-6a2f7e6eeb25","block_type":"box","text":"Director, The Friends of the Public Garden","page_number":31,"box":{"x":343,"y":311,"width":249,"height":10}},{"id":"21e2c5fb-c265-4950-9281-f867bc9b9385","block_type":"box","text":"since 2021; Executive Vice President, Chief","page_number":31,"box":{"x":343,"y":323,"width":263,"height":10}},{"id":"5d9f667a-16da-4d15-b383-20f4fc18b390","block_type":"box","text":"Auditor, Fidelity Investments from 2016 to","page_number":31,"box":{"x":342,"y":335,"width":253,"height":10}},{"id":"a5fe793b-f40e-4bef-b508-f4efa232282b","block_type":"box","text":"2021; Executive Vice President, Chief","page_number":31,"box":{"x":343,"y":347,"width":227,"height":10}},{"id":"2b6dec77-50d5-4f80-aa9c-7cbfb8be10a3","block_type":"box","text":"Accounting Officer, Fidelity Investments from","page_number":31,"box":{"x":342,"y":359,"width":267,"height":10}},{"id":"39e446f9-c2b5-4d24-a349-4a5d1a03d6f0","block_type":"box","text":"2007 to 2016.","page_number":31,"box":{"x":343,"y":371,"width":89,"height":8}},{"id":"57865e17-acda-46e3-9295-dca77e87c5ed","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":311,"width":129,"height":11}},{"id":"544e4cb8-4d0a-4a0a-8ddd-3ef9e2830894","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":323,"width":85,"height":8}},{"id":"b6e6d9a0-3f69-438b-ae55-539a3bb54d6a","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":312,"width":30,"height":7}},{"id":"5564ddad-3f94-4ed0-8226-e3e232d00469","block_type":"box","text":"Henry R. Keizer","page_number":31,"box":{"x":69,"y":389,"width":93,"height":10}},{"id":"e46b99e1-d062-4f53-991e-a72481ceac12","block_type":"box","text":"1956","page_number":31,"box":{"x":69,"y":405,"width":33,"height":8}},{"id":"bbad2cfe-4a0b-406f-9db7-be588338a752","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":389,"width":45,"height":8}},{"id":"088a0ffc-ed56-414c-8c12-43fa682220b9","block_type":"box","text":"(Since 2019)","page_number":31,"box":{"x":235,"y":401,"width":78,"height":10}},{"id":"f2c6b5bc-c0e4-47f4-9782-2904966dec65","block_type":"box","text":"Director, Park Indemnity Ltd. (captive insurer)","page_number":31,"box":{"x":343,"y":389,"width":269,"height":10}},{"id":"7685ef1a-392f-4e2f-b763-25836fbf1da3","block_type":"box","text":"from 2010 to 2022.","page_number":31,"box":{"x":342,"y":401,"width":122,"height":8}},{"id":"5791988f-2b60-4627-b548-4c34b0a30f86","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":389,"width":129,"height":10}},{"id":"3d39d012-873c-4da2-81a1-8b37d494bbae","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":401,"width":85,"height":8}},{"id":"24f7c5d9-b1ff-4ffd-92d3-f8fdd03d7bb4","block_type":"box","text":"GrafTech International","page_number":31,"box":{"x":773,"y":389,"width":131,"height":8}},{"id":"7626aa43-0b24-4967-8f99-5065f79a787d","block_type":"box","text":"Ltd. (materials","page_number":31,"box":{"x":774,"y":401,"width":85,"height":10}},{"id":"e13fc85a-de6f-4b41-997e-88d45850928e","block_type":"box","text":"manufacturing);","page_number":31,"box":{"x":774,"y":413,"width":92,"height":10}},{"id":"a2837b30-5281-4f2b-a41e-2ea4da92adb8","block_type":"box","text":"Sealed Air Corp.","page_number":31,"box":{"x":773,"y":425,"width":96,"height":10}},{"id":"1f5d8a53-1589-4170-8ba3-2b2ef0a5d955","block_type":"box","text":"(packaging); Hertz","page_number":31,"box":{"x":773,"y":437,"width":109,"height":10}},{"id":"d2289409-b2ef-4913-98b8-a9e08e1f4658","block_type":"box","text":"Global Holdings (car","page_number":31,"box":{"x":773,"y":449,"width":121,"height":10}},{"id":"2fac4af9-2acd-4054-9eab-fd7cdcafb2b9","block_type":"box","text":"rental) from 2015 to","page_number":31,"box":{"x":774,"y":461,"width":122,"height":10}},{"id":"14dd01dd-d3fa-469b-bf04-2ddae80b89d0","block_type":"box","text":"2021.","page_number":31,"box":{"x":773,"y":473,"width":36,"height":8}},{"id":"80b4d4c3-82a2-41ee-80d0-15a8c1e002c1","block_type":"box","text":"Cynthia A. Montgomery","page_number":31,"box":{"x":69,"y":490,"width":140,"height":10}},{"id":"5e18b205-84be-4919-adcf-47ad556f487d","block_type":"box","text":"1952","page_number":31,"box":{"x":69,"y":506,"width":32,"height":8}},{"id":"3d243d66-fa7d-4936-919c-79dde2dbfceb","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":490,"width":45,"height":8}},{"id":"7cdf8a02-6750-468d-93ba-c1ee0f8eea22","block_type":"box","text":"(Since 2007)","page_number":31,"box":{"x":235,"y":502,"width":78,"height":10}},{"id":"a5d6b029-abca-4c00-b502-848ce72e4709","block_type":"box","text":"Professor, Harvard Business School since","page_number":31,"box":{"x":343,"y":490,"width":253,"height":10}},{"id":"bb1201b6-01a5-4918-9790-92ce06ff83e6","block_type":"box","text":"1989.","page_number":31,"box":{"x":343,"y":502,"width":36,"height":8}},{"id":"4c614216-e537-483c-ad26-8228744f9255","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":490,"width":129,"height":10}},{"id":"b7fe0ce1-92f7-4f9c-b94d-7beff336d0e9","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":502,"width":85,"height":8}},{"id":"7a45563f-f6a6-41fe-849e-f78819625c58","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":490,"width":30,"height":8}},{"id":"47de9ba0-4068-4b0b-ba25-1136b40dd1ed","block_type":"box","text":"Donald C. Opatrny","page_number":31,"box":{"x":70,"y":524,"width":108,"height":10}},{"id":"97243e5d-bb4e-43c5-9fe8-958f98d5d0d1","block_type":"box","text":"1952","page_number":31,"box":{"x":69,"y":539,"width":32,"height":8}},{"id":"52a7358e-0dbd-4612-9e0c-f8d99dca3059","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":524,"width":45,"height":8}},{"id":"27f66f11-1446-4403-9cc9-79b0d7f5adcf","block_type":"box","text":"(Since 2019)","page_number":31,"box":{"x":235,"y":536,"width":78,"height":10}},{"id":"0c9c9643-3833-4c72-ba76-bda0063cf758","block_type":"box","text":"Chair of the Board of Phoenix Art Museum","page_number":31,"box":{"x":343,"y":524,"width":253,"height":8}},{"id":"732603a2-eeb6-485a-bb99-2ba322cbc383","block_type":"box","text":"since 2022 and Trustee thereof since 2018;","page_number":31,"box":{"x":343,"y":536,"width":268,"height":9}},{"id":"c1322fd3-f84f-467b-a54e-53a4943e66fb","block_type":"box","text":"Chair of the Investment Committee of The","page_number":31,"box":{"x":343,"y":548,"width":251,"height":8}},{"id":"61e29b08-f520-4004-b43e-cc591edaea49","block_type":"box","text":"Arizona Community Foundation since 2022","page_number":31,"box":{"x":342,"y":560,"width":259,"height":10}},{"id":"44d72b49-cbfe-4d45-887e-46be5a6e160e","block_type":"box","text":"and Trustee thereof since 2020; Director,","page_number":31,"box":{"x":343,"y":571,"width":249,"height":10}},{"id":"e8956265-fcf0-465e-a400-ed2feb3c16b2","block_type":"box","text":"Athena Capital Advisors LLC (investment","page_number":31,"box":{"x":342,"y":584,"width":244,"height":9}},{"id":"006f27b4-6b70-453c-b4a3-11f270bfe950","block_type":"box","text":"management firm) from 2013 to 2020;","page_number":31,"box":{"x":343,"y":595,"width":236,"height":11}},{"id":"57465753-59a6-4009-9284-bf585a1f069d","block_type":"box","text":"Trustee, Vice Chair, Member of the Executive","page_number":31,"box":{"x":342,"y":607,"width":270,"height":10}},{"id":"60aa1146-d5b4-4324-b1b8-b1aa4caf7970","block_type":"box","text":"Committee and Chair of the Investment","page_number":31,"box":{"x":343,"y":619,"width":237,"height":8}},{"id":"11aed5b8-7951-4794-8a9d-73d2d5c4bdb3","block_type":"box","text":"Committee, Cornell University from 2004 to","page_number":31,"box":{"x":343,"y":631,"width":262,"height":10}},{"id":"ef2a6f7f-bdd3-410e-a6c0-ad0a89c5d846","block_type":"box","text":"2019; Member of Affordable Housing Supply","page_number":31,"box":{"x":343,"y":643,"width":270,"height":10}},{"id":"8097cc90-cb3b-4e7d-bc73-1b01d64987a9","block_type":"box","text":"Board of Jackson, Wyoming from 2017 to","page_number":31,"box":{"x":343,"y":655,"width":251,"height":10}},{"id":"f219e739-515a-4650-9473-84bdd1ef3c23","block_type":"box","text":"2022; Member, Investment Funds","page_number":31,"box":{"x":343,"y":667,"width":205,"height":10}},{"id":"9e062df2-66e7-4479-953e-1546ee2536a3","block_type":"box","text":"Committee, State of Wyoming from 2017 to","page_number":31,"box":{"x":343,"y":679,"width":264,"height":10}},{"id":"ebb6fac6-847f-4812-938b-fbdd2a7745c4","block_type":"box","text":"2023; Member of the Investment","page_number":31,"box":{"x":343,"y":691,"width":201,"height":10}},{"id":"babb37af-8e95-4fd6-95ca-15909ffac69d","block_type":"box","text":"Committee, Mellon Foundation from 2009 to","page_number":31,"box":{"x":343,"y":703,"width":269,"height":10}},{"id":"9ba843c5-a802-460e-b09e-576e9e50e422","block_type":"box","text":"2015; President, Trustee and Member of the","page_number":31,"box":{"x":343,"y":715,"width":270,"height":10}},{"id":"7df18636-9b65-4447-952b-ccbbc669dc6c","block_type":"box","text":"Investment Committee, The Aldrich","page_number":31,"box":{"x":343,"y":727,"width":210,"height":10}},{"id":"f586a92c-55c4-44bf-b2e9-e860dd10cf10","block_type":"box","text":"Contemporary Art Museum from 2007 to","page_number":31,"box":{"x":343,"y":739,"width":248,"height":10}},{"id":"a6e2a34b-3d94-401c-ae75-917e9b852436","block_type":"box","text":"2014; Trustee and Chair of the Investment","page_number":31,"box":{"x":343,"y":751,"width":258,"height":9}},{"id":"2b683f2e-7f0e-40ad-aec5-4f710caef8c7","block_type":"box","text":"Committee, Community Foundation of","page_number":31,"box":{"x":343,"y":763,"width":228,"height":10}},{"id":"2b439aa1-d2d4-47df-9d01-a05d4265940c","block_type":"box","text":"Jackson Hole since 2014.","page_number":31,"box":{"x":342,"y":775,"width":157,"height":8}},{"id":"0af0c243-54cb-4bcb-b834-fc01177b91b0","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":524,"width":129,"height":10}},{"id":"9cf89fd3-0578-4acd-89ee-3fa65d8823f3","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":536,"width":85,"height":8}},{"id":"907d7df9-fee1-4a6a-87b2-b43dc0ee2d13","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":524,"width":30,"height":8}},{"id":"a7a4b733-9832-42fb-942c-c780ecc68a09","block_type":"box","text":"Lori Richards","page_number":31,"box":{"x":69,"y":793,"width":78,"height":8}},{"id":"e62f4901-7189-491e-aa73-e84ffd8db9fd","block_type":"box","text":"1960","page_number":31,"box":{"x":69,"y":808,"width":33,"height":8}},{"id":"1786cfd4-fcd5-40bd-99a8-2ffebf122bba","block_type":"box","text":"Trustee (Since","page_number":31,"box":{"x":235,"y":793,"width":86,"height":10}},{"id":"ae6131c2-d7b4-4a6a-b038-3d383cf489ad","block_type":"box","text":"2024)","page_number":31,"box":{"x":235,"y":805,"width":37,"height":10}},{"id":"b74b0f89-a1b6-445c-9c7e-c13d8aa6cc9c","block_type":"box","text":"President and Trustee, SEC Historical Society","page_number":31,"box":{"x":343,"y":793,"width":273,"height":10}},{"id":"d367fec8-eed6-4194-a725-4abf63be96d9","block_type":"box","text":"since 2018; Trustee, Garrett College","page_number":31,"box":{"x":343,"y":805,"width":220,"height":10}},{"id":"8331bb48-8a01-4288-9756-de5dc3174f12","block_type":"box","text":"Foundation since 2019; Member, Vice-Chair","page_number":31,"box":{"x":343,"y":817,"width":264,"height":9}},{"id":"ec5f46a1-5d27-4705-bceb-7d1570208800","block_type":"box","text":"or Chair of FINRA National Adjudicatory","page_number":31,"box":{"x":343,"y":828,"width":233,"height":11}},{"id":"ea4f5420-db72-4b04-978d-4ae9591545f1","block_type":"box","text":"Council from 2019 to 2022; Director,","page_number":31,"box":{"x":343,"y":840,"width":223,"height":10}},{"id":"5e8f2635-af48-4d5a-8daa-767fe505fab8","block_type":"box","text":"PharmaCann, Inc. from 2021 to 2024;","page_number":31,"box":{"x":343,"y":852,"width":232,"height":10}},{"id":"30694229-f538-498f-b3ae-eebc3f65d036","block_type":"box","text":"Director, Wahed Invest from 2022 to 2024.","page_number":31,"box":{"x":343,"y":864,"width":260,"height":10}},{"id":"51853ebb-656b-447c-8d8f-97d9a1340637","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":793,"width":129,"height":10}},{"id":"e728368e-940f-4cb9-ab06-949fb9475b91","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":805,"width":85,"height":8}},{"id":"46535cd4-b504-4d53-90e3-d677e553014d","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":793,"width":30,"height":8}},{"id":"7099f1f7-adfd-4d32-91e8-0b3ab0e1d9c7","block_type":"box","text":"Marc D. Stern","page_number":31,"box":{"x":69,"y":882,"width":83,"height":8}},{"id":"daf2345a-e259-4e2e-8859-66e4ec70c706","block_type":"box","text":"4","page_number":31,"box":{"x":153,"y":882,"width":4,"height":4}},{"id":"53381521-ec88-426d-95fd-34ef203f3bc6","block_type":"box","text":"1962","page_number":31,"box":{"x":69,"y":898,"width":32,"height":8}},{"id":"c83a5367-361a-45b7-b3b9-4359245cc430","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":882,"width":45,"height":8}},{"id":"57475045-d6d4-4da2-9f44-0a213316a0e9","block_type":"box","text":"(Since 2026)","page_number":31,"box":{"x":235,"y":894,"width":78,"height":10}},{"id":"f95bd5de-ac89-4105-b152-68463de502fe","block_type":"box","text":"Chief Executive Officer and Director,","page_number":31,"box":{"x":343,"y":882,"width":214,"height":10}},{"id":"966bfa9c-4d46-453f-9545-12f92f215a45","block_type":"box","text":"Bessemer Trust from 2013 to 2026.","page_number":31,"box":{"x":343,"y":894,"width":221,"height":8}},{"id":"ca71d248-4b77-4a4f-85d8-070a0009b173","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":882,"width":129,"height":10}},{"id":"80da9ca7-238c-48e1-bebf-49fc83fd4f71","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":894,"width":85,"height":8}},{"id":"05d7d8dc-0a49-47e7-8a73-7c024bc1c0a6","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":882,"width":30,"height":8}},{"id":"4fb02a5a-87fc-4dd0-b1fa-e5c3a1f0baf4","block_type":"box","text":"I-15","page_number":31,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"77ceadab-5bef-4c4a-babe-6a73162c8d7a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"401ca1fa-3bb3-4096-ba82-1a0f645aee53","block_type":"box","text":"Name","page_number":32,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"9ecceaf8-0b20-45ee-8723-d3d7f6fde96e","block_type":"box","text":"and Year of Birth","page_number":32,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"328be070-e20c-4e31-a4ba-51f94e9dff3f","block_type":"box","text":"1,2","page_number":32,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"87c45059-b704-4231-8bea-b3cd89302cd7","block_type":"box","text":"Position(s)","page_number":32,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"043345ad-80a0-47ec-8a8f-5b1f6c3ed933","block_type":"box","text":"Held","page_number":32,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"5ffeda67-631f-48d5-b8be-bc17ab22196a","block_type":"box","text":"(Length of","page_number":32,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"ba630a13-f4aa-41f2-9de8-b8ecacc68a9f","block_type":"box","text":"Service)","page_number":32,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"91bbf909-f2f1-4144-b451-6e49377ae8f4","block_type":"box","text":"3","page_number":32,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"2afd7791-5e44-4e8c-aa57-485917776bbb","block_type":"box","text":"Principal Occupation(s)","page_number":32,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"78043c8d-7531-4964-b62b-71070a0855a0","block_type":"box","text":"During Past Five Years","page_number":32,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"00ef44e7-3b2f-406c-9938-a2d18b77f4bd","block_type":"box","text":"Number of","page_number":32,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"e775aa43-0167-4a4e-ab1c-822bd32c9e3a","block_type":"box","text":"BlackRock","page_number":32,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"48160f27-4066-4af9-a094-56b4139455ff","block_type":"box","text":"Advised","page_number":32,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"3eb7d33d-3e64-467b-84ac-94fe74c8a027","block_type":"box","text":"Registered","page_number":32,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"488a24ea-2deb-482d-bf37-03fa606b5a6f","block_type":"box","text":"Investment","page_number":32,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"d847a39e-a015-42e6-bdd0-3878e1209159","block_type":"box","text":"Companies","page_number":32,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"8e70d328-33db-4d3a-ac9c-14a5aafc73ab","block_type":"box","text":"(“RICs”)","page_number":32,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"a9753874-52bc-427c-bf71-e28c643b89fe","block_type":"box","text":"Consisting of","page_number":32,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"44528a50-00c7-482c-9025-6ea952774f3d","block_type":"box","text":"Investment","page_number":32,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"dd125bd3-1b03-4049-a7d8-2677280b3a0b","block_type":"box","text":"Portfolios","page_number":32,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"1982a493-e085-4c55-b1e3-b770c28df999","block_type":"box","text":"(“Portfolios”)","page_number":32,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"388a3c9e-14a4-44c0-8584-240035e157b8","block_type":"box","text":"Overseen","page_number":32,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"63db5a53-164f-4ea2-9894-b0fbfa1f5c67","block_type":"box","text":"Public","page_number":32,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"4870ccf1-5844-478f-a3af-adac35d67560","block_type":"box","text":"Company","page_number":32,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"d7711029-8630-400e-a62c-d25ed91a73a6","block_type":"box","text":"and Other","page_number":32,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"503ff340-bdd9-411f-8da3-93b8dac26425","block_type":"box","text":"Investment","page_number":32,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"af9e9579-fdab-4d10-9631-2d49d20175ac","block_type":"box","text":"Company","page_number":32,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"218c61f9-5367-44e9-b4e4-8008eb2fb107","block_type":"box","text":"Directorships","page_number":32,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"fbd80b8c-4ad6-43e5-a066-95feb4858f42","block_type":"box","text":"Held During","page_number":32,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"ac4bb698-cfbf-4852-91f2-bb962b866057","block_type":"box","text":"Past Five Years","page_number":32,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"e3862d10-fa4b-4df0-9b1a-9cfde0becc5b","block_type":"box","text":"Kenneth L. Urish","page_number":32,"box":{"x":70,"y":174,"width":98,"height":8}},{"id":"3bc0354c-0aee-40bb-9434-a2fa0729c0eb","block_type":"box","text":"1951","page_number":32,"box":{"x":69,"y":190,"width":33,"height":8}},{"id":"8318814a-cbc4-4b9b-b6c7-3796aefa2f51","block_type":"box","text":"Trustee","page_number":32,"box":{"x":235,"y":174,"width":45,"height":8}},{"id":"d66b3c99-fe45-4d35-964f-84fc7a0e8c87","block_type":"box","text":"(Since 2007)","page_number":32,"box":{"x":235,"y":186,"width":78,"height":10}},{"id":"bd4b9589-d552-445d-b5d3-c6d70c26729f","block_type":"box","text":"Managing Partner, Urish Popeck & Co., LLC","page_number":32,"box":{"x":343,"y":174,"width":261,"height":10}},{"id":"644b76ee-01eb-46e4-bc5b-b2b1e665bd33","block_type":"box","text":"(certified public accountants and","page_number":32,"box":{"x":343,"y":186,"width":196,"height":10}},{"id":"d9a3c2b8-d822-421a-8eca-7c96fc017f90","block_type":"box","text":"consultants) since 1976; Past-Chairman of","page_number":32,"box":{"x":343,"y":198,"width":259,"height":10}},{"id":"1f232b51-e80c-4373-8e92-2d56bdcc977a","block_type":"box","text":"the Professional Ethics Committee of the","page_number":32,"box":{"x":342,"y":210,"width":247,"height":8}},{"id":"5ab518bb-953c-4104-97fc-86adde108c10","block_type":"box","text":"Pennsylvania Institute of Certified Public","page_number":32,"box":{"x":343,"y":222,"width":241,"height":10}},{"id":"26dcd90d-534c-43b7-8aa4-61ea6b2ea164","block_type":"box","text":"Accountants and Committee Member thereof","page_number":32,"box":{"x":342,"y":234,"width":273,"height":8}},{"id":"6265a410-f480-4909-bfb9-c9accc6b6911","block_type":"box","text":"since 2007; Member of External Advisory","page_number":32,"box":{"x":343,"y":246,"width":250,"height":10}},{"id":"4da61654-6ffc-4d1f-b30b-cf7d944c0505","block_type":"box","text":"Board, The Pennsylvania State University","page_number":32,"box":{"x":343,"y":258,"width":246,"height":10}},{"id":"a05e6af6-7eef-4133-ac70-aa5928b2890d","block_type":"box","text":"Accounting Department since 2001,","page_number":32,"box":{"x":342,"y":270,"width":219,"height":10}},{"id":"0f2547f0-b047-4ea5-8f64-9bd80bd14edf","block_type":"box","text":"Emeritus since 2022; Principal, UP Strategic","page_number":32,"box":{"x":343,"y":282,"width":267,"height":10}},{"id":"e314f3dc-f6d8-4640-9a75-4145ac4f58bb","block_type":"box","text":"Wealth Investment Advisors, LLC since","page_number":32,"box":{"x":342,"y":294,"width":233,"height":9}},{"id":"a7421188-3b26-44df-bfb8-e35d7b7710fc","block_type":"box","text":"2013; Trustee, The Holy Family Institute from","page_number":32,"box":{"x":343,"y":306,"width":272,"height":10}},{"id":"3be80ec2-6df9-4999-be97-5576c81de0ac","block_type":"box","text":"2001 to 2010; President and Trustee,","page_number":32,"box":{"x":343,"y":318,"width":230,"height":9}},{"id":"a4f6092a-b7c6-4e86-b48a-d4215bd01902","block_type":"box","text":"Pittsburgh Catholic Publishing Associates","page_number":32,"box":{"x":343,"y":330,"width":248,"height":10}},{"id":"fb282812-e759-4713-a2b8-48682b11825d","block_type":"box","text":"from 2003 to 2008; Director, Inter-Tel from","page_number":32,"box":{"x":342,"y":342,"width":259,"height":9}},{"id":"b1d7dd24-ef15-45f0-ae94-b8f2b7a3203c","block_type":"box","text":"2006 to 2007; Member, Advisory Board,","page_number":32,"box":{"x":343,"y":354,"width":245,"height":10}},{"id":"d4cfcb0c-d315-4252-81f7-553437ecb9e0","block_type":"box","text":"ESG Competent Boards since 2020.","page_number":32,"box":{"x":343,"y":366,"width":219,"height":9}},{"id":"5f85e35d-7c96-4092-a88c-5322b56e4b84","block_type":"box","text":"26 RICs consisting of","page_number":32,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"5e13149c-76a1-49fc-8d41-cb0fb2b296c9","block_type":"box","text":"171 Portfolios","page_number":32,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"130d43fd-0d84-4d51-b577-dd00ecda22c2","block_type":"box","text":"None","page_number":32,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"84d0c69e-7eff-4df5-b99e-3f9b8761e61b","block_type":"box","text":"Claire A. Walton","page_number":32,"box":{"x":69,"y":383,"width":94,"height":8}},{"id":"f4d49974-d2f6-4d38-9511-f4de4a06c8b2","block_type":"box","text":"1957","page_number":32,"box":{"x":69,"y":399,"width":32,"height":8}},{"id":"73246160-e8db-4752-92dc-be5434778f70","block_type":"box","text":"Trustee","page_number":32,"box":{"x":235,"y":383,"width":45,"height":8}},{"id":"8b137300-f970-445b-9810-32551eff27b9","block_type":"box","text":"(Since 2016)","page_number":32,"box":{"x":235,"y":395,"width":78,"height":10}},{"id":"8e129c06-c846-4052-8c30-444290fec9a7","block_type":"box","text":"Director/Treasurer, Reading Community Trust","page_number":32,"box":{"x":343,"y":383,"width":273,"height":10}},{"id":"65ee0e7a-b6cd-49c9-b5a8-64d73c83f45a","block_type":"box","text":"since 2024; Advisory Board Member,","page_number":32,"box":{"x":343,"y":395,"width":224,"height":10}},{"id":"918d7c0d-b3a4-4e80-80db-1621d07f580a","block_type":"box","text":"Grossman School of Business at the","page_number":32,"box":{"x":343,"y":407,"width":221,"height":8}},{"id":"ed22abcb-e2cb-494b-85ad-80734a371ae1","block_type":"box","text":"University of Vermont since 2023; Advisory","page_number":32,"box":{"x":343,"y":419,"width":259,"height":10}},{"id":"fefe6b98-66b4-4d98-be5d-bb5bd39bf4a3","block_type":"box","text":"Board Member, Scientific Financial Systems","page_number":32,"box":{"x":343,"y":431,"width":264,"height":10}},{"id":"a9deef47-b9c4-4885-9061-8c803555b762","block_type":"box","text":"from 2022 to 2025; General Partner of Neon","page_number":32,"box":{"x":342,"y":443,"width":273,"height":9}},{"id":"96632b62-ab3a-438b-8e78-304ee10151fc","block_type":"box","text":"Liberty Capital Management, LLC from 2003","page_number":32,"box":{"x":343,"y":455,"width":269,"height":10}},{"id":"79fd38bd-538f-4f57-ad04-6448e0e24e2e","block_type":"box","text":"to 2023; Chief Operating Officer and Chief","page_number":32,"box":{"x":342,"y":467,"width":256,"height":10}},{"id":"21814b20-7113-471b-a2c7-ff1d65cd53f6","block_type":"box","text":"Financial Officer of Liberty Square Asset","page_number":32,"box":{"x":343,"y":479,"width":241,"height":10}},{"id":"b7bea086-df8a-4fa5-bf22-4a22794b4fb5","block_type":"box","text":"Management, LP / Steel Partners Japan","page_number":32,"box":{"x":343,"y":491,"width":242,"height":10}},{"id":"ce785905-fa4d-4599-8716-4f0af1623b2a","block_type":"box","text":"Asset Management, LP from 1998 to 2015;","page_number":32,"box":{"x":342,"y":503,"width":266,"height":10}},{"id":"bd8ced24-8811-4144-aa8f-e7c6bd3560d7","block_type":"box","text":"Director, Boston Hedge Fund Group from","page_number":32,"box":{"x":343,"y":515,"width":244,"height":10}},{"id":"433a90c2-784f-4922-94f8-4c7741368e87","block_type":"box","text":"2009 to 2018; Director, Massachusetts","page_number":32,"box":{"x":343,"y":527,"width":242,"height":9}},{"id":"b50be883-9708-4a6c-b4fc-347003b89d5c","block_type":"box","text":"Council on Economic Education from 2013","page_number":32,"box":{"x":343,"y":539,"width":257,"height":8}},{"id":"f50c5c48-6d58-4ab5-933f-0907c6081d3c","block_type":"box","text":"to 2015.","page_number":32,"box":{"x":342,"y":551,"width":53,"height":8}},{"id":"f53613e1-e2b3-4799-9904-11273adef850","block_type":"box","text":"26 RICs consisting of","page_number":32,"box":{"x":627,"y":383,"width":129,"height":10}},{"id":"341ec8d1-072b-4a46-a457-629d80e20bb5","block_type":"box","text":"171 Portfolios","page_number":32,"box":{"x":627,"y":395,"width":85,"height":8}},{"id":"b9702b1f-0ef3-4ad2-a412-eb37dbcca21d","block_type":"box","text":"None","page_number":32,"box":{"x":774,"y":383,"width":30,"height":8}},{"id":"58e30f66-0843-45c3-8534-2c0c3ed02b41","block_type":"box","text":"Interested Trustees","page_number":32,"box":{"x":70,"y":569,"width":124,"height":7}},{"id":"052280dd-536b-4f78-9713-859483ddbe47","block_type":"box","text":"5","page_number":32,"box":{"x":194,"y":565,"width":4,"height":4}},{"id":"5f76d9c2-f314-4900-a47d-1e60aa5f0249","block_type":"box","text":"Robert Fairbairn","page_number":32,"box":{"x":69,"y":586,"width":96,"height":8}},{"id":"d3efe877-9e2c-4708-bfdc-92e4323c8237","block_type":"box","text":"1965","page_number":32,"box":{"x":69,"y":602,"width":33,"height":8}},{"id":"f52a79c2-de8c-4f92-b15f-ccf86ab654cd","block_type":"box","text":"Trustee","page_number":32,"box":{"x":235,"y":586,"width":45,"height":8}},{"id":"46af9da0-9e2c-4941-a723-ecb496701612","block_type":"box","text":"(Since 2018)","page_number":32,"box":{"x":235,"y":598,"width":78,"height":10}},{"id":"e7ae576a-6dc3-42c4-8c0f-92b36a844e59","block_type":"box","text":"Vice Chairman of BlackRock, Inc. since","page_number":32,"box":{"x":342,"y":586,"width":235,"height":9}},{"id":"e126a687-ba79-4079-8f1f-e3baab822dbf","block_type":"box","text":"2019; Member of BlackRock’s Global","page_number":32,"box":{"x":343,"y":598,"width":225,"height":9}},{"id":"583a8f8c-fbf7-4d5d-b711-f996a2e0441a","block_type":"box","text":"Operating Committee; Co-Chair of","page_number":32,"box":{"x":343,"y":610,"width":202,"height":10}},{"id":"20e5d4d0-06a0-4ad4-ba39-7352e728c1a7","block_type":"box","text":"BlackRock’s Human Capital Committee;","page_number":32,"box":{"x":343,"y":622,"width":240,"height":10}},{"id":"3acff8b0-de21-4947-b1d1-6063c6060057","block_type":"box","text":"Senior Managing Director of BlackRock, Inc.","page_number":32,"box":{"x":343,"y":634,"width":262,"height":10}},{"id":"ac078bc9-9d89-4789-aa7f-978491b2bd40","block_type":"box","text":"from 2010 to 2019; oversaw BlackRock’s","page_number":32,"box":{"x":342,"y":646,"width":254,"height":9}},{"id":"bfdcaf54-bc67-46ee-81d1-0190e7fe09b9","block_type":"box","text":"Strategic Partner Program and Strategic","page_number":32,"box":{"x":343,"y":658,"width":239,"height":10}},{"id":"83996cd0-e084-412d-92a6-c70e0778b1aa","block_type":"box","text":"Product Management Group from 2012 to","page_number":32,"box":{"x":343,"y":670,"width":254,"height":10}},{"id":"f414f71f-c6f4-4259-968b-8b6b39344dd1","block_type":"box","text":"2019; Member of the Board of Managers of","page_number":32,"box":{"x":343,"y":682,"width":265,"height":10}},{"id":"1e535dc5-3f13-4504-ab31-14f1267a0ec0","block_type":"box","text":"BlackRock Investments, LLC from 2011 to","page_number":32,"box":{"x":343,"y":694,"width":255,"height":9}},{"id":"185038ea-96da-48be-b33a-f30365010bf8","block_type":"box","text":"2018; Global Head of BlackRock’s Retail","page_number":32,"box":{"x":343,"y":706,"width":245,"height":9}},{"id":"a5a32689-707a-4364-8644-5ecaf4166a25","block_type":"box","text":"and iShares","page_number":32,"box":{"x":343,"y":718,"width":72,"height":8}},{"id":"ad9c1910-18ff-440b-9069-ea8b4b7da9e8","block_type":"box","text":"®","page_number":32,"box":{"x":415,"y":718,"width":5,"height":4}},{"id":"9ec913c5-835c-4ed6-899d-eaedb30b7b9a","block_type":"box","text":"businesses from 2012 to","page_number":32,"box":{"x":425,"y":718,"width":153,"height":8}},{"id":"679576aa-f0c0-41a3-be0a-baed16c81547","block_type":"box","text":"2016.","page_number":32,"box":{"x":343,"y":730,"width":36,"height":8}},{"id":"b1c925a5-c493-450c-afcd-ca2736f90333","block_type":"box","text":"76 RICs consisting of","page_number":32,"box":{"x":627,"y":586,"width":129,"height":10}},{"id":"1ce75c0b-bfa6-4c8b-9ef1-f1ac5b948864","block_type":"box","text":"254 Portfolios","page_number":32,"box":{"x":627,"y":598,"width":85,"height":8}},{"id":"c0419717-bf2f-4fad-824c-130185a62563","block_type":"box","text":"None","page_number":32,"box":{"x":774,"y":586,"width":30,"height":8}},{"id":"6ae08bdc-efa0-4166-9b99-b7bcd7c65749","block_type":"box","text":"John M. Perlowski","page_number":32,"box":{"x":69,"y":747,"width":107,"height":8}},{"id":"ed899ace-5be8-407d-88e8-7dfd7ba9ae3b","block_type":"box","text":"6","page_number":32,"box":{"x":177,"y":747,"width":4,"height":4}},{"id":"d840e1ef-21f3-4426-af48-8ee962a534bf","block_type":"box","text":"1964","page_number":32,"box":{"x":69,"y":763,"width":33,"height":8}},{"id":"56fda8ea-6638-4438-8e90-0df035557c51","block_type":"box","text":"Trustee","page_number":32,"box":{"x":235,"y":747,"width":45,"height":8}},{"id":"3a688645-3bfd-4abc-a99c-cdacfb974e8f","block_type":"box","text":"(Since 2015)","page_number":32,"box":{"x":235,"y":759,"width":78,"height":10}},{"id":"2e886a38-eba1-4c97-a901-74fd786a4121","block_type":"box","text":"President and","page_number":32,"box":{"x":236,"y":771,"width":82,"height":8}},{"id":"5091fd5c-83cb-44be-8f92-23c41f5d168f","block_type":"box","text":"Chief Executive","page_number":32,"box":{"x":235,"y":783,"width":91,"height":8}},{"id":"049a6ca1-57d2-444f-84e3-e75dd1025861","block_type":"box","text":"Officer","page_number":32,"box":{"x":235,"y":795,"width":40,"height":8}},{"id":"9c4ece1a-0afd-4d0a-8dff-a1d8f1856a26","block_type":"box","text":"(Since 2010)","page_number":32,"box":{"x":235,"y":807,"width":78,"height":10}},{"id":"9e798f47-5487-491f-ae96-ed74517c53f9","block_type":"box","text":"Senior Managing Director of BlackRock, Inc.","page_number":32,"box":{"x":343,"y":747,"width":262,"height":10}},{"id":"8a3846c9-a9e0-4f07-94f7-d6875369e6a1","block_type":"box","text":"since 2026; Managing Director of BlackRock,","page_number":32,"box":{"x":343,"y":759,"width":272,"height":10}},{"id":"2d2f5b36-5548-4cea-aeb7-532f1396e8f2","block_type":"box","text":"Inc. from 2009 to 2025; Member of","page_number":32,"box":{"x":343,"y":771,"width":218,"height":10}},{"id":"bae11e2e-107e-49ed-ba70-3aea805a95bf","block_type":"box","text":"BlackRock’s Global Executive Committee","page_number":32,"box":{"x":343,"y":783,"width":246,"height":8}},{"id":"1feac2da-0805-4458-8890-874070ee048e","block_type":"box","text":"since 2025; Head of BlackRock Global","page_number":32,"box":{"x":343,"y":795,"width":232,"height":10}},{"id":"68854a17-24a3-4835-a8a9-ebec5f3d45b7","block_type":"box","text":"Business Operations Services since 2009;","page_number":32,"box":{"x":343,"y":807,"width":258,"height":10}},{"id":"cf01e78e-b3f0-42c5-8bd3-168e4e7823cc","block_type":"box","text":"Advisory Director of Family Resource Network","page_number":32,"box":{"x":342,"y":819,"width":274,"height":10}},{"id":"b96e343d-6297-42db-8350-a9d53fc5a418","block_type":"box","text":"(charitable foundation) since 2009.","page_number":32,"box":{"x":343,"y":831,"width":211,"height":10}},{"id":"da62d6c9-560e-4cc5-9364-9bb5adf05739","block_type":"box","text":"78 RICs consisting of","page_number":32,"box":{"x":627,"y":747,"width":129,"height":10}},{"id":"8ba3886d-a1bd-409d-aa2b-05972d692a07","block_type":"box","text":"256 Portfolios","page_number":32,"box":{"x":627,"y":759,"width":85,"height":8}},{"id":"ac91ecc2-8b50-4a9e-a682-02d4fa34bac6","block_type":"box","text":"None","page_number":32,"box":{"x":774,"y":747,"width":30,"height":8}},{"id":"4cb51741-9379-47ed-af82-1de919899adc","block_type":"box","text":"1","page_number":32,"box":{"x":69,"y":855,"width":3,"height":3}},{"id":"162b2648-fb49-4ccc-ab8b-4dcf24baf037","block_type":"box","text":"The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":32,"box":{"x":93,"y":855,"width":563,"height":8}},{"id":"c6c81e06-1b85-4931-8780-6908b5dec46c","block_type":"box","text":"2","page_number":32,"box":{"x":69,"y":867,"width":3,"height":4}},{"id":"6ca3601d-af38-4da8-82e3-cd1f8518887c","block_type":"box","text":"Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The","page_number":32,"box":{"x":94,"y":867,"width":801,"height":9}},{"id":"bbee02e1-0982-4e4b-b3b1-4702b028cb82","block_type":"box","text":"Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.","page_number":32,"box":{"x":94,"y":877,"width":614,"height":9}},{"id":"958a4b52-2f31-4a3a-afa3-ea2d52776e2f","block_type":"box","text":"3","page_number":32,"box":{"x":69,"y":890,"width":3,"height":4}},{"id":"742f5322-e0bd-4ae3-b84f-8d22ea39356d","block_type":"box","text":"Following the combination of MLIM and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were","page_number":32,"box":{"x":94,"y":890,"width":804,"height":9}},{"id":"9f84af8e-1f29-41a8-ab16-55029888dbed","block_type":"box","text":"realigned and consolidated into three new fund boards in 2007. Fur thermore, effective January 1, 2019, three BlackRock Fund Complexes","page_number":32,"box":{"x":94,"y":900,"width":792,"height":9}},{"id":"6bcd605a-2993-4bff-ae79-d09ed8012075","block_type":"box","text":"were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the char t shows the year that each Independent","page_number":32,"box":{"x":93,"y":910,"width":799,"height":9}},{"id":"3fee2f02-98f7-4cd7-af8f-d8a233a7a13c","block_type":"box","text":"I-16","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"85ae0fd9-c30b-4025-8572-f4af1baae02b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a14917b-5661-4738-8f2a-3e15b52ca09b","block_type":"box","text":"Trustee joined the Board, cer tain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM","page_number":33,"box":{"x":93,"y":45,"width":802,"height":9}},{"id":"d036ac45-9b99-4082-869b-f69d254f1f72","block_type":"box","text":"funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Henry R. Keizer, 2016; Donald C. Opatrny,","page_number":33,"box":{"x":93,"y":55,"width":814,"height":9}},{"id":"1eac727f-5698-4e0d-aa77-651b20fab64e","block_type":"box","text":"2015.","page_number":33,"box":{"x":93,"y":65,"width":34,"height":8}},{"id":"c02105c0-2ca6-4e49-be04-af69c62fa771","block_type":"box","text":"4","page_number":33,"box":{"x":68,"y":78,"width":4,"height":4}},{"id":"9d9acaf1-5910-4bcb-9d10-183da6eda517","block_type":"box","text":"Mr. Jarczyk and Mr. Stern were each appointed as Trustees of the Trust effective July 1, 2026. Previously, each served as a consultant to the","page_number":33,"box":{"x":94,"y":78,"width":807,"height":9}},{"id":"06c60dbe-7ad0-414e-8078-484244571c9c","block_type":"box","text":"Independent Trustees from April 1, 2026 to July 1, 2026.","page_number":33,"box":{"x":94,"y":88,"width":326,"height":9}},{"id":"cd9a8d9f-4f76-4d2c-9961-7ce656017d3a","block_type":"box","text":"5","page_number":33,"box":{"x":69,"y":101,"width":3,"height":3}},{"id":"e562e2f5-b270-4788-a314-b8ad16b049bb","block_type":"box","text":"Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the Investment Company Act, of the Trust based on their positions","page_number":33,"box":{"x":94,"y":101,"width":814,"height":9}},{"id":"323c5ad5-e464-4aac-b82a-83bbfc05c95b","block_type":"box","text":"with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.","page_number":33,"box":{"x":93,"y":111,"width":772,"height":8}},{"id":"6d739d3d-4c89-4425-91f8-2379fc7db619","block_type":"box","text":"6","page_number":33,"box":{"x":69,"y":123,"width":3,"height":4}},{"id":"b577bcad-cadf-466c-991a-ca0d3191728b","block_type":"box","text":"Mr. Perlowski is also a trustee of the BlackRock HPS Credit Strategies Fund and BlackRock Private Investments Fund.","page_number":33,"box":{"x":94,"y":123,"width":669,"height":9}},{"id":"a5da1df0-b689-432e-817d-e420e6be91c5","block_type":"box","text":"Cer tain biographical and other information relating to the officers of the Trust who are not Trustees is set for th","page_number":33,"box":{"x":102,"y":144,"width":787,"height":11}},{"id":"d3355f42-b985-46f1-a2f9-f304b3da2d09","block_type":"box","text":"below, including their address and year of bir th, principal occupations for at least the last five years and length of","page_number":33,"box":{"x":69,"y":159,"width":808,"height":12}},{"id":"de8449fb-a572-4c86-9225-6d1e854b6659","block_type":"box","text":"time served.","page_number":33,"box":{"x":68,"y":175,"width":89,"height":8}},{"id":"a2819bcb-28ac-4f53-ac73-cf15af13e5f6","block_type":"box","text":"Name","page_number":33,"box":{"x":160,"y":203,"width":32,"height":7}},{"id":"be82003f-e89b-4779-8356-c69e21c8f21f","block_type":"box","text":"and Year of Birth","page_number":33,"box":{"x":122,"y":213,"width":97,"height":7}},{"id":"936592a4-78a7-4e68-8514-dff9c774a17b","block_type":"box","text":"1,2","page_number":33,"box":{"x":220,"y":213,"width":10,"height":4}},{"id":"95106b98-719d-4d7d-a83f-9b8c9cc259ea","block_type":"box","text":"Position(s) Held","page_number":33,"box":{"x":335,"y":203,"width":93,"height":8}},{"id":"f0e18c6d-8a68-4934-a6b9-d84d5661fbc6","block_type":"box","text":"(Length of Service)","page_number":33,"box":{"x":326,"y":213,"width":110,"height":9}},{"id":"3e7c445b-f692-4411-99fe-f14c9f7d87d6","block_type":"box","text":"Principal Occupation(s)","page_number":33,"box":{"x":626,"y":203,"width":136,"height":8}},{"id":"faef4fe7-44c8-4b85-a9f0-7b276fd6e142","block_type":"box","text":"During Past Five Years","page_number":33,"box":{"x":629,"y":213,"width":131,"height":9}},{"id":"91245612-c58d-4c6d-a6d8-8b0a1161b91d","block_type":"box","text":"Officers Who Are Not Trustees","page_number":33,"box":{"x":69,"y":227,"width":194,"height":8}},{"id":"8792ef7a-617d-483d-8963-66211aad9c93","block_type":"box","text":"Roland Villacorta","page_number":33,"box":{"x":69,"y":245,"width":101,"height":8}},{"id":"8e3ebd81-16c5-4b0e-9d51-39d0abf70927","block_type":"box","text":"1971","page_number":33,"box":{"x":69,"y":260,"width":33,"height":8}},{"id":"dd56283b-1d07-4412-8d11-69bbd429029c","block_type":"box","text":"Vice President","page_number":33,"box":{"x":293,"y":245,"width":87,"height":8}},{"id":"256c2a81-8ae3-4c78-acb7-d3f15477d2c6","block_type":"box","text":"(Since 2022)","page_number":33,"box":{"x":294,"y":257,"width":78,"height":9}},{"id":"94113a73-1fb1-41f7-8652-5f845b85afcf","block_type":"box","text":"Senior Managing Director of BlackRock, Inc. since 2026; Managing","page_number":33,"box":{"x":480,"y":245,"width":404,"height":10}},{"id":"6beb89b1-d8d7-4023-bb2a-3b1ef03a8cd6","block_type":"box","text":"Director of BlackRock, Inc. from 2002 to 2025; Head of Global Cash","page_number":33,"box":{"x":480,"y":257,"width":412,"height":9}},{"id":"715409d2-b5f8-4229-9c0e-880e96a753b6","block_type":"box","text":"Management and Head of Securities Lending within BlackRock’s","page_number":33,"box":{"x":480,"y":268,"width":388,"height":11}},{"id":"a10bbe34-33f8-40c5-8cf4-edf91330d463","block_type":"box","text":"Global Markets Group since 2022; Member of BlackRock’s Global","page_number":33,"box":{"x":480,"y":280,"width":397,"height":10}},{"id":"3ff082ef-d5dc-427f-9053-a6e881a18606","block_type":"box","text":"Operating Committee since 2016 and Human Capital Committee since","page_number":33,"box":{"x":480,"y":293,"width":426,"height":10}},{"id":"6a584815-56aa-47e0-b10a-330093b1746c","block_type":"box","text":"2023.","page_number":33,"box":{"x":480,"y":305,"width":36,"height":8}},{"id":"3ad6efdb-9bb1-4ef0-8b55-d4e3394cc1aa","block_type":"box","text":"Jennifer McGovern","page_number":33,"box":{"x":69,"y":322,"width":110,"height":8}},{"id":"e6c6e76b-272d-4ba1-a9a2-37382634a486","block_type":"box","text":"1977","page_number":33,"box":{"x":69,"y":338,"width":32,"height":8}},{"id":"9e47b868-f491-40f4-af2f-2dcafb8c210c","block_type":"box","text":"Vice President","page_number":33,"box":{"x":293,"y":322,"width":87,"height":8}},{"id":"411ed1ea-3254-4683-b7d5-ef5b79170d08","block_type":"box","text":"(Since 2014)","page_number":33,"box":{"x":294,"y":334,"width":78,"height":10}},{"id":"8a79b72d-f7d3-455a-a822-5d9ebc6910df","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2016.","page_number":33,"box":{"x":480,"y":322,"width":297,"height":10}},{"id":"e1d67bdb-8549-429c-8a26-e0b426e4d649","block_type":"box","text":"Trent Walker","page_number":33,"box":{"x":68,"y":356,"width":75,"height":8}},{"id":"2bf474f0-a232-4612-a67c-8df202dbfc85","block_type":"box","text":"1974","page_number":33,"box":{"x":69,"y":371,"width":33,"height":8}},{"id":"5edc762b-683e-42de-9a3a-fa738d39b980","block_type":"box","text":"Chief","page_number":33,"box":{"x":294,"y":355,"width":31,"height":9}},{"id":"0fd527db-095e-4c35-a616-1c53e9cdd1f7","block_type":"box","text":"Financial","page_number":33,"box":{"x":294,"y":368,"width":51,"height":8}},{"id":"ff848e57-064d-437a-af7b-8cf7674ca008","block_type":"box","text":"Officer","page_number":33,"box":{"x":294,"y":379,"width":40,"height":8}},{"id":"df18635d-cc52-4c9f-bbb0-9d59fbed6784","block_type":"box","text":"(Since 2021)","page_number":33,"box":{"x":294,"y":391,"width":78,"height":10}},{"id":"1bffb427-fd37-497d-a058-bd083498c1d6","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019.","page_number":33,"box":{"x":480,"y":355,"width":297,"height":11}},{"id":"cb30ee4b-653b-45fa-829f-016394bed47a","block_type":"box","text":"Jay M. Fife","page_number":33,"box":{"x":69,"y":409,"width":63,"height":10}},{"id":"c8fa5c45-19ae-4f31-8af9-2207a8b8ffdd","block_type":"box","text":"1970","page_number":33,"box":{"x":69,"y":425,"width":33,"height":8}},{"id":"49fead63-0887-4af6-9565-6a68c1022416","block_type":"box","text":"Treasurer","page_number":33,"box":{"x":293,"y":409,"width":58,"height":8}},{"id":"e330661a-a673-450d-9291-709940d34b74","block_type":"box","text":"(Since 2007)","page_number":33,"box":{"x":294,"y":421,"width":78,"height":10}},{"id":"9c903c8a-9c17-4f30-bf39-147186891d66","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2007.","page_number":33,"box":{"x":480,"y":409,"width":297,"height":10}},{"id":"1636bada-8f14-468e-8356-8a8e4f388f57","block_type":"box","text":"Charles Park","page_number":33,"box":{"x":69,"y":442,"width":76,"height":8}},{"id":"eeae6730-d1d7-4279-a498-c9f3c1d26bf6","block_type":"box","text":"3","page_number":33,"box":{"x":145,"y":442,"width":4,"height":4}},{"id":"35b5481e-822d-4ea7-beff-1737d9a0206b","block_type":"box","text":"1967","page_number":33,"box":{"x":69,"y":458,"width":32,"height":8}},{"id":"19d678c1-d8b0-4ca9-b3bc-f680e2512026","block_type":"box","text":"Chief Compliance Officer","page_number":33,"box":{"x":294,"y":442,"width":149,"height":10}},{"id":"c496042f-b29c-4cec-a164-97522c714b63","block_type":"box","text":"(Since 2023)","page_number":33,"box":{"x":294,"y":454,"width":78,"height":10}},{"id":"83ca5ea1-d62c-4bda-88bc-c9cc254b1ed7","block_type":"box","text":"Managing Director of BlackRock, Inc. (since 2006); Chief Compliance","page_number":33,"box":{"x":480,"y":442,"width":415,"height":11}},{"id":"00fbdd50-6aa7-4a72-be2d-0943364ab7f9","block_type":"box","text":"Officer of BlackRock Advisors, LLC (since 2014) and BlackRock Fund","page_number":33,"box":{"x":480,"y":454,"width":414,"height":10}},{"id":"2f8915bf-a3df-4b0c-bf2d-9ae73529f4c4","block_type":"box","text":"Advisors (since 2006); Chief Compliance Officer of the iShares","page_number":33,"box":{"x":479,"y":466,"width":378,"height":10}},{"id":"08c1eb33-cdf9-4aa7-8a07-d902459c2be1","block_type":"box","text":"Complex (since 2026 and 2006-2023); Chief Compliance Officer of","page_number":33,"box":{"x":480,"y":478,"width":407,"height":10}},{"id":"3b2dc2b3-8724-4231-8f2c-d6b00b0cc8a1","block_type":"box","text":"the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income","page_number":33,"box":{"x":479,"y":490,"width":411,"height":10}},{"id":"ba0658ea-ee29-48a8-b3ce-046ebbaa40a7","block_type":"box","text":"Complex (since 2026 and 2014-2023).","page_number":33,"box":{"x":480,"y":502,"width":236,"height":10}},{"id":"509a122e-8d69-4f07-bc42-f677f554d749","block_type":"box","text":"Lisa Belle","page_number":33,"box":{"x":69,"y":520,"width":58,"height":8}},{"id":"0dfd437a-70cd-4b74-8cd5-e5776a5270ec","block_type":"box","text":"1968","page_number":33,"box":{"x":69,"y":536,"width":33,"height":8}},{"id":"15fe11cb-7330-462f-925f-9250a42028c2","block_type":"box","text":"Anti-Money Laundering","page_number":33,"box":{"x":293,"y":520,"width":136,"height":10}},{"id":"03409f32-382b-442e-a8c1-c96b1fb3cfd7","block_type":"box","text":"Compliance Officer","page_number":33,"box":{"x":294,"y":532,"width":114,"height":10}},{"id":"846d079b-b958-402d-aefc-2b7cc62da469","block_type":"box","text":"(Since 2019)","page_number":33,"box":{"x":294,"y":544,"width":78,"height":10}},{"id":"12faa916-7c9c-4ff8-9bd8-8bec4e4f4a9f","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019.","page_number":33,"box":{"x":480,"y":520,"width":297,"height":10}},{"id":"c6a01a2c-45f0-4008-8938-784d5308d632","block_type":"box","text":"Janey Ahn","page_number":33,"box":{"x":69,"y":562,"width":59,"height":9}},{"id":"610641a9-6295-4c1e-822a-759544d2d64e","block_type":"box","text":"1975","page_number":33,"box":{"x":69,"y":577,"width":33,"height":8}},{"id":"0195d5d4-f816-407d-9157-de6a7d1b6fad","block_type":"box","text":"Secretary","page_number":33,"box":{"x":294,"y":562,"width":58,"height":9}},{"id":"50f40d90-46a7-4609-a184-1e0e3ab4c02b","block_type":"box","text":"(Since 2019)","page_number":33,"box":{"x":294,"y":574,"width":78,"height":9}},{"id":"a965dc18-d6a9-4d7e-96ce-1cc51fd3b985","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018.","page_number":33,"box":{"x":480,"y":561,"width":297,"height":11}},{"id":"7cddb982-86c5-4fee-84e8-e35fa86fd876","block_type":"box","text":"1","page_number":33,"box":{"x":69,"y":601,"width":3,"height":3}},{"id":"a1884b8a-f23d-48cd-b8cf-2afe28715123","block_type":"box","text":"The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":33,"box":{"x":93,"y":601,"width":559,"height":9}},{"id":"750f6629-5731-4b34-a789-38293e48a8b4","block_type":"box","text":"2","page_number":33,"box":{"x":69,"y":613,"width":3,"height":4}},{"id":"8d681c9c-3642-4917-9841-4dd93b1a2898","block_type":"box","text":"Officers of the Trust serve at the pleasure of the Board.","page_number":33,"box":{"x":93,"y":613,"width":318,"height":9}},{"id":"fae1535e-06e3-4a9a-b085-21ab94040e6a","block_type":"box","text":"3","page_number":33,"box":{"x":69,"y":626,"width":3,"height":4}},{"id":"7939a4ff-585f-4cf0-9aaa-9468746c9090","block_type":"box","text":"Effective August 1, 2026, Charles Park succeeded Aaron Wasserman as Chief Compliance Officer.","page_number":33,"box":{"x":94,"y":626,"width":560,"height":9}},{"id":"4d9358b5-94a3-4abd-b5c5-6937026e0697","block_type":"box","text":"Share Ownership","page_number":33,"box":{"x":68,"y":655,"width":123,"height":10}},{"id":"30aa544a-7ae7-468b-bf6d-3885532e9328","block_type":"box","text":"Information relating to each Trustee’s share ownership in the Fund and in all BlackRock-advised Funds that are","page_number":33,"box":{"x":102,"y":677,"width":790,"height":11}},{"id":"424af966-46c7-4b5d-a6be-44ba4a9867ae","block_type":"box","text":"currently overseen by the respective Trustee (“Supervised Funds”) as of December 31, 2025, except as otherwise","page_number":33,"box":{"x":69,"y":692,"width":817,"height":11}},{"id":"edde495f-0879-41ea-94f5-0550f9dfc164","block_type":"box","text":"noted, is set for th in the char t below. Amounts shown may include shares as to which a Trustee has indirect","page_number":33,"box":{"x":69,"y":707,"width":774,"height":11}},{"id":"2c9e00f7-9fd9-4b8d-9491-a0330c0b4c41","block_type":"box","text":"beneficial ownership, such as through par ticipation in cer tain family accounts, 529 college savings plan interests, or","page_number":33,"box":{"x":69,"y":722,"width":833,"height":12}},{"id":"0ccb33ac-7a9d-46b6-ac97-eb3afbb080e9","block_type":"box","text":"similar arrangements where the Trustee has beneficial economic interest but not a direct ownership interest.","page_number":33,"box":{"x":69,"y":738,"width":776,"height":11}},{"id":"c5f8964e-cfaf-46a1-a020-96a2a61e3e0e","block_type":"box","text":"Name","page_number":33,"box":{"x":69,"y":796,"width":32,"height":7}},{"id":"70e95587-2dd0-4c7b-929d-f08931befbdd","block_type":"box","text":"Dollar Range of Equity","page_number":33,"box":{"x":636,"y":786,"width":129,"height":9}},{"id":"4227c03e-9361-4c11-9ffa-20910bfda7dc","block_type":"box","text":"Securities in the Fund","page_number":33,"box":{"x":636,"y":796,"width":128,"height":7}},{"id":"539a739a-03ea-45bb-8e94-65e950c4d7cb","block_type":"box","text":"Aggregate Dollar","page_number":33,"box":{"x":803,"y":766,"width":98,"height":9}},{"id":"791f378e-7f73-4ae2-babf-4d43ed10a0ab","block_type":"box","text":"Range of Equity","page_number":33,"box":{"x":807,"y":776,"width":91,"height":9}},{"id":"7005a0ed-09b4-4bb0-b6f4-6d1056eb04db","block_type":"box","text":"Securities in","page_number":33,"box":{"x":816,"y":786,"width":72,"height":7}},{"id":"edd149c1-b6f2-4b5c-b6d5-8296c22bf7be","block_type":"box","text":"Supervised Funds","page_number":33,"box":{"x":801,"y":796,"width":102,"height":9}},{"id":"7e502911-9709-4d91-b579-b8801a0b0a97","block_type":"box","text":"Independent Trustees","page_number":33,"box":{"x":70,"y":814,"width":154,"height":11}},{"id":"df756b7c-0aa2-48b4-a2c7-d5837f9faf7c","block_type":"box","text":"Christopher J. Ailman . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":829,"width":289,"height":11}},{"id":"261315aa-8fbd-4afa-86c8-eaa47e98146d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":33,"box":{"x":374,"y":828,"width":466,"height":11}},{"id":"408a6066-642c-4caa-a8f8-3384aae4d5bf","block_type":"box","text":"100,000","page_number":33,"box":{"x":847,"y":829,"width":62,"height":10}},{"id":"de4a06f5-b393-400d-8017-5951021c1745","block_type":"box","text":"Susan J. Car ter","page_number":33,"box":{"x":79,"y":844,"width":110,"height":9}},{"id":"24c8187a-eb74-4696-8e43-90bcd4dc3664","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":33,"box":{"x":195,"y":843,"width":645,"height":11}},{"id":"5fa707e6-4938-4fd1-9fdd-67248a8cabe5","block_type":"box","text":"100,000","page_number":33,"box":{"x":847,"y":844,"width":62,"height":10}},{"id":"21c60c0e-3ac1-47f6-bdc7-a2fbfbf8c09d","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":33,"box":{"x":79,"y":858,"width":761,"height":11}},{"id":"92ef9bb5-2bf0-4518-aa72-08b4c2abe922","block_type":"box","text":"100,000","page_number":33,"box":{"x":847,"y":859,"width":62,"height":11}},{"id":"8e2922fb-ba5d-4028-8294-d5f8b1f76b07","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":33,"box":{"x":79,"y":874,"width":761,"height":11}},{"id":"1ec3fb2a-09d2-4349-9f43-2085684893a9","block_type":"box","text":"100,000","page_number":33,"box":{"x":847,"y":874,"width":62,"height":11}},{"id":"88592f6e-f9f5-4f75-a6e4-4f6f78f37e0d","block_type":"box","text":"Jeffrey Jarczyk* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":33,"box":{"x":78,"y":889,"width":640,"height":12}},{"id":"d3f268d1-0ed6-4a1c-8901-02658cc9e1a7","block_type":"box","text":"None","page_number":33,"box":{"x":835,"y":890,"width":35,"height":8}},{"id":"03769e06-fd23-4524-9766-970188c580fb","block_type":"box","text":"Henry R. Keizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":33,"box":{"x":79,"y":904,"width":761,"height":12}},{"id":"4ec02b0b-49ec-4644-8709-f4e695f7295b","block_type":"box","text":"100,000","page_number":33,"box":{"x":847,"y":905,"width":62,"height":10}},{"id":"8805c00b-2eb6-40a0-99d0-54c7c780ef0c","block_type":"box","text":"I-17","page_number":33,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"6fbc0ea9-db58-4088-a3c8-79b1a71e64ef","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5fa377e-66ac-4fa4-a3d6-9571a55edaba","block_type":"box","text":"Name","page_number":34,"box":{"x":69,"y":79,"width":32,"height":7}},{"id":"5708c2c0-af3e-4564-8db5-6fb3569b8bcb","block_type":"box","text":"Dollar Range of Equity","page_number":34,"box":{"x":636,"y":69,"width":129,"height":9}},{"id":"c44d5222-1a1c-45dc-ad4c-2e758b3e7584","block_type":"box","text":"Securities in the Fund","page_number":34,"box":{"x":636,"y":79,"width":128,"height":7}},{"id":"3c35cd75-0583-48c0-b553-0af5b7e115bc","block_type":"box","text":"Aggregate Dollar","page_number":34,"box":{"x":803,"y":49,"width":98,"height":9}},{"id":"047173d0-e04c-4237-991e-7f8c3aaf2143","block_type":"box","text":"Range of Equity","page_number":34,"box":{"x":807,"y":59,"width":91,"height":9}},{"id":"5504cb64-fa6c-43d5-9da2-f61adf32b14a","block_type":"box","text":"Securities in","page_number":34,"box":{"x":816,"y":69,"width":72,"height":7}},{"id":"37571a0f-0c63-4d3e-b841-68597b76bcc4","block_type":"box","text":"Supervised Funds","page_number":34,"box":{"x":801,"y":79,"width":102,"height":9}},{"id":"e405e0da-ffc1-483b-9f50-8a372a0baacc","block_type":"box","text":"Cynthia A. Montgomery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":34,"box":{"x":79,"y":96,"width":761,"height":12}},{"id":"5abab569-e88b-43c3-beec-1c757435f814","block_type":"box","text":"100,000","page_number":34,"box":{"x":847,"y":97,"width":62,"height":10}},{"id":"42786b2f-dd06-49f7-9af4-328aa4119613","block_type":"box","text":"Donald C. Opatrny . . .","page_number":34,"box":{"x":79,"y":112,"width":150,"height":11}},{"id":"00a7d373-129e-43ce-b04d-b96e950fa443","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":34,"box":{"x":236,"y":111,"width":604,"height":11}},{"id":"18a4d4f8-9694-4593-b817-b4d33a02907b","block_type":"box","text":"100,000","page_number":34,"box":{"x":847,"y":112,"width":62,"height":11}},{"id":"06d81894-f20c-41bf-96d0-160149f72c00","block_type":"box","text":"Lori Richards","page_number":34,"box":{"x":79,"y":127,"width":91,"height":9}},{"id":"adf74619-b649-4372-adbf-6669710675ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":34,"box":{"x":179,"y":127,"width":539,"height":9}},{"id":"bb2db0b9-7a6c-415b-ad74-fff2ce2ef860","block_type":"box","text":"None","page_number":34,"box":{"x":835,"y":127,"width":35,"height":9}},{"id":"83b1d64a-e753-4186-9dba-62b2441f25c3","block_type":"box","text":"Mark Stalnecker","page_number":34,"box":{"x":79,"y":142,"width":115,"height":9}},{"id":"9f8b4756-8749-4d0a-a9fd-1e589fdd0fd4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":34,"box":{"x":203,"y":142,"width":637,"height":10}},{"id":"6ed36db3-96f0-494e-9376-175579302a23","block_type":"box","text":"100,000","page_number":34,"box":{"x":847,"y":142,"width":62,"height":11}},{"id":"b8359b3c-a157-40e1-9792-d9890f769691","block_type":"box","text":"Marc D. Stern* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":34,"box":{"x":79,"y":158,"width":639,"height":8}},{"id":"c6736e11-efcf-4061-9aa3-65a29da09fd1","block_type":"box","text":"None","page_number":34,"box":{"x":835,"y":158,"width":35,"height":8}},{"id":"35a8a6c1-dfce-49f4-93d5-0f921cb3c509","block_type":"box","text":"Kenneth L. Urish . . .","page_number":34,"box":{"x":79,"y":173,"width":142,"height":9}},{"id":"77b2a802-5daf-4be4-82f7-209c2747e02d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":34,"box":{"x":228,"y":172,"width":612,"height":10}},{"id":"bce09fa5-a3d7-4afe-84d6-8a7ae59779ff","block_type":"box","text":"100,000","page_number":34,"box":{"x":847,"y":173,"width":62,"height":10}},{"id":"bfb4e88f-54a0-4cc0-93b7-c94e19df58dd","block_type":"box","text":"Claire A. Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":34,"box":{"x":79,"y":187,"width":761,"height":10}},{"id":"1a3a03c7-6130-43a1-b540-f49f4989127a","block_type":"box","text":"100,000","page_number":34,"box":{"x":847,"y":188,"width":62,"height":10}},{"id":"83a05d4c-0212-464e-8af2-55953dbdc26e","block_type":"box","text":"Interested Trustees","page_number":34,"box":{"x":70,"y":203,"width":138,"height":9}},{"id":"71fa261d-1854-457a-849f-9c63224f13b8","block_type":"box","text":"Rober t Fairbairn. .","page_number":34,"box":{"x":79,"y":218,"width":126,"height":9}},{"id":"6d647812-85d3-4b59-8aa3-cff7c2c25e75","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":34,"box":{"x":211,"y":217,"width":629,"height":11}},{"id":"74990701-0ae6-49c1-8499-0dfed0b82c19","block_type":"box","text":"100,000","page_number":34,"box":{"x":847,"y":218,"width":62,"height":10}},{"id":"93515380-3d73-47ce-861b-10fbd444e3cb","block_type":"box","text":"John M. Perlowski . .","page_number":34,"box":{"x":78,"y":233,"width":143,"height":9}},{"id":"1a9f12af-8397-4972-83e7-753d006524fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over $","page_number":34,"box":{"x":228,"y":232,"width":612,"height":11}},{"id":"b8ad28e6-75fc-46fa-ab8b-2e13091820ec","block_type":"box","text":"100,000","page_number":34,"box":{"x":847,"y":233,"width":62,"height":10}},{"id":"6bab3054-c30e-4459-bf09-919e36a85629","block_type":"box","text":"* Information is provided as of April 1, 2026, the date Mr. Jarczyk and Mr. Stern first served as consultants to the Independent Trustees.","page_number":34,"box":{"x":70,"y":257,"width":782,"height":9}},{"id":"ca6bf4b9-39aa-453b-995c-3cd8638bf2a5","block_type":"box","text":"As of August 5, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned","page_number":34,"box":{"x":101,"y":278,"width":787,"height":12}},{"id":"00b4a7fd-1b62-4bdc-9109-f19749de4e57","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025 (and,","page_number":34,"box":{"x":69,"y":293,"width":809,"height":12}},{"id":"32f2d4ae-47af-4700-8eca-41acf41f45d2","block_type":"box","text":"with respect to Mr. Jarczyk and Mr. Stern, as of April 1, 2026), none of the Independent Trustees of the Trust or their","page_number":34,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"88d613e2-5d7e-47a4-bec9-0d92792d570d","block_type":"box","text":"immediate family members owned beneficially or of record any securities of the Fund’s investment adviser, principal","page_number":34,"box":{"x":70,"y":324,"width":824,"height":11}},{"id":"55b852d2-1f3d-49b2-bcd5-fe7f4b45a199","block_type":"box","text":"underwriter, or any person directly or indirectly controlling, controlled by, or under common control with such entities.","page_number":34,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"27f02d8b-e4d5-4c9a-a0a0-7d7845583f74","block_type":"box","text":"Compensation of Trustees","page_number":34,"box":{"x":69,"y":369,"width":190,"height":11}},{"id":"5ea03a98-d44e-432a-98c0-997640796728","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":391,"width":791,"height":12}},{"id":"09924480-3865-4751-8e29-520ea7696640","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":407,"width":810,"height":11}},{"id":"1701f7ae-8b28-4aa2-9166-73227bb11ae6","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":421,"width":838,"height":12}},{"id":"7912cbe3-568a-48f1-840b-9ef584b79329","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":437,"width":807,"height":11}},{"id":"efa0a0db-e9fa-4f72-a1f0-14aee2e41d29","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":452,"width":791,"height":11}},{"id":"17d6d021-cea3-4f46-9f91-4d3bf3407719","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":467,"width":786,"height":12}},{"id":"cc169b5f-b4ed-4d84-a217-2b466fab7084","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":34,"box":{"x":69,"y":482,"width":769,"height":12}},{"id":"868f8293-62d4-4157-8fbd-9bd7c40aadfd","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":34,"box":{"x":69,"y":498,"width":778,"height":11}},{"id":"ecb1f566-904b-41db-b0d1-22dd8d8836a9","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":34,"box":{"x":69,"y":512,"width":689,"height":12}},{"id":"0f60510d-9db2-48c5-b5c5-e818c59640fa","block_type":"box","text":"The following table sets for th the compensation the Trust paid to the Trustees, on behalf of the Fund for the","page_number":34,"box":{"x":101,"y":535,"width":771,"height":12}},{"id":"a0ff2c9f-20c5-4d93-84f7-66a88cf5dadf","block_type":"box","text":"fiscal year ended April 30, 2026 and the aggregate compensation paid to them by all BlackRock-advised Funds for","page_number":34,"box":{"x":68,"y":550,"width":816,"height":12}},{"id":"6e52d316-edf3-46c6-bb57-9aca7134319d","block_type":"box","text":"the calendar year ended December 31, 2025.","page_number":34,"box":{"x":68,"y":566,"width":326,"height":11}},{"id":"2c002170-bde1-4248-a0f7-9b47b00f72ff","block_type":"box","text":"Name","page_number":34,"box":{"x":69,"y":634,"width":32,"height":7}},{"id":"1a6cb020-76fd-4938-ae5b-cf451d4a3c46","block_type":"box","text":"Compensation","page_number":34,"box":{"x":551,"y":624,"width":83,"height":9}},{"id":"30f3a214-1c56-4ab4-9be4-336868808fcd","block_type":"box","text":"from the Fund","page_number":34,"box":{"x":552,"y":634,"width":81,"height":7}},{"id":"cae7ba86-1ae2-40af-9af4-51082ea8267d","block_type":"box","text":"Estimated Annual","page_number":34,"box":{"x":664,"y":614,"width":102,"height":7}},{"id":"f9b6ff7a-4d83-4046-9d5c-881bb270a081","block_type":"box","text":"Benefits upon","page_number":34,"box":{"x":676,"y":624,"width":79,"height":9}},{"id":"76ebe6a3-bd75-4fc3-b948-221981c89118","block_type":"box","text":"Retirement","page_number":34,"box":{"x":683,"y":634,"width":64,"height":7}},{"id":"938212f1-52c6-4890-9825-fa2374f40dc1","block_type":"box","text":"Aggregate","page_number":34,"box":{"x":822,"y":594,"width":61,"height":9}},{"id":"09c09a3d-a933-425a-aba8-87428e760144","block_type":"box","text":"Compensation from","page_number":34,"box":{"x":796,"y":604,"width":113,"height":9}},{"id":"ff305b33-8e05-41f8-96ba-da37ee45101f","block_type":"box","text":"the Fund and","page_number":34,"box":{"x":815,"y":614,"width":75,"height":7}},{"id":"46179617-a3ff-470e-ba1c-6d19107a5b89","block_type":"box","text":"Other BlackRock","page_number":34,"box":{"x":802,"y":624,"width":102,"height":7}},{"id":"0ec37fb4-6f7d-4d24-a3e9-265463637129","block_type":"box","text":"Advised Funds","page_number":34,"box":{"x":809,"y":634,"width":84,"height":7}},{"id":"218c4b31-9bfa-4eaf-a8a6-79e14598d3ae","block_type":"box","text":"1","page_number":34,"box":{"x":893,"y":634,"width":4,"height":4}},{"id":"a919ebdb-5bcf-4b12-89ae-2963cb2e6b13","block_type":"box","text":"Independent Trustees","page_number":34,"box":{"x":70,"y":652,"width":154,"height":11}},{"id":"ab96a405-bc30-4c3b-8011-b971e0c791d0","block_type":"box","text":"Christopher J. Ailman . . . .","page_number":34,"box":{"x":79,"y":667,"width":180,"height":11}},{"id":"e4950c27-d055-4815-9cdf-7c22293e9cc6","block_type":"box","text":"................................","page_number":34,"box":{"x":266,"y":674,"width":254,"height":2}},{"id":"1de4deb0-e8f8-4654-9685-d7671fbdd37c","block_type":"box","text":"$637 None $ 445,000","page_number":34,"box":{"x":574,"y":666,"width":317,"height":11}},{"id":"63db4808-ea83-449f-9505-5ef0be0bb4d6","block_type":"box","text":"Susan J. Car ter . .","page_number":34,"box":{"x":79,"y":682,"width":123,"height":9}},{"id":"39fc061f-314b-46fd-bb22-ceb8a413ee0f","block_type":"box","text":".......................................","page_number":34,"box":{"x":208,"y":690,"width":312,"height":1}},{"id":"1473d0a1-0091-4121-b633-7ebc81adbb2d","block_type":"box","text":"$637 None $ 445,000","page_number":34,"box":{"x":574,"y":681,"width":317,"height":12}},{"id":"921ba379-2f43-4f1f-8319-2781c27feb36","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":79,"y":697,"width":441,"height":9}},{"id":"17af771c-b0a6-4d7f-b33b-9a531bc75421","block_type":"box","text":"$637 None $ 445,000","page_number":34,"box":{"x":574,"y":697,"width":317,"height":11}},{"id":"ea5e4494-e83e-43a8-8ad4-8533ffb622b8","block_type":"box","text":"Neil A. Cotty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":79,"y":712,"width":441,"height":12}},{"id":"9993225d-b9fb-4b7f-93da-d7db83a306d0","block_type":"box","text":"$637 None $ 467,500","page_number":34,"box":{"x":574,"y":712,"width":317,"height":11}},{"id":"3357f4e1-77b9-4ee6-87ae-1e241371dec6","block_type":"box","text":"Jeffrey Jarczyk","page_number":34,"box":{"x":78,"y":727,"width":103,"height":12}},{"id":"f5fbc02f-2c28-4d88-a811-7fc3ee8ab62c","block_type":"box","text":"2","page_number":34,"box":{"x":181,"y":728,"width":4,"height":4}},{"id":"51c4ff3f-46d9-4f24-b8e5-e6fbe60ba021","block_type":"box","text":".........................................","page_number":34,"box":{"x":192,"y":735,"width":328,"height":1}},{"id":"0e10bb39-1b95-4d54-9cd6-4397d1be4f6d","block_type":"box","text":"$167 None None","page_number":34,"box":{"x":574,"y":727,"width":297,"height":10}},{"id":"b282563d-4420-4392-85db-177c1dc9ea0f","block_type":"box","text":"Henry R. Keizer","page_number":34,"box":{"x":79,"y":743,"width":109,"height":11}},{"id":"355e3e9a-7a7a-45f8-b0b3-68e2a358c343","block_type":"box","text":"3","page_number":34,"box":{"x":189,"y":743,"width":4,"height":4}},{"id":"4ed60dda-afd1-4db2-ad87-e3413864516e","block_type":"box","text":"........................................","page_number":34,"box":{"x":200,"y":750,"width":320,"height":1}},{"id":"f5f52e24-c822-4dc7-9a9b-43af4e7bb725","block_type":"box","text":"$638 None $ 490,000","page_number":34,"box":{"x":574,"y":742,"width":317,"height":11}},{"id":"3fb40965-8f49-4ff0-b1e2-dcb39e3e662f","block_type":"box","text":"Cynthia A. Montgomery","page_number":34,"box":{"x":79,"y":758,"width":164,"height":11}},{"id":"2408ea4e-c39a-4ae0-8283-32aa7c9558ac","block_type":"box","text":"4","page_number":34,"box":{"x":244,"y":758,"width":4,"height":4}},{"id":"2f72effe-5b4d-495b-8051-355c92d0f2af","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $638 None $ 490,000","page_number":34,"box":{"x":257,"y":757,"width":634,"height":11}},{"id":"4964d917-da81-473f-81e6-bb3bf37891fe","block_type":"box","text":"Donald C. Opatrny","page_number":34,"box":{"x":79,"y":773,"width":129,"height":11}},{"id":"0a1b4c5e-2edf-400b-880e-8c51ff948388","block_type":"box","text":"5","page_number":34,"box":{"x":208,"y":773,"width":4,"height":5}},{"id":"6ee73ab5-9365-4227-9a0d-1cacefbdae20","block_type":"box","text":"......................................","page_number":34,"box":{"x":217,"y":780,"width":303,"height":2}},{"id":"88bb0841-037d-4ad1-bf80-9e84bc8d9ea9","block_type":"box","text":"$638 None $ 490,000","page_number":34,"box":{"x":574,"y":772,"width":317,"height":11}},{"id":"5f55c662-e692-4a94-b815-11213242c6f7","block_type":"box","text":"Lori Richards","page_number":34,"box":{"x":79,"y":788,"width":91,"height":9}},{"id":"b8fad14e-9ba6-43c0-b731-035ad654cf26","block_type":"box","text":"...........................................","page_number":34,"box":{"x":176,"y":795,"width":344,"height":2}},{"id":"25d625ae-20d3-4059-937e-8cc8f72f063d","block_type":"box","text":"$637 None $ 445,000","page_number":34,"box":{"x":574,"y":787,"width":317,"height":11}},{"id":"53193985-20b1-4bf6-9d3d-a8a7addb29cc","block_type":"box","text":"Mark Stalnecker","page_number":34,"box":{"x":79,"y":803,"width":115,"height":9}},{"id":"6fc16501-9e0c-4f05-b5d9-57c237e29b8b","block_type":"box","text":"6","page_number":34,"box":{"x":194,"y":803,"width":5,"height":5}},{"id":"aae15ba3-39c8-46c6-93f6-8311890d94bf","block_type":"box","text":".......................................","page_number":34,"box":{"x":208,"y":811,"width":312,"height":1}},{"id":"a2926fbd-19cf-4580-841e-1da0f6f17402","block_type":"box","text":"$640 None $ 595,000","page_number":34,"box":{"x":574,"y":802,"width":317,"height":12}},{"id":"fc87b1f9-1d07-4fa4-bfeb-e7cc445c48eb","block_type":"box","text":"Marc D. Stern","page_number":34,"box":{"x":79,"y":818,"width":97,"height":9}},{"id":"726c2da3-e745-4b96-8cf8-ffe835c4da83","block_type":"box","text":"2","page_number":34,"box":{"x":178,"y":819,"width":4,"height":4}},{"id":"422a9b6e-5f61-447f-a7cd-2e4a5fb1d51e","block_type":"box","text":".........................................","page_number":34,"box":{"x":192,"y":826,"width":328,"height":1}},{"id":"ad96e121-94c3-4dd5-bdb7-1179f5ffba6c","block_type":"box","text":"$167 None None","page_number":34,"box":{"x":574,"y":818,"width":297,"height":10}},{"id":"1963cec1-1560-421f-8634-9d63aeeba6b9","block_type":"box","text":"Kenneth L. Urish . .","page_number":34,"box":{"x":79,"y":834,"width":131,"height":8}},{"id":"39becc43-7c8f-4681-988e-31b49aa24eb7","block_type":"box","text":"......................................","page_number":34,"box":{"x":217,"y":841,"width":303,"height":1}},{"id":"a5314f90-0aa9-4a51-a074-62a12eb99ac0","block_type":"box","text":"$637 None $ 445,000","page_number":34,"box":{"x":574,"y":833,"width":317,"height":11}},{"id":"5fced58c-36fb-41bd-9dcd-bb3c83dbfaa6","block_type":"box","text":"Claire A. Walton","page_number":34,"box":{"x":79,"y":849,"width":111,"height":8}},{"id":"d7875a7c-4e85-4cbf-a5b5-4b01c134ab5f","block_type":"box","text":"7","page_number":34,"box":{"x":192,"y":849,"width":3,"height":4}},{"id":"b354dbb2-ac07-4479-b4a2-63d0733c0576","block_type":"box","text":"........................................","page_number":34,"box":{"x":200,"y":856,"width":320,"height":1}},{"id":"3f87ed0b-8ddd-4dc3-baf3-8fec1ccb9f68","block_type":"box","text":"$638 None $ 490,000","page_number":34,"box":{"x":574,"y":848,"width":317,"height":11}},{"id":"fcdac078-78ae-4646-bf37-ff8f9db76c08","block_type":"box","text":"Interested Trustees","page_number":34,"box":{"x":70,"y":864,"width":138,"height":9}},{"id":"470f61ac-91b5-4d08-8a98-1230c98bb78e","block_type":"box","text":"Rober t Fairbairn . .","page_number":34,"box":{"x":79,"y":879,"width":131,"height":9}},{"id":"28d50684-a4a2-4729-9f2c-c9ead708b385","block_type":"box","text":"......................................","page_number":34,"box":{"x":217,"y":886,"width":303,"height":2}},{"id":"e17efb1f-0b00-4bc8-af11-ea90771207f2","block_type":"box","text":"None None None","page_number":34,"box":{"x":575,"y":879,"width":296,"height":9}},{"id":"f59e86db-c70f-4f75-884f-8bdab400b94f","block_type":"box","text":"John M. Perlowski","page_number":34,"box":{"x":78,"y":894,"width":127,"height":9}},{"id":"7348cb46-46d8-482e-bb52-3b13aef11698","block_type":"box","text":".......................................","page_number":34,"box":{"x":208,"y":901,"width":312,"height":2}},{"id":"1f40d43d-b33e-4467-9665-5346dcab9d7d","block_type":"box","text":"None None None","page_number":34,"box":{"x":575,"y":894,"width":296,"height":9}},{"id":"b4a34a3e-c4f3-4683-8ac9-c2f4d6a71d0c","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"77def95e-22e1-4e04-8644-e8d3ad672ec9","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b56a60d-8bfe-421a-8503-089843bdefd4","block_type":"box","text":"1","page_number":35,"box":{"x":69,"y":58,"width":3,"height":3}},{"id":"cb74ed10-40f4-4e28-836a-0ec9fb08fc2b","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":35,"box":{"x":94,"y":58,"width":786,"height":9}},{"id":"ee22e196-495e-49ac-b818-afdfcbcabff7","block_type":"box","text":"page I-13.","page_number":35,"box":{"x":94,"y":68,"width":55,"height":9}},{"id":"300c3189-283c-49c5-8cd3-5864edf389b8","block_type":"box","text":"2","page_number":35,"box":{"x":69,"y":81,"width":3,"height":3}},{"id":"1396b0c1-949e-4fa9-9bb4-d705bf9b4eab","block_type":"box","text":"Compensation includes $167 earned as a consultant to the Independent Trustees for the period April 1, 2026 to July 1, 2026.","page_number":35,"box":{"x":93,"y":80,"width":724,"height":9}},{"id":"070c7376-5ccb-4da3-84f6-137c868d25d1","block_type":"box","text":"3","page_number":35,"box":{"x":69,"y":93,"width":3,"height":4}},{"id":"1fe0728f-30e6-41c6-b683-38fa8dc95e30","block_type":"box","text":"Chair of the Audit Committee.","page_number":35,"box":{"x":93,"y":93,"width":168,"height":7}},{"id":"91c10306-59e7-4418-afce-589889b03d5f","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":106,"width":4,"height":3}},{"id":"e5708f31-7e92-4164-ae25-91f87b189b70","block_type":"box","text":"Chair of the Governance Committee.","page_number":35,"box":{"x":93,"y":106,"width":206,"height":7}},{"id":"c20f3af3-521a-45c3-bb23-d943f4e2d4e8","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":118,"width":3,"height":4}},{"id":"0d4553d5-c2cb-4db9-8fea-b6c3c7c0f170","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":35,"box":{"x":93,"y":118,"width":269,"height":9}},{"id":"e254d172-fdd7-4c5f-9a7c-0732023fa311","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":131,"width":3,"height":4}},{"id":"2ab05750-4994-4c47-ad1f-c3d32bfef5f7","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":35,"box":{"x":93,"y":131,"width":352,"height":9}},{"id":"b4444be4-f0af-4b14-ae40-56870e7302df","block_type":"box","text":"7","page_number":35,"box":{"x":69,"y":144,"width":3,"height":3}},{"id":"9956be74-6672-427c-9c28-2e61f300db74","block_type":"box","text":"Chair of the Compliance Committee.","page_number":35,"box":{"x":93,"y":143,"width":205,"height":9}},{"id":"d0714d3b-4732-4520-920c-064292ace86e","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":172,"width":432,"height":11}},{"id":"6eedc283-28ed-4e38-baf9-e8c3c11dfe71","block_type":"box","text":"Management Agreement","page_number":35,"box":{"x":69,"y":202,"width":180,"height":11}},{"id":"bf016c17-a658-452e-8d5f-464625c31cc8","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BlackRock pursuant to","page_number":35,"box":{"x":101,"y":225,"width":805,"height":11}},{"id":"2a3ce5c7-21e3-416c-a69c-8da540b8a01f","block_type":"box","text":"which BlackRock is entitled to receive fees for the services it provides (the “Management Agreement”).","page_number":35,"box":{"x":68,"y":240,"width":736,"height":11}},{"id":"f658384e-9761-4cd8-9bcb-7c4f25488597","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":35,"box":{"x":102,"y":263,"width":762,"height":11}},{"id":"1026cdb7-d3c5-4a79-a663-a5c0a1ea94dc","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":35,"box":{"x":69,"y":278,"width":799,"height":11}},{"id":"2ca653b8-a2de-4517-a8ba-437ae252f76e","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":35,"box":{"x":68,"y":293,"width":726,"height":11}},{"id":"69d668c3-0b37-4118-ab7d-5d1667204c3e","block_type":"box","text":"June 30, 2028. BlackRock has contractually agreed to waive its management fees by the amount of investment","page_number":35,"box":{"x":69,"y":308,"width":797,"height":11}},{"id":"520f1810-b766-4b77-9516-71ec06815da2","block_type":"box","text":"advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by","page_number":35,"box":{"x":69,"y":323,"width":789,"height":11}},{"id":"6945471a-bb43-4403-8f2e-0c073f135665","block_type":"box","text":"BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’","page_number":35,"box":{"x":70,"y":338,"width":810,"height":11}},{"id":"d8ac69a8-ca51-4eb7-bc75-008d626a7c83","block_type":"box","text":"notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the","page_number":35,"box":{"x":69,"y":353,"width":827,"height":12}},{"id":"bf9b3800-6f55-4c07-b65d-7d0680f112a6","block_type":"box","text":"Fund.","page_number":35,"box":{"x":70,"y":369,"width":36,"height":8}},{"id":"47efb788-5dec-43bf-8cbb-0aebacb591c5","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":35,"box":{"x":101,"y":391,"width":792,"height":11}},{"id":"6507a39e-4dab-4768-b31e-6f3055bb8d9f","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":35,"box":{"x":68,"y":406,"width":787,"height":11}},{"id":"d8ec7115-131a-42b6-91b5-a55ac9cc54d2","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as defined in the","page_number":35,"box":{"x":70,"y":421,"width":811,"height":11}},{"id":"b2051981-30f7-4275-bf8f-f158f4608d8a","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 1.11% for Investor A Shares, 0.86% for","page_number":35,"box":{"x":70,"y":436,"width":779,"height":12}},{"id":"dfee1538-af4d-485d-a317-effddf90889e","block_type":"box","text":"Institutional Shares, and 0.81% for Class K Shares of average daily net assets through June 30, 2028. The","page_number":35,"box":{"x":70,"y":452,"width":765,"height":11}},{"id":"c9e85a49-0e2e-4643-8f9f-453841f46206","block_type":"box","text":"contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a","page_number":35,"box":{"x":69,"y":467,"width":808,"height":11}},{"id":"e833e1e8-2c4f-4bb0-aba8-f5dfcecc2f6b","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":35,"box":{"x":68,"y":482,"width":468,"height":11}},{"id":"a763dc9e-899a-4bbf-8469-de4f2965f233","block_type":"box","text":"With respect to the contractual agreement to cap net expenses described above, if during the Fund’s fiscal year","page_number":35,"box":{"x":101,"y":504,"width":798,"height":12}},{"id":"ddf634f3-9c3a-4baa-853d-1b6550ae8fe6","block_type":"box","text":"the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or","page_number":35,"box":{"x":68,"y":520,"width":820,"height":11}},{"id":"2b86ff48-d0d0-4e1d-b717-63ba8721a5b7","block_type":"box","text":"reimbursement from the Manager, are less than the current expense limit for that share class, the share class is","page_number":35,"box":{"x":69,"y":535,"width":806,"height":11}},{"id":"18f23629-405d-419a-b558-bc5e948b746e","block_type":"box","text":"required to repay the Manager up to the lesser of (a) the amount of fees waived or expenses reimbursed during those","page_number":35,"box":{"x":69,"y":550,"width":839,"height":11}},{"id":"b637dfb2-b8c3-4b3e-bba6-104366d58bcd","block_type":"box","text":"prior two fiscal years under the agreement and (b) an amount not to exceed either (x) the current expense limit of that","page_number":35,"box":{"x":70,"y":565,"width":839,"height":11}},{"id":"1e774579-16e0-4996-8afc-e7e86ac5885c","block_type":"box","text":"share class or (y) the expense limit of the share class in effect at the time that the share class received the","page_number":35,"box":{"x":69,"y":580,"width":770,"height":11}},{"id":"4aec04df-96c3-47ce-8b90-a348138c2bf3","block_type":"box","text":"applicable waiver and/or reimbursement, provided that: (1) the Fund of which the share class is a par t has more than","page_number":35,"box":{"x":69,"y":595,"width":839,"height":11}},{"id":"ca7c0164-d189-4886-967a-d4580dd80dd8","block_type":"box","text":"$50 million in assets and (2) the Manager or an affiliate serves as the Fund’s manager or administrator. This","page_number":35,"box":{"x":69,"y":610,"width":780,"height":12}},{"id":"e7263870-2595-4d9a-8bd4-c71fd528974e","block_type":"box","text":"repayment arrangement will terminate on March 15, 2030, and applies only to the contractual caps on net expenses","page_number":35,"box":{"x":69,"y":626,"width":834,"height":11}},{"id":"75d055e4-2e28-472a-97d0-0f4dcd08be67","block_type":"box","text":"and does not apply to the contractual management fee waivers described above or any voluntary waiver that may be","page_number":35,"box":{"x":69,"y":641,"width":827,"height":11}},{"id":"8801713a-26b8-45af-92bd-600801d77e62","block_type":"box","text":"in effect from time to time.","page_number":35,"box":{"x":70,"y":656,"width":190,"height":9}},{"id":"8cf175c1-fc0a-4f9e-861e-f576caa7b6db","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":35,"box":{"x":102,"y":678,"width":784,"height":12}},{"id":"c9859fda-fcc3-48d0-808d-b01d8d8b7d4a","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":35,"box":{"x":70,"y":693,"width":834,"height":12}},{"id":"14946332-7274-458d-af20-0dfd7b5c63d1","block_type":"box","text":"to per form investment advisory services with respect to the Fund. In addition, the Manager may delegate cer tain of","page_number":35,"box":{"x":68,"y":709,"width":825,"height":11}},{"id":"e8f0bd2b-d3ed-4065-8a85-a5b61f3d9acd","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":35,"box":{"x":70,"y":724,"width":801,"height":11}},{"id":"f74cb825-1e21-4744-88ec-37bed42e03ad","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":35,"box":{"x":70,"y":739,"width":827,"height":11}},{"id":"9185d61c-77a2-46c7-9c70-aea48c63d500","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":35,"box":{"x":69,"y":754,"width":486,"height":11}},{"id":"da29b471-52ca-47d2-be2a-12f0b073f17d","block_type":"box","text":"BlackRock entered into separate sub-advisory agreements (each, a “Sub-Advisory Agreement”) with BlackRock","page_number":35,"box":{"x":102,"y":777,"width":787,"height":11}},{"id":"0f64f1e2-f2d9-4399-ba42-79f1f9628a4b","block_type":"box","text":"Asset Management Nor th Asia Limited (“BAMNAL”) and BlackRock International Limited (“BIL” and together with","page_number":35,"box":{"x":68,"y":792,"width":802,"height":11}},{"id":"94583c4a-2943-468f-b554-f8902c544098","block_type":"box","text":"BAMNAL, the “Sub-Advisers”), pursuant to which each Sub-Adviser receives for the services it provides for that","page_number":35,"box":{"x":70,"y":807,"width":788,"height":11}},{"id":"0485b6eb-1e9f-4159-9aa4-292a6391aa97","block_type":"box","text":"por tion of the Fund for which it acts as sub-adviser a monthly fee at an annual rate equal to a percentage of the","page_number":35,"box":{"x":70,"y":822,"width":796,"height":11}},{"id":"e56a9845-a237-4388-8c5a-07acec246358","block_type":"box","text":"management fee paid to the Manager under the Management Agreement.","page_number":35,"box":{"x":69,"y":837,"width":524,"height":11}},{"id":"6393a40e-a25a-4e15-b4e2-aae3f600b49b","block_type":"box","text":"The table below sets for th information about the management fees paid by the Trust, on behalf of the Fund, to","page_number":35,"box":{"x":101,"y":860,"width":789,"height":11}},{"id":"583ee5b2-00f4-4bf8-a734-ebd342b86034","block_type":"box","text":"BlackRock (which includes amounts paid by BlackRock to the Sub-Advisers), and the amounts waived and/or","page_number":35,"box":{"x":70,"y":875,"width":773,"height":11}},{"id":"7a9481e0-809a-431f-9621-1994ba28dda6","block_type":"box","text":"reimbursed, for the period shown.","page_number":35,"box":{"x":69,"y":890,"width":239,"height":11}},{"id":"10f83df6-94c4-489b-a6ce-bcd500b2781c","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3556066c-5f91-490d-8dad-0d507e0b0ac4","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58e1cd95-8a40-40e1-b9cf-aa73226e6ed1","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":525,"y":49,"width":56,"height":7}},{"id":"c3555176-81da-4da0-a35c-d98fe0da58b1","block_type":"box","text":"to BlackRock Fees Waived by BlackRock","page_number":36,"box":{"x":513,"y":59,"width":267,"height":9}},{"id":"ce545ca6-bfe8-4c7d-ad7f-bc4186b10df1","block_type":"box","text":"Fees Reimbursed","page_number":36,"box":{"x":810,"y":49,"width":99,"height":7}},{"id":"e4329a9b-8eb5-4f83-9e31-98c799306ade","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":820,"y":59,"width":80,"height":9}},{"id":"ee57c7cc-a2ba-4441-8157-37d5b1c4553b","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . .","page_number":36,"box":{"x":70,"y":77,"width":298,"height":11}},{"id":"6a6dc4dd-8aaf-4013-a08c-1ca3d331c2fc","block_type":"box","text":"..............","page_number":36,"box":{"x":375,"y":84,"width":107,"height":2}},{"id":"99679ccf-3477-44e4-a0a8-275aeec6cff9","block_type":"box","text":"$115,505 $115,505 $248,390","page_number":36,"box":{"x":517,"y":76,"width":378,"height":11}},{"id":"f3d2bdf3-7604-422c-8b84-f1bf8128f58c","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . .","page_number":36,"box":{"x":70,"y":92,"width":298,"height":11}},{"id":"554f5bf2-ee0e-4ec3-b604-0311b2412ffd","block_type":"box","text":"..............","page_number":36,"box":{"x":375,"y":99,"width":107,"height":2}},{"id":"fc40f555-62fa-40be-b8d6-f5e5f014d086","block_type":"box","text":"$319,390 $218,037 $136,320","page_number":36,"box":{"x":517,"y":91,"width":378,"height":11}},{"id":"6ed98570-3c9c-4113-99e6-36358db72b7c","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . .","page_number":36,"box":{"x":70,"y":107,"width":298,"height":11}},{"id":"1b8ef9d9-0e99-478e-b457-9ba3f2036ab0","block_type":"box","text":". . . . . . . . . . . . . . $ 83,520 $ 79,741","page_number":36,"box":{"x":375,"y":106,"width":362,"height":11}},{"id":"b9453a05-1260-4518-8dca-d78e621aae68","block_type":"box","text":"$340,844","page_number":36,"box":{"x":824,"y":106,"width":71,"height":11}},{"id":"7259bff5-67f0-474c-9d80-267716259e99","block_type":"box","text":"Administration Agreement","page_number":36,"box":{"x":68,"y":139,"width":191,"height":11}},{"id":"946744f2-3723-4b96-93a0-f9f9b0255cc4","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":36,"box":{"x":102,"y":161,"width":711,"height":11}},{"id":"d7bc0489-d22a-470a-91e8-ace7d723372c","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":36,"box":{"x":69,"y":176,"width":838,"height":12}},{"id":"1de7da70-ecf8-414c-89aa-2aef9e0a0ad7","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":36,"box":{"x":68,"y":191,"width":830,"height":12}},{"id":"a87bc507-bdde-45c4-9173-2397e2160126","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":36,"box":{"x":70,"y":206,"width":813,"height":12}},{"id":"af4e56ec-f984-4955-a669-67da974ed7cd","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":36,"box":{"x":69,"y":222,"width":837,"height":11}},{"id":"ce8debaf-54d4-49b4-8291-e3ffcaf59d2d","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":36,"box":{"x":68,"y":237,"width":836,"height":11}},{"id":"8bf2e598-14fa-4983-96dd-62ad30247c30","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":36,"box":{"x":68,"y":252,"width":785,"height":11}},{"id":"2e6ad4f1-4249-42c8-b5aa-329e0f8b6ff6","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":36,"box":{"x":69,"y":267,"width":765,"height":11}},{"id":"82f0a777-62c7-4444-a8eb-e9235de6d353","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":36,"box":{"x":70,"y":282,"width":819,"height":11}},{"id":"a1816975-1401-45cc-a507-af07ad1970df","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":36,"box":{"x":69,"y":297,"width":818,"height":12}},{"id":"9b28c0b4-a671-4f9d-b9a1-bf3d9bd4a280","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":36,"box":{"x":68,"y":312,"width":840,"height":12}},{"id":"cd6778bf-5e3a-4559-8feb-c4a8556febd8","block_type":"box","text":"reimburse the Fund for expenses.","page_number":36,"box":{"x":69,"y":327,"width":238,"height":11}},{"id":"dfeb774c-0c41-48d5-8963-964bac473e9d","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":36,"box":{"x":102,"y":350,"width":802,"height":11}},{"id":"b9d5def4-621d-49d6-bfd0-eea308b296ee","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":36,"box":{"x":69,"y":365,"width":830,"height":12}},{"id":"45eae858-a0c9-46a2-871e-071e92bca1f3","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":36,"box":{"x":69,"y":380,"width":788,"height":12}},{"id":"632696ab-a974-4169-b11d-0f9909f14911","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":36,"box":{"x":69,"y":395,"width":785,"height":12}},{"id":"44eb3b09-389a-4374-a39a-6ce43a53db9c","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":36,"box":{"x":69,"y":410,"width":816,"height":12}},{"id":"04aa7741-7c08-4a1b-b083-9953941b18d6","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":36,"box":{"x":69,"y":425,"width":805,"height":12}},{"id":"9e16c83b-a9f6-4a98-a197-5fd0db7ded28","block_type":"box","text":"shares of the Fund.","page_number":36,"box":{"x":69,"y":441,"width":137,"height":9}},{"id":"7a6b6330-b333-467f-841a-aa2743adaa01","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust, on behalf of the Fund, to","page_number":36,"box":{"x":101,"y":463,"width":798,"height":12}},{"id":"b85111a5-c384-4a20-81eb-9323949ca7a0","block_type":"box","text":"the Administrator, and the amounts waived and/or reimbursed, for the periods shown.","page_number":36,"box":{"x":68,"y":479,"width":614,"height":11}},{"id":"963a0e41-3568-423a-a219-24ed4e6740e3","block_type":"box","text":"Fees Paid to","page_number":36,"box":{"x":544,"y":507,"width":72,"height":7}},{"id":"df23daf1-44b1-479e-8b27-574a3fce2889","block_type":"box","text":"the Administrator","page_number":36,"box":{"x":529,"y":517,"width":102,"height":7}},{"id":"c9315e0d-4b05-42ca-ab65-1aa4066da775","block_type":"box","text":"Fees Waived by","page_number":36,"box":{"x":667,"y":507,"width":90,"height":9}},{"id":"85975e09-88d7-49a9-a0be-f6e05c6ac04c","block_type":"box","text":"the Administrator","page_number":36,"box":{"x":660,"y":517,"width":103,"height":7}},{"id":"e226ccb5-321d-4edb-bfff-b2d0d63d1f1d","block_type":"box","text":"Fees Reimbursed by","page_number":36,"box":{"x":793,"y":507,"width":116,"height":9}},{"id":"aded70b5-f20c-4fac-b9c2-71f32c0ea860","block_type":"box","text":"the Administrator","page_number":36,"box":{"x":800,"y":517,"width":102,"height":7}},{"id":"c9713c77-634c-42a4-8034-0f96eb6966b6","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . .","page_number":36,"box":{"x":70,"y":535,"width":281,"height":11}},{"id":"72f860ba-7887-4396-a52e-5aab371621ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 8,913 $8,794 $0","page_number":36,"box":{"x":358,"y":534,"width":502,"height":11}},{"id":"54caea35-dc8b-4350-b062-b68fb9fc1e11","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . .","page_number":36,"box":{"x":70,"y":550,"width":281,"height":11}},{"id":"66e495e1-8a8b-4cfc-baf9-3b9795eb7a0a","block_type":"box","text":"..................","page_number":36,"box":{"x":358,"y":557,"width":140,"height":2}},{"id":"12b71ab7-27b1-469e-8687-2513189b3e54","block_type":"box","text":"$24,645 $2,472 $0","page_number":36,"box":{"x":549,"y":549,"width":311,"height":11}},{"id":"3c4e2b45-e86e-4749-820b-bdbf0d0321f0","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . .","page_number":36,"box":{"x":70,"y":565,"width":281,"height":11}},{"id":"f309f6e6-9c01-4305-9b43-3143e4ae36d0","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 6,445 $4,668 $0","page_number":36,"box":{"x":358,"y":564,"width":502,"height":11}},{"id":"4c46e56a-8c45-418c-9ea9-a815c5d36aee","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":36,"box":{"x":101,"y":589,"width":708,"height":11}},{"id":"c519a796-47ec-48f6-9f30-3a1e4fa213bc","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":36,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"76dfd01f-4dd4-44a6-9511-9a2b0fbcc26f","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":36,"box":{"x":68,"y":619,"width":800,"height":11}},{"id":"ac6d5a68-dc1d-4724-97d0-f25f7707d656","block_type":"box","text":"shares of the Trust.","page_number":36,"box":{"x":69,"y":634,"width":138,"height":9}},{"id":"3fad2691-b643-4982-b03a-fa68fad40afc","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":36,"box":{"x":102,"y":657,"width":740,"height":11}},{"id":"f62aad44-5b28-4d1c-b907-1df709b4ccf2","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":36,"box":{"x":69,"y":672,"width":824,"height":11}},{"id":"5ac61d4d-8fd2-451c-81e0-69fa6750258f","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":36,"box":{"x":69,"y":687,"width":787,"height":11}},{"id":"74abb68c-3610-4268-96c1-df9b85536131","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":36,"box":{"x":69,"y":702,"width":531,"height":11}},{"id":"71636d5a-082f-4641-a730-07b81f6b824d","block_type":"box","text":"For the periods shown below, the Trust, on behalf of the Fund, reimbursed BlackRock for shareholder liaison","page_number":36,"box":{"x":102,"y":725,"width":769,"height":11}},{"id":"1f7393ec-0a98-4cae-99cb-0c4370ea2597","block_type":"box","text":"services pursuant to such agreement in the amounts set for th below:","page_number":36,"box":{"x":69,"y":740,"width":495,"height":11}},{"id":"ed21f680-1ac4-45bd-906d-742ae16d8c8b","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":732,"y":768,"width":56,"height":7}},{"id":"ad136bd3-bf34-4aea-aa8e-5a756af5d10d","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":720,"y":779,"width":80,"height":7}},{"id":"70e27f00-6951-4044-959c-a6b694b33069","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":833,"y":768,"width":72,"height":7}},{"id":"f9ddb940-c533-4336-afa1-a1822677b2a9","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":830,"y":779,"width":80,"height":8}},{"id":"723a0b0d-ffba-44a8-a6cc-76b910d2f273","block_type":"box","text":"Fiscal Year Ended April 30, 2026. . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":796,"width":448,"height":11}},{"id":"20e93784-e570-4567-8c8f-913e2d7f6168","block_type":"box","text":".....................","page_number":36,"box":{"x":525,"y":804,"width":165,"height":1}},{"id":"36d1ac2c-d134-4e87-b41f-a45442207b1a","block_type":"box","text":"$234 $199","page_number":36,"box":{"x":741,"y":795,"width":147,"height":11}},{"id":"2576623f-824a-4d45-9db2-4dacaa171ba1","block_type":"box","text":"Fiscal Year Ended April 30, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":811,"width":448,"height":11}},{"id":"552bd4ee-03a4-4131-9fa6-384bc341d585","block_type":"box","text":"..................... $ 0 $ 0","page_number":36,"box":{"x":525,"y":811,"width":363,"height":10}},{"id":"71c514a6-dcab-4aaa-82b5-b9d099da3969","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":826,"width":448,"height":11}},{"id":"db7a92f4-baf2-4d11-9205-71382cdc4e77","block_type":"box","text":"..................... $ 0 $ 0","page_number":36,"box":{"x":525,"y":826,"width":363,"height":10}},{"id":"01e135c9-8e46-42e4-bb3b-c85df4ee7882","block_type":"box","text":"Information Regarding the Portfolio Manager","page_number":36,"box":{"x":69,"y":858,"width":327,"height":11}},{"id":"ad505b78-8925-4926-b5b8-041c609f79c5","block_type":"box","text":"Egon Vavrek is the por tfolio manager and is primarily responsible for the day-to-day management of the Fund.","page_number":36,"box":{"x":102,"y":881,"width":776,"height":11}},{"id":"c9af72db-4e4e-4864-be7e-638406d7671c","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"53b85778-45e5-4aa3-bc20-4ad29e49edf8","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54904bb6-3eab-409a-8d83-348fcc4d553c","block_type":"box","text":"Other Funds and Accounts Managed","page_number":37,"box":{"x":69,"y":45,"width":264,"height":11}},{"id":"e18bfc54-3ab0-4320-b9f0-06a14494e73e","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Fund for which the Fund’s","page_number":37,"box":{"x":101,"y":67,"width":806,"height":12}},{"id":"6b1c1234-facc-43ae-b721-6f440b3f97cd","block_type":"box","text":"por tfolio manager is primarily responsible for the day-to-day por tfolio management as of the fiscal year ended","page_number":37,"box":{"x":70,"y":82,"width":778,"height":12}},{"id":"729fb25b-d5ab-49b6-b736-1a65ce3e59c4","block_type":"box","text":"April 30, 2026.","page_number":37,"box":{"x":68,"y":98,"width":108,"height":11}},{"id":"12f736b4-e21d-4b14-a04b-4d04ac1548db","block_type":"box","text":"Number of Other Accounts Managed","page_number":37,"box":{"x":387,"y":126,"width":211,"height":9}},{"id":"5e88b712-fb97-41b1-aec7-1c2cf92db6d5","block_type":"box","text":"and Assets by Account Type","page_number":37,"box":{"x":410,"y":136,"width":165,"height":9}},{"id":"5b76b76c-88f6-433b-98b1-400a741a782e","block_type":"box","text":"Number of Other Accounts and Assets","page_number":37,"box":{"x":656,"y":126,"width":222,"height":7}},{"id":"e83c9440-88ae-46c5-a7fa-4d887b917920","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":37,"box":{"x":634,"y":136,"width":265,"height":9}},{"id":"64d71f1b-4ce3-4a47-a52c-a4a2c235445f","block_type":"box","text":"Name of Portfolio Manager","page_number":37,"box":{"x":74,"y":179,"width":157,"height":9}},{"id":"ef616204-a94a-4c99-8ea6-6929843fb0e6","block_type":"box","text":"Other","page_number":37,"box":{"x":392,"y":149,"width":32,"height":7}},{"id":"5c8e1c40-a708-4214-a34c-0efa471d384b","block_type":"box","text":"Registered","page_number":37,"box":{"x":377,"y":159,"width":62,"height":8}},{"id":"747fda4c-3164-42b7-a4ca-d1c35c07a820","block_type":"box","text":"Investment","page_number":37,"box":{"x":376,"y":169,"width":64,"height":7}},{"id":"2be590e9-ee32-4cf6-9dc4-583f2edf1c2b","block_type":"box","text":"Companies","page_number":37,"box":{"x":376,"y":179,"width":64,"height":9}},{"id":"8030a85e-5033-4b7e-a690-c479abda1022","block_type":"box","text":"Other Pooled","page_number":37,"box":{"x":465,"y":159,"width":74,"height":7}},{"id":"904bc86e-a05f-48bd-a62f-903413c92aa9","block_type":"box","text":"Investment","page_number":37,"box":{"x":470,"y":169,"width":64,"height":7}},{"id":"a44913ce-e6b0-4e78-a783-17a767d5090e","block_type":"box","text":"Vehicles","page_number":37,"box":{"x":478,"y":179,"width":48,"height":7}},{"id":"c85c2739-ae5f-4516-833e-c783285d1de7","block_type":"box","text":"Other","page_number":37,"box":{"x":571,"y":169,"width":32,"height":7}},{"id":"885bad48-d7e8-4ede-bb3e-122aaa86171b","block_type":"box","text":"Accounts","page_number":37,"box":{"x":559,"y":179,"width":55,"height":7}},{"id":"d9914636-a55c-418e-a0dc-670deeb60f3f","block_type":"box","text":"Other","page_number":37,"box":{"x":656,"y":149,"width":32,"height":7}},{"id":"073b5543-c35b-4696-b140-a660811c5141","block_type":"box","text":"Registered","page_number":37,"box":{"x":641,"y":159,"width":62,"height":8}},{"id":"31d9c448-6375-4eb6-b1cb-338a5cc212d7","block_type":"box","text":"Investment","page_number":37,"box":{"x":640,"y":169,"width":64,"height":7}},{"id":"7a21b8da-86f2-4b84-968f-e27f57cee541","block_type":"box","text":"Companies","page_number":37,"box":{"x":640,"y":179,"width":64,"height":9}},{"id":"f4be66b4-6abc-41ef-ace3-79137214d834","block_type":"box","text":"Other Pooled","page_number":37,"box":{"x":735,"y":159,"width":74,"height":7}},{"id":"81d0c976-1523-4d7a-92ea-a2b6fa0e379b","block_type":"box","text":"Investment","page_number":37,"box":{"x":740,"y":169,"width":64,"height":7}},{"id":"11c3289c-56b6-4669-abb3-9eca20917b35","block_type":"box","text":"Vehicles","page_number":37,"box":{"x":748,"y":179,"width":48,"height":7}},{"id":"dd6f787c-362f-42e6-92a6-b1e074302c14","block_type":"box","text":"Other","page_number":37,"box":{"x":852,"y":169,"width":31,"height":7}},{"id":"53fdb3ba-41e3-411b-b7f5-8979b939c18b","block_type":"box","text":"Accounts","page_number":37,"box":{"x":840,"y":179,"width":54,"height":7}},{"id":"381751ae-e266-4e58-a7b3-8a28ba2fc05f","block_type":"box","text":"Egon Vavrek 1 5 0 0 0 0","page_number":37,"box":{"x":74,"y":193,"width":797,"height":9}},{"id":"a8159590-5f2e-4c87-b8c7-000a40e001a0","block_type":"box","text":"$2.10 Billion $2.02 Billion $0 $0 $0 $0","page_number":37,"box":{"x":372,"y":205,"width":502,"height":8}},{"id":"27d08a0c-69a5-4952-882d-aa70809c3eae","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":239,"width":304,"height":12}},{"id":"841bd75a-742d-4680-8225-a0cc3c27113f","block_type":"box","text":"The discussion below describes the por tfolio manager’s compensation as of April 30, 2026.","page_number":37,"box":{"x":101,"y":262,"width":658,"height":11}},{"id":"78586ac1-7914-4c29-b304-fdc4a6344a28","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":37,"box":{"x":102,"y":285,"width":774,"height":11}},{"id":"f138d303-35b2-43fb-bd55-edff84463ed2","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":37,"box":{"x":70,"y":300,"width":837,"height":11}},{"id":"8894e9b8-1646-4219-bef4-5492e0bbc667","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":37,"box":{"x":69,"y":315,"width":823,"height":11}},{"id":"c55c8f94-d25d-45d1-844d-dbedae5d2442","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":37,"box":{"x":69,"y":330,"width":799,"height":11}},{"id":"c0997c3e-2bdf-498c-aa4f-67152a6b47e3","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":345,"width":670,"height":11}},{"id":"768b8794-8a87-4642-810a-25dc7cc5ef8d","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":368,"width":148,"height":11}},{"id":"56231d7d-f7e1-454d-86dc-9b717051e4a7","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":368,"width":640,"height":11}},{"id":"57c50e57-adcf-4863-82bc-1bae40a63386","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":383,"width":32,"height":9}},{"id":"c1a0a7ee-22c9-4a47-8fc0-c89bc8196daa","block_type":"box","text":"Discretionary Incentive Compensation","page_number":37,"box":{"x":102,"y":406,"width":277,"height":11}},{"id":"46a04b7e-210a-414a-85ce-ddfc41c20167","block_type":"box","text":"Generally, discretionary incentive compensation for Fundamental Equities por tfolio managers is based on a","page_number":37,"box":{"x":102,"y":428,"width":763,"height":12}},{"id":"e255b79d-acb5-4dd3-9e7d-a913486b084f","block_type":"box","text":"formulaic compensation program. BlackRock’s formulaic por tfolio manager compensation program is based on team","page_number":37,"box":{"x":68,"y":443,"width":832,"height":12}},{"id":"bc928aa7-de19-4dfc-b691-e2c8bb8b30a5","block_type":"box","text":"revenue and pre-tax investment per formance relative to appropriate competitors or benchmarks over 3- and 5-year","page_number":37,"box":{"x":69,"y":458,"width":815,"height":12}},{"id":"e3ae4754-19d9-43db-9bf6-714a7ae5d04e","block_type":"box","text":"per formance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or","page_number":37,"box":{"x":70,"y":474,"width":757,"height":11}},{"id":"573992d0-7041-4ac1-95d8-333e860e568a","block_type":"box","text":"benchmarks against which the per formance of the Fund or other accounts managed by the por tfolio managers are","page_number":37,"box":{"x":69,"y":489,"width":814,"height":11}},{"id":"0ac7ccce-2633-41dd-9193-070cf4f82621","block_type":"box","text":"measured. BlackRock’s global compensation team determines the benchmarks or rankings against which the","page_number":37,"box":{"x":69,"y":504,"width":780,"height":11}},{"id":"b283ceb0-149d-4d89-90b4-f3cfb0cf5fbe","block_type":"box","text":"per formance of the funds and other accounts managed by each por tfolio management team is compared and the","page_number":37,"box":{"x":70,"y":519,"width":808,"height":11}},{"id":"41e170dc-871b-4c30-a34e-33e07d20e81f","block_type":"box","text":"period of time over which per formance is evaluated. With respect to the por tfolio manager, such benchmarks for the","page_number":37,"box":{"x":70,"y":534,"width":828,"height":11}},{"id":"5864e2e5-9dbc-4656-83f6-da5373f25fc4","block_type":"box","text":"Fund and other accounts are MSCI Emerging Markets Index; MSCI EM ex China 10-40 Index; MSCI Emerging Markets","page_number":37,"box":{"x":70,"y":549,"width":835,"height":11}},{"id":"8a18158c-cfa9-41c6-bf6a-15475c1518c4","block_type":"box","text":"ex China; MSCI EM (Emerging Markets) Selected Securities B Index - EUR; MSCI EM ex Selected Securities i2.0","page_number":37,"box":{"x":69,"y":564,"width":795,"height":12}},{"id":"d5ebba61-4d67-41e3-9ea2-655536ba0307","block_type":"box","text":"Country Capped Index (Gross).","page_number":37,"box":{"x":69,"y":580,"width":216,"height":11}},{"id":"ad7ba4bc-a784-4606-9f89-4e486f9acd29","block_type":"box","text":"A smaller element of por tfolio manager discretionary compensation may include consideration of: financial","page_number":37,"box":{"x":101,"y":602,"width":759,"height":11}},{"id":"37f75bfd-3baf-4194-a3f2-6790ad5df57c","block_type":"box","text":"results, expense control, profit margins, strategic planning and implementation, quality of client service, market","page_number":37,"box":{"x":69,"y":617,"width":798,"height":12}},{"id":"f409a869-8875-4b53-903f-3c3e941dbcf3","block_type":"box","text":"share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation.","page_number":37,"box":{"x":69,"y":633,"width":814,"height":11}},{"id":"ed6eb4e4-199b-4335-abc5-1f7f778e7141","block_type":"box","text":"These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.","page_number":37,"box":{"x":68,"y":647,"width":798,"height":12}},{"id":"091e4ecc-9c83-477e-ba94-8860db07bcbe","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":670,"width":389,"height":11}},{"id":"5ddd7ac7-4118-4815-a1a0-e7e362c367ec","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":670,"width":383,"height":11}},{"id":"888ee5eb-724f-4632-bf0d-679f60dcc9be","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":685,"width":815,"height":12}},{"id":"31129619-1545-41d5-ac74-b399e6a3bdeb","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":37,"box":{"x":68,"y":700,"width":522,"height":12}},{"id":"f3ba144f-e161-45df-bb9a-44724f1b20ad","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":723,"width":760,"height":11}},{"id":"dcb9f669-ee95-4fa3-8f67-ab64bacf930e","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":738,"width":795,"height":11}},{"id":"a6472a14-28a8-4db4-9d55-2b409a90a41b","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":753,"width":805,"height":12}},{"id":"24a75b03-f521-4388-9908-8fbb1c1ed240","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":768,"width":822,"height":12}},{"id":"ae7b1055-8d63-45d2-abf5-f91c6680d6ac","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":783,"width":839,"height":12}},{"id":"d0711c7a-0f5b-4b13-ae40-291f8e745abc","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":799,"width":802,"height":11}},{"id":"93c97608-1e35-4ce1-a8d0-e3e615661d32","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":814,"width":820,"height":11}},{"id":"18ef38b2-f984-4d1c-89e2-a54e79e47064","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":829,"width":801,"height":11}},{"id":"e703d384-ae3f-4beb-95f3-09469b32d166","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":844,"width":831,"height":11}},{"id":"f12fb7bc-de77-4c9b-b857-607b6dd95686","block_type":"box","text":"manager of this Fund does not have deferred BlackRock, Inc. stock awards.","page_number":37,"box":{"x":69,"y":859,"width":538,"height":11}},{"id":"b79044ad-7328-4eb1-8a1f-b7e58162f8b0","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":882,"width":785,"height":11}},{"id":"ad7507db-7c62-4fa0-9f78-afdcb9b624be","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":897,"width":836,"height":11}},{"id":"f0e68023-5832-44ce-ae32-31074281127c","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":912,"width":821,"height":11}},{"id":"9d50130a-25e9-4784-ab89-e1f2e88a630b","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"08851a6c-2559-418f-9931-54af500fb933","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c6c28f0-07c7-4744-89d3-944fa005715e","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":38,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"cb6ef790-1776-4836-9dd7-a08d63d62df0","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":38,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"570f674b-3395-44c3-938e-97e48ac520cb","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":38,"box":{"x":69,"y":75,"width":414,"height":11}},{"id":"1632d419-7a01-41bc-8454-092b65792227","block_type":"box","text":"Other Compensation Benefits.","page_number":38,"box":{"x":101,"y":98,"width":218,"height":11}},{"id":"66a3f449-3bef-49be-9407-181ebed047d5","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":38,"box":{"x":327,"y":98,"width":552,"height":11}},{"id":"ae5b8f77-c9e1-45d3-849b-7a1cc7ed346a","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":38,"box":{"x":69,"y":113,"width":582,"height":11}},{"id":"29992718-f572-4a53-b3fc-8f438e52e1ca","block_type":"box","text":"Incentive Savings Plans -","page_number":38,"box":{"x":102,"y":135,"width":176,"height":12}},{"id":"d1424bd6-1d44-4c2f-a569-2e2d3df87032","block_type":"box","text":"Hong Kong-based por tfolio managers are also eligible to par ticipate in broad-based","page_number":38,"box":{"x":283,"y":135,"width":592,"height":12}},{"id":"23a25b4a-2f21-451d-81a3-92453fd49057","block_type":"box","text":"plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit","page_number":38,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"b1319d72-e42c-4e1d-9e0c-ef223f3c5cf1","block_type":"box","text":"plans. For example, BlackRock Inc. has created a variety of incentive savings plans in which employees are eligible to","page_number":38,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"e3e04d8e-76be-48ce-b965-5fed8034e19f","block_type":"box","text":"par ticipate, including the Hong Kong Employee Retirement Plan (ERP) that includes the Mandatory Provident Fund","page_number":38,"box":{"x":70,"y":181,"width":808,"height":11}},{"id":"c564be7c-1948-4d4f-88ba-98dd146e7318","block_type":"box","text":"(MPF) plan and BlackRock ORSO Retirement Plan (ORSO), and the BlackRock Employee Stock Purchase Plan (ESPP).","page_number":38,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"2daa225f-52ea-4e61-8226-9a1c3a66696c","block_type":"box","text":"BlackRock contributes 5% to the ERP and will match 2~5% of an employee’s monthly voluntary contribution. The","page_number":38,"box":{"x":70,"y":211,"width":798,"height":11}},{"id":"ba3ddc4a-f0b1-438b-a856-3766e599cce2","block_type":"box","text":"ORSO offers a range of investment options and the funds are managed by the firm. BlackRock contributions follow","page_number":38,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"80d8403d-c47f-4722-8747-fe82887bade9","block_type":"box","text":"the investment direction set by par ticipants for their own contributions. The ESPP allows for investment in BlackRock","page_number":38,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"afc29348-fdc1-49ce-8106-d75f849922df","block_type":"box","text":"common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual par ticipation in","page_number":38,"box":{"x":69,"y":256,"width":819,"height":11}},{"id":"2cb0287b-3030-433e-90b3-474a3db560e5","block_type":"box","text":"the ESPP is limited to the purchase of 1,000 shares of common stock or a U.S. dollar value of $25,000 based on its","page_number":38,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"92d361f9-36a3-4022-b6ae-59caa79559d4","block_type":"box","text":"fair market value on the purchase date. Mr. Vavrek is eligible to par ticipate in these plans.","page_number":38,"box":{"x":68,"y":286,"width":644,"height":12}},{"id":"afd8a1b6-5def-45d5-833d-580af83e5d6d","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":317,"width":268,"height":11}},{"id":"80abf63c-0be1-4abc-a2b9-a08ccf627596","block_type":"box","text":"As of April 30, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":38,"box":{"x":101,"y":339,"width":733,"height":12}},{"id":"005c4078-d14c-4da5-9b24-d7d7ae87277e","block_type":"box","text":"beneficially owned by the por tfolio manager in the Fund is shown below:","page_number":38,"box":{"x":69,"y":355,"width":511,"height":11}},{"id":"df19d8be-ca41-4328-bf2d-dfa1e9fcf99f","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":393,"width":105,"height":9}},{"id":"3e4e095a-ac4b-4d3d-bbee-3decbb5eba88","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":759,"y":383,"width":129,"height":9}},{"id":"fc8ed1b5-5160-4c82-8904-e3890816fae9","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":736,"y":393,"width":173,"height":9}},{"id":"240783b8-b9a5-4b13-8902-4fdab8d05d06","block_type":"box","text":"Egon Vavrek","page_number":38,"box":{"x":70,"y":411,"width":84,"height":11}},{"id":"f2b04fe3-9434-47b1-98f4-efb8f5212329","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1-","page_number":38,"box":{"x":157,"y":410,"width":646,"height":10}},{"id":"f88e840d-6d2d-4223-a310-5f8f8caf55c0","block_type":"box","text":"$10,000","page_number":38,"box":{"x":804,"y":410,"width":62,"height":11}},{"id":"d4fcb9ac-fd76-41d0-993c-b6af6bd5f88c","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":38,"box":{"x":69,"y":442,"width":403,"height":11}},{"id":"6e7d0656-d411-42e1-b5f2-8785e55dba7b","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":38,"box":{"x":102,"y":465,"width":727,"height":11}},{"id":"d6c3b5c5-27fb-4726-a776-8304445a7e3c","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":38,"box":{"x":70,"y":480,"width":814,"height":11}},{"id":"d34e7ced-030c-47d1-b944-7a198a6185b5","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":38,"box":{"x":70,"y":495,"width":837,"height":11}},{"id":"42b3cbad-ce52-421b-868c-1b4d127e1091","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":38,"box":{"x":70,"y":510,"width":810,"height":11}},{"id":"57768d48-768b-4022-92a7-2f48e07de157","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":38,"box":{"x":69,"y":525,"width":782,"height":11}},{"id":"3b48c1c6-b7f4-4c22-bd4b-e63a339b23dc","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":38,"box":{"x":69,"y":541,"width":830,"height":11}},{"id":"ea78da7e-10e0-44c6-a091-e68092fc1ee7","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":38,"box":{"x":69,"y":556,"width":828,"height":11}},{"id":"f77a4979-e492-481b-b7a7-73a0880e9d04","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":38,"box":{"x":68,"y":571,"width":834,"height":11}},{"id":"8820db01-9c4b-45ce-8ec5-30fee1554fd3","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":38,"box":{"x":70,"y":586,"width":777,"height":11}},{"id":"8fa22766-d72c-47b1-9708-f8d5a9a28b86","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":38,"box":{"x":70,"y":601,"width":821,"height":11}},{"id":"e5758e5f-ebf3-481c-af2f-6892fc6c9a2c","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":38,"box":{"x":69,"y":616,"width":819,"height":11}},{"id":"d01556d3-35cf-4686-9ad9-3b578b450d03","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":631,"width":832,"height":11}},{"id":"365293f1-0173-4418-9241-e508ea14a5e0","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":646,"width":804,"height":11}},{"id":"28988aa6-967f-4b3a-98ef-2c542a1cfb32","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":661,"width":760,"height":12}},{"id":"b7a0707d-bae9-4a06-977a-c628d32d0cac","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":676,"width":834,"height":12}},{"id":"d2272093-3bc1-4c54-894a-098d0103681b","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":692,"width":836,"height":11}},{"id":"475669c6-b2bf-45ba-81c9-c933ce24db77","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":707,"width":822,"height":11}},{"id":"f1c7df5b-1c12-43d6-92b1-455bdb7bbbfc","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":722,"width":835,"height":11}},{"id":"389da230-63cb-4829-a100-92b1a69c7f74","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Mr. Vavrek may be managing hedge fund","page_number":38,"box":{"x":69,"y":737,"width":837,"height":11}},{"id":"586f8c13-f9df-4e18-bfde-87ac35df3fb6","block_type":"box","text":"and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts, subject to","page_number":38,"box":{"x":69,"y":752,"width":802,"height":11}},{"id":"f4d99a29-98f8-4881-ac9b-3beac5f95e28","block_type":"box","text":"incentive fees. Mr. Vavrek may therefore be entitled to receive a por tion of any incentive fees earned on such","page_number":38,"box":{"x":70,"y":767,"width":776,"height":11}},{"id":"41cc8455-7c75-4b6b-b859-73ac3ae05b30","block_type":"box","text":"accounts.","page_number":38,"box":{"x":69,"y":783,"width":67,"height":8}},{"id":"1909febf-abba-4c2c-bc5d-529e17d988ca","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":805,"width":788,"height":11}},{"id":"aceb660b-e302-499e-adc9-48033c48e953","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":820,"width":839,"height":11}},{"id":"6f51f896-d159-414b-8604-fdaabed16d4e","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":835,"width":823,"height":11}},{"id":"40a4f99e-5a1c-45e6-81e4-acd0a05a6b31","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":850,"width":812,"height":12}},{"id":"4529fbe8-3a85-4b3e-9357-9cee6e76bcc8","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":865,"width":777,"height":12}},{"id":"f2ce3402-fd12-468b-bbef-f571e23400fb","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":881,"width":826,"height":11}},{"id":"b71247db-fdd4-4364-8b02-7c27cce8acbe","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"661f8744-fc4a-487b-a16c-6ddfd0c04870","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89b325aa-4d0b-4fb6-b6e0-0a696598a437","block_type":"box","text":"Accounting Services","page_number":39,"box":{"x":68,"y":45,"width":150,"height":11}},{"id":"e1027249-ffac-4923-97c7-f6d0c312478a","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. JPM records","page_number":39,"box":{"x":101,"y":67,"width":757,"height":12}},{"id":"0cff3b0b-d59a-4a39-8380-c6a24e6e2286","block_type":"box","text":"investment, capital share and income and expense activities; verifies and transmits trade tickets; maintains","page_number":39,"box":{"x":70,"y":82,"width":769,"height":11}},{"id":"1f218635-cd3d-462a-9676-783fbbb8765a","block_type":"box","text":"accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Fund’s custodians; repor ts","page_number":39,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"de3dab3c-d816-4c52-955b-b78d6f1042ce","block_type":"box","text":"cash balances to BlackRock; prepares cer tain financial statements; calculates expenses, gains, losses and income;","page_number":39,"box":{"x":69,"y":113,"width":830,"height":11}},{"id":"78110098-ad7c-45f2-9f61-9a30f021ac83","block_type":"box","text":"controls disbursements; works with independent pricing sources; and computes and repor ts net asset value. In","page_number":39,"box":{"x":69,"y":128,"width":795,"height":11}},{"id":"8a73c2df-5fc9-437c-ac64-98dd8507c932","block_type":"box","text":"connection with its accounting services, JPM also provides cer tain administration services to the Fund.","page_number":39,"box":{"x":69,"y":143,"width":735,"height":11}},{"id":"fc227bba-5c15-4b3b-94ae-1b99da402236","block_type":"box","text":"The table below shows the amounts paid by the Fund to JPM for accounting services for the periods shown:","page_number":39,"box":{"x":101,"y":166,"width":766,"height":11}},{"id":"bdeb0389-de0d-4e78-940c-c3b31985ef79","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":850,"y":194,"width":56,"height":7}},{"id":"c2605e13-aa7b-4a99-9dd4-395eb45281bb","block_type":"box","text":"to JPM","page_number":39,"box":{"x":857,"y":204,"width":40,"height":7}},{"id":"31821abd-d501-4c5e-ac4e-8e2f18ef1248","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":39,"box":{"x":70,"y":222,"width":232,"height":11}},{"id":"79b7ff50-b16f-4cab-8017-42a76fa4d2e1","block_type":"box","text":"...............................................................","page_number":39,"box":{"x":308,"y":229,"width":507,"height":2}},{"id":"cc368fee-2000-4885-9377-b8bcde98a3c6","block_type":"box","text":"$28,582","page_number":39,"box":{"x":847,"y":221,"width":62,"height":11}},{"id":"3614514e-ec81-4913-9198-baf5eb1acdb0","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":39,"box":{"x":70,"y":237,"width":232,"height":11}},{"id":"97a504f6-1821-4a91-b233-a49fbfeaf2ce","block_type":"box","text":"...............................................................","page_number":39,"box":{"x":308,"y":244,"width":507,"height":2}},{"id":"29ba184b-09c2-4831-bf69-18f2209e4268","block_type":"box","text":"$31,597","page_number":39,"box":{"x":847,"y":236,"width":61,"height":11}},{"id":"263529e9-35fb-41f8-8ef7-1ab76ec4788c","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":39,"box":{"x":70,"y":252,"width":232,"height":11}},{"id":"8349adda-c450-48d0-9cad-9e08e12a08c0","block_type":"box","text":"...............................................................","page_number":39,"box":{"x":308,"y":259,"width":507,"height":2}},{"id":"174135dc-de1b-4aee-aa88-3fe604c690a2","block_type":"box","text":"$25,916","page_number":39,"box":{"x":847,"y":251,"width":62,"height":11}},{"id":"be5c8e14-f796-49aa-98cc-4f94ad20d324","block_type":"box","text":"Custodian","page_number":39,"box":{"x":69,"y":283,"width":72,"height":9}},{"id":"1860b455-054b-46e0-bf86-07de198e7b44","block_type":"box","text":"JPM, which has its principal offices at 270 Park Avenue, New York, New York 10017, serves as the custodian for","page_number":39,"box":{"x":101,"y":306,"width":806,"height":11}},{"id":"360f84ba-b203-4ec7-8f78-2e32860c82a0","block_type":"box","text":"the Fund (the “Custodian”). The Custodian, among other responsibilities, maintains a custody account or accounts in","page_number":39,"box":{"x":68,"y":321,"width":835,"height":11}},{"id":"b35a1e43-7ffa-4a07-9a6a-4a33065b5c5c","block_type":"box","text":"the name of the Fund, receives and delivers all assets for the Fund upon purchase and upon sale or maturity, and","page_number":39,"box":{"x":68,"y":336,"width":811,"height":11}},{"id":"e337891e-248d-45b7-a9db-3957a932a455","block_type":"box","text":"collects and receives all income and other payments and distributions on account of the assets of the Fund.","page_number":39,"box":{"x":69,"y":351,"width":771,"height":12}},{"id":"3f4b0f14-aa63-4a60-9582-2465d41bafe2","block_type":"box","text":"Transfer Agent","page_number":39,"box":{"x":68,"y":382,"width":107,"height":11}},{"id":"9fd319ea-bdfe-4b98-acf9-4e727f45b6b3","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY MIS”), which has its principal place of business at 118","page_number":39,"box":{"x":102,"y":404,"width":745,"height":12}},{"id":"f562efaf-fbbd-4ef8-8940-9ba7d91e7b7a","block_type":"box","text":"Flanders Road Westborough, Massachusetts 01581, serves as the transfer agent and dividend disbursing agent for","page_number":39,"box":{"x":70,"y":419,"width":827,"height":12}},{"id":"681376b5-4323-4da2-950a-38306840f45c","block_type":"box","text":"the Fund.","page_number":39,"box":{"x":68,"y":435,"width":66,"height":9}},{"id":"bb4a6b03-f907-43d3-bec0-1dea7db2af7c","block_type":"box","text":"Credit Agreement","page_number":39,"box":{"x":69,"y":465,"width":129,"height":11}},{"id":"27f4f99f-2791-4b4c-b6f7-b2c40a8516cd","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":487,"width":757,"height":12}},{"id":"9d210d16-28ed-47b4-b802-ae09ca065440","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":502,"width":817,"height":12}},{"id":"93302572-12e0-44a3-993b-3b41ab179c32","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":518,"width":743,"height":11}},{"id":"0f59098d-5f3b-4f0a-a5ef-1f9d96acd7d8","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":533,"width":825,"height":11}},{"id":"556f8f07-2384-4080-abfd-8cd4425b04ad","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":547,"width":818,"height":12}},{"id":"c69879cb-5eff-4b95-8cf2-71462a36df8b","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":563,"width":761,"height":11}},{"id":"227a4531-f5b9-45a5-a1ab-e5de9f17a982","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":578,"width":768,"height":11}},{"id":"31af86a4-ef17-491c-8ad9-ffb8b52da6d2","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under the Fund’s current","page_number":39,"box":{"x":68,"y":593,"width":781,"height":12}},{"id":"bfacda3d-5484-4d6b-bd7e-907ef4e1cba6","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":39,"box":{"x":69,"y":609,"width":812,"height":11}},{"id":"34527d04-25c0-490c-827a-f398f76f3b61","block_type":"box","text":"expense and other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of","page_number":39,"box":{"x":69,"y":623,"width":774,"height":12}},{"id":"f88ea0ab-e876-46b1-b03c-f459f1a1425c","block_type":"box","text":"borrowing may reduce the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees","page_number":39,"box":{"x":69,"y":639,"width":836,"height":11}},{"id":"35c3e2c1-ca06-4c8e-bcd4-d81d93ca72ec","block_type":"box","text":"on the aggregate commitment amount based on its net assets. If the Fund borrows pursuant to the Credit","page_number":39,"box":{"x":69,"y":654,"width":756,"height":11}},{"id":"370b896e-a02c-4f5b-8d8b-07f32e85e9f1","block_type":"box","text":"Agreement, the Fund is charged interest at a variable rate.","page_number":39,"box":{"x":68,"y":669,"width":417,"height":11}},{"id":"da3525d1-767e-496b-be2a-6cff6591ea0e","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":39,"box":{"x":68,"y":699,"width":491,"height":11}},{"id":"3c01cec7-c607-475e-b50a-b0d3f18d34a7","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":722,"width":773,"height":11}},{"id":"6f07a968-59a8-4d38-84e4-eebb0fdbf9b9","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":737,"width":804,"height":11}},{"id":"3f905959-9fac-4fa6-b778-5bab72283067","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":39,"box":{"x":70,"y":752,"width":656,"height":11}},{"id":"b6417d91-8ad5-4bf8-9f28-5700e7809075","block_type":"box","text":"Investor A Shares","page_number":39,"box":{"x":606,"y":780,"width":103,"height":7}},{"id":"45e495b8-b272-45eb-ac7f-bf4fe2898a6c","block_type":"box","text":"Gross Sales","page_number":39,"box":{"x":405,"y":796,"width":69,"height":7}},{"id":"bd4513ae-5ee0-4537-8785-c6f462f0f46e","block_type":"box","text":"Charges","page_number":39,"box":{"x":416,"y":806,"width":47,"height":9}},{"id":"5edcadcc-3b84-4d8b-b4ac-20c59a00f955","block_type":"box","text":"Collected","page_number":39,"box":{"x":412,"y":816,"width":55,"height":7}},{"id":"20344ea1-903c-4759-9e28-c02c5b63bf4f","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":503,"y":796,"width":84,"height":9}},{"id":"fd35a283-17bf-4b0e-9610-4e4392565fb4","block_type":"box","text":"Retained by","page_number":39,"box":{"x":512,"y":806,"width":68,"height":9}},{"id":"04057c04-94b2-4fa2-83a1-946b8b4099b2","block_type":"box","text":"BRIL","page_number":39,"box":{"x":532,"y":816,"width":27,"height":7}},{"id":"a9e92acc-92df-4069-bc70-479951a87f26","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":617,"y":796,"width":83,"height":9}},{"id":"9f4380c6-45f9-45dc-a9f3-5830b637627a","block_type":"box","text":"Paid to","page_number":39,"box":{"x":639,"y":806,"width":40,"height":7}},{"id":"8293eed0-b024-4ed3-ab2e-7e40af6201a6","block_type":"box","text":"Affiliates","page_number":39,"box":{"x":633,"y":816,"width":52,"height":7}},{"id":"108fb1c1-53e1-4720-a16d-0d069a61afb1","block_type":"box","text":"CDSCs Received","page_number":39,"box":{"x":771,"y":796,"width":97,"height":7}},{"id":"c644ac04-fea8-4d62-a8dd-6cc5338f2f6c","block_type":"box","text":"on Redemption of Load-Waived","page_number":39,"box":{"x":730,"y":806,"width":179,"height":9}},{"id":"94fbac54-b331-445d-9b87-88068f86d495","block_type":"box","text":"Shares","page_number":39,"box":{"x":800,"y":816,"width":39,"height":7}},{"id":"52ad0a12-ac53-4cd7-8997-14ce81d2b4d1","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . .","page_number":39,"box":{"x":70,"y":834,"width":255,"height":11}},{"id":"298ee360-dd85-47c8-b7bf-b7a56382320e","block_type":"box","text":". . . . . . $78 $6 $6 $0","page_number":39,"box":{"x":332,"y":833,"width":497,"height":11}},{"id":"5454ffef-40ad-4fef-9659-18f69ea947dc","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . .","page_number":39,"box":{"x":70,"y":849,"width":255,"height":11}},{"id":"7ce36a60-6cc5-4fcb-87a9-a19eb5561e4c","block_type":"box","text":". . . . . . $ 1 $0 $0 $0","page_number":39,"box":{"x":332,"y":848,"width":497,"height":11}},{"id":"dcc68651-e091-4b1c-b55d-4f17ad2cccea","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . .","page_number":39,"box":{"x":70,"y":864,"width":255,"height":11}},{"id":"5215dd18-2e07-4876-9590-88110622b33e","block_type":"box","text":". . . . . . $ 0 $0 $0 $0","page_number":39,"box":{"x":332,"y":864,"width":497,"height":10}},{"id":"3e693b40-054f-47e0-a860-03f18f0b8d43","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5fb2298c-6035-479e-bc9c-032c0132791e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f58cf60-f427-453b-bc51-6a5b84a122ac","block_type":"box","text":"The table below provides information for the fiscal year ended April 30, 2026 about the 12b-1 fees the Fund paid","page_number":40,"box":{"x":101,"y":45,"width":807,"height":11}},{"id":"0d93886d-b549-434c-b1ec-138d44f8e71b","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":40,"box":{"x":68,"y":60,"width":796,"height":11}},{"id":"46b5cf96-4c7b-44f1-9b9c-d85e5ec887df","block_type":"box","text":"shareholder servicing activities for Investor A Shares.","page_number":40,"box":{"x":69,"y":75,"width":379,"height":11}},{"id":"a9bb54f2-18b4-4956-b2a2-3a11a3ea9622","block_type":"box","text":"Class Name","page_number":40,"box":{"x":69,"y":123,"width":68,"height":7}},{"id":"3d681bc0-857f-4ac1-b660-88b58630d0ab","block_type":"box","text":"Fees Paid","page_number":40,"box":{"x":853,"y":103,"width":56,"height":7}},{"id":"b615e5ea-73b8-496d-bd9b-0126239c2262","block_type":"box","text":"to BRIL","page_number":40,"box":{"x":859,"y":113,"width":44,"height":7}},{"id":"db44d4a0-9264-4cfc-83b4-de83e0f9be96","block_type":"box","text":"Investor A Shares .","page_number":40,"box":{"x":70,"y":141,"width":140,"height":9}},{"id":"f0341885-6be0-4817-a01d-dcf29f46396d","block_type":"box","text":"...........................................................................","page_number":40,"box":{"x":217,"y":148,"width":605,"height":2}},{"id":"8ff43f0d-6c9b-45fb-a476-a557abd54e0c","block_type":"box","text":"$457","page_number":40,"box":{"x":862,"y":140,"width":37,"height":11}},{"id":"7a8de797-3d66-4c31-b8e6-756b62f0d603","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":40,"box":{"x":68,"y":173,"width":318,"height":11}},{"id":"63294be4-7529-426e-8942-b93c7ba2ff24","block_type":"box","text":"An illustration of the computation of the offering price of the Investor A Shares of the Fund based on the value of","page_number":40,"box":{"x":101,"y":195,"width":805,"height":11}},{"id":"9fabc211-7e2c-4d48-9c9b-9c289f3a3fe8","block_type":"box","text":"the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on April 30, 2026, is set","page_number":40,"box":{"x":68,"y":210,"width":829,"height":12}},{"id":"2526e158-7ca6-4c6f-b1db-fda3694b3c13","block_type":"box","text":"for th below.","page_number":40,"box":{"x":68,"y":225,"width":83,"height":9}},{"id":"6478aa57-1685-4d8b-8bbe-b6441c7020e6","block_type":"box","text":"Investor A Shares","page_number":40,"box":{"x":807,"y":254,"width":102,"height":7}},{"id":"bff7f4e6-23fd-4882-b8a6-381795091ece","block_type":"box","text":"Net Assets","page_number":40,"box":{"x":70,"y":272,"width":76,"height":8}},{"id":"2add49bf-b505-4d38-b500-97ddf2d5542c","block_type":"box","text":".............................................................................","page_number":40,"box":{"x":154,"y":279,"width":621,"height":1}},{"id":"de63c281-4d38-4382-b412-8ff18b552506","block_type":"box","text":"$266,739","page_number":40,"box":{"x":822,"y":271,"width":72,"height":11}},{"id":"e451cc8a-1ac0-4d93-88e4-5554114d7d56","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":286,"width":444,"height":12}},{"id":"2e4e1dad-dd36-4f4c-b08c-60b2a099a29e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,773","page_number":40,"box":{"x":521,"y":287,"width":373,"height":10}},{"id":"35084fca-64e0-47c9-a8ca-b0dc51c4687d","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding) .","page_number":40,"box":{"x":70,"y":302,"width":583,"height":11}},{"id":"d1d25147-6353-4a26-97c3-f26cb8b7c363","block_type":"box","text":"...............","page_number":40,"box":{"x":659,"y":309,"width":116,"height":2}},{"id":"6a94f5f2-17ad-4482-92d7-2cdc03f1a1de","block_type":"box","text":"$18.06","page_number":40,"box":{"x":842,"y":301,"width":52,"height":10}},{"id":"9c7c1b85-413e-48ad-8711-0a02e6d99eb8","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":40,"box":{"x":69,"y":317,"width":534,"height":11}},{"id":"73851e52-8dc9-46af-9153-6fa1dc5f863a","block_type":"box","text":"1","page_number":40,"box":{"x":604,"y":317,"width":4,"height":5}},{"id":"fb860c76-47a2-43ac-afa6-93111995850f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . 1.00","page_number":40,"box":{"x":611,"y":317,"width":283,"height":9}},{"id":"56dfa719-ce0d-4759-9fa7-6c469508d470","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":69,"y":336,"width":706,"height":12}},{"id":"ce1b6557-e95f-4128-a69b-837151f8a8c8","block_type":"box","text":"$19.06","page_number":40,"box":{"x":842,"y":336,"width":52,"height":10}},{"id":"d8d971f0-7496-4bd6-a7ee-b439d6a1cb38","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":368,"width":3,"height":4}},{"id":"a7034bcf-e0be-4f54-9e02-cc0b6eac720a","block_type":"box","text":"Rounded to the nearest one hundredth percent; assumes maximum sales charge is applicable.","page_number":40,"box":{"x":94,"y":368,"width":542,"height":9}},{"id":"5635d8ad-f11c-4f72-99fd-78c4e1ced932","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 as","page_number":40,"box":{"x":101,"y":389,"width":796,"height":11}},{"id":"89504e59-6b71-4c2d-92cb-a56019aad3bc","block_type":"box","text":"set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":40,"box":{"x":69,"y":404,"width":833,"height":12}},{"id":"005b0913-f18b-4f62-b3e0-8a6d9b9d6752","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":40,"box":{"x":69,"y":419,"width":813,"height":12}},{"id":"69a898f1-9ea7-486c-9f52-b0eb72fb76af","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":40,"box":{"x":69,"y":435,"width":377,"height":11}},{"id":"97fc9606-6adc-4506-a8f3-682f2ebbd03e","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":465,"width":302,"height":11}},{"id":"0543e182-f9c7-4902-b203-8aa489e0d7d0","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":487,"width":609,"height":12}},{"id":"4c32616d-1c14-459a-ad31-fcb2199798a2","block_type":"box","text":"Set forth below is information about the brokerage commissions paid by the Fund, including commissions paid to affiliates,","page_number":40,"box":{"x":69,"y":503,"width":839,"height":11}},{"id":"2a4406bf-fa23-4113-8b83-3a9f8c5e1e36","block_type":"box","text":"for the period shown.","page_number":40,"box":{"x":68,"y":518,"width":150,"height":11}},{"id":"6b0fd3f4-ef16-4e7e-b308-f2fbaa15f673","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":648,"y":546,"width":125,"height":9}},{"id":"e32d3c3c-93af-41e7-b93f-3aaefe12c694","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":658,"y":556,"width":105,"height":7}},{"id":"9c383da7-910e-49ad-88b5-fd6655d4ebbd","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":803,"y":546,"width":106,"height":7}},{"id":"e2320e32-9454-4c68-a711-c0ca55bdee03","block_type":"box","text":"to Affiliates","page_number":40,"box":{"x":822,"y":556,"width":68,"height":7}},{"id":"54270692-8aad-4ad6-9335-d55cd696bbd1","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":574,"width":449,"height":11}},{"id":"6a0ce67c-6339-40b5-b235-41eccd8d1c2f","block_type":"box","text":"............","page_number":40,"box":{"x":526,"y":581,"width":91,"height":2}},{"id":"905f9af6-bc64-40db-8667-619caa275b6e","block_type":"box","text":"$17,935 $0","page_number":40,"box":{"x":680,"y":573,"width":185,"height":11}},{"id":"5d82d881-11e6-465c-8ea8-21b82d234f6f","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":589,"width":449,"height":11}},{"id":"4ea6b0ab-1ad8-49b0-96f9-bf22acf1a356","block_type":"box","text":"............","page_number":40,"box":{"x":526,"y":596,"width":91,"height":2}},{"id":"589df206-eb2a-4954-b25c-ec4c842afb37","block_type":"box","text":"$59,758 $0","page_number":40,"box":{"x":680,"y":588,"width":185,"height":11}},{"id":"835f7a31-75c5-4e4a-a734-a460fd2203a8","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":604,"width":449,"height":11}},{"id":"f7377576-0e4c-45a6-89bb-d276b2d3cb9b","block_type":"box","text":"............","page_number":40,"box":{"x":526,"y":611,"width":91,"height":2}},{"id":"c7253f64-0d45-4e59-87d5-2ee97e52d16a","block_type":"box","text":"$30,151 $0","page_number":40,"box":{"x":680,"y":603,"width":185,"height":11}},{"id":"e6f94fbe-930f-4be7-b3b0-1bd58d6ebdeb","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":628,"width":770,"height":11}},{"id":"97337491-872a-4c48-976c-0bc5b2f2a66e","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":643,"width":814,"height":11}},{"id":"2c2118ad-c3d1-45e8-8d58-ad9d8f274a1e","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended April 30, 2026. The provision of","page_number":40,"box":{"x":68,"y":658,"width":831,"height":11}},{"id":"7071ede5-93fe-4393-abb3-abd2f3710837","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":40,"box":{"x":69,"y":673,"width":822,"height":12}},{"id":"bdf37aa0-248d-4d5b-84c5-37a455a351dd","block_type":"box","text":"with such brokers.","page_number":40,"box":{"x":68,"y":689,"width":130,"height":8}},{"id":"72b6d4a4-5a1e-4193-aae9-5cb411c3e52f","block_type":"box","text":"Amount of Commissions","page_number":40,"box":{"x":355,"y":717,"width":141,"height":7}},{"id":"46337102-eb3a-4c02-9a95-7e4dacf69900","block_type":"box","text":"Paid to Brokers for Providing","page_number":40,"box":{"x":342,"y":727,"width":168,"height":9}},{"id":"9de254bc-71ee-4ba8-9727-3a60754f4cec","block_type":"box","text":"28(e) Eligible Research Services","page_number":40,"box":{"x":330,"y":737,"width":191,"height":9}},{"id":"5866e92d-2bc4-4b29-8d01-0b3ffb2eef38","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":588,"y":727,"width":124,"height":9}},{"id":"adf50234-1795-437c-bbb1-9d3d0ec4b1c0","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":587,"y":737,"width":126,"height":7}},{"id":"a8e3cddb-0f52-4a18-afa4-abeb2f34f474","block_type":"box","text":"$8282 $8,722,277","page_number":40,"box":{"x":402,"y":754,"width":291,"height":11}},{"id":"2c513531-2142-41ee-8b29-0d74b25e0d8b","block_type":"box","text":"As of April 30, 2026, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1","page_number":40,"box":{"x":101,"y":778,"width":764,"height":12}},{"id":"ce543fac-15f6-431d-90cf-3a3b14af04ea","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":794,"width":792,"height":11}},{"id":"10c95d9d-cfe5-40c8-a6d2-49b0dfe004e2","block_type":"box","text":"April 30, 2026.","page_number":40,"box":{"x":68,"y":809,"width":108,"height":11}},{"id":"754e3a83-080e-4abe-9580-7b6106fd2003","block_type":"box","text":"Securities Lending","page_number":40,"box":{"x":68,"y":839,"width":135,"height":11}},{"id":"349d6665-379e-4c29-b302-6314b4d1bc03","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":862,"width":807,"height":11}},{"id":"bc1ae5fa-b9ee-4f8f-be43-7ba8ffece4bd","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":877,"width":817,"height":11}},{"id":"d962ecf2-6cc5-4877-aff1-106c5fe6ead0","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":892,"width":813,"height":11}},{"id":"6fdc4551-65e6-45b5-98ce-f73467aa2b09","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":40,"box":{"x":70,"y":907,"width":838,"height":11}},{"id":"94123519-e2d6-4a8c-83d3-5c97ed500b91","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"15cae533-ec15-4313-aadf-3f5486d2974e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f7768cb-e5bf-4b2c-baeb-cd4dedb53424","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":41,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"b8114c81-3749-44a3-82bc-ab2362ea2d2c","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":41,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"610dbfdd-6585-472d-bb7e-5e90dc10075e","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":41,"box":{"x":101,"y":82,"width":735,"height":12}},{"id":"20fb2268-2ef0-4902-a787-a18f07ad5d81","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":41,"box":{"x":69,"y":98,"width":834,"height":11}},{"id":"398dc580-8c44-4688-84d5-fe91d0ffdb85","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":41,"box":{"x":70,"y":113,"width":822,"height":11}},{"id":"c48ad358-4f9c-42ea-9e04-7bb5ade4a6fa","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":41,"box":{"x":69,"y":128,"width":787,"height":11}},{"id":"77a70bbd-06ce-4790-ac96-a60ee12d5153","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":41,"box":{"x":69,"y":143,"width":783,"height":11}},{"id":"8753bc09-cbb7-47a9-b852-f9fe685c40af","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":41,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"71a788ae-797e-417c-97da-021ff9c01d77","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":41,"box":{"x":70,"y":173,"width":813,"height":11}},{"id":"4a7ca0f6-3e0f-478c-9c0e-201f7bce343d","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":41,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"b81d6140-0b26-4aac-899b-501d8dc7fe32","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":41,"box":{"x":69,"y":203,"width":773,"height":12}},{"id":"50f95918-e577-44bd-93a7-692d69b6f7e5","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":226,"width":776,"height":11}},{"id":"38b81d0e-8377-43fb-a03e-25011d86d730","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":241,"width":831,"height":11}},{"id":"da1a06d0-2608-4d93-9515-916898c409ec","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":256,"width":812,"height":12}},{"id":"494b8bdd-66aa-44e2-bcfe-8c174d0a9e16","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":271,"width":799,"height":12}},{"id":"b2c31a40-699e-478b-ba64-204e2d231419","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":286,"width":835,"height":12}},{"id":"7cec37f5-83f8-49d4-85e9-1a8a58442d77","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":302,"width":818,"height":11}},{"id":"a34f79d7-8ee2-4d4b-9f25-671e27d433b2","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":317,"width":789,"height":11}},{"id":"baa3d55a-b36d-497e-a0be-38f17b811d36","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":332,"width":829,"height":11}},{"id":"093ad2e1-e9b5-4083-817c-9c7028454bac","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":347,"width":839,"height":11}},{"id":"39343654-3598-4b2c-9c5a-e810b5e696d1","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":362,"width":802,"height":11}},{"id":"7a711525-3a76-4954-907e-6e3e2a115348","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":377,"width":830,"height":12}},{"id":"2bc60a2a-e460-4ca1-9aac-3c8d8aab074e","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":392,"width":838,"height":12}},{"id":"a36923ce-de3e-4c5f-9a24-4834ae7c52aa","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":408,"width":258,"height":11}},{"id":"d083c270-5e3d-4475-80ef-f388f9abdc39","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":430,"width":774,"height":11}},{"id":"611ab87b-be86-4e59-a61a-417d6490baf0","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":445,"width":794,"height":12}},{"id":"9122b724-18ff-407f-9753-04d5fb89f30c","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":460,"width":809,"height":12}},{"id":"46758cf3-9a0b-43b7-9b88-7ff4f7837fce","block_type":"box","text":"Trust and BIM.","page_number":41,"box":{"x":68,"y":476,"width":103,"height":8}},{"id":"79c4de81-6bb2-41f8-be9c-996fc7efb2e8","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) the Fund retains 82% of securities","page_number":41,"box":{"x":102,"y":498,"width":783,"height":11}},{"id":"c3c884a3-3606-4a63-ac78-e404bcbcf9c2","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":41,"box":{"x":70,"y":513,"width":815,"height":12}},{"id":"5f21a3b4-f778-4328-aeb0-acad7a9ef2c5","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":528,"width":463,"height":12}},{"id":"e39e6f36-8934-4c1b-aca8-cf7d07a3f913","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":551,"width":753,"height":11}},{"id":"c93f2094-5df7-4847-9e97-b25efa80d27a","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":566,"width":778,"height":11}},{"id":"e4376839-fdb2-406e-91c3-071f7d74967c","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":581,"width":817,"height":12}},{"id":"f30c5284-4626-4e0b-92aa-8ebce870084d","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":41,"box":{"x":70,"y":596,"width":794,"height":12}},{"id":"ef0c4779-b934-40b3-9b11-abff8c4aad92","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":612,"width":825,"height":11}},{"id":"eff3bf84-8fb2-491d-8068-690efcc44cb8","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":41,"box":{"x":102,"y":634,"width":683,"height":12}},{"id":"6f139e9b-0b04-4ffc-a49f-ecdf157bfa53","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended April 30, 2026, primarily included","page_number":41,"box":{"x":101,"y":657,"width":804,"height":11}},{"id":"29db014f-3f34-412d-98e1-521ef131bfdb","block_type":"box","text":"the following:","page_number":41,"box":{"x":68,"y":672,"width":93,"height":11}},{"id":"f7c1e5f0-3c47-48d7-9f75-c2ed908d6472","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":41,"box":{"x":69,"y":692,"width":818,"height":11}},{"id":"c73d3627-a3fb-4b7b-b7d9-8c68f123561d","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":41,"box":{"x":102,"y":707,"width":333,"height":11}},{"id":"934a6474-402f-4a22-b7a4-1f33afa65022","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":41,"box":{"x":69,"y":727,"width":538,"height":12}},{"id":"b874a433-6f15-48cc-b542-9a98d96b41d8","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":41,"box":{"x":69,"y":748,"width":330,"height":11}},{"id":"c252e7e2-312c-4581-b089-b2ebf3e4b13a","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":41,"box":{"x":69,"y":768,"width":834,"height":11}},{"id":"912096e8-be88-41e9-a1ce-2275edd33018","block_type":"box","text":"of excess collateral, as necessary;","page_number":41,"box":{"x":102,"y":783,"width":246,"height":11}},{"id":"9e75fd58-dd37-466b-8add-d62247935abe","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":41,"box":{"x":69,"y":803,"width":562,"height":11}},{"id":"09b1f7c5-d593-4d39-b7f5-eac6f242382e","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":41,"box":{"x":69,"y":823,"width":665,"height":12}},{"id":"cbaea3e6-5f1d-442a-a0c8-2fdd00ce24ef","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":41,"box":{"x":69,"y":843,"width":822,"height":12}},{"id":"6600594f-635b-4ad8-ae20-0d51e26eee17","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":41,"box":{"x":101,"y":858,"width":803,"height":12}},{"id":"cd5428f3-5325-4a67-9a79-e2ba02bf126c","block_type":"box","text":"of the loaned securities; and","page_number":41,"box":{"x":102,"y":874,"width":203,"height":10}},{"id":"7a8981f1-528e-4540-8569-d88fc6946d77","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":41,"box":{"x":69,"y":894,"width":808,"height":11}},{"id":"39927f9b-64bc-4c00-b9d1-afc7ac2cd5f3","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"50bde8cf-619a-40a0-beae-944e2cd19fb0","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5764e679-77ce-4903-b09a-af8acd151e7b","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":42,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"23d5ece2-efd9-4e27-b707-4704a4aed5e8","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended April 30, 2026.","page_number":42,"box":{"x":69,"y":60,"width":548,"height":11}},{"id":"f4290de5-4ca9-466e-aff4-bb318504ea83","block_type":"box","text":"Gross income from securities lending activities","page_number":42,"box":{"x":69,"y":88,"width":343,"height":11}},{"id":"e93674a8-7a64-4656-9d18-ec82f548e83b","block_type":"box","text":"....................................................","page_number":42,"box":{"x":417,"y":95,"width":418,"height":1}},{"id":"cd360f8a-92a9-48a5-be2b-05c64dda91bd","block_type":"box","text":"$4,722","page_number":42,"box":{"x":856,"y":87,"width":53,"height":11}},{"id":"3fe1db5d-7828-4748-ab24-e19d8c93d9fd","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":42,"box":{"x":70,"y":107,"width":565,"height":11}},{"id":"74b93192-0a8f-4ba3-ac25-d46799a67553","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent","page_number":42,"box":{"x":79,"y":122,"width":555,"height":11}},{"id":"14df2e6b-e8c7-4f2c-b727-fef70444463a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . $ 85","page_number":42,"box":{"x":646,"y":121,"width":263,"height":11}},{"id":"4c896796-7d2a-495b-b2b8-69d59410a757","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . . .","page_number":42,"box":{"x":79,"y":137,"width":683,"height":12}},{"id":"38c521ec-56d6-4f9e-8cd1-4aab8a451aba","block_type":"box","text":". . . . . . . . . $ 44","page_number":42,"box":{"x":768,"y":137,"width":141,"height":10}},{"id":"ca1b9c4b-ce57-416a-89a0-f6f3035594d3","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":42,"box":{"x":78,"y":152,"width":519,"height":12}},{"id":"8ee079e9-fdfe-4426-ad57-d8369bf32a41","block_type":"box","text":"............................. $ 0","page_number":42,"box":{"x":605,"y":152,"width":304,"height":10}},{"id":"4f6fe444-ffdb-457d-9235-83bc56253e77","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":42,"box":{"x":79,"y":167,"width":526,"height":12}},{"id":"3d0ff825-bc4b-4b63-b9c7-882938a33495","block_type":"box","text":"............................ $ 0","page_number":42,"box":{"x":613,"y":167,"width":296,"height":10}},{"id":"151c4cb0-5b36-436b-87b7-28dce9a48901","block_type":"box","text":"Rebates (paid to borrowers).","page_number":42,"box":{"x":79,"y":183,"width":201,"height":11}},{"id":"29fdef25-fb9f-4d62-a0a0-ceb5d77809c4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,188","page_number":42,"box":{"x":287,"y":182,"width":622,"height":11}},{"id":"f15fee0c-8ac1-44fc-96e5-90bdcb8952bc","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . .","page_number":42,"box":{"x":79,"y":198,"width":519,"height":11}},{"id":"22a27bfe-2115-4d43-961b-1f9712499aab","block_type":"box","text":"............................. $ 0","page_number":42,"box":{"x":605,"y":197,"width":304,"height":11}},{"id":"3ad4a100-169e-4552-8f3e-132e96febc64","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":42,"box":{"x":68,"y":213,"width":455,"height":11}},{"id":"d95e75e7-9b0f-4588-bdb6-4e7a27b9b34f","block_type":"box","text":"......................................","page_number":42,"box":{"x":531,"y":220,"width":304,"height":2}},{"id":"bb7a1ab5-1dee-452e-9aeb-d8b1792de6af","block_type":"box","text":"$4,317","page_number":42,"box":{"x":856,"y":212,"width":53,"height":12}},{"id":"6214bd30-87b3-4321-80b0-882cbd6b1010","block_type":"box","text":"Net income from securities lending activities","page_number":42,"box":{"x":69,"y":232,"width":327,"height":11}},{"id":"af28f2a3-2994-4a7e-a15d-bafed33a2394","block_type":"box","text":"......................................................","page_number":42,"box":{"x":401,"y":240,"width":434,"height":1}},{"id":"b13ed3f6-7874-42e3-9f4c-e8a663d7d5e4","block_type":"box","text":"$ 405","page_number":42,"box":{"x":856,"y":232,"width":53,"height":10}},{"id":"e4cd706e-ea2b-42b7-a4b8-09a316450c5c","block_type":"box","text":"VIII. Additional Information","page_number":42,"box":{"x":68,"y":268,"width":195,"height":9}},{"id":"e0c7af39-c49e-4a8a-a100-8ce97fe1f4da","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":42,"box":{"x":102,"y":291,"width":352,"height":11}},{"id":"6bf97265-4a86-4cb1-b64e-0e6b1ec9d29c","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":42,"box":{"x":461,"y":291,"width":412,"height":10}},{"id":"56fd9479-a116-47b8-80ec-9a7def6196b2","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":42,"box":{"x":69,"y":306,"width":772,"height":11}},{"id":"37045149-160e-4458-b53b-c27702cc27d2","block_type":"box","text":"Counsel.","page_number":42,"box":{"x":101,"y":329,"width":62,"height":9}},{"id":"ad4249aa-6535-45f9-a1f7-f82764723c35","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":42,"box":{"x":170,"y":329,"width":736,"height":11}},{"id":"6fc170a5-2aa4-4a54-80f0-579d2ecbb269","block_type":"box","text":"the Funds’ counsel..","page_number":42,"box":{"x":68,"y":344,"width":144,"height":9}},{"id":"863496f6-5dbd-40e7-a8ab-10bff05216a5","block_type":"box","text":"The Trust","page_number":42,"box":{"x":68,"y":374,"width":69,"height":9}},{"id":"8c4d86da-a59b-4a77-a648-f4f9fa8853fe","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":42,"box":{"x":101,"y":397,"width":807,"height":11}},{"id":"7f8d6cc8-9c29-406b-a269-0afe4624d537","block_type":"box","text":"Investment Company Act as an open-end management investment company. The Fund is classified as non-diversified.","page_number":42,"box":{"x":70,"y":412,"width":836,"height":11}},{"id":"90cb86ff-5ae5-455c-95f6-c0953471aabc","block_type":"box","text":"The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per","page_number":42,"box":{"x":68,"y":426,"width":823,"height":12}},{"id":"2b2030ee-372f-4ada-ba2f-cec7bbf5f82a","block_type":"box","text":"share, which may be divided into different series and classes.","page_number":42,"box":{"x":69,"y":442,"width":441,"height":11}},{"id":"3469a964-ecfe-4297-a4d7-ac684d11b72c","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":42,"box":{"x":102,"y":465,"width":734,"height":11}},{"id":"5432acc7-169f-45f9-b999-c33b8b258c19","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":42,"box":{"x":70,"y":480,"width":822,"height":11}},{"id":"ce1b1a2e-46e3-4dee-92a5-41506c49767f","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":42,"box":{"x":69,"y":495,"width":814,"height":11}},{"id":"089959f9-3c64-442f-877e-195343bde260","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":42,"box":{"x":69,"y":510,"width":794,"height":11}},{"id":"7d88bd89-ad7d-45c6-983a-bda13710a93f","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":42,"box":{"x":69,"y":525,"width":824,"height":11}},{"id":"38dac9cd-37a4-4989-b068-9c659a3178f2","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":42,"box":{"x":70,"y":540,"width":804,"height":12}},{"id":"5ebb53f8-d07a-4420-b738-01ff5c54bc98","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":42,"box":{"x":69,"y":555,"width":830,"height":12}},{"id":"5ff95b1f-214a-4082-b219-4ad067d7b462","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":42,"box":{"x":68,"y":571,"width":807,"height":11}},{"id":"af77bc5a-5d01-4f2c-9da6-d4f9c1536e02","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":42,"box":{"x":69,"y":586,"width":719,"height":11}},{"id":"ad350023-3f0b-4f36-83ed-632eb5a27103","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":42,"box":{"x":101,"y":608,"width":777,"height":12}},{"id":"bc211e64-b97e-4a97-acd9-cd12fec2d1f3","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":42,"box":{"x":70,"y":623,"width":828,"height":12}},{"id":"15253f01-eaee-477f-9c66-048e8a9c36db","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":639,"width":827,"height":11}},{"id":"e072f28a-852d-4735-a864-749dfdfea16b","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":654,"width":762,"height":11}},{"id":"7ab512fb-afd0-4c99-88ae-f2e1b2120645","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":669,"width":836,"height":11}},{"id":"57e59c75-088a-4f91-9653-37b8e16e4dd3","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":42,"box":{"x":69,"y":684,"width":567,"height":11}},{"id":"2f2c409e-743c-4581-b3e9-b5557f7618fb","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":707,"width":792,"height":11}},{"id":"cfe1b3ad-f3a9-4712-9a1a-2f7e5e18ffdc","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":722,"width":825,"height":11}},{"id":"3e50bd22-3315-4c28-94b6-22738cf2ed91","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":737,"width":824,"height":11}},{"id":"6d0e1598-fbec-4786-9cff-0eb8ac71bd51","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":752,"width":811,"height":11}},{"id":"72854992-3ce6-4ab0-a4f2-4078506d8045","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":42,"box":{"x":68,"y":767,"width":315,"height":9}},{"id":"eee9ba2a-3abb-4225-9ce0-9b7b43aede58","block_type":"box","text":"Principal Shareholders","page_number":42,"box":{"x":69,"y":798,"width":162,"height":10}},{"id":"0b2d13e7-0bb1-4c0a-b34b-06307227e23a","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":820,"width":797,"height":11}},{"id":"9b706df6-f046-4a60-b023-4175d55dd89b","block_type":"box","text":"Fund’s shares as of August 3, 2026:","page_number":42,"box":{"x":70,"y":835,"width":261,"height":11}},{"id":"f0573ec3-9a61-4788-b9a8-d85ecd04f13b","block_type":"box","text":"Name","page_number":42,"box":{"x":69,"y":864,"width":32,"height":7}},{"id":"12885753-1951-4aee-bdf4-d5733c87f65d","block_type":"box","text":"Address Percentage Class","page_number":42,"box":{"x":522,"y":864,"width":333,"height":8}},{"id":"801c0fc6-ca54-47fb-84d2-b048c9cde68a","block_type":"box","text":"BlackRock Financial Management Inc. 50 Hudson Yards","page_number":42,"box":{"x":70,"y":881,"width":536,"height":11}},{"id":"8374a235-69f4-4964-aa94-b046f5d6aa3b","block_type":"box","text":"New York, NY 10001-2180","page_number":42,"box":{"x":451,"y":896,"width":189,"height":11}},{"id":"144503d3-cbed-4cc5-aa61-9e6134112c01","block_type":"box","text":"67.27% Investor A Shares","page_number":42,"box":{"x":680,"y":881,"width":222,"height":9}},{"id":"851d3269-a851-4bec-a212-6b4025c0f45c","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0c732d20-2d31-450a-bb2a-2673820816d0","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0928324-b01d-42bc-985e-4e7530c0d221","block_type":"box","text":"Name","page_number":43,"box":{"x":69,"y":49,"width":32,"height":7}},{"id":"026e9732-c144-4df8-abec-2ed1dea2a03e","block_type":"box","text":"Address Percentage Class","page_number":43,"box":{"x":522,"y":49,"width":333,"height":9}},{"id":"125f23a2-6aa6-449a-906f-f92a17174f8b","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":43,"box":{"x":69,"y":67,"width":535,"height":11}},{"id":"bee986bc-2782-4813-950c-51c6b9fe0a3f","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":43,"box":{"x":446,"y":82,"width":198,"height":11}},{"id":"73033577-32d1-44e1-8123-22cc8d9e6a2d","block_type":"box","text":"14.46% Investor A Shares","page_number":43,"box":{"x":681,"y":67,"width":221,"height":9}},{"id":"a51aa8cb-117f-4404-a4ee-c12a46cb5848","block_type":"box","text":"Bank of New York Mellon I S Trust 301 Bellevue Parkway","page_number":43,"box":{"x":70,"y":104,"width":554,"height":12}},{"id":"819232d3-0fbd-4ef9-ab60-7df4896fd062","block_type":"box","text":"Wilmington, DE 19809","page_number":43,"box":{"x":464,"y":120,"width":161,"height":11}},{"id":"e78dfe44-b581-44bb-9ab5-955b87068451","block_type":"box","text":"7.63% Investor A Shares","page_number":43,"box":{"x":685,"y":105,"width":217,"height":8}},{"id":"43e9bcb0-7dbc-4ae7-97be-42d306154bbf","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard","page_number":43,"box":{"x":70,"y":142,"width":570,"height":12}},{"id":"45f3af9f-5549-416f-84a5-78501afbf5e6","block_type":"box","text":"Jersey City, NJ 07310","page_number":43,"box":{"x":468,"y":158,"width":154,"height":11}},{"id":"9457420f-ae30-4859-9dad-bffcaf895dea","block_type":"box","text":"70.74% Institutional Shares","page_number":43,"box":{"x":681,"y":142,"width":228,"height":9}},{"id":"9f45123a-b78f-4224-8b35-8695b0addcb0","block_type":"box","text":"BlackRock Financial Management Inc. 50 Hudson Yards","page_number":43,"box":{"x":70,"y":180,"width":536,"height":11}},{"id":"1bcdd911-b220-438e-be55-eaa9a113bafa","block_type":"box","text":"New York, NY 10001-2180","page_number":43,"box":{"x":451,"y":195,"width":189,"height":11}},{"id":"2aa33068-e0e4-4118-b3b6-5750c7cb4e13","block_type":"box","text":"14.73% Institutional Shares","page_number":43,"box":{"x":681,"y":180,"width":228,"height":9}},{"id":"e253fa4a-49dd-4074-957e-7e48730d69d8","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":43,"box":{"x":69,"y":218,"width":535,"height":11}},{"id":"378506d9-dd9c-44f7-badc-59c5db6ca04a","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":43,"box":{"x":446,"y":233,"width":198,"height":11}},{"id":"9626540c-71a1-4e9b-a691-f51372e7c414","block_type":"box","text":"12.23% Institutional Shares","page_number":43,"box":{"x":681,"y":218,"width":228,"height":9}},{"id":"02085931-1cf9-4fc0-b0e1-3bdc30472a28","block_type":"box","text":"BlackRock Financial Management Inc. 50 Hudson Yards","page_number":43,"box":{"x":70,"y":256,"width":536,"height":11}},{"id":"4050af5e-bb00-4d1a-9fee-87871e490b6c","block_type":"box","text":"New York, NY 10001-2180","page_number":43,"box":{"x":451,"y":271,"width":189,"height":10}},{"id":"3a43869c-8bb4-4a08-a0e4-d3eb9a4683ec","block_type":"box","text":"98.81% Class K Shares","page_number":43,"box":{"x":680,"y":256,"width":214,"height":9}},{"id":"cbc8fdc4-6b2e-4448-9201-cfbffc0be9a8","block_type":"box","text":"IX. Financial Statements","page_number":43,"box":{"x":69,"y":302,"width":179,"height":9}},{"id":"2751c959-bd00-4bfa-a4b9-880914a4cffe","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":43,"box":{"x":101,"y":325,"width":726,"height":11}},{"id":"3d5075bc-5b75-431e-bbcf-fa86cd78689a","block_type":"box","text":"Statements and Additional Information for the fiscal year ended April 30, 2026, as filed with the SEC on Form N-CSR","page_number":43,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"f00ed8fc-3dab-4e1c-abe0-1f158a9bc0e3","block_type":"box","text":"(the “2026 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2026","page_number":43,"box":{"x":69,"y":355,"width":800,"height":11}},{"id":"ff1bb104-aa5b-4a14-b5c4-bc3d8ad5c0b6","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2026 Annual Financial Statements have been","page_number":43,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"d4135760-dd0d-4ce4-b3e7-9be9f5adef50","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2026","page_number":43,"box":{"x":69,"y":385,"width":839,"height":12}},{"id":"94eccf18-63cf-44a7-9d2d-62e5bc34d617","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":43,"box":{"x":68,"y":401,"width":790,"height":11}},{"id":"f2984c69-6226-4924-a54e-9ed9f8bc48e4","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":43,"box":{"x":69,"y":416,"width":815,"height":11}},{"id":"fae29988-4ee1-4e0f-98fc-ba3d92bf4f5e","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":43,"box":{"x":69,"y":431,"width":785,"height":11}},{"id":"00d5ff42-6fba-475b-98da-d451ccc714e4","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":43,"box":{"x":69,"y":446,"width":836,"height":11}},{"id":"1627e9ad-1d2e-4c22-9417-f2c0ed590f7e","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5d24a530-98c9-46e1-8a95-3eb073a0b1ff","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5b6cbb0-d5d5-454d-a1a9-06cc3e63f10e","block_type":"box","text":"PART II","page_number":44,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"bbe75f71-7fd7-4df3-bafe-f5d5c500de3c","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":44,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"189a5381-4e88-4286-8e08-16fa47e03986","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":44,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"fef2d035-f2bd-4e4c-bced-503f57d9ede7","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":44,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"c10557ae-89b8-4766-afdc-a1af610b3877","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":44,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"59f0925f-90ec-4000-81a6-3cd9f23386dc","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":44,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"f263dcce-cfe8-4fc0-8a23-a175e7371f94","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":44,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"532e3c26-bdd5-4241-b256-337ddbbb7037","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":44,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"d93bdd31-2498-4ab4-a3c0-bb75d5c63426","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":44,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"69d6e183-cff5-4b09-9002-9890d58ecfdb","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":44,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"24e527a9-cc8e-45c4-a8bb-4da0ead92729","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":44,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"a7faad55-d27e-4b55-82e0-edbda7cbad82","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":44,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"5416d1b7-16b7-4160-a9da-1c832dcd6772","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":44,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"52f45c25-3f00-4a39-9876-ef80a6b6d497","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":44,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"c9283786-8c50-46ef-90ce-7182e2ec64bc","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":44,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"705d8e17-accc-451b-96ae-0ae42cabf17a","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":44,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"2b20a4b2-b5ed-44f6-a6be-f6331049c168","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":44,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"779b50e1-9a63-4555-8cf4-3ab26e7b71de","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":44,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"9e98ec40-ea67-42aa-a1e0-00370347fe82","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":44,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"07741da9-03a2-4364-9868-5cd92c306f91","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":44,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"e5c630c6-ead7-45e2-8664-32b6fdfb9a6b","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":44,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"577c7773-30d5-4bde-9b30-bd843bab5d00","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":44,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"164d0411-6d8a-43ad-bc12-8c1903331127","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":44,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"5493bec1-ccc7-426c-9400-1994bcc3a67a","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":44,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"5eb0f078-1bb7-4f40-873f-90ce768bf28a","block_type":"box","text":"par ticular Fund.","page_number":44,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"f9c81b83-1d35-4e5e-b94a-cf783a0755ca","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":44,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"38b3de79-df3f-4e0d-9408-833e73b94bff","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":44,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"472e22d1-8a80-49e4-92f9-17a8f4e91566","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":44,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"1b472279-ab60-459f-a629-60937d408ed9","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":44,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"585bd301-f2f3-4be1-9cef-944e1f4d5f3e","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":44,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"a2a7284f-f811-4805-bae0-be741ca82c01","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":44,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"395cff6a-19f0-46c7-9a93-065c9ffd7c80","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":44,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"c07147f0-54d2-4744-b027-966a272ff0fe","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":44,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"e4a46c88-39c4-471b-b8a6-e48a735c82b7","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":44,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"870afdf9-af2a-4b60-9fd4-6dd31e65f622","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":44,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"f118c7ba-4b7d-4a2b-a0f0-3bf81572376c","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":44,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"ab345f87-695f-4a08-8383-7a17663cdf0c","block_type":"box","text":"Asset-Backed Securities.","page_number":44,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"714c5c75-6c3a-44ef-8702-526cb20dfa29","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":44,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"86b7f232-c658-4444-94c4-cc62ca53d2ad","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":44,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"460db726-0fa8-4f51-974f-adfd276df774","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":44,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"c795851b-f862-45b4-af97-25a075bc80d1","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":44,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"03493cb3-1218-4d89-82c3-ba5f16c0c3c5","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":44,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"b80571fa-8c0f-41ef-af53-bb6a193cda23","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":44,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"6b204bb6-db3c-432c-bcc5-756305108e6a","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":44,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"b9c19e81-5826-4aa3-a140-89e164aef88b","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":44,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"db448d35-712d-44c0-9aac-ed562e623fba","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":44,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"9e318882-e9a4-4410-83e3-9972eee2dc26","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":44,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"94b4c037-affc-4424-a235-aae7ed799886","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":44,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"627fcaa0-1b79-48b1-b317-33c4d1cc84f5","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":44,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"1e0ff3d6-3c05-4ef9-9114-0838a44f1af2","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":44,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"5cfbccac-fd43-48bb-bff4-e1e8456d2247","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":44,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"f40b610b-5230-49c0-8239-cfcf131abdb9","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":44,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"f059ba23-d2c1-41c1-bcf1-1b35bc7d825c","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":44,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"6406e1ff-3016-4434-bdbc-dc96ae4a4272","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":44,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"3cf7e9f0-ab0a-4586-a46c-dfd1c2a9b630","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":44,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"b0a8bcd6-32bb-48a2-a040-f0ca5058a10f","block_type":"box","text":"II-1","page_number":44,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"a558a87f-0a62-45ba-963a-cc34488ee3e6","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e611d82-5f87-4a13-b9d1-569b68c28dd2","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":45,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"9a30a073-d400-4085-be64-946f904a823d","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":45,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"bd4ecc36-5201-4376-9556-fef648b99699","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":45,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"3e96e8d3-52d8-488d-94df-63187377ec6c","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":45,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"847498cb-2a28-4135-ad66-55f442e9312f","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":45,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"f9021d1a-179f-48f0-a3f3-8a6f1972eb6a","block_type":"box","text":"Asset-Based Securities.","page_number":45,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"6cf77337-16ad-4e5c-ad0b-57fdff151ce1","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":45,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"e0cd3cc9-4312-48b9-a492-d9f6cfa5ab2f","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":45,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"057eded6-2595-4f4d-9322-103aa05197c7","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":45,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"2a2866fc-39de-4673-96b2-451e250ce39f","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":45,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"2447fa02-b6bd-4326-a278-5c1e89d92cf1","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":45,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"eef02921-681f-4139-8b50-bfd6905d437e","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":45,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"bab2762a-696d-4146-93be-27d046785294","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":45,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"cfa17903-b742-47b3-803a-02651e4afc62","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":45,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"d4f1bdff-e75d-4311-8f57-1d30eb98fb90","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":45,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"970f3769-bc3d-4c5a-b371-7dc83024908d","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":45,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"a207b8cf-ad05-4c48-8d7d-7032fe11b8b0","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":45,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"92734555-b470-4bc9-b552-f980f4300da9","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":45,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"119a8668-1d65-4653-bc47-76d356208d38","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":45,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"8ea51314-22f9-428d-92aa-a0c244de94ac","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":45,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"6af35d8c-1eba-4815-9023-740024ea159f","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":45,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"f4bfa535-d8db-4a52-8f4f-52f5a8215e43","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":45,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"77bd3035-8441-4ed9-8312-e1377030cd2c","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":45,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"99c580ef-ed23-4435-806e-115de337db51","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":45,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"f0e155fc-aa3a-4184-ba84-a3989b872efd","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":45,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"187da568-bbab-47c2-bf19-75f1c7b24bb0","block_type":"box","text":"appreciation in the underlying asset.","page_number":45,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"4f836574-eaa3-4fb9-8545-8476e6205cae","block_type":"box","text":"Precious Metal-Related Securities.","page_number":45,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"c3f72e20-ea9f-4377-88d7-c093247f76dd","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":45,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"03c2fae1-9ba2-433d-abe5-b0e1c1355d86","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":45,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"43391360-8445-4498-a796-7859cbce6dfc","block_type":"box","text":"e.g.","page_number":45,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"de3431fc-0fc1-407c-acdc-99f0afa3cfc3","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":45,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"9ae107e7-ef12-4a64-8fd0-0a980262f930","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":45,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"a67fed94-f705-4616-9cd2-081aaecb8232","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":45,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"72ced75a-2e9f-4990-8cf2-1ba1cf71ae3f","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":45,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"82343bcb-65e2-49ef-b31d-3359d1ba36e9","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":45,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"93e97281-0b23-48f6-b60f-e39f75a6fd73","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":45,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"d6ac735c-82d7-47db-a3d6-5edc7c824649","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":45,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"cb420e84-5a67-46c3-9f5c-9be68992f3d2","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":45,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"7bae1790-7a14-47b6-ab9d-a2dd423dd398","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":45,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"0588a200-6824-4777-90d7-c363756b3964","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":45,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"639eed60-9c9e-46e3-af1f-f670243219c5","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":45,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"2885579e-8c52-4166-995e-870f8135c53e","block_type":"box","text":"South African gold production.","page_number":45,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"71cd17a2-75d7-4c67-a350-3fb5b69422fb","block_type":"box","text":"Borrowing and Leverage.","page_number":45,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"7770678a-69fb-4b96-a441-a91ba06f08c4","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":45,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"3acc3aa6-710d-46eb-a4ae-af2623505d41","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":45,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"63101d9c-db6f-4f45-bf3b-4afd013f167f","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":45,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"64305bda-5470-4ae9-b7de-bd2447d826da","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":45,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"53f43237-0c37-4303-a3c7-6e0e31eefcad","block_type":"box","text":"other securities transactions.","page_number":45,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"2adbbbe6-6fa1-4dc6-aad3-3d9886b51455","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":45,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"3769c15e-b36a-463e-a40b-5a17b48df82c","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":45,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"5f0ceaf9-04b0-42d8-9920-b30160c19c28","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":45,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"b53be2f0-86ae-455b-b3fd-d81afa88c7e0","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":45,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"7c3670ab-7e99-4bf3-aec1-fe131d413738","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":45,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"e0681ca6-dab7-4caa-843f-30fcefbff67d","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":45,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"69db65aa-a350-4960-bbe4-076a06a449e0","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":45,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"12926840-2f3e-4aba-b185-f67ba0bbbefc","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":45,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"830e0c8d-08e4-427a-82c4-f46a9e3d6840","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":45,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"02926b4c-e111-4790-a0d0-c36dc485b702","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":45,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"f566bf66-49e4-470b-80b7-8bb86846239a","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":45,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"298c53c3-b58a-4503-b520-f22c5456a236","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":45,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"e5737724-7efb-45c4-818b-13e25a710881","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":45,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"786e7d32-0942-4feb-8e9c-f5b7183f7991","block_type":"box","text":"II-2","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b4d34646-13ac-4853-a1b9-7626a911a0a5","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0396ce46-2248-4457-948d-6b799c9fcd97","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":46,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"b97ab879-2615-4af0-b37e-ad483d8d23d0","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":46,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"19da54ca-a083-44d2-848b-95713d561c9e","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":46,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"e445e640-c351-4f7b-939e-94b0898f0ece","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":46,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"c9b6fc9a-95e1-467f-9a00-451f94f24a9f","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":46,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"16124684-a4a1-430a-ae9b-16944b994d47","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":46,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"d3b91e5c-3959-451d-bb58-4cac992d66a0","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":46,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"e508a9b1-f2ad-430e-8a82-34385f3382e9","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":46,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"01afb071-91c5-4d92-b202-8599d6fd48c0","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":46,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"a8300335-e7fb-4d8e-ad0b-268ff451b6ff","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":46,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"abb1f2fb-2b3c-4085-ba4f-637c4cf1a2bf","block_type":"box","text":"Cash Management.","page_number":46,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"b41e901f-f266-4c6c-baf3-01ebef42b17d","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":46,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"d6117605-32a8-428e-ab92-40a278405597","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":46,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"f4f14c72-b413-4a75-8f53-bc0fa39d4061","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":46,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"b63e8d6a-c3aa-42a2-91d6-7893b695b52f","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":46,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"82bf92fd-66a8-433d-8602-02db7d3bbdbe","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":46,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"66ea15a0-3d79-4936-aeb3-eabcc56814c5","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":46,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"2bc245cf-a761-4d0e-a9fb-0189d2ec56e7","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":46,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"63febe9f-159b-4dfe-9156-68e068854a5f","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":46,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"e71675a1-0740-4c8c-bd2d-99d5e5f9c6b6","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":46,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"24994934-3eda-4489-a157-7fc74732d748","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":46,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"ff614ba8-bf4f-4527-8442-7ed6b2a189b2","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":46,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"50e2cf45-1c07-42f1-b8fe-2f586a23e5b9","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":46,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"d1375fa0-2475-42ae-b104-de0a9e97df90","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":46,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"7a6f95ff-decd-4133-95a9-b75a8266cec1","block_type":"box","text":"Collateralized Debt Obligations.","page_number":46,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"83ffe76b-a8f4-437f-b57f-b394618a730e","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":46,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"2f5e63ea-1a44-4d84-abd2-c61f371695b0","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":46,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"ae25e7bf-0fbf-4915-bdec-af6d1c91a6f8","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":46,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"0f999efd-cfde-4351-9400-9692807b72a8","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":46,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"026a8138-3ddf-4f9c-b8f8-5a0caca4c5b1","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":46,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"e1c18923-2025-405f-b3ca-aecabf8daade","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":46,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"6f4d004d-db31-4187-a6e5-626bf58582e6","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":46,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"b5e9079b-8744-4b1d-a8bf-c5bfd0256604","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":46,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"cf4c8503-924e-41b3-a3e7-3b7d2e7695c8","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":46,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"162c60d5-5f7d-4c28-9575-cfea860c7e60","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":46,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"6d118d27-e87b-4f7b-af0d-f63fd5d7fe38","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":46,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"fc4230f3-d33f-46de-bac6-4eb6ff191045","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":46,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"fb861918-a313-44ab-b316-ab431a5a58aa","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":46,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"6b3dc11c-f5a3-4b8d-b924-5044ff9eb337","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":46,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"abba4dde-4613-410e-ab1e-66b2690fa53c","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":46,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"4261a0e3-c3d9-4324-b84c-5470b00ae31f","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":46,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"510189c7-64b2-4de3-bdc1-538af1415438","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":46,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"91f976bb-71e5-4ec5-81f4-6d9ced55cf50","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":46,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"a5ff772d-ea65-47ef-9b52-0330f9ed6f41","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":46,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"4da10f92-12e6-42ca-b542-6e13f3494dbe","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":46,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"3530c6d5-8f19-4872-85cf-184abdb7a524","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":46,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"2f5ae537-286f-4632-82b5-6aa8ec873ae5","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":46,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"2d9e2736-b00b-4b84-a796-f422560899ba","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":46,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"55422238-48c8-4618-b6ea-fd2e667544ee","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":46,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"9094357d-8cf1-4d84-ad08-48f899451b2b","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":46,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"2ebbe384-d631-42f8-baf4-d85d3d53c6b9","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":46,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"e92acfcb-8465-47ba-b7d5-3e5505d1b723","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":46,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"15a025b3-258d-4655-a346-b9e0abb58906","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":46,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"a2680757-7a7d-4da3-977c-c7aaa23649ce","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":46,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"cc9c733c-27ca-4b97-9769-78b4667cc762","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":46,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"3b19c5eb-e064-4c98-856e-9a68bce31f3f","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":46,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"6a23ed16-f24a-4a5f-babf-93b656923ba4","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":46,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"3de07377-6775-46d7-8e61-cd33003b286a","block_type":"box","text":"II-3","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"23653293-c34a-4105-8f39-a3f618053e96","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5354516-3e89-4999-96c9-18a2a7785dc0","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":47,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"ef47974e-c3da-4242-a476-b940b26ee818","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":47,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"6a847a47-c7d8-4d81-861b-500e7a83489b","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":47,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"d327c717-a7ed-4af3-b05d-de12228db181","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":47,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"1b57220a-59a4-404a-b521-f25b23a80380","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":47,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"153cfcc9-3b05-4985-a380-7c4988939f6e","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":47,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"7d4ab87f-15d6-49cd-81fa-1632eeb09f42","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":47,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"bab5a649-25f0-4e7e-9c11-d550daa42f88","block_type":"box","text":"Commercial Paper.","page_number":47,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"aae0cb32-439a-485f-a954-079ba120c5c0","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":47,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"7b2503d7-aacd-46ee-9a49-65318d8905ee","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":47,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"e6083040-013c-4fa9-8aed-85dc50f09d1e","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":47,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"42cd0d2f-69ee-44a7-8418-92223fe1d708","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":47,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"a25a239d-b759-42a4-b3c7-a3a77cb8aa31","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":47,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"d12e40ea-cc90-48b2-97b1-05bfd293220c","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":47,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"0ac4228d-0019-44c1-82ce-1e0ced6cb6ab","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":47,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"eab3cff9-6f35-4a1b-8f9c-b74c8b5ec7eb","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":47,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"feb95ebd-5c63-4471-95b4-82330f2ec830","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":47,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"d49f9cbe-f46c-4521-a726-72a5b018249a","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":47,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"b2010a6c-5a0f-46bc-aeb0-811192389384","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":47,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"5cd78921-5fd9-4843-94e9-85174b3603c6","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":47,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"13b08340-b0b2-4f97-8fa7-57d964ac853d","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":47,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"50d45ab7-b2e7-4ac3-a68c-fbd18372077e","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":47,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"243552b6-bbb2-4d6d-af06-98e94eeb15f5","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":47,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"9ca91d38-a868-4e45-9684-388d053c6b99","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":47,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"eab81b9f-574e-478a-9d41-25fd68df4244","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":47,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"a42605db-f3f4-4b93-9d41-f5a7bed0d70b","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":47,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"8be9184c-0d7c-44b9-901b-49edf3bbdcf5","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":47,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"905f5d45-13a0-4397-9dbc-c9121d97c8d6","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":47,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"d8ec663c-d1e4-4662-a689-5204e72c9bc5","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":47,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"4290f6d7-54d3-4f70-8678-f120babd17df","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":47,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"0f97ae16-ec61-4e77-adf2-1b186cef8ad1","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":47,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"1f607dfd-dcc8-4047-994a-b1584ac09a8d","block_type":"box","text":"variable.","page_number":47,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"86823e32-ccca-48d3-9c04-11762735d5cd","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":47,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"eba50f97-2f79-4b46-a44f-926e4f8c7162","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":47,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"9ccdcd78-c5f1-4f5f-8058-2ffa9121fdd2","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":47,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"4c6912fd-9240-4b73-9c9b-91de0d2dde60","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":47,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"97343e64-4a94-4477-a0c2-7f0bff7338fd","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":47,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"6e4e3e49-7671-4302-8a54-22c79dad70b9","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":47,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"ad9bc04b-90a1-46cb-a6f3-d31d5f743800","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":47,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"2af4852f-8a39-4e8d-9445-15e4104d3c6c","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":47,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"0448a10c-0675-49ea-a8a2-0454d7642264","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":47,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"23f48849-0c4d-48ad-a771-5307e972b4f9","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":47,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"80f7662a-4186-4a08-a744-c69670a4940e","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":47,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"a3028899-73ca-4e95-80e8-7e698239ecc0","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":47,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"7eefbde4-de43-4335-aa55-69e830e04a50","block_type":"box","text":"correlation with stocks and bonds.","page_number":47,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"a880675d-0e7e-4e1e-80a6-6853a13a7b48","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":47,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"6affa9b8-daf3-4a90-9352-25584cb2b906","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":47,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"addb62fb-0aae-4650-8b97-f051e9a476e6","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":47,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"f5faba04-4d14-4121-9f4e-82451efefd7a","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":47,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"07ccd6a8-be68-4b1c-9dbd-e98a0b22d16d","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":47,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"588793de-9e24-4e25-a1f2-be20f744a1ed","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":47,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"6ff87fc0-0c50-4bd5-8acc-586cfa5d45c0","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":47,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"e0aa65ee-5a50-4e0d-af6f-f8b220b4d75a","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":47,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"36cc2f23-030c-4387-a357-6b70af668049","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":47,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"0dc6a1fc-bc74-4c85-99f1-f89193557149","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":47,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"99a2e4ae-da90-469d-bcb9-16c3142fbe34","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":47,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"a0c8be44-6a62-4350-b602-8609b8c965a6","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":47,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"56c30494-601b-444f-a232-d6494d4ccf58","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":47,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"6497dbe8-50ca-4af2-ac5c-e2582bef4fd6","block_type":"box","text":"II-4","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"80873c75-bb7a-45c8-a3d0-40e63eabe060","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0660c3a-b479-4d16-b47e-3ba59be83fe1","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":48,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"cf820167-5c47-4631-a0be-6885015bca6e","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":48,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"4ca85665-0494-4624-a7d2-2ce5f7ce3870","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":48,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"d0efc290-e69b-4ac8-a1bf-7c7531992796","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":48,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"708445e1-64f9-4ae6-9925-7037cef536e9","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":48,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"9b163dee-1fd4-4091-82f8-3365aef34dca","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":48,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"9eff0608-f0b9-4732-9f91-003e860ed3d9","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":48,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"a860da73-7ffb-4f4a-b08c-6d9cf38ef4a5","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":48,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"fc787d8e-8fc9-4867-8b34-d267249d422f","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":48,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"8589946d-0a88-4788-a47c-9f8687e71b12","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":48,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"6dfecf01-d9dd-452d-bcf2-8ba184b3ccf4","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":48,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"89a39375-2775-4ed7-b0a7-598598d176c1","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":48,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"3c6407c2-c284-450a-ba43-738ea2c8b34e","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":48,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"427020e0-d7b9-4622-adf9-3384fbd0d497","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":48,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"faf9e0ee-f4ef-4ca8-a504-2836df3f4714","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":48,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"478da6cf-133b-4c9e-86d1-17638550b8fd","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":48,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"f259e926-40fb-4280-afbe-0f336b45f113","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":48,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"c2c8791a-3e56-47dc-8490-b3a89b6f548d","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":48,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"f46d9247-d1ff-467b-b506-9f289b4eb26d","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":48,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"7db4567a-03aa-498d-96a1-3d0eb022beaf","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":48,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"f2f4c288-93e4-43ad-a5c7-77bb00e12933","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":48,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"c9dc0edc-96b0-41d4-bd5c-a1a9346cd228","block_type":"box","text":"the Manager believes are relevant.","page_number":48,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"1c0d931c-0f17-4651-bd0e-3189b41a7c4f","block_type":"box","text":"Limitations on Leverage.","page_number":48,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"1a129af0-db2e-4130-bb20-682cf89985c1","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":48,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"a181139d-380a-4045-ae02-b7688358cd55","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":48,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"5d0fa503-40f9-48e1-98b5-96f16e85fefd","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":48,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"7ba46f53-1504-48a2-bede-d267001184a4","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":48,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"cdab27fb-a6fa-42c2-b63c-1fc5cb82608a","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":48,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"524a4bf8-38f3-4614-94b2-b8c15cf8552f","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":48,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"eb1ab8c8-025b-4613-a5f2-d5f8900a3272","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":48,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"99aecf0d-47bb-4b9e-b337-add670ee82d3","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":48,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"9903fc96-948e-446b-accb-806592af6a45","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":48,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"7bcb8c35-81b2-4e28-ba49-b5cd3d381275","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":48,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"04c308f6-7db5-4247-85e0-e7a8f65a7026","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":48,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"dc9ba2b3-d72f-48ff-a137-4e610b482a37","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":48,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"34703d31-e69d-4a92-94d7-bb3f4fe826d1","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":48,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"016604b4-3497-4623-a217-0cb902aed69c","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":48,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"62c67582-ae11-4d97-b600-23d68b97b909","block_type":"box","text":"Counterpar ty Risk.","page_number":48,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"91726407-3dd4-400a-b3fe-dc914afeb485","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":48,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"4686a8ce-9a67-467c-a45d-74fb262eb8d7","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":48,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"9ff5c0a0-2ae4-4973-88f3-44efe739e196","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":48,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"5e425192-fc5f-44c0-9d78-c56a083736ec","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":48,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"da364e71-1751-4c13-975f-c7168c1aaea4","block_type":"box","text":"e.g.","page_number":48,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"852f9619-6885-4146-8d5e-1022ef08e36f","block_type":"box","text":",","page_number":48,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"26509f7b-b351-4177-a9c5-0479dda63b67","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":48,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"a4332252-2988-4d5c-8a4e-8ad42468cad9","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":48,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"611770a5-97d5-4f1d-a050-747ec9dc1b65","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":48,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"8532cbb1-4f45-4969-82b6-d0d144f6dbdc","block_type":"box","text":"obligations under the structured note.","page_number":48,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"1b896239-d602-4b62-8ac4-266012f9f9ae","block_type":"box","text":"Convertible Securities.","page_number":48,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"65d3b412-1d30-41b8-a1fe-1f93b78cacb5","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":48,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"e7832ba2-88b6-49f1-956c-89935ad9cfde","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":48,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"cd9c9471-a30e-490b-8b80-44ccbb28f7a5","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":48,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"3f7eee9c-bf38-44c1-8563-65d6c85708cd","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":48,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"daef7d75-b85b-4e4d-815e-75c5ae27dbc4","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":48,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"50d5d62d-6e7f-408e-ae6c-75e2bc6e49db","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":48,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"8e8c33d1-bb66-4422-8677-7053a28c07d7","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":48,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"0d4f3332-abde-41ac-9d2c-8b484a76e0c6","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":48,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"770f346b-9349-4971-acd1-5936769a18ce","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":48,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"75629f92-a585-4ba6-a084-652b87cd437d","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":48,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"75013710-179f-4ca5-a81e-1cccc5ef9a01","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":48,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"66c57d0f-c6fd-41a9-bc37-1a89b82496df","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":48,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"dac8ff67-6460-4596-9d39-43c5c0ffd7b7","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":48,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"a66086ff-907b-4ceb-b63d-9d29fec083c7","block_type":"box","text":"II-5","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a1d12963-27be-4d18-b09a-ac27ae3ba845","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12a90c26-7604-4d9b-a13e-e1a64c18a056","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":49,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"12e00f2e-81bf-41c4-9638-7b6bef4e8367","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":49,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ec76a7b3-fa83-4dc6-aaf6-3eb87f4eb531","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":49,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"4d9c7fa3-d64a-492b-9c58-bf96b1504fa2","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":49,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"da1f07b4-3078-49cb-ad46-0fb4d2d198bb","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":49,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"754555ed-2ca7-4387-9f6a-d545da48b2dc","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":49,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"ce079d97-267f-41cc-b66b-a8d1fae4f29f","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":49,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"d5f3a9cf-5edc-47de-9fb3-3f2acbb1f16c","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":49,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"58d7f583-2fcb-4281-80f8-ff5c2cff99ae","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":49,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"09c9fefd-b875-4670-bfae-acde16de3eb7","block_type":"box","text":"things.","page_number":49,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"f14b76b8-6c18-4296-81d7-7b429c4fa5c9","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":49,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"aae32bee-bbeb-46b0-ba36-7bf176770fe8","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":49,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"76a0d6c9-c215-440f-a601-19007931a488","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":49,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"946112b2-27b4-4891-8253-dfcb0e1c556b","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":49,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"c068b856-5cc0-4cf3-b89c-2311dfd07e39","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":49,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"74dade5d-3c1d-4215-9782-2ed8213a58b8","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":49,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"fe0411aa-37fb-4ca8-9593-8706e4a8cabf","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":49,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"5f65fbe2-7c57-4a72-a694-954ffa6ac524","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":49,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"8c90f70f-c6ce-4d41-a67d-5e401930809b","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":49,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"93ab3953-c3ee-41bf-b679-41aaf6d4bd26","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":49,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"d1d3cd27-2496-43ea-8a46-e26290a8870b","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":49,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"4f3ba967-de85-4119-af46-0cc2cd5ea1aa","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":49,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"c534cc42-49ad-40a2-835a-9689813b1cdf","block_type":"box","text":"i.e.","page_number":49,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"65e4b0fe-8d80-40a4-bfa6-5cd7667b7355","block_type":"box","text":", strictly on the basis of its yield) is","page_number":49,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"06c70db3-dc1f-45ae-ba4e-a13eca08f36c","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":49,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"29e90d9e-8975-4bb4-8672-67845d5073c6","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":49,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"cef3c45a-3336-47eb-97d6-23ebd2bf2d64","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":49,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"b18d7556-ee07-43af-96e7-e854f6b13b49","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":49,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"f4b08bd5-403f-417f-ba3f-cb1417c92c01","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":49,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"6ffcfa60-a916-4ef6-ab63-2192ec6ed1f0","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":49,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"749a4356-3c83-42c0-b870-fe7d3dc0c35f","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":49,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"17afc986-ead4-4b93-9846-03d766de2dd0","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":49,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"860f6026-b652-4914-9dcb-2c3271c070bc","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":49,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"5f2f4c82-b914-482e-9056-89abb63053b1","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":49,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"0f65caa8-432d-4195-98b4-407a6623f747","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":49,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"32137751-dc41-4952-81b9-2d142020b282","block_type":"box","text":"than the securities’ investment value.","page_number":49,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"f3bac77c-c822-44ef-9b0a-ae95020d2cd3","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":49,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"93990771-705f-4664-97cb-d32ce92133f4","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":49,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"05e3f6c9-2cd8-4926-beb9-bf712bc9619f","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":49,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"0bcb3e32-8c22-4627-8b04-086f396462a0","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":49,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"ef4c873b-1f33-40f1-8206-4ee509a7d234","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":49,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"1ba63f10-6d7b-471f-af6a-aacf77bd40c9","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":49,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"2b8636ee-d51f-49f9-8142-f090f8d7c5b6","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":49,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"e3e729b6-fc96-409f-af04-d5660d9410ed","block_type":"box","text":"security under cer tain circumstances.","page_number":49,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"d67ad53c-46bf-4c24-87f7-761b1b042194","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":49,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"28dcce1d-bda2-4e35-aad8-8b8248b4ec72","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":49,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"cbc938b9-a038-480e-abe6-c494cf70247e","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":49,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"4b008641-0f57-4709-9c99-b694abcba6cb","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":49,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"6eaffbb7-ff37-4525-b2d9-3cfdde58cf7b","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":49,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"3ec61290-811b-41b5-a07a-837e251e6638","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":49,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"c1b108b1-6b6c-43d4-bf92-7f19c0bcc2f9","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":49,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"90836aba-bb7c-4ec8-a4b6-183eebd7c74d","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":49,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"06bec2ea-109d-4e46-8246-5a2100e36d7e","block_type":"box","text":"i.e.","page_number":49,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"ca10ec93-293b-4112-9edc-72902dfb7f3c","block_type":"box","text":", fixed-income (“fixed","page_number":49,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"5301e2c7-b716-469d-8aef-ce45ae732449","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":49,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"d571927f-bbb0-4941-bd30-d54373924d43","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":49,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"b334bd8c-0e6d-40a1-854b-9ea2f0e97424","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":49,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"6a05236a-5354-42e3-8821-46750351313a","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":49,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"b7980b8a-56c4-4a53-8fea-532d3ec34a7a","block_type":"box","text":"II-6","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"04834281-c99a-49c8-89b3-ec6d055016f4","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2fa33c7-8aa4-4da7-a446-17a6f2f3440c","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":50,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"0faf594e-c17d-4f53-8c54-c1b2944f193e","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":50,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"01cc76d5-d0a6-48f8-b7a4-527414ec6119","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":50,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"e33349a1-8d15-41f5-bc5a-4d492b322814","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":50,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"7eea648e-d89b-446d-90d9-162e5cfe938a","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":50,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"875baf8e-bb52-4f4c-a803-31b0170992c2","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":50,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"01ee742c-0651-4663-9f81-d9cd917bd5e4","block_type":"box","text":"component.","page_number":50,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"b3ffe3b8-c855-4321-b1ef-99a0ff17aa1a","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":50,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"6dd24f95-3cdc-428d-bff7-66e3e675a0c7","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":50,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"e6ccfe3e-f463-495e-851a-31a404b779f7","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":50,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"dfcd45f1-ab1a-4ca8-b5f3-f9af12586972","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":50,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"ca4353cc-11d3-4455-93b1-581f2a8be7b2","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":50,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"a6eb0e7d-d3fe-411a-9905-5dd315b05124","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":50,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"d22514c0-fc5f-4605-b253-04a68d26e8af","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":50,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"0fe6296c-5c43-425f-a4a4-555dd3ccccc1","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":50,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"5aef624a-5ec3-4746-80f4-f23b5a69f547","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":50,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"32a61e24-26a8-4cb8-b2d7-215c5b9a3182","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":50,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"e0255475-0b51-4f8b-9b4a-8b195d2ae605","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":50,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"07103ec4-6189-421e-9fd6-390ff08d11c9","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":50,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"7a1a891c-a1e2-4510-9362-4aa7be30f639","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":50,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"e15a4cc4-9798-42e4-a49f-d5595bfb2490","block_type":"box","text":"favorable market conditions.","page_number":50,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"fd4fa738-7090-40e6-86eb-551ab4b85656","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":50,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"10110e9d-6e4c-4ea6-b25d-f50cd98d4076","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":50,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"8aab1bac-4de0-4415-ab44-afa0817a4c7d","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":50,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"f04caada-cf7e-4650-83c8-efcdb035155a","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":50,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"7bcf4a0f-8c06-45d8-a134-e612bf425b54","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":50,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"b099c0bb-0cca-4685-b8cf-7855b3b6aee6","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":50,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"73e7c9ce-5934-44c9-9e5f-d5a635f21cac","block_type":"box","text":"Corporate Loans.","page_number":50,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"f9455c2f-ead5-40e3-8715-1cde70d49a46","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":50,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"5638783e-c398-4388-a662-5c4b63dd59cb","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":50,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"df9e077a-a9d4-46e7-8c09-9a238fe14f2c","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":50,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"418c0516-3746-41ca-9aec-815db0d54a0b","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":50,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"2c2dc7f0-0bf2-4a75-b600-b1dee8711849","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":50,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"61371b5a-5396-45aa-a084-59d0f9ed4df1","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":50,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"692387b2-f808-433e-8a46-a6d0ed1e3528","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":50,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"3391b407-b781-47ae-b7bc-838aa98ca5cd","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":50,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"9dace363-7b19-4f70-8b98-00e75a72f5b2","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":50,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"9a6d87f2-04c2-4d07-b22b-c8192e1d1228","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":50,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"71586de7-77ac-467e-86f7-ff65f901fd9d","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":50,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"0a0be4b2-a0bf-4801-a04b-cc71b366ba2b","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":50,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"7061b27a-821d-4f02-b23d-3e3e15b6fa33","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":50,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"c367f6e0-3766-445d-ab99-f68637230cf6","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":50,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"6b70a8a5-bce7-407e-a14b-b9d67fcc371c","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":50,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"483e9fc0-13df-4d5b-8542-004d96f94603","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":50,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"c4329efe-0f4d-4641-8fe1-9eae54ee4ffa","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":50,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"d5ad3bf3-8e33-4d3b-b7a7-58f01c8a6422","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":50,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"f723cd7e-1eed-4299-b87e-730084acd79b","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":50,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"c62afca1-3325-4ed1-af8a-507a480d2f49","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":50,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"aa7adbb1-24b9-4ad0-b94e-01ad6a3afc66","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":50,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"bc9204cd-900a-48c0-9d85-799d800f1a56","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":50,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"5fec5309-2851-4374-b058-2ebf6dd03fa3","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":50,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"980667fe-f723-4bf3-9a3c-b05cef55c947","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":50,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"2abf3e2f-b566-4090-95da-217709b57289","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":50,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"e05448db-0bcf-4893-9fee-93ecd3877fa2","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":50,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"bb2d63b6-bafc-4d03-8668-b55c7e6040e5","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":50,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"e7ca850f-b642-421c-a8fa-6fc3452210de","block_type":"box","text":"of the borrower.","page_number":50,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"b83494f8-7309-4f15-8561-bc826a3bdbd3","block_type":"box","text":"II-7","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"16e412f1-80c2-4d83-b289-9b4a97cdf2a5","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4aa9803-4c36-4e2a-a2b4-897fa28abb10","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":51,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"6db26051-232e-4a42-911d-d895e61b38c9","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":51,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f85311a5-900f-4e61-bd79-5bdbf5a43557","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":51,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"e3309b41-3502-4f93-9228-9104635d53c2","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":51,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"a86884e7-f7d9-4676-b8a5-11c975b059e3","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":51,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"dc4c8b9c-c724-4c4f-b60d-df195ccab2e9","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":51,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"b4bef805-2866-4f8b-bb6d-4b78a61eaede","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":51,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"7f303715-5715-4487-b34f-61ac6e32bb0b","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":51,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"7151071f-be55-48f0-984c-adafab145f72","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":51,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"01e084e6-08f7-4bd7-b75e-9a3ec9609a6d","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":51,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"5ae96f47-fb0d-4d96-a418-2aa1967fed88","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":51,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"779477ac-67da-48c2-bfd8-1b22f9c580a4","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":51,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"73da0836-41a2-43e9-9d06-39f847d7d651","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":51,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"0f7ecfc9-ca97-4ca6-92f6-b05c0156b9f8","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":51,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"6e88fb30-1c5a-44fc-ba34-ff86ebaeaf60","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":51,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"d542a5c5-f704-4c34-8a2b-e3c54a7d11d0","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":51,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"89ba9f94-4216-4404-9b1c-d8a51e9a1a3e","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":51,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"8a2f4502-3630-49c6-83f6-d06c00605c14","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":51,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"4139f26f-40e3-4307-89e5-5dd4ebc85a15","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":51,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"24b8f7e4-0158-4e3b-8571-e28d8cdde459","block_type":"box","text":"state law.","page_number":51,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"7ef46d1b-508b-4479-9526-e1bf7032d61a","block_type":"box","text":"Direct Lending.","page_number":51,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"1a127584-6c1a-4ea7-bdf6-602cfa72b6a8","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":51,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"3458a6b3-d790-4a0b-a104-93632a66f8d6","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":51,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"825cbae0-2f26-444b-805f-f736b0bf795b","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":51,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"d3ac25f1-623e-4b0a-90d9-77e9c752653b","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":51,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"ea98c79a-a463-44c4-bde7-2d97f3e84fdc","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":51,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"d1a905d2-5053-4da7-a2e7-f25748054c3a","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":51,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"0fc81a93-9dd5-4bbf-a3f3-e0c5e29eb82b","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":51,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"1f94a86c-ac0d-470a-9515-5e7e151143e2","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":51,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"4a5a9903-6d9b-4540-979f-a1a2671dcc64","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":51,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"716f7d2b-9c6d-4362-998f-153b332f179e","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":51,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"b5db3ba4-a372-4963-b5a0-c79b8facffb6","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":51,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"7ba1d2f4-1011-4eb4-857b-f5c99b919c67","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":51,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"56f0a9bd-5ef2-4190-9ec3-f13725304c94","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":51,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"0e5fd355-502b-495a-9fca-ab335685af9a","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":51,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"1ecdf827-1aa6-44ef-86a4-4b9347059295","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":51,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"5e5b2b84-bd32-42e9-8777-b0dae5cc99a2","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":51,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"b85520c4-40cb-4670-af3f-0a766a33e77a","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":51,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"f82ed9a4-111f-4d49-91c8-2b4e5f7f1f9b","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":51,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"bca7e9de-2003-44a0-9ee1-954bf9992ba8","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":51,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"4ae7407c-a60f-4bda-836e-0e4df857f3a3","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":51,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"35c0a6b2-52b3-4a51-917a-7fcf7c66b881","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":51,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"e47cb517-9562-4cc8-aeac-86fb13bffd89","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":51,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"d4778d3a-618b-4792-8c5c-a83d3335d0f7","block_type":"box","text":"Credit Linked Securities.","page_number":51,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"cb7ecf28-95c7-40ad-a174-d9079d85d008","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":51,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"62913447-cced-42e2-a48f-ad1a39300a32","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":51,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"6fb6884a-7bb4-4955-be32-c1f0c92fd196","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":51,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"64727096-4a90-44ed-a0a3-2e9551a5e939","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":51,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"29bb42f7-1682-44a6-ab29-23afbc3cbdda","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":51,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"19507572-9edd-4b7e-bd47-d3e4c9b0309a","block_type":"box","text":"traditional income producing securities are not available.","page_number":51,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"d56dfa11-be8a-4689-a58b-de146334549b","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":51,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"a94f548a-ee27-4e70-ab68-68c00bff44fa","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":51,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"f4c2e405-cf3f-4aee-9db0-24af6cbc5747","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":51,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"f2f76b9a-b774-49a8-be4f-302d0d30a764","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":51,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"0c40d553-c0f5-4311-ae11-233312719942","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":51,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"f5e8af28-d1c9-4300-876f-2db43e63f23c","block_type":"box","text":"II-8","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a333f194-7ba4-4745-a67a-f4666d5fcf09","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e386965-7b15-4572-a335-27bfba7a6ea7","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":52,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"ce46852d-9b03-48a7-92e7-3e6c767dce96","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":52,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9773ffc5-c57e-4c1e-98cb-32e57d8b918d","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":52,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"668280db-8ed4-4224-916e-f2e7ad4e8e0d","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":52,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"3652da2c-bd70-40d3-b8ea-d251e5432768","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":52,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"3fc4f79e-63b0-45a9-a591-14edf4446cc4","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":52,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"8ac36a0b-42d7-46b6-91e6-1b45f28b8b26","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":52,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"dd3fa7fa-6645-48da-9169-776c9752278e","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":52,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"4e3c2c5f-d4cb-46f0-9d2a-15098f2f27b8","block_type":"box","text":"investments.","page_number":52,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"ab751c9d-e7fd-4544-90f1-7f66b17b35ad","block_type":"box","text":"Debt Securities.","page_number":52,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"a68001e1-2ab7-4a12-a765-937e42341b58","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":52,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"4d0d7a66-894b-46cc-9541-a984a6dd0a81","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":52,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"9710dde1-e401-4cb0-ac00-86affae98767","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":52,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"5f9f57f2-563b-460b-addd-dd67c7a94bd7","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":52,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"c6736bb8-4ee1-4698-9b8f-1abfa0e519c1","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":52,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"c76b0023-fefe-4b1d-a602-280cb5722d19","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":52,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"9bf6675b-f402-490d-9e98-51930bf5ea21","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":52,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"e934952b-dce7-40e5-89a7-f306a3c84ce3","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":52,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"4180383e-25c4-4adc-a94d-24c9684c6654","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":52,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"9b67b529-cd75-413c-930b-67ae8459d528","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":52,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"27df9f7d-1790-46b7-b6db-1e817c21bf91","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":52,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"629a5141-0d82-4a8e-aa85-b54e094bed59","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":52,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"7a2edc96-7c39-4e55-8937-094b3f418a0c","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":52,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"300131cb-5a8c-42b1-be35-6593ceb3c7a4","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":52,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"ef338576-5490-4be2-8700-030f5046b726","block_type":"box","text":"lose value. This is known as extension risk.","page_number":52,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"c0c3bf86-5691-413d-a9c4-338d6c07c47d","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":52,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"a9fda7f8-9e69-4545-856f-6f7d20fc7758","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":52,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"02df6a70-e1ae-4dde-ad8e-1cd9b2691be5","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":52,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"a8082309-c369-429e-b047-983a64668155","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":52,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"506500b7-f044-44e0-9ead-7b49b046f058","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":52,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"ad7bd9ee-8d0e-49fd-b8ad-5b5f21c0d655","block_type":"box","text":"Floating and Variable Rate Securities","page_number":52,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"1a2ecc09-8c4f-4880-ade9-35aad953bf47","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":52,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"8850432d-5e5b-46df-b8d3-d941f913ce48","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":52,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"7b265a74-fe60-4823-a24a-286e462c2c08","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":52,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"3c12585e-41ce-4554-84cb-608cc743126e","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":52,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"088a1772-6508-4604-9d66-1d735361625e","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":52,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"4a7c8df2-8501-4b69-ae63-199f679a307c","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":52,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"a8412acf-9751-4852-999f-df94139a3810","block_type":"box","text":"market interest rates.","page_number":52,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"e18769df-e328-4b9d-adf2-d2a324c5ab46","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":52,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"a7abf846-5d9f-4528-8bdc-9710bbc257c9","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":52,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"7839d83d-cf69-4069-8cd4-b6d69afae485","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":52,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"5fe03622-7041-42c5-a6e2-18795f4d7d13","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":52,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"ca6f8312-c9a4-415b-ad35-99a74d3acf42","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":52,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"c5f5884a-3336-4f84-adc2-8b2ed492bd9f","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":52,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"baad382a-e7d9-442c-bb63-08a524ce32f0","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":52,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"83606cb7-a1c6-4a7f-a3db-490f1df53688","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":52,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"ca5e4cf4-3f64-46ea-9763-d1c7d9abb2ba","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":52,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"11f6f648-c7aa-4802-9cbf-9666054f0a33","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":52,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"b28f2b46-6a73-4010-9445-2d68ecd6b6a5","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":52,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"76b29aff-2a24-491b-bb44-a130c5bb4963","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":52,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"4f84aea1-edc7-44b3-84d9-89a916a1e1ba","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":52,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"f1cd976b-98b1-4bf8-b359-f48cb6718b43","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":52,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"e1389b41-c6c3-41a3-95ba-60c53e3e2474","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":52,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"12f689d2-c7ac-41f9-b80b-533aa543ccc3","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":52,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"424d03c2-ebbe-4c7f-b48b-383e6f8b721a","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":52,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"5867b3a8-043d-431e-b4cd-678ae62d4a24","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":52,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"e6e67384-0e6a-47b6-b9fb-3b996fc1c207","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":52,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"df6092f7-d2f1-41b1-bd26-8102f0e67723","block_type":"box","text":"II-9","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b94c6e92-d5ef-4633-befe-c565fdf2588e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ddb786b-f29a-430c-b720-9a563107cff5","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":53,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"4d1678ca-5765-4199-a350-145576101955","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":53,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"a41b528b-26d2-472a-92f4-af54bd09a598","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":53,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"c8209068-168f-4099-a8aa-7b1f3be8100f","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":53,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"39976f84-aa2d-46c2-ab1d-d4eabbd28cf3","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":53,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"80617135-7047-4ca4-888d-8edf8321c7b6","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":53,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"d26f4227-9a3a-43ee-b40a-3a4eddf1f699","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":53,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"9a8239af-37ed-46a0-9f00-c6c4028bf900","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":53,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"d91f1b2c-30a8-4bbf-bb13-ba5d2d046f46","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":53,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"01521266-17ab-43f7-b2f3-75053579dbe3","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":53,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"14ba3891-d767-47e8-9418-670361a4a63c","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":53,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"72b25d26-f161-48e4-89f9-46a79031ce81","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":53,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"347aae1a-38f7-4158-a689-70bb12e8448a","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":53,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"fe226233-9360-4d9b-b151-85a7eedb37dc","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":53,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"98dbfe99-5098-493c-9c5c-864c78a178fa","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":53,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"e470d602-2170-45af-81cc-2842785d0cdd","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":53,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"dc7c742e-9343-403e-b5f7-587d06bd8f5a","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":53,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"734953c5-dd42-4712-a732-6d3e79385261","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":53,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"fbcf923c-8edc-4c66-b017-dab3eff9326b","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":53,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"aa5fdc00-dd8a-4d11-bf07-35147a2671b5","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":53,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"e68f6f20-e422-4b55-82de-dd703117cea8","block_type":"box","text":"United States.","page_number":53,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"1c4b2a4a-7b7f-4758-b752-7a21e1d9ffcb","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":53,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"76fd6b4f-ad9c-4ca3-8ebc-435bacd488a0","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":53,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"3345f480-68f6-404c-a881-467f49cb50f9","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":53,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"7a8b68f8-7d43-4784-85a3-cff4307f657a","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":53,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"d5ca65fa-75fe-4efd-bc00-4e4da48cb0ed","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":53,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"5c549906-318e-46a5-bfc0-9f53c0de7810","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":53,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"8b638c97-2213-42b6-a36f-7dae632b74ab","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":53,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"460cf0eb-afcb-4c2f-a8c8-75f4f44f1aca","block_type":"box","text":"i.e.","page_number":53,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"399ac41d-46b8-4fd3-ab7f-de52b8ba6f2a","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":53,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"508a4237-f710-40ed-99b2-8cd101f95b60","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":53,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"86b6049c-dced-4c07-86d5-66eba863937e","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":53,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"54221597-1622-4325-868c-e42eebe7c590","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":53,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"7f8d7f43-5e73-49c9-a67b-5546e943ae37","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":53,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"55f3ef96-37e0-45d1-91e1-f45192e4c208","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":53,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"22250c71-5bee-476e-b883-125240b4e2b3","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":53,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"ad141fab-6a3d-4782-a5d0-0efb36a0296d","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":53,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"be1d96b2-7c90-42e1-89e6-a24f621183f0","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":53,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"91104541-9393-4c34-b680-e9bb85188648","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":53,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"24d1ecf1-abef-41a8-9319-44f42340d4c7","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":53,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"6680646c-9844-4e14-8885-ababd20ccd05","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":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"63c4e4d9-8a46-41a5-af5d-003718880ab4","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":53,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"109fa9b6-6cf8-44fc-b2fb-bc4343158ac7","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":53,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"13213669-4403-4e13-ae97-997e00b27070","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":53,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"00239974-ce4c-4b3d-9ba7-51eca7a5297d","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":53,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"0f70858a-5576-4f78-bbc3-784e1ea1eecf","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":53,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"9138c10e-260a-4ded-87f3-4d8400f7c9d0","block_type":"box","text":"risk than higher rated securities.","page_number":53,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"9aaaae28-506a-422b-9d5a-fb681648aa37","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":53,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"bcbb63b0-f38e-4dfd-bf5d-b907c129bd5d","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"3879fe1f-b211-4fb5-9f95-05bbe7bf5829","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":53,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"0739c4bc-bddc-48f5-94e8-b1c9c71f600b","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":53,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"4b75bb00-2ed4-4e87-a368-900c1c3b0954","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":53,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"f689785e-ebf1-4aaa-ae3b-767e26da17cb","block_type":"box","text":"unavailability of additional financing.","page_number":53,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"1955c40a-ec88-4bb7-b42f-04ec8dee7d05","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"1d2152ce-bb35-44a9-89ce-edab1a5b0c05","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":53,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"f36eebba-d708-4b5e-aac0-d0f8b29f5cf0","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":53,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"8566c895-a1a8-4746-ada4-9a5b1e80246c","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":53,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"318ab884-f3b5-4e53-bb06-7c4b7509658e","block_type":"box","text":"II-10","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d4b58cf-2a95-4d21-98a7-292053e4ff86","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49ab1282-07a3-479e-b181-4429bb0ee10b","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":54,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"2f2bbce8-019f-4f87-80a6-f58e5e32268c","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":54,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"defa763c-521c-45c5-9016-911601f1ac23","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"b32bb07a-b55a-43e5-91b9-877ee1b5d378","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":54,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"5984ed3a-e7da-4b75-a5a4-e3508b9024c7","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":54,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"d51d0773-44ab-459c-9979-05b3ad2ff5d4","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":54,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"9747ab5c-5697-4901-8073-75a9c145b80d","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":54,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"5159f195-ff1a-48ca-9a1c-0be8154c561f","block_type":"box","text":"investors in higher rated securities.","page_number":54,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"302e9369-e5b4-49dc-a6ac-a86cfb7bc442","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"06d434eb-a5a4-426b-a5f0-4cd18ce8efaf","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":54,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"b0a60cb0-4751-42f2-8b95-2e89058b10b1","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":54,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"39a6c9d0-1102-4794-9209-bc8928398b96","block_type":"box","text":"lower yields and may lose income.","page_number":54,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"31382736-063b-4324-9b31-740424b45335","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"bd3b9707-cdea-43cb-a20e-7e0c744db193","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":54,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"c6fbb7cb-a08a-4f86-bb26-26500c82b281","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":54,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"777e7b38-d434-48d6-b25b-62e2c0161315","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"05a30873-6a06-4cd5-939d-e5381f2aab90","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":54,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"e263fa0a-66e0-489f-a31d-8b075a31536e","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":54,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"3f6bd24c-73cd-48c2-bcdc-8ec9ed86a1e1","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":54,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"4f7ceddf-b109-4d7a-9013-ffb31fe5eb86","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":54,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"6736d463-080e-456e-8352-60cf6aa06fdd","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":54,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"e3b5fd68-04bd-4f1f-959e-1dcecbc3f857","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":54,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"8b297184-c5cf-4ace-a473-475d3cb98f78","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":54,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"5d33eaa3-d394-4e28-9b72-f5ebc838f69c","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"56ff566d-b60a-4025-bc49-35a06ed165e8","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":54,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"43396644-315d-447d-a52d-37b36350ace4","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":54,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"6c8b16f5-9f74-4c4e-b72f-66d6b2def86f","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":54,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"3c92aefa-953e-487e-943b-f4a485ff0724","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":54,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"7f17f2b7-6e9d-40a9-885a-0673a25af0df","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":54,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"613c384d-7529-4a12-be2d-2da0fe2774f6","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":54,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"8c01129b-9613-4c38-bd02-95a38f1ba370","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":54,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"a515f32a-eb72-491e-8c62-75cdd04d763f","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":54,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"3da1c907-948a-4c92-b21e-b1e10aa20d2b","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":54,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"0541b118-5a24-4bf3-aed3-b37cdde3438b","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":54,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"9b2bdf1c-ef2f-4606-b46e-8bb90ad779f9","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":54,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"390d1dcb-2648-4325-a6f3-6cd640328f6f","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":54,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"581bf5d5-80ce-4905-9701-b06e702fe52f","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":54,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"ae958ebb-c1d6-4166-a032-45ff1534efcd","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":54,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"69518f0e-3d39-43ac-8dbc-1bbca6be6bed","block_type":"box","text":"role in determining such valuations.","page_number":54,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"89008e72-6ae6-403d-985b-2566445fe290","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"b95c4fd9-93cc-4dfd-8511-2e1ba50f7d57","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":54,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"278c7bc9-4e6e-4e48-8a4e-cb0abe706127","block_type":"box","text":"a defaulting issuer.","page_number":54,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"69d0660d-36ce-490a-a8da-fa187550e458","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"d3f22b88-fdbc-40a3-83cf-401cf761552d","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":54,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"8e74b73f-9166-4184-8f49-ef06fcb7f286","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":54,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"32996ea1-25dd-45d9-8f2e-1ec2153eb939","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":54,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"95ad1eda-9a89-4111-aac9-1ee9be9743a1","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":54,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"283dd382-b7c8-4df0-b5e3-40c08c831bc0","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":54,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"b6a20f6f-7959-4225-a0d6-6cb5268235dc","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":54,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"7a50b524-e9d3-4a6a-870b-1033e9759807","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":54,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"c0fe8093-570d-432e-b7ed-a6b2ad408d8b","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":54,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"55a2ec05-ea21-4990-848f-e61d4504db6e","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"7f815718-28f6-4fe7-b627-cf6e94406511","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":54,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"fb531b0e-8d95-4ec7-8413-30e0600f0b01","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":54,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"9b9d480d-7f3f-43e3-8ac8-fc907dc203d6","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":54,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"ae72a0e8-8a0c-43a5-8a0c-dae460a23d5b","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":54,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"56035f4d-2512-4fc0-b901-06b7a8c2e003","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":54,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"5f5f4463-6eac-4689-ab61-485965580efa","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":54,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"1694f837-aca0-4ba9-8c50-d5ed6c392151","block_type":"box","text":"higher-rated securities.","page_number":54,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"42fb9767-0c29-4b27-82e0-88b9254456f9","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":54,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"011a6f9b-80da-4b60-bc8b-73bd68540411","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":54,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"bf631589-c035-453f-a06e-1faeb2981823","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":54,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"4deca622-35ae-40e3-9da3-218db59e3760","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":54,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"e16fc7ed-c45a-4a30-9a18-45527d20bc03","block_type":"box","text":"II-11","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"62886567-7d08-46a4-916b-1504e66b0439","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c62ef86-557e-4f72-abe7-525f64d89a0c","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":55,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"735eeec8-5173-45fb-8c2b-6a4d26503ae6","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":55,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"c922e3f9-c0e1-45a6-9458-bb65036fcf73","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":55,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"2af7ebe4-3e7d-4d12-8934-72efad3f4c89","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":55,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"27591def-1318-4591-8fbd-f3ce3c844a1e","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":55,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"a54417f1-a9a0-4b81-93e8-cd3f82780606","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":55,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"ac659cf2-05b3-4ddd-a24d-9af71e9d42e6","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":55,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"c8330ffe-9503-43d8-bbf8-c5bddc0b1fbd","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":55,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"17d46941-8768-4b87-8f75-48acadd90bea","block_type":"box","text":"Mezzanine Investments.","page_number":55,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"c788129c-d3fa-439b-b822-7ccc96591d00","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":55,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"f870813b-c1fb-4e3b-be09-1c3ac96665c2","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":55,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"435e057f-ec00-4e1b-9bb2-a505f95cd75c","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":55,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"63f07d3b-3e38-4ddc-bc77-acff6de3ab4e","block_type":"box","text":"e.g.","page_number":55,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"3e2f31bf-1a56-41ed-9c44-245f47a3a51e","block_type":"box","text":", with","page_number":55,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"20a255ae-9432-49ff-9943-8bb1c49c2b94","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":55,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"9082051f-6573-4427-a12c-cf4572fb166d","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":55,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"1c483624-acf5-4663-980e-0f677826ed16","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":55,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"e3124d00-80c0-43a1-926b-e7570ed73174","block_type":"box","text":"other obligations of the issuer.","page_number":55,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"7a84ce83-384c-487b-9196-1ef2c3041e13","block_type":"box","text":"Pay-in-kind Bonds.","page_number":55,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"ae66835d-3c06-45ce-b6fa-7b695a5b34d3","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":55,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"1b87bd7e-51fa-46ad-ace1-dc8b2d378f0d","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":55,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"6507a575-608e-4050-ba4b-4c89a23027ce","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":55,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"1937df42-340b-46b7-8091-8b94ee43ce8b","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":55,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"44e6f3e0-42d4-4840-bf3b-f0586260c1ef","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":55,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"98b62605-d32e-4225-9121-8c2a73e5e500","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":55,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"ce8ccc0e-2733-4ba9-87f4-a526dc2791d1","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":55,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"10713272-8cb4-4440-ba4a-48c71e157273","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":55,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"049c1bc2-f433-4f4a-8372-e2d4906bd25a","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":55,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"e1956f24-1266-40c6-8936-a38e974bff66","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":55,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"1e7d2242-040a-4ce2-9d75-d49a79cb07c6","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":55,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"1e45715d-8823-4796-a8c5-934fab63e0aa","block_type":"box","text":"Supranational Entities.","page_number":55,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"338b8f4c-fb41-4e36-b1ea-e2681d58280b","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":55,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"68b2facd-3866-4692-91ee-b67821b5bdf9","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":55,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"02529f55-1449-42c1-9076-a0d44af91d36","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":55,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"558390ad-9cb4-48b5-8261-a763bcb7a041","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":55,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"d0a07d75-ad31-4766-b478-fd99ec9a0daa","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":55,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"ea84db09-35b3-45d2-8463-e6b7424f6c0a","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":55,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"831c36ac-7ba7-4293-9028-2c789257da8a","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":55,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"b1265033-b33a-4924-a961-f2f96c6f5a0f","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":55,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"f70e1055-832c-4ec9-9654-74abecdea0db","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":55,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"16c56fa5-202c-4902-85e9-48c18c379c69","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":55,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"a24e28ac-02d3-457d-bb67-190a32e2f4af","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":55,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"b060da28-31aa-44ee-91bc-c72d2bb56df4","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":55,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"88ebc0fa-8a62-4b01-8355-0ac1b65d7e38","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":55,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"14690392-756d-4229-bdcc-e7f14c826bf7","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":55,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"4327705b-869f-436c-bbdc-d00d7d65d5db","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":55,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"feddc267-bdc3-491a-91a4-704dab1337c4","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":55,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"d57ed342-5761-47a5-9348-6a5b26a9d6a9","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":55,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"b0c4dbfc-be6a-4c67-939b-2ce21da68753","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":55,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"edb53c17-ae8d-438e-af2e-99b7225522c9","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":55,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"8b8b4ce1-076c-4aed-86f6-a4b3c0258a00","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":55,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"73343faa-e9cf-4245-a4a4-aadffdbc669e","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":55,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"de92a8e2-06a0-4792-9aa3-111f3ba47d9b","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":55,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"0744d7c3-5c43-4798-a13e-e23479e6eb9b","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":55,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"3bccfca0-3399-43c6-a237-f5a6abe45164","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":55,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"aa43fb9d-20d3-419a-8eff-536ee2ff8945","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":55,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"c6199b04-06c4-4de8-aef3-04073595e583","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":55,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"7fa63154-05a3-4308-994f-79da238efa31","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":55,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"0586fc8f-8a4a-44f5-9f1f-aa99e7ea2181","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":55,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"4e9ccdd5-2828-4b2d-b28f-7cd8189ea743","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":55,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"b431821a-6e32-4bf7-b0d0-5d09932f225e","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":55,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"104c710a-7208-4647-b6ba-480e5b471e9c","block_type":"box","text":"II-12","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"302b0035-b788-40af-9a7b-0bf6ae3e42d3","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"101ff028-af71-4dbf-a9f9-5d42fbecd5c8","block_type":"box","text":"Derivatives.","page_number":56,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"56acbd82-eb97-40f7-8a6b-d7f900e65166","block_type":"box","text":"General.","page_number":56,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"a1807946-ff90-4174-9733-4320075553d6","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":56,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"d657ec7b-2abe-49cb-a738-d48981fbff73","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":56,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"ce69dc1e-c395-4063-b783-3429efcf717c","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":56,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"559d5173-a58e-47d3-8f86-35a2e2cb0945","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":56,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"02ef193f-7cc2-410d-9011-c535c618ba2d","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":56,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"49e814af-97c4-431f-924d-b4a9933745fa","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":56,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"c0e01094-6152-4a24-9d14-ec6b3b70c296","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":56,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"3bf67124-25c7-460d-b0e3-2d9976576acb","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":56,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"938f9fce-11a3-470c-91bf-95eb97f14fe0","block_type":"box","text":"i.e.","page_number":56,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"e711b847-c595-4dbf-aa32-d21be69e593a","block_type":"box","text":", the payment","page_number":56,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"4079ed72-1cfb-4010-bed1-f0f30ff8f1d8","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":56,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"002af295-cb69-438a-958d-9c89dcd04ab9","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":56,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"2381f5c0-229d-4e2c-816c-49738f0bad43","block_type":"box","text":"Hedging.","page_number":56,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"9480c480-4a6d-4ef4-81bb-6c8a22ba7a22","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":56,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"0db1e5a1-2b2e-4471-921b-a8170cfffe61","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":56,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"cd075f5c-73bb-4a89-a759-7a1bf12132e9","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":56,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"0d117a86-67d0-4f49-a526-2ec6482d5d0b","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":56,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"b1812b2c-7315-400b-bcbd-849a8b916780","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":56,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"54b2ea7a-c8cb-4ab7-9cd6-51a4918a99b5","block_type":"box","text":"correlation risk,","page_number":56,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"3c6c302d-c0cd-4b12-aca3-b3b4785dabea","block_type":"box","text":"i.e.","page_number":56,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"26bc0d2a-12f3-44d1-8b33-806d931b1974","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":56,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"ee681e14-d137-494e-83af-0e47ef42d262","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":56,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"44f5198d-03c3-48c3-986a-2bff66ac137a","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":56,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"278f970f-4054-44db-9645-4c66abd7c1fb","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":56,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"fbd48f20-94e7-474b-99aa-25a6e7ba7ab5","block_type":"box","text":"Speculation.","page_number":56,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"6f1e5cd6-5b9a-4318-9826-d200ebe63354","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":56,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"1d98ec4d-f414-415d-91d8-95626965183c","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":56,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"542dda6c-c56a-48fe-8f8a-646524fcf4d5","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":56,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"8de943fe-f904-4a92-b33c-cba85d2d03d7","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":56,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"c78fbe20-ceee-4a00-9268-c94ee159dac1","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":56,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"5f3250a2-47b3-4100-ae06-aec93c71b29c","block_type":"box","text":"Regulation of Derivatives.","page_number":56,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"d76f0ce8-96c2-493c-ae3e-3f9a98a55e36","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":56,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"8e24379d-ab86-430f-a949-4aa7c357a632","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":56,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"392898aa-7274-4824-aef5-6b3df291a8f8","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":56,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"2fb59871-60af-4879-8ea9-674f425dd111","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":56,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"5c95fd6b-e4e2-47fe-889d-384601290dc3","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":56,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"aa140494-938e-4526-8350-cd76df787c00","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":56,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"950ca861-8871-4884-b01c-7e60c30813ae","block_type":"box","text":"coverage”).","page_number":56,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"dc2307eb-6ed9-4cff-b370-95aa13a30958","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":56,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"bf926d9e-911e-4ff8-b2d0-2db5e52e8efd","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":56,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"4cf466a2-3dfe-47b2-9962-7a50af82708b","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":56,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"18a1c693-397b-4bf2-96a6-3d6c87793e15","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":56,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"f4548291-a8fa-4067-a1d9-39dac21957fb","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":56,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"9b9447cc-19a1-4d58-8d60-e6854ac41bb2","block_type":"box","text":"financing transactions (","page_number":56,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"984cddd7-e588-4b3c-860e-4d8e1ca24384","block_type":"box","text":"e.g.","page_number":56,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"61b993cc-6871-4c88-861e-e0eb852c33d2","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":56,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"b0135ddc-fe87-4cad-a249-56ff1097adee","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":56,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"f4790a18-0200-4616-9ba9-51b2adcf3b5e","block_type":"box","text":"securities (","page_number":56,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"f60b2385-adb3-4fb1-ab64-f9fb4089a5b3","block_type":"box","text":"e.g.","page_number":56,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"04c36237-a53d-4e01-adfd-ff57051351f6","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":56,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"7412c5f5-7e0f-4775-9b12-7768cc8cabe8","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":56,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"679c62a2-c20f-4eed-ac91-920960d9d72b","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":56,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"49968535-77eb-4ba0-8a6d-85c0f75381fc","block_type":"box","text":"Commitments”).","page_number":56,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"83936d43-5cbd-4e0f-8015-cf37205cfcfc","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":56,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"c28ca06d-b2f2-44f5-b4a5-c217128d476c","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":56,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"714985c5-b028-4bf2-867c-40dd2dfcb10b","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":56,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"124a12ce-3e0d-455a-8722-ee6d58e4a923","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":56,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"228e43e4-6122-4f12-be6e-171029d303d4","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":56,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"75cd7fbe-2a14-4b2f-ae9a-37085e46b072","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":56,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"3122c879-a301-4a0e-b1c7-e81c60c04fa9","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":56,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"a0da485e-742c-4288-a80e-cea27b0cb9b1","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":56,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"fccb8495-ecb0-48ea-ab2e-c3282028c1c0","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":56,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"7f17e906-95da-4805-94f9-5893385929fd","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":56,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"90d25b1a-c25f-41fb-a174-1a501538f4b7","block_type":"box","text":"II-13","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a67d0c23-3b18-465d-98a6-5b1289070015","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f1a37e6-5253-4652-8b48-0e711c0f8e24","block_type":"box","text":"Dodd-Frank Regulations.","page_number":57,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"4350dccd-082b-4e51-906a-a0979a569b3a","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":57,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"f7c506b1-f684-4472-ad76-b5a878209759","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":57,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"b585c404-3e80-446e-a6df-4af6b990de4b","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":57,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"79aca2a4-d9d9-4dc5-bc02-975eb9b03118","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":57,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"1f0cf323-4545-49c2-bad3-c4051b132704","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":57,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"c167c647-6186-4f8a-9129-b030b47b83e2","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":57,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"9b2207af-16ab-40b1-8f15-5c6845f00482","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":57,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"25ec1776-1f82-494d-91a9-6013fcd364b5","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":57,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"e4086ee9-4cc5-49a5-ba51-f7b88f2d5a98","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":57,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"5f0b25e9-0f3e-4966-ace0-3b278c6316c0","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":57,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"92555220-153c-4a8c-bcfa-6ac832dcd898","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":57,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"01371a83-0198-4d29-8dd7-2953fccdfbe1","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":57,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"c91568bb-682a-41ae-9e12-f311d9e50d00","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":57,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"7b81c9ac-ffbd-45f5-b7c9-3c0dc594e416","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":57,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"088abdbf-8fbd-4a77-8e7e-be3332d067ed","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":57,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"615e9071-523b-4a0d-82a4-0ac7c1ba5ea3","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":57,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"b74a47a5-663e-4f14-9349-7c8ad5d7f32c","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":57,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"2a10ff10-cfab-4cd9-a5ec-996caa544fb1","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":57,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"38986e2f-75a2-41f4-bbe8-55ae91454232","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":57,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"8751d906-6e90-45b0-bb23-355cbd1e9a94","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":57,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"fc0775a2-3734-4a88-85db-c7d39241e674","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":57,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"f121daca-62df-4b53-8927-3d651f326c03","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":57,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"d5a595ed-d9cf-4138-ba11-0fc68c21c45e","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":57,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"fe6545f3-124d-42fc-afd3-45167490534f","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":57,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"c6418977-d62e-4f1a-8fe0-cfc84cd2fa7f","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":57,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"f1f244e8-6390-4632-9943-1e776f175a72","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":57,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"51938b4d-700b-497f-9516-50df10630973","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":57,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"1bb3892b-3d09-4386-8743-cd1ba8058a1c","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":57,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"1ea599c3-7156-46d9-85f2-6c85497f0a03","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":57,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"80ba811b-aec9-46b9-bd52-500dffae3d88","block_type":"box","text":"member.","page_number":57,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"15846ab5-5612-4080-b713-29e4694d39a3","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":57,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"dc61eb1c-fd3e-4d27-af6b-a47b6b7aa3fc","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":57,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"c1724416-ffff-41b2-8ab8-a50ccfb719b2","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":57,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"c0161b77-bb0a-4622-bac1-537c35aa2e74","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":57,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"379f813a-663e-4088-94e3-760456f570d1","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":57,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"3d2e4f96-dedc-4b35-a338-886c8bc747e7","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":57,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"1b967207-1f7f-4b55-af0b-0a3b5353a4c1","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":57,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"c157a5fd-aae2-4923-84fe-6e9cf5243ea3","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":57,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"8f37f0b1-fe0f-4e9d-9444-9ff3c3896f5d","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":57,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"a8bf8cff-a592-4b48-94d4-0fb70ad77d6d","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":57,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"479f29b3-0542-4f9b-8b59-6b11bdf4a0e9","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":57,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"472d5f47-dcea-4fa8-9c73-ebe0d8270423","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":57,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"bd30e988-3e6b-4588-b4ce-cf555921ef47","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":57,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"6344d3c4-0a82-4935-9213-d0781c49c1e7","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":57,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"2599df67-f96e-49d8-b4fd-475fa434c3f0","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":57,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"3d42626b-a2f3-4624-abb2-adaf47e3cb8f","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":57,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"96e987ab-2778-4e0d-90a1-b46c4127adc3","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":57,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"1cc687c2-840e-40f9-9f37-3b9f26c43452","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":57,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"f5539afa-a71c-4a67-8153-2226dcf86b72","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":57,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"cc974959-b0eb-440e-8048-91cbae24a8b7","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":57,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"cab5b160-4952-448a-8972-237f8066b9ef","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":57,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"7a7208ce-df78-4854-8006-e1a812164b2d","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":57,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"4572c568-9799-463e-a3b2-113885f9d127","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":57,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"d454a56a-8fc9-470d-b740-b74570433969","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":57,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"258e718e-0090-44fd-af0d-203502e1d12c","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":57,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"3af42bda-c9ff-4169-9098-992c4bdf09b5","block_type":"box","text":"II-14","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"41158c08-72ad-4c4c-b915-7505e2c625af","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30fceca3-66cb-41a2-89d1-5a02cbf8da7b","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":58,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"6aa80141-479a-44eb-8737-e71e417232c7","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":58,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"ed34d22a-295a-4e99-8796-62758122ed49","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":58,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"973becd7-bfa3-4be1-892f-c76dbd758cd3","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":58,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"633a0751-cf0a-4557-a7e3-1ad7d7f44069","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":58,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"9bb80aec-c819-4bca-8289-9eee315e7730","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":58,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"bea24910-6e38-439c-a905-e568f6507489","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":58,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"8510eb6f-c47f-4693-9956-1c33fa8eb7f5","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":58,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"518719a7-39ea-4113-b97c-2da57d478168","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":58,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"84399d1e-9de6-472f-ad89-c7aa4b7ae45d","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":58,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"1a23cdbc-89f6-4855-bdd9-d7a6666028fc","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":58,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"80237b0e-2861-4af7-9c4f-aedb7407ef98","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":58,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"5074ee77-2de4-4b13-bbf0-6fe16baa5760","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":58,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"e59fc757-5fc4-4809-9257-dd723b6862d8","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":58,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"61d35501-8875-41e4-a4d3-d60e0e1f5ac2","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":58,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"b9caf706-fd60-4df2-ace4-4414740f9065","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":58,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"187bda87-ce17-4676-be61-5330c8df08db","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":58,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"3168533f-2f81-441f-ad7b-62b77c73ea8e","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":58,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"9f68005d-bb0f-4b1d-834b-809c798ddfa1","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":58,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"885cc796-2b06-4381-83ac-e1a1cbe0f357","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":58,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"3df474ac-26b2-4c1f-ab19-e2eb3208d84c","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":58,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"f7ecd2c1-497d-42b4-97a5-91781106a59d","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":58,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"70a79eac-a8db-43cd-a7f7-9b8bf4796932","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":58,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"27fec8dd-5cab-4ad3-b9ab-75ef38cf0e8c","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":58,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"46884ebb-e074-4d28-8171-6831bc7cae01","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":58,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"3ea349a6-d69a-4d57-9d7e-97ca11271923","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":58,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"8a73c6f2-9adc-4512-836f-968b4792d544","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":58,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"a7ffdb42-5410-497f-b826-dc663fb9849c","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":58,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"bc500f3b-3cab-4e9f-af32-9926af2523a2","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":58,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"78343790-824e-46d9-af80-fe86d48c450c","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":58,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"d6b237ca-6955-4c43-9141-b46335ec8893","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":58,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"0edf72bd-31a5-4c7d-8981-e4f9e622ed96","block_type":"box","text":"collateral received under such contracts.","page_number":58,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"8cf9bce4-80fc-44dd-a7bf-7dc3c7b613b8","block_type":"box","text":"Risk Factors in Derivatives.","page_number":58,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"ea12d840-c438-4581-a2dc-693ee6318132","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":58,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"cbe0806c-9c65-44fa-97e4-851a2f79262f","block_type":"box","text":"Correlation Risk","page_number":58,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"70f84d23-36cb-416e-8b2c-1ca2b9a89658","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":58,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"359ef0ee-c91b-405f-87d8-22fa80805dcd","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":58,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"f629b4dd-3f6c-438b-a35b-ed0a7055038d","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":58,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"8f6aa61d-e991-40fb-b9ad-af1a252f746c","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":58,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"f53ad625-3fbe-43e6-897b-97b5f95e023f","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":58,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"027b3c7f-7ab6-4b24-bd23-adb1f94f44b7","block_type":"box","text":"Counterpar ty Risk","page_number":58,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"aa3b8bde-d039-4cf6-9c20-3d5f4f0ed428","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":58,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"2264f256-8082-47c0-ac15-030663c5778f","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":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"a60ddf3d-eef5-4015-920b-2394c5929c25","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":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"54c34920-f604-4cd8-949b-74c1615d77c1","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":58,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"5baafed9-d064-4d36-a485-967306520ca2","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":58,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"c5d2ab9d-233e-4332-942a-1d8eb93f7fc5","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":58,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"fa739e96-6bff-42e0-956f-49493933198d","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":58,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"19420d66-e206-4e26-9375-8f0aae8072c1","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":58,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"58ccc908-a8cf-44cf-86f5-194f64e37cd2","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":58,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"b34e79b8-31d5-49b4-bf34-f6b4da5e0db4","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":58,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"a6daa998-216f-4557-aa12-57fb9f68e3e7","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":58,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"ea6d7a89-48e0-4699-963b-6bab71766403","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":58,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"4773b47d-ac8b-4ba9-b5da-f914a86282b1","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":58,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"ee5db3c2-7194-44b3-b372-1964d9cfcdc9","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":58,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"f6cf2396-7a51-4842-ad34-bc8577b3076d","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":58,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"40947298-8fa3-430b-b88f-67604f5a82ce","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":58,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"b03239fa-7097-4721-81aa-be59131b785c","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":58,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"5f4cbb5c-9e6d-4d94-ac73-b4c1e1564d26","block_type":"box","text":"II-15","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"02253b34-9d01-4418-9f4c-4c447d753400","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5efdbee7-2e2d-4ee8-b451-157f987e4fe4","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":59,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"a1f54108-4a4c-4309-8d09-f501a509652a","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":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"47bd4034-00d0-4aa8-b7a0-21914a2065a9","block_type":"box","text":"by the clearing member.","page_number":59,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"cafc221b-6883-4691-b5f7-af74abdf37b2","block_type":"box","text":"Credit Risk","page_number":59,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"aa5bc354-aeb9-415b-abfb-cee9c1ea925e","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":59,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"0bdce312-c4a0-4e2a-81a6-0c12ecccb1b9","block_type":"box","text":"honor its financial obligations.","page_number":59,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"d86511af-c033-4d20-8e35-292c2a44a710","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"a292a290-fca7-41b0-afb2-90174cd35672","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":59,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"bec0c4f7-3efc-4fb1-acaa-e799f020eca5","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":59,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"da55783c-beb6-4106-95b0-e0476ccf3db2","block_type":"box","text":"Illiquidity Risk","page_number":59,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"8d3212cf-6785-44fb-ad9a-9c5a5371f638","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":59,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"ea9cf936-aac2-43e9-aef5-66db753fa89d","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":59,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"f3e151de-8182-4344-8ff3-20c14fe3f206","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":59,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"5444a142-e293-4a84-b07f-4b9c8471876b","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":59,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"9c3f6f14-ca66-4736-9aa8-4df7d5037f00","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":59,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"2695c746-2127-4259-bd3b-fe917c17c32b","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":59,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"7711275c-2a98-4687-9f87-560be4d31f70","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":59,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"ac93ccc8-2df9-4b85-a540-cecba69a9952","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":59,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"c2a2ae6a-d403-47c9-a96c-84f18271743c","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":59,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"2a664032-c4b2-467d-9282-392fce8f7465","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":59,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"5ac69586-8c1f-458b-9521-8113b5a7bc44","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":59,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"751ced0d-ac01-42b0-8d2e-a427c589e19b","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":59,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"6f8d474e-251d-4bb8-bd1f-c75ab09f192d","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":59,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"9de36f16-f600-4e67-8474-d2a26b109385","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":59,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"100c0130-174c-4516-80a7-688ec98e92b6","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":59,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"2417b3d4-ff87-4eb7-ba4e-025a6a38b464","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":59,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"0fc11948-1721-480d-a36e-2a867120a49f","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":59,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"a3895301-be96-4a81-ad6b-eaf3f7763cb6","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":59,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"1dee403b-82c0-4dea-90de-2c229850ff4c","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":59,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"46e6da36-9923-49d3-aeb8-7eb73c62fcfe","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":59,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"fb35ed6a-ebe2-4956-96f7-d9e9ca17b758","block_type":"box","text":"may be disadvantageous to do so.","page_number":59,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"f5860d93-541e-494e-80f5-4b59012ef4ed","block_type":"box","text":"Index Risk","page_number":59,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"4dcc761d-534d-45af-93e9-48914e342140","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":59,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"e0490cca-3cf7-4c1a-8984-f5b274cb002f","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":59,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"3e7ab64e-8d0f-4f0e-83d1-3f8641483fa9","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":59,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"e1d52600-2087-4404-a114-d487a6eca38e","block_type":"box","text":"Legal Risk","page_number":59,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"56c7f5fe-02c7-42bb-8ced-82ac9ec9fb4d","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":59,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"5f1998bb-77a7-4f83-b78b-14181473da0e","block_type":"box","text":"or enforceability of a contract.","page_number":59,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"e4f2d6fd-f2de-477b-a8b5-7dc4a419f938","block_type":"box","text":"Leverage Risk","page_number":59,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"d8d58115-7aa1-4291-a246-050fe29add2f","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":59,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"3d976724-4ae4-458a-a36a-bee15bab9a55","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":59,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"1eb38816-9520-483f-85b7-52b236dbb0da","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":59,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"ecf916fc-e818-4d46-b9ee-f8ef0961651b","block_type":"box","text":"Market Risk","page_number":59,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"0f4c1548-0516-4702-8fc1-15e23d339b06","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":59,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"87b43a87-786b-4e0c-b379-1965d03a15a6","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":59,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"6ab0c893-94a3-4062-b643-e025176e42da","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":59,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"b7a96ea7-71f8-4546-a2c2-4f9e728e29ae","block_type":"box","text":"affected.","page_number":59,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"8b598dec-0c5f-4952-861c-ccfcf0ddc4cf","block_type":"box","text":"Operational Risk","page_number":59,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"30fef9e6-fc28-42a0-9212-86ac7428025d","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":59,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"be4b09ba-908a-44ff-bb41-2ca740c1d5e2","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":59,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"4db9fe58-b1ad-406a-b8e0-6df91f6a5c8a","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"205ada43-3e02-43a9-b18c-add3fa33d872","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":59,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"dbf29238-ba50-4759-9e7d-54bb11fbdfaa","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":59,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"45918bdb-6dc1-462b-ab18-19a2053eaafb","block_type":"box","text":"complex instruments or quote prices for them.","page_number":59,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"6eb3ccaa-ff74-4f92-bf96-39e77dd3d2ac","block_type":"box","text":"Volatility Risk","page_number":59,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"18e103ac-8274-4a3f-b60f-9f58913dfef7","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":59,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"16334680-18ad-481b-ae99-b9e983eeb886","block_type":"box","text":"Types of Derivatives Transactions.","page_number":59,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"02d3f8b7-1eb6-485f-bf60-029b47383c8b","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":59,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"bb9d6251-bbcb-43df-9d56-b279fa0c4634","block_type":"box","text":"including the following:","page_number":59,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"77244143-3ffa-498c-9828-684a152b14a5","block_type":"box","text":"Futures.","page_number":59,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"c2e419c7-2de7-47e2-a160-694ce9b08919","block_type":"box","text":"II-16","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b308b5e-93b1-45b8-82e9-1ee225c52ced","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac10bb0d-2d2a-45b6-aa00-b1fa73e31c4b","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":60,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"736efa6d-0dab-4a41-829b-d5c02c8d3b06","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":60,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"4696ca42-369b-45a1-a57e-2dff0646af17","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":60,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"c59f1dc4-f323-43f9-8eee-d8decd09ba55","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":60,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"ae5d8069-c2a9-4feb-ac0b-7f2b60b40bdf","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":60,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"6c106b23-d6bf-4b1a-a594-bc78fa8836f9","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":60,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"d64aba82-542f-4273-96e8-114966965096","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":60,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"9e07224f-d020-4859-a37b-36eb58955ceb","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":60,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"9e21a16e-dd7d-4bac-851f-dfd128453a11","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":60,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"a1b83220-3ab6-46a6-9609-37da443acfba","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":60,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"49a9c25f-996c-4dac-b36d-bef89ed71586","block_type":"box","text":"of the futures contract.","page_number":60,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"991d1664-f934-41ee-926d-5021355f3653","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":60,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"03055556-bbe3-4a1a-9d9d-a5b503e21e98","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":60,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"465a1fb8-b2de-462f-bdfa-c6a0f83af58b","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":60,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"72e730da-b98d-4088-ad17-e3004749af1b","block_type":"box","text":"relating to the futures position.","page_number":60,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"18beff2e-4a3e-4a3d-b31f-8b3ad9fad001","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":60,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"5f4487a3-b6a1-4889-a07e-8b9c8dfaccdc","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":60,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"cbf23362-a0aa-48c4-8e46-7884c1dda4c2","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":60,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"70298538-fb23-4f37-bca7-2f6d01816aaa","block_type":"box","text":"Regulations” above.","page_number":60,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"21f90517-0863-4a47-8aec-ae254465d832","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":60,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"213f294a-da0e-41fc-a4e1-9ca2b16ca4f0","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":60,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"9d5c2293-346d-4b71-b490-6d817e4c4f4a","block_type":"box","text":"(","page_number":60,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"99b80708-5c1b-4dfb-8e2b-31959134782c","block_type":"box","text":"i.e.","page_number":60,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"75c36634-738c-4060-9391-3752ca2cf12d","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":60,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"e3353725-f984-4e8f-b8ca-144f2e45df4c","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":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"1ce67286-873d-4dd6-aa43-6b66e0835b25","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":60,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"4b2e47e7-5da0-4433-a638-8b8993f87c46","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":60,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"02b11baa-ed06-4e44-b806-1a52a83e26ef","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":60,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"856e5555-7d15-48ac-9cf3-8ddac13751b4","block_type":"box","text":"Fund intends to purchase.","page_number":60,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"4a55bf7e-8b48-492c-9e08-56ee56b9bfaa","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":60,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"8ec1498f-b136-43de-83e9-a04afb1db6ae","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":60,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"74a6ebb9-0bed-43d1-bdb4-df58ba06d1db","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":60,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"cc1ba89b-db5f-4a1c-b9f2-a8a46a97952d","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":60,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"8004fe5b-d187-4b8e-8ffb-132b9d1ac6fe","block_type":"box","text":"illiquidity.","page_number":60,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"76aebbe0-0d81-4622-b3a4-eaa88d85d099","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":60,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"f2d81bc8-518f-4ffa-a106-824e3f51d6b0","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":60,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"f8868806-ec95-4089-bce1-4b18b4bc0d4d","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":60,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"cecf3a43-fcd0-47e5-8340-26c634a8eae2","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":60,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"44bfdb1c-4830-4160-96a8-57be1e66ce3a","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":60,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"ee21418d-55c5-4b77-a951-e2da83daef7d","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":60,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"c53b6dfb-da46-43c1-aa31-919a115289bf","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":60,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"8e900815-d20a-45df-bf10-7def13aecf8b","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":60,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"b74829b3-9e77-4016-b749-5833e15d5796","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":60,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"e65713a8-4408-4ebd-b6b4-d0acc5282f9e","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":60,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"9a976059-edcd-49b2-bf80-9e6e4a927815","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":60,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"86e91ae9-bda4-427e-bd98-23ddac1618d5","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":60,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"5b024d98-81f3-41e7-8220-d3d9efff99d4","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":60,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"b9d82225-116d-4caa-81cf-e1d6b2377876","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":60,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"2a7dc614-3e6e-4c45-8b08-349be9278968","block_type":"box","text":"Swap Agreements.","page_number":60,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"49881ab7-e995-4a28-8c36-562eb4b9f730","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":60,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"fa8fa453-1b31-4d31-beab-b4058074451b","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":60,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"94fd0e80-735f-4d16-a33d-62329e057bbb","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":60,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"dc56f8a5-298e-4708-b47a-45e816d403c9","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":60,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"45245a2e-b650-4a34-9196-c5d141569224","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":60,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"f6bc0430-e414-473b-87f0-11c60e7a828e","block_type":"box","text":"a “notional amount,”","page_number":60,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"fc637e41-d2f2-4901-bc94-d5cfc8b52831","block_type":"box","text":"e.g.","page_number":60,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"ac4bd717-6965-4a43-917c-22628ea5a40c","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":60,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"2cef5ca5-0606-47fc-819e-85f28068e05a","block_type":"box","text":"II-17","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ef6ef034-4dbf-4591-b5ad-ae612da79244","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b73f9a6-55b4-48d8-a35d-d28fb7d2b262","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":61,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"d380c9a8-804b-4afc-9065-0cab98b6b516","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":61,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"57eb9df3-46a1-430b-ace3-1a6b3377d085","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":61,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"12085862-b9de-4f8c-a298-772e484303da","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":61,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"61a99c94-b83c-48b2-9199-65936853bc1b","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":61,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"a6f4ce70-8b4c-4b84-ab47-b9f3f0d1d57b","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":61,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"390b5720-3635-4ace-800a-e3a287d2d29b","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":61,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"0272de2c-6110-4291-a266-f3ed85c14c7c","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":61,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"0fff797b-f3b7-4fbc-a489-f9deae46d38f","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":61,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"793c6cea-798a-4d6e-ae24-b39a263ceabf","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":61,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"51fd30b6-acb0-4d87-b932-06c9631a170f","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":61,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"642db013-4d27-4cad-a5e0-e4b7cd8ec22c","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":61,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"62cfc47e-eef8-4a79-9695-2f44df5aabf0","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":61,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"e185ef7c-3dd0-4902-a004-3212c0082d12","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":61,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"da925bc4-2e92-4d3d-b007-8051301687e8","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":61,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"2ee09342-5b40-455b-abcf-52a752d4698e","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":61,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"f60bc444-5bc1-46ae-9299-5d5e7b988a39","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":61,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"2887ae36-cc73-4fab-9dcb-8ef3d4a46e41","block_type":"box","text":"index CDS.","page_number":61,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"c24edfe2-28a4-4940-9c14-429f0456b6b6","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":61,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"7406d0f5-02e0-454f-8ed4-9dc8865a076a","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":61,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"fcb5ddfe-281f-47b9-92d2-5c33fa114ae5","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":61,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"9a6b7738-5bf8-4843-87e8-03e9e21bc88b","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":61,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"ed07c5db-50ce-481e-ae5d-34d2ea921576","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":61,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"4515f5d8-762d-4bd1-ad0e-8a76e9510615","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":61,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"e6e5011d-86fc-484c-9f30-9670074d69db","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":61,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"d287b502-defe-4271-a279-6df01dccdfaa","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":61,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"2a291796-f63a-4662-843c-fa9d023b9533","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":61,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"bd453abe-f9a6-4bfe-8bd2-7e6345ce4f0b","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":61,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"b0156b59-e7ea-445d-b6c8-aff7c7950538","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":61,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"4cf15189-d713-4eb9-b87e-5af5643ceb03","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":61,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"e6af2146-6de4-4b5c-b284-f8fa507edc66","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":61,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"a641544c-a055-4cc2-b0d1-2e7d963dc7b5","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":61,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"75254bca-4300-41b0-8777-1152af9e20b4","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":61,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"67811a77-c761-412a-9dfd-7fd111946e78","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":61,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"cd0fd50c-d412-4e9e-92c9-d44df5886639","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":61,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"10c685cc-f408-4b6e-9706-57386687ed75","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":61,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"007262d6-caeb-43d4-9226-e2fa52a664c2","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":61,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"304f4447-d72e-4ee5-a55e-5922a023c6b4","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":61,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"c754cf5f-e375-43d3-8095-717757ad09c9","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":61,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"2039a032-c6b6-4c65-9ab0-26c46f628bca","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":61,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"71ec89aa-f9f5-45ef-b84c-639ec7895059","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":61,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"a927e4b9-6f7d-4c9f-bf54-a96d9ad152fc","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":61,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"a732433b-0a6a-4407-959f-0e4fe791e4b8","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":61,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"7f626760-b1ed-4ab1-98a8-64d2988ec7d5","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":61,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"54035f0f-75a6-47b1-ad4e-4d3bc96c403d","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":61,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"39c90f71-543e-4407-8314-072a36093960","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":61,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"a0ddf0b5-3433-4689-b3ba-cbac98a073b1","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":61,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"96c236d8-783c-4a51-b1b0-4d1f40356c59","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":61,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"5b284c5d-1b2c-4645-80d9-924b6070c26f","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":61,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"b6ea1981-2658-4d49-96a2-638705103ccb","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":61,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"ba73cbd5-4c35-47ea-9848-e5adad48eb47","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":61,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"30626ab4-d29b-470b-a214-3b4401a835d6","block_type":"box","text":"conditions.","page_number":61,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"f6d061b6-fdca-4d67-9f60-ec219d3fc6f1","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":61,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"4d453698-76e8-4066-832d-73854abc9287","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":61,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"2c8d3cc0-b555-4bad-a23b-3b89cd8ab592","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":61,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"5d5daad8-9372-4e13-a582-55146625926e","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":61,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"93ba5dc7-89b8-4d3c-9c67-f89a9ca033c7","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":61,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"d707415c-e390-46ac-b11c-185060cd34da","block_type":"box","text":"II-18","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0aff6b7f-6740-4ac3-bf7e-09271fc2a173","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"154fdfda-8bea-4651-b7b8-71c75b4d9d18","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":62,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"804c3498-7a70-4266-bad1-86eb46d4de2b","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":62,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"9f2d7459-c5c8-4d58-bc42-831b91a16680","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":62,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"55cc1f4b-1b54-4b22-95da-3bc1e6555b55","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":62,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"ad78fa37-9fea-4ee8-a001-167f44329b35","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":62,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"b48dd616-444c-4e07-92a6-8286c409a61b","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":62,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"02dbd325-c9d0-466b-a9db-a0ece8b7b1b6","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":62,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"3a0139e6-50ad-4b48-8d96-62d851a1fdd0","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":62,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"3e16c338-cb28-4616-a782-3c0ec4fca2e6","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":62,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b4cc09a3-e0e1-4006-8966-00764b23931c","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":62,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"3557132f-f2a2-45cf-afac-e66aa898a16d","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":62,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"3f06eee0-d921-45f7-8a24-c6b9f1d14d34","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":62,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"65b9bf6a-8141-4b82-b2e2-ad346fc8a59d","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":62,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"40158c2e-9395-4993-856e-a4d0bfc349a6","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":62,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"7f3ff4b7-cf47-4728-a6c8-0ed2f2d356b9","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"0fbb7cf3-dd99-48f7-9180-85fc76258e13","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":62,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"13d9123e-d239-4d9f-9525-bbc4b84ad6da","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":62,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"b40c41e7-0986-4c57-bf44-092c49a2f14b","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":62,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"88b2ef5b-3799-46ad-82b1-681a98f0ceae","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":62,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"223ffd64-c883-4cb4-9ad2-bafd9f08e26e","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":62,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"203a40f9-bacd-46a0-9f24-8b6a48411deb","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":62,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"ce81a973-1d95-420f-876e-97a2dcecdc0b","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":62,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"3829226f-4452-4dca-b0a3-4afd470db1ea","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"1ee688e8-4127-45f5-bc90-04d530aa75f4","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":62,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"66659c5d-8464-42a0-91fd-8242738a0f04","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":62,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"5f0c55e9-d7d8-4c6f-acea-b8922d58df1a","block_type":"box","text":"cleared interest rate swaps.","page_number":62,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"96f28435-89c3-4745-94f8-5656a1bfa014","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":62,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"1d8c6d85-6445-4ae1-8b7f-b3d251cf484a","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":62,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"abd7264b-b2ab-49c3-bb2e-01db93c31255","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":62,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"4900bc1b-a391-45be-a38e-4a9143d39648","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":62,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"047adc96-6613-447a-9625-aa6c5b05f411","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":62,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"63bd2315-2c52-4ba0-9070-5d9c8c49b6ad","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":62,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"1537dfa7-8d09-46ba-bf0a-064a6dd0a646","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":62,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"07649a35-ea54-4273-a9ab-d0878e186c63","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":62,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"374cb259-ff16-46e4-adae-4e8aa81fed75","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":62,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"310bd550-bc61-4bf2-a545-5d499857b6b9","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":62,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"2dd55f3a-e8a1-4256-844d-36f62e43d991","block_type":"box","text":"or variable interest rate, index or asset.","page_number":62,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"c1f8e527-f0a4-4e02-867c-824d68bcb897","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":62,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"0f26deac-1b32-4f52-9606-8a03085b92e6","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"5227d289-b38e-43da-9fcc-6e6715d4076a","block_type":"box","text":"such interest rate floor.","page_number":62,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"719c4e47-4b23-46dc-bb83-c5bd12c175ef","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":62,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"91e28509-d957-4c77-82d3-ae5b4b10adff","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"8f85b4d1-3f38-4638-a6f8-61d8f4af82d0","block_type":"box","text":"such interest rate cap.","page_number":62,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"ae4595f6-7955-4886-98af-11944c0c6a06","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":62,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"7c71d2a0-ddc5-4a0b-abbb-c3ee6e60ca76","block_type":"box","text":"commitments to pay or receive interest,","page_number":62,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"373cd2e7-bda4-435c-9cc7-01488c6aebd7","block_type":"box","text":"e.g.","page_number":62,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"a03a2999-1a85-44e9-959f-588dcb112cb2","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":62,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"cbc01dfb-652a-4221-b4cd-f90afc3f83b9","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":62,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"df41e323-20d3-4410-97d4-4a5632a12e67","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":62,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"44edfd8e-2dd6-45fa-bed3-9370a7126b52","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":62,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"80bb34de-74b5-413f-8bc8-8c3dd3ce49f6","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":62,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"3ffcbe76-8d25-40f6-bfed-1047678bcfe8","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":62,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"772992ed-500d-4242-b3d8-de8ac41822ce","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":62,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"4bb73e5e-4350-466f-b363-ed75789a282b","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":62,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"74f38a0a-075c-4caf-b424-8a8b7b0f6e4f","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":62,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"f6bd96e5-b7c0-4862-b428-ff5f116bc36d","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":62,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"8b9e6784-78b6-4960-9937-ba33a251f033","block_type":"box","text":"II-19","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a1e55d6d-ab18-4477-9120-55439badeed8","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5db13591-2dcf-44f3-9b1a-c3c4a4add040","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":63,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"9ee02af9-07a2-410b-84b6-166d259ec413","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":63,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"8810348b-8c9f-4265-8187-319b7df43204","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":63,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"a126c179-64a9-4e41-814f-a45df75a0abc","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"28aa7adc-cd70-468a-a9cf-fc9cd6a4f9c8","block_type":"box","text":"Total Return Swaps.","page_number":63,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"07ef2268-3858-409f-a622-2f06b603624a","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":63,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"2178a591-43d2-4649-8f0e-270d28dd631d","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":63,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"7d412d12-fb10-4712-aa34-6cfa920154c8","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":63,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"c94a861a-2c3a-4a8d-a69b-868f0410d798","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":63,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"5bff588e-cb05-41f5-b46a-c541bd665f63","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":63,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"303ecdaf-bd33-428f-b7a8-cc429740e625","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":63,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"effbc788-1d0a-4313-834d-27dc3501285a","block_type":"box","text":"“contracts for difference.”","page_number":63,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"20c61ec4-264a-4769-9cb8-dd36033af57f","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":63,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"f394faee-7646-4778-934a-7e1970a9b75b","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":63,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"1f99b569-7b9c-4ca0-a998-41d318b2ad85","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":63,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"d9ab3003-c60d-4d7f-853e-0bfc9614762a","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":63,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"42ddedf9-7840-4595-91d7-32ca972e0408","block_type":"box","text":"the notional amount of the swap.","page_number":63,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"85cc3807-c30d-48d8-911b-3f25d72d01c9","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":63,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"e256bde9-f902-4287-a42d-5f7f926437cd","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"7720c969-0242-4fad-ade5-1cfe0552a174","block_type":"box","text":"Options.","page_number":63,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"86999e19-fba0-4a84-8248-fae0ba8dfb51","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":63,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"c122812a-5cee-4071-bfe4-178bf512a0b0","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":63,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"96a66738-4c41-4a91-b997-17893d37478a","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":63,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"95719435-3773-426c-937b-9d932b60646d","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":63,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"259872f3-ce3b-492b-b84f-6304b5b775a4","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":63,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"7d58c3c9-eb08-4c56-9a10-2c75c5002ad2","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":63,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"8b422641-a4f7-4c32-b784-cd4b540c5123","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":63,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"9459b12d-ed80-4880-8a22-c2455b812dba","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":63,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"fc498e90-3951-4db6-86f1-b5c8dd950a2c","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":63,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"7019bb00-383a-4297-8b54-46084da38d7e","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":63,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"447d9091-78c8-474f-9ae2-ce6957f1f225","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":63,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"8b66dd32-26fe-492f-968d-eac6488e1d72","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":63,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"22d220aa-9981-4104-8ce4-fe6d3ec92839","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":63,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"46cc243e-f6be-4658-b601-4f0b9a058b6c","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":63,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"46390870-508a-439b-97d7-075ee0cced5f","block_type":"box","text":"OTC markets.","page_number":63,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"9680054a-eda6-4d9d-bfb9-f9fdb6305878","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":63,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"3c59cb55-a7bd-4acb-b040-cbdc44bad6e3","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":63,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"dd23159a-9724-4d3b-a172-03cfbdb3da41","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":63,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"c63fae9d-1a21-45bd-ba8f-351e9a150d50","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":63,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"4b72c2de-8eb9-4f94-b928-9eed9ddcdd51","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":63,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"0c515bab-958c-403c-abb1-15e3550463e6","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":63,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"0e50bff0-5511-4ee3-a64c-6bde5e1e4a56","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":63,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"e33f59d1-f430-40c1-ae6b-cb9e4c16be11","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":63,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"99df1fbd-14cf-463d-88dd-82be49a87a9a","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":63,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"c3e32978-0fed-4cd6-9f10-57f7f985f8eb","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":63,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"8e5a4ac0-1869-4ad7-bf20-a80690b9d175","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":63,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"3fd5267f-b7c2-4d2b-b0ba-5bde8f1a07ff","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":63,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"9bd9d56f-61fa-4331-9bf0-e2559931b157","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":63,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"c0eb905d-accb-4703-9bf2-77def4d8a3de","block_type":"box","text":"terms.","page_number":63,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"77e96ac9-a268-4227-85ed-639529b0e740","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":63,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"1ed25c84-467c-4f7b-9ba1-25f376e3402b","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":63,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"ac087960-2bfc-476f-a88c-a7add622a5a6","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":63,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"955808fd-5db2-4561-add4-fa2866f30460","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":63,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"d98bc22f-1450-47a1-a60d-604a9f91e00b","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":63,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"764bab62-7e6e-4176-95bf-77e31675bdfa","block_type":"box","text":"II-20","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fe8e73ad-4ff8-4499-9e9e-18c45f370771","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbc8c6d0-0337-45e5-bf2c-45a110c3513a","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":64,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"2a7a8685-8470-42f6-ac08-c7d1ca78bc25","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":64,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"3fa9b80d-88be-44ad-b9ed-c9aa6e069793","block_type":"box","text":"Call Options.","page_number":64,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"4d4cfb5d-4a04-4f44-a304-921f1301d73e","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":64,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"3727b8e9-1dbb-4088-9f62-de0e5ae8a939","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":64,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"763dc951-aa98-49b1-aaef-cc476e8f43a8","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":64,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"c3347b31-9dad-4fa3-a8c6-24e6f13e60d0","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":64,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"e9ac4a12-0480-4163-8759-e96bbeb59a23","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":64,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"7deeeb46-07c2-4626-9ed9-0daf10d69daa","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":64,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"bda9be69-3df4-421e-96f0-60339ce74fd8","block_type":"box","text":"of the option.","page_number":64,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"c293d646-8edd-42f9-afed-aaf2b57cf375","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":64,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"7346c18b-c9c8-4a55-ac69-39805a7c6c7c","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":64,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"688819c7-1df5-40f0-846c-a47b4e696911","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":64,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"7384fcf8-8312-4ab6-8828-4bd8c81fd01a","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":64,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"1dd912a6-3744-4335-82d2-1dbb5ac6a8fa","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":64,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"d0926275-227f-4a9f-b525-6fd034fbfa84","block_type":"box","text":"A Fund may write (","page_number":64,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"4e4eb252-c066-45ec-82aa-55693a0c367b","block_type":"box","text":"i.e.","page_number":64,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"4f60e191-46f5-4348-b4ad-8f5ac8936988","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":64,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"d9f58948-1aea-48a7-8d70-800b649a0413","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":64,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"186ea87d-da32-4470-9d6a-61b1057ff16a","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":64,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"36637481-165e-4b36-a947-aa5a8b47b5d6","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":64,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"26980173-371a-495c-923a-cd393e43b50e","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":64,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"839bf8df-f283-48ae-9d4a-ef5fd3bbaaa1","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":64,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"f15e4ea2-3fb9-4fb6-93c5-eafd4b673ee1","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":64,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"2d8ede24-0a12-4e10-9dae-238171495b80","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":64,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"ba8ee8a1-db6f-4fbb-a291-440a85d88015","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":64,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"f525b5f1-ba98-48a9-b050-1c87c8a633a5","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":64,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"8b461315-4806-406b-a197-cb6fe0fc4178","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":64,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"3de4b4f4-1c7d-404f-bd77-a3be7674dfda","block_type":"box","text":"A Fund may write","page_number":64,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"7e800448-6fde-4326-a8e1-1bea2f9a3c60","block_type":"box","text":"(i.e.","page_number":64,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"07b297c8-fd5d-418a-ae9e-4688af3a4e91","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":64,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"bbd8b4bc-dcb6-4929-8c76-581a804de3d7","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":64,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"964bb448-50c7-4e23-9a55-248f15b89f7c","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":64,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"0f339c55-af7d-4922-90ed-d8e68e64925f","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":64,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"56f0f504-e4ce-4bfd-aa50-4d2aa3d1b4ef","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":64,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"d5be3af5-75b4-49c1-8aa4-b0ea3284c909","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":64,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"209e056d-1707-4a31-be14-98712dee0ee5","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":64,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"30de4ac3-80e2-4ed1-9c4b-61de968003a8","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":64,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"4e667b1f-947c-4358-bf47-c45fe48e93b5","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":64,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"da6560d6-9fe4-4c05-b4ac-d2b9f0afb29e","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":64,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"c6be2f82-a76f-4e33-a24a-c00e5f23ea75","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":64,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"7f6cb44e-a637-46e5-a858-d5b344b8e9fc","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":64,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"b7ab9785-8d7c-4895-8598-35e520873e99","block_type":"box","text":"Put Options.","page_number":64,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"6521e7ec-1c50-4f79-be30-4beed2a7240d","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":64,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"9a870104-8429-4346-94d8-bd47bc0a26ea","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":64,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"80df10d6-d5ae-4111-82ce-18d68ff012b9","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":64,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"d65c36ef-dd55-4521-a8d5-3ea4c5f54d5c","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":64,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"a999a74c-efd4-4c89-8d0a-2663c90dbff7","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":64,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"acc48653-9528-4947-800f-db197fb8165f","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":64,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"46062006-9d1e-45dd-b339-88b069858464","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":64,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"69e691a0-4617-479e-9876-2d99bf34fb9b","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":64,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"62d89df2-4b73-4af6-b755-2fa6b2725606","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":64,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"f5eb1810-cb39-47b2-b104-e05fc8699f8d","block_type":"box","text":"purchase uncovered put options.","page_number":64,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"91d7bffa-42f0-48bc-b32c-04695df30b73","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"e4f64f62-ecfe-41d5-97cf-1a55e991c4ce","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"181653d8-f0c7-4d04-8fb8-a32e9861e379","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":64,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"9b733a7e-cb19-4cbb-b6e6-e63e8df4e1aa","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":64,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"dfe19ea7-86e5-4b2e-90c7-549c82401f60","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"7f32389f-1056-4e51-b84a-eeab420643e8","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"8b372757-8665-42bd-81f6-ffdb00654256","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":64,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"8f3121bd-e106-4d2f-8ac0-caf806186428","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":64,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"c2187c86-44d3-414e-82d6-eb0bae3f0adb","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":64,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"b1b82dc2-0a24-4ad1-8969-90e18057efbb","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":64,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"e0421452-a9af-4b79-9a88-76e2c63425a9","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":64,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"35ac65a4-cec1-42bc-bee3-76696c557669","block_type":"box","text":"II-21","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2ba24e2-3c7c-4c5f-a0e0-f06d261e0776","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbabacd7-c929-449f-ba46-84c484d8b8a9","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":65,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"f261fdfe-66c8-4c7d-8a0b-af3a0224d928","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":65,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"387414fb-bec1-4aeb-91a7-4f1e19fae1f7","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":65,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"383e71c6-c7a2-400f-b419-4c2d118ee9ec","block_type":"box","text":"the exercise price.","page_number":65,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"c90d7459-9e69-4338-a644-fcac3ccfa800","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":65,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"96cf49e5-c5e9-422a-90ea-cb04bc02e090","block_type":"box","text":"The following information relates","page_number":65,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"26ef7460-8642-4e29-b8b6-8a083611cc6d","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":65,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"b4b9ab20-774c-4dea-8cb9-dbf143ee8622","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":65,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"79d7e191-f9bf-48bb-b1a5-96af1362e94e","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":65,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"8d2e7027-fd78-4f84-95ee-5909619629ea","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":65,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"3634a796-9e60-4fa7-a775-8661690b6cd6","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":65,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"89530f23-29e7-4b92-8cdd-d6b508176b16","block_type":"box","text":"market in order to maintain its “cover.”","page_number":65,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"22d32cbb-5b08-4244-8b97-cc26c302e1b6","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":65,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"750d9d66-c3db-4fac-bc6b-fcbec5c61ce2","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":65,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"78a5a623-8828-4849-bb74-e2c88d7fdaa7","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":65,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"46f2d942-c8c3-4086-a071-eb27bb3a2143","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":65,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"f7e8aa3c-f301-4178-a0f9-902f0426349c","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":65,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"4b20f454-e073-40c9-8568-a16c5af90e65","block_type":"box","text":"and incur transaction costs.","page_number":65,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"03a924d8-d71b-49c8-b234-b2157748bebe","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":65,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"53632ace-df4d-4c90-a5e0-7eafeab1f7ce","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":65,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"e75ffe8c-2d15-44b3-9492-475c1dce15ca","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":65,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"ab995224-3157-4cca-85b3-3c0f91ea6fbb","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":65,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"02098b9d-21fd-4fc2-ad84-9862f871fd69","block_type":"box","text":"i.e.","page_number":65,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"a4cbf99f-57d0-4e27-89d0-5639b0799857","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":65,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"a237e295-e368-4047-ad0e-b34aaf139496","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":65,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"e5032d70-0205-40a8-b841-4e244b474f18","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":65,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"5552e1c8-a0ea-4c8c-b339-b675daf00bba","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":65,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"4c6fb4e7-ca8b-4ab7-9d0e-f0ecfcfd4aa3","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":65,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"9960081f-4760-4546-b276-32f8ff1da2a0","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":65,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"6e7f0564-24d3-4697-bbaf-d1062ee3196b","block_type":"box","text":"required, to be cleared.","page_number":65,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"498d4118-3ca2-466f-ba3c-2a7e3048098c","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":65,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"34f44707-bd46-412a-883d-1c8b06fead82","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":65,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"e7952db5-080c-46b8-97e4-56a716345c90","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":65,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"bcd3b8b4-ae4c-4f5e-a8ac-e30c0bba755b","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":65,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"0f5ab8f8-d71e-4acc-9d3e-d2f797d1b799","block_type":"box","text":"Derivatives” above.","page_number":65,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"7aa72055-72fa-4ace-a261-235229ccc25f","block_type":"box","text":"FLEX Options.","page_number":65,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"51e1fc3a-ea15-4354-903a-d78644d707fd","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":65,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"d7aa247b-143c-42ad-8d19-454e0a5703dc","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":65,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"cb89d9a6-0713-4e55-9711-fc80dc55bc49","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":65,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"f6b76dee-ed73-4902-87b8-d9f6e7bf51fc","block_type":"box","text":"exercise prices, exercise styles (","page_number":65,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"04adc5f7-459e-4dbb-acd9-d47d12d9c4c4","block_type":"box","text":"i.e.","page_number":65,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"9ace32a0-b9d2-4e60-90b9-6f2ae6fe2ccc","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":65,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"3bd892af-20d4-4102-84ac-e59854f16119","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":65,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"24a12a6d-f89b-48a1-8c1b-26f1963a056d","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":65,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"d2809862-cc44-4157-ac88-58e87751b5d6","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":65,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"148da224-bd9f-4bac-b12f-cac4d1336724","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":65,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"e71dadb1-7b8c-4154-8484-6483146b3093","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":65,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"9d8c9aba-7a32-4eb0-bcb9-b788da8cbaba","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":65,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"6e3e94a4-de48-4035-8045-b9057f6b2ab1","block_type":"box","text":"FLEX Option’s expiration date.","page_number":65,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"e3feab23-5494-4e58-abf5-1b49ce80d1d4","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":65,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"6f895fb6-6aeb-4ffe-b74c-8107855e6567","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":65,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"10dfa33c-efea-4443-8973-0c399072ac1f","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":65,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"2fd5733d-e2ac-458d-991d-d1ec7b75316c","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":65,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"c0a0f2b3-2a4a-488e-8652-1a135183d76c","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":65,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"39605251-7796-491e-a8b0-edaf602fd05b","block_type":"box","text":"FLEX Options contracts.","page_number":65,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"953bda2d-de91-4cc4-8308-d4149b8691e2","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":65,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"b339b4bf-9d2e-480f-9169-6d4f7b09f7f7","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":65,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"be47dc30-83f4-4ba8-b909-1f3858f73d71","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":65,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"0fe08df8-743a-4959-bee5-f38d61f380ff","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":65,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"bffe21ab-6cf8-4148-b510-4a163ab4048d","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":65,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"2774cbc7-4aeb-4a2d-816a-7fbe7fa811d4","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":65,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"58b1f563-bfef-4ae3-bbaf-5f9c1883ef86","block_type":"box","text":"II-22","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b19657fd-c461-422f-bbf5-f5069672ed80","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eebc40ad-bf62-4925-aa6e-657018276574","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":66,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"47019590-8b49-4211-a12d-acdec64b34a6","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":66,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"a1d01fc5-efe5-40bb-bf47-9a9f834aa093","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":66,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"d3ed22da-afad-4607-bf6d-eb4806856ec7","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":66,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"78634f75-dc57-4776-b615-c383df60624b","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":66,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"cb382660-ad3d-4736-9da9-ea8cb275f911","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":66,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"f8020ef2-e6bc-4d0d-b823-4c08c2946321","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":66,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"0a34653f-3c61-4a18-9753-e8fb6290b5de","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":66,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"525b276b-9214-4715-b9a6-687b1dbf9726","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":66,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"b2dc5266-ae89-426d-8180-a8e0a704872a","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":66,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"d17a2532-c62f-41be-832d-99fde42a06e6","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":66,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"91f5018a-b463-42f4-ae7d-8d9e2fcde0d9","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":66,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"f1473b7e-8ff7-4154-a584-12e92f35fae1","block_type":"box","text":"expire unexercised have no value.","page_number":66,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"de6a366e-7bc8-45a0-9114-f5072f76f764","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":66,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"b43950b1-873a-4aad-baba-aab197c0e165","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":66,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"4cb6dcb3-b6be-4875-95f7-d1a1c19da514","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":66,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"6efcb05c-9ef6-4155-96fd-18f17371c28e","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":66,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"b0808aea-e5a4-4054-adae-a8543ca9fe8e","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":66,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"016c8b67-07d3-4dd2-b67f-8e841c147d46","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":66,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"4676946c-815b-4a44-9248-db46f8edc746","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":66,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"989184af-f757-4034-9e7f-db701f138cda","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":66,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"f851ea11-bc73-4c8c-b558-e43d527448a2","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":66,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"ef39241a-5ff5-4b71-b104-23525b763d8b","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":66,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"17216f84-038b-441f-ac2c-17dda95fbbdc","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":66,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"d0bfab9b-2a92-4bb8-87f7-f946814ec94f","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":66,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"0c068e9d-8ea8-4771-a940-9f79292e37ad","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":66,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"ef9e8c62-76dc-4ee0-bc8b-83ae1309f532","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":66,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"97184e2c-9c61-421f-8bcf-5369b835ff4a","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":66,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"6f24bb0b-8c05-4bd5-8220-822ad5a59244","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":66,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"10b12382-d39e-46ce-af31-c91774fdcf8f","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":66,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"8a2add58-dd01-4240-b5ff-a489a1b628db","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":66,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"57268298-4d78-46e1-99cc-102c3e6374f0","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":66,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"1d3689b7-3d1d-440d-b6be-869360606a59","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":66,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"2177f426-4978-4459-b195-54042d41b4d8","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":66,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"15046ec6-64ad-4657-87cc-4a44ac228205","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":66,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"a26fd60b-d207-470f-8f16-93bd9bcf9474","block_type":"box","text":"Foreign Exchange Transactions.","page_number":66,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"382d699e-4341-40df-8c11-85e1b3aa859e","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":66,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"b50076fa-47da-4ed9-b179-2cde15dc9551","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":66,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"2d2a6602-2efc-44b3-9cd0-534b11ed327e","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":66,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"88092ba8-78bc-443a-90ab-ea098fa00e37","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":66,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"7b2c1de5-a6d1-44fc-aaa5-09c61862069e","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":66,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"93215fb3-7363-4307-b8d1-1b98aa362e1a","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":66,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"785693aa-a4ee-4402-92ea-3e81498e0621","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":66,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"5fba25b2-9f77-4ee6-9913-b5899f0a807d","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":66,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"45fce652-5c0f-4bdd-94d5-872f051316c9","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":66,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"ec1faf53-6e77-42b8-bc1a-3469759702a3","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":66,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"9e88ef82-d41b-442c-9b13-42809c1bdea9","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":66,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"e0398e06-451a-40af-984e-439b26e0fc1a","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":66,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"0f10ad83-f16f-4f41-99b4-2337353ef7b0","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":66,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"65b6167c-44c3-4480-aad2-1c483b262173","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":66,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"a6d067f5-22ed-4842-a855-4acfe5540a7d","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":66,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"7ddca841-73c3-45fb-929b-97c98f0eff46","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":66,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"b95c3518-d58c-45ec-a624-5878c6a28734","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":66,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"796858fc-7b26-4a4b-be2e-4e831e65be37","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":66,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"f20c5152-80b5-4cda-ac74-a922a87cf765","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":66,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"3bf5f5eb-7c49-46b4-a6fd-ccce0d1458e4","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":66,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"69f64e21-efd8-4642-9e4f-632e206ecf2e","block_type":"box","text":"II-23","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82596d6f-8511-496f-abee-a1317ab7d02f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c318ebd4-39bd-4507-9f41-2aa1c4375427","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":67,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"43207586-330a-4534-8be7-696361115dfb","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":67,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"dba7ae44-9c79-45f3-a7d3-1b614c275d6e","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":67,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"d000b4ef-49d4-4556-8624-c6b15ad67b2a","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":67,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"6d0775ee-241e-4d07-beb5-98dc8fd041f7","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":67,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"f6c59c41-69d8-48af-b514-42a2591ca6ac","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":67,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"593d36a6-e39f-43ad-b6ab-9b194cda6c46","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":67,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"786aa2d1-53ac-4568-a432-771bb90c768c","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":67,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"3ac15c5c-6015-44d3-b369-43d4fb74dbe4","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":67,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"cc6f5a7a-0422-4a4d-afb4-eed29c3bfdee","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":67,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"9a8b602d-8fdb-42bf-bf5f-1af1e6e0c070","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":67,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"6d3f2425-2cf1-4aee-9d1a-a00fe65369af","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":67,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"fea2263d-4d68-4cf1-b56e-84112267c49d","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":67,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"c3e8a75f-e2ab-404f-baf6-a76a946f7dba","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":67,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"6ad7577f-cb75-4f82-a2f0-69f3189e92cb","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":67,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"e4d6bd3c-9f91-4c0b-8333-9c209088d1a4","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":67,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"91f66bdf-fcf6-4bfe-a5d9-6d4cd2ab889e","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":67,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"1c5de618-8c0f-4f5b-80ec-5697dae37e3e","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":67,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"683b1f90-a81e-42b6-af1d-9a3c59dacfd8","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":67,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"8e019dce-e7d3-4448-82e9-41e7e6c48124","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":67,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"f59de4dc-5957-481e-81b1-8c2dd6c476ab","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":67,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"c9610734-f435-43cf-9604-8a527ab0e926","block_type":"box","text":"involved.","page_number":67,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"e3d6c1c3-cb0b-49dc-b61a-6a41a68add40","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":67,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"f8da010a-2061-4464-a206-d835dee001b1","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":67,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"f07c9061-fdde-4e72-8372-9e9b5e1e9b77","block_type":"box","text":"denominated in such currency.","page_number":67,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"bac7a540-00e6-4e31-8bf6-8d2313cdf955","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":67,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"e773d767-c3cc-4504-883a-0b4f483cdd7b","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":67,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"9d9c743f-5199-4cae-86b9-f5546808fb78","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":67,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"e26d7e95-2d30-4b72-a19b-9adef853a3b7","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":67,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"88b6c088-62ab-4cfd-b253-6e73b7c4dc54","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":67,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"970c4f6b-6ecf-445b-8564-136fb32ab409","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":67,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"fd14fa99-488b-40da-b27f-da7cb6ed4696","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":67,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"305ccfb2-c7c3-4a9d-b3ea-adab2b313ec5","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":67,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"11a376db-76fe-459c-8978-a87c20defb4d","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":67,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"c39e835e-f923-43fa-a417-e9deb0dcb184","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":67,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"e223d54a-3915-4a68-ab1d-bbed645f5af1","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":67,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"3ef56c6e-81d1-4071-bddf-ee9d8800a2e5","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":67,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"da7b9b15-fdc9-4636-870d-d2c9748135f9","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":67,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"fc27172a-4f31-40f5-9a37-b1469960785e","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":67,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"cdbf3c6e-1cd2-454b-af22-9e41b043d1d6","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":67,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"ce9a7b99-0216-467b-a9f7-e3fef0b309d4","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":67,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"2123eb7f-e9a7-494f-96d9-0da5f8041128","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":67,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"9ed495fb-6ed8-4bd9-9357-441a5b62b3be","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":67,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"75810c1a-8a47-48c1-9f54-5627491bebdc","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":67,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"8850a061-81d7-44cc-aa53-83ad5eabee5e","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":67,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"a62928b8-b0ed-4bc9-b6ba-19a35f2e3a9f","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":67,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"b3a36091-15c1-4db3-ba79-cfa436393028","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":67,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"1db195a6-bbef-4160-8f1d-c0b44a1220e1","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":67,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"11e96402-f13b-47b6-a257-d8eff80c4f08","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":67,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"87dbe5c9-2b07-487f-8873-53db23960ec8","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":67,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"9bcab10e-5f23-4ba6-b5e6-791367096f1d","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":67,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"8e79cf63-8004-48b6-b3ca-1efcb00f41bf","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":67,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"26540e85-49ba-47e9-a3fd-b197fb960482","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":67,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"6a68dc82-2c87-4528-aaeb-131da5b1d382","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":67,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"811ed249-8a74-4d1f-ac02-b8393017d774","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":67,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"8593735b-4e36-439e-9ac5-137ffef05e0a","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":67,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"d11e2f62-442a-43fd-a2c2-d8c2612e354f","block_type":"box","text":"II-24","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5ffdb81-42f2-483a-8c7c-b3744586bea3","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0d19852-b3b3-46b4-b7f3-00aa1deff2bb","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":68,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"398df8e3-c8b0-4967-ac2e-8978b89359c2","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":68,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"7a56d77f-7c32-4a2c-8858-a50c52d6e78b","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":68,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"56f6758d-ebcb-4d22-9bbc-24587edc1ca1","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":68,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"f317d02a-79a6-43f8-8782-6391ce1c8fe7","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":68,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"f53fa2d8-696a-46a4-8b08-a2551e8e8a3d","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":68,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"f74a5e52-930a-4db7-b821-1408f06f6b75","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":68,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"111105e4-3bc3-4c48-870e-dd46cef17423","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":68,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"dc6e92c1-7a34-480d-9cf9-c45bf8e5cd51","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":68,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"845577ae-a5a7-4b24-bd28-0ed9c15eee18","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":68,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"c709b081-5102-42b1-9cd3-fe3c03bd8b43","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":68,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"999508de-501a-445c-b32c-c4b081870d63","block_type":"box","text":"traded.","page_number":68,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"65c95cd8-7846-4afe-9f31-c66a4378e266","block_type":"box","text":"Currency Futures.","page_number":68,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"76678c61-8092-4110-b086-2979ffed277c","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"413d385f-0a99-4bde-b83e-2efb131fe8b1","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":68,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"5d10d8ca-42a7-49e6-b714-526d67caec79","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":68,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"c16d4522-9249-4c7d-8f14-24661c4dc784","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":68,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"0c5d649b-c4e5-4f65-88cf-83f1598e303b","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":68,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"44bd9fe4-a58c-41c6-b44a-4b6a22afe16e","block_type":"box","text":"Currency Options.","page_number":68,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"19dd0fde-3fc4-4890-807a-2372c382d2be","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"74239668-4644-459a-ad1f-b68f8f04f4d9","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":68,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"227d1a7a-8dee-4679-bdca-11a362a875a7","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":68,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"4c7d6dce-3597-4421-8147-51b425e88d0d","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":68,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"dae49eba-20b6-4b42-8884-388cd2fd02fd","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":68,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"16616cd3-1573-4b64-8148-56285bf910d0","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":68,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"79fb6d0d-3ed1-4339-9936-50f2b24f92ba","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":68,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"049333f3-2182-466c-a809-dec2e1fad62a","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":68,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"8102f108-e3b3-4587-8367-8d3c823879b7","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":68,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"abdb3a0a-525b-481b-8aef-113d1f006e5d","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":68,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"1d764e8e-35f7-41e0-92c8-c8b30df2abe7","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":68,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"e37337c1-5792-40c3-99ad-4f6eb078beef","block_type":"box","text":"Currency Swaps.","page_number":68,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"f7101cad-42c1-4923-8dd9-76e2a577cbfb","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":68,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"88a687ed-11b4-4a69-9aa0-1842c26f7287","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":68,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"8c775d14-6f68-47c3-9576-68fced53ac0e","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":68,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"f8438978-3458-4857-a289-f71340245ecb","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":68,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"82f1b744-df28-41a9-aa96-b7330f90154e","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":68,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"b43b78a8-f3c0-4112-b77f-e9d5b665aca8","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":68,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"6e9b7c8b-9deb-4b8c-b0a1-0541baeeef80","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":68,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"78c9c34d-8520-4623-84e0-127bb4a653ff","block_type":"box","text":"Distressed Securities.","page_number":68,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"8355dd64-6f7c-44ed-b4b3-8351e1e8ba1a","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":68,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"13add724-4dc2-4bb3-8fee-d5b5f1cc9bfa","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":68,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"aac15e5b-4c62-4cb1-a940-1c8aab8fb9d9","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":68,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"f4c5c922-90f2-4dfa-b944-70377d035f25","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":68,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"09ab9575-c0f3-4495-b333-8d4e54dbc695","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":68,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"d1df43c7-2369-408d-9023-c6cb8c9680e7","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":68,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"e58f0a0e-a2b6-4cc6-a481-9e82919e82e3","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":68,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"4d1e7bf6-4ead-4a82-a882-866e07592ab8","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":68,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"11f7f344-e8e2-42c9-8a96-f84776b585d7","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":68,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"8b048b6b-7c4c-4940-803f-15f8d60ef84a","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":68,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"d699ebb8-5890-408b-afd6-2bd03367deea","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":68,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"ed740f36-4d26-47b0-a00e-d0b3c17425ae","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":68,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"06814e33-90f8-42f4-aca7-bf1cabcfe581","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":68,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"0846d9a9-7b0d-4508-b610-a07a7ddb0ac9","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":68,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"2c7a4c73-71f8-4926-8b87-8afd98a1d98c","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":68,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"478c8b45-7d40-40da-871c-2f944855da2d","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":68,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"36455d6e-9456-4589-afc4-4add5c9d9e6d","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":68,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"374e98c9-2f43-4a8f-adb2-20355cec2b1e","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":68,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"9ac4be6f-5a6b-4145-b066-7f389229080f","block_type":"box","text":"satisfied (","page_number":68,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"0d340ad7-6dc1-4fc1-b54f-deb886004ad4","block_type":"box","text":"e.g.","page_number":68,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"eb0e14cd-72ba-443b-a51b-84e9c7e48bce","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":68,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"5ff4f0e1-1c05-44eb-92d0-319481e8c0af","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":68,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"6f98613e-088b-4584-b563-1386fda09169","block_type":"box","text":"II-25","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"398b2ac5-3a62-4345-883d-60f44f656335","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35009435-8afa-429c-8e75-c58bfa40bae7","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":69,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"4a056462-63a1-461a-ac3c-f91ac63d269d","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":69,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"4cb1a47e-2df7-40af-85b9-995baba0f72e","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":69,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"9d14ccab-c425-4ba4-9878-f806dc876aff","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":69,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"e61fc1d1-53b5-4f96-b2d3-384c33958201","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":69,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"166dea3d-6b45-4f6c-b535-bfa55fa80b88","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":69,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"6848e9a5-56b5-470b-8a43-9d89861eca13","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":69,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"1341160b-6f83-438b-b2a9-f741dec98113","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":69,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"b80936ad-65e9-4023-8d07-bc1500a19f33","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":69,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"5fac9bcf-1960-48da-bfd2-51f5a360c5fd","block_type":"box","text":"affairs.","page_number":69,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"ee2c65ec-c3f8-47ff-9dd4-d297eafd7517","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":69,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"5925bd60-72c8-46c9-8348-728d4fde7c4d","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":69,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"09904722-0a43-4b32-9627-505df159b97c","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":69,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"f7020143-e0e2-49d5-8bad-3e20eee49d58","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":69,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"93c8a0a1-5c6b-4450-a3c0-7bff0ec4e23e","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":69,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"64bd3834-e7ee-4051-af14-c852dbb88462","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":69,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"091e4c1c-d1db-4ba9-b618-7dffc913c94b","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":69,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"de2a4dfd-40b6-4c23-80a8-8914f567e26d","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":69,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"00ca1373-328b-4574-9d07-98d2d7d67105","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":69,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"b9256471-5bd0-4458-882f-461919aeab27","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":69,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"3b1dbc03-fb6f-4901-879b-ed969ee30205","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":69,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"c53c94f3-556a-4b12-bdbc-df846eba252d","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":69,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"4ca0acb6-a6af-4fdf-a3e6-54c7d00ae237","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":69,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"e4917dde-c2f5-4ec9-8d6c-7e10dbb6a810","block_type":"box","text":"Equity Securities.","page_number":69,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"075c99cb-084b-4018-b2fd-1680a5eacf34","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":69,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"3fb39cda-f39d-4c54-b446-146e3cd3481e","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":69,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"072f953d-56f0-4d35-9d25-fde7bdd1cdc2","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":69,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"d38b0c7f-078c-49ba-9d70-ee56ccea0eea","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":69,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"a60a5ef2-02c0-4236-9c92-ad6cab80e095","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":69,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"b9c6bac2-0659-4395-b18a-03132a368064","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":69,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"e08e9ab0-d4c0-4af5-8171-8eab1ff174d8","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":69,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"9619fd0c-da72-4bf2-bb06-28a90b07cfe4","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":69,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"2d20309c-76fb-4525-ac46-36cd90576e3e","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":69,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"da7d7a00-5ee4-43f9-8249-d29b1713440a","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":69,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"ec779d92-0cc4-4726-b13e-fa33154771bf","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":69,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"b452b8df-5bf6-4ac3-9111-cb4076edd8f5","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":69,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"52cf07f9-5f93-4510-bfdc-6bee39251827","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":69,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"23f21e65-afdb-4bef-acdd-48c173039aa5","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":69,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e871f286-b032-486f-acf7-a9a5db64584d","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":69,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"1a793950-bb56-421e-aa34-73674420f7db","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":69,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"688a1e14-1eb6-4c82-8f47-3b683c70e906","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":69,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"366ebb0f-4ebb-41f6-a2db-30bdc7970280","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":69,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"9e59118f-8aa7-4b91-ac2f-2fea5c56a454","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":69,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"3848e7bd-ae01-494f-b411-2d5309fada10","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":69,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"726db2b0-bfe3-488d-9ad8-fbbcf0499b70","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":69,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"e3e36330-ac95-4fad-a3a6-19d823b18c9c","block_type":"box","text":"initial public offering.","page_number":69,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"bc644e0f-2283-419e-8c87-0ebe4e0b2b66","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":69,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"2fd65371-cb8e-48d6-9f9c-f40beebca3dd","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":69,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"ad2d5c63-c1d0-465c-a188-4802a5a90123","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":69,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"ea2434bd-9fb7-4949-a8ae-4a5be434b170","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":69,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"7a946bfc-c45c-4985-bc83-3fde5b33ada7","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":69,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"fb01e153-65a4-40b9-a773-08403fc05a7c","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":69,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"5d6b53c1-4863-439c-a9c8-8bc4eeaf7c56","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":69,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"a87e84d1-24db-4b4a-ad41-c76cce687d02","block_type":"box","text":"more established companies.","page_number":69,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"15bc28f7-03d3-4e26-be7c-c5519cbf5273","block_type":"box","text":"II-26","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1aa98acb-30a2-4181-ab36-48e8c3a53316","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f86ca8a2-74b6-49d2-b657-aad3c4be6553","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":70,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"6f63e764-fce1-46bc-82df-c236bc5b818c","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":70,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"4e2ffb96-9b03-45b3-ba76-23185c04f09e","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":70,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"e0d01d41-84c3-4972-bae6-b775c4e2a852","block_type":"box","text":"below.","page_number":70,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"d08a71b1-b094-4b8b-b5a0-1230ffbcf200","block_type":"box","text":"Real Estate-Related Securities.","page_number":70,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"b11fcde2-35a2-4454-a74d-f54804ce41fc","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":70,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"d1e9f9ab-a552-4e0b-b466-77857438765c","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":70,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"59d54319-4f28-4456-9027-63179dcd7f6e","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":70,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"d33593c8-5640-451f-89d0-cd6747408357","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":70,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"8bb2a6da-4262-4cce-b29e-894a69acaa71","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":70,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"9051c2d3-c297-4be3-8a87-aa04e0a32680","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":70,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"89940dcc-d586-46a8-85af-b1409cc1be64","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":70,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"53f0f92b-d6d8-44ba-9f44-a7784fb2904b","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":70,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"2d92ea22-0145-4f89-85e3-831a3b8d8242","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":70,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"6c36d022-62be-4905-a151-c6e602bae4d0","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":70,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"67dc8977-dd1f-4cf9-9387-31158cf87d1b","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":70,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"055e139d-03d4-40c1-ada0-cb623ebea1e1","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":70,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"e3961ebd-b5cf-48ca-875d-871d5f7494ba","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":70,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"9ccc90aa-5863-4742-8c8c-2e0e57dfaccf","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":70,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"54f09070-dd71-460e-8aac-3ef2b69771e2","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":70,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"62c0bfa1-4df8-433b-93cf-95c763342368","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":70,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"a528f725-0e26-4a90-a709-78b82e3ca09c","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":70,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"bca412e4-fdd6-42f8-974d-c771f078f358","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":70,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"ce3347c7-9a5b-4602-bac9-9a868f57ed9a","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":70,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"9e9e924f-50b7-45ca-a0b7-306f9ff0e246","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":70,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"fc0c1d86-33b3-4950-a35d-f5bb8fa80ae8","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":70,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"bc3211e2-a228-4e15-837d-0bbac1eb6902","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":70,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"c032cf0c-89cb-45c1-afef-a78ec1655d6a","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":70,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"52c7b602-ec67-4a56-93ff-7735a8ab18e6","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":70,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"4c879a7d-486d-4736-9068-ab0e14200f8f","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":70,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"ee224d53-4537-4124-8aaf-e9f6780e7b71","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":70,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"67b55293-cc77-4bb6-9040-a25e1c0d79e2","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":70,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"e1a333ee-30e6-43a7-b6d4-c31759a59055","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":70,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"fb2a6eeb-d380-4249-a66b-509f09584ba7","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":70,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"06d3d04c-1299-4b28-b210-3a983208f116","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":70,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"5d39ca36-4f12-4a19-a329-ece1bd40a0bf","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":70,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"5e46f666-dc4d-49b0-85b5-a9f01332d217","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":70,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"b19309bb-d55d-4cec-b755-6dedf83a26e7","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":70,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"be3fea74-f8f4-4c86-bbdc-e74cf281ab00","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":70,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"5cfe0db2-60d8-4019-9e38-4403e0484a61","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":70,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"aca71aec-2e36-4435-b507-a3e125a740c9","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":70,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"a8ab838c-4f0a-4ffa-9e9f-91648d786f23","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":70,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"8e941bb0-91d1-42d2-8ec5-d1976e38183f","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":70,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"03bc1f01-8f06-4dff-be62-703c557687ae","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":70,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"b525ecfe-5b7c-47d7-859a-03734780d831","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":70,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"05e355b9-3bc6-4fd8-b9e1-0095e1c09b23","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":70,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"c86e4896-ee0e-4950-911d-38cd3cdc6757","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":70,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"c2762668-2d79-4edc-893c-8f0a98eb3596","block_type":"box","text":"cycles.","page_number":70,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"e4bdef3d-9d36-47b7-8207-a617f0ec2cb7","block_type":"box","text":"Tracking Stocks","page_number":70,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"f4dfffa7-6afd-4d09-a031-ddabb894f025","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":70,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"83f023ab-a393-45e0-a7f6-e9d800cde4a5","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":70,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"adde0fb2-f017-4c1a-9f14-7ae76374bbfe","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":70,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"28b8865c-e9c0-4983-bfa3-071b32005429","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":70,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"f3227880-2d7b-4aa8-9254-dafd489b6418","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":70,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"9ee0f979-fed2-4f89-a715-cfc86047da30","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":70,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"7c661fde-0231-4bd1-a593-894fe5ce4801","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":70,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"c3858b0b-e230-4854-bac5-18759304d1bc","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":70,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"3e25b093-9613-44ee-8fff-1bc80c880c7f","block_type":"box","text":"II-27","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a77bd1b0-0fdb-42cb-9cf7-cdf7bb4b33b7","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d82a9b1-6463-4b62-bc85-c17fbf3f1bc9","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":71,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"eff672c1-da69-4d91-bf90-44d5c879a1b7","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":71,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"7105448a-03c0-4c0c-afcd-bf63f966b981","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":71,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"ddc43d66-8c54-4749-a7ba-0d8ab34bfe28","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":71,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"11c08396-bff9-44f4-91f0-bc9ebbad5b55","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":71,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"2e51f017-1a9a-4d0b-971f-01909ad1a628","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":71,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"c47d5f12-7f8c-4839-85e8-84be7f8a1ceb","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":71,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"d42dc0eb-61fa-4001-bea9-7feb389d6e60","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":71,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"72ac8fd7-d7e5-4442-af54-e9463df5b768","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":71,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"abb5d762-be34-421f-b900-3cccee38d283","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":71,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"b59f71ad-84b0-4673-aad3-1fc74cd53da3","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":71,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"5bd00a4f-41d9-484f-a107-e451ecb5f618","block_type":"box","text":"ETN.","page_number":71,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"b2e1e57e-8898-4bd5-b272-08ee3b874325","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":71,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"068a7f5e-f22d-4266-9df9-871be672ecf7","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":71,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"a70e7a7d-c6d3-4999-a971-20efab678d60","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":71,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"2fb23fdc-3f9c-45bf-aed7-16f2fec6f4a2","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":71,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"acebfc6b-2c53-4bd6-badb-00a6c211a0b4","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":71,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"632ad450-e21e-452c-8c36-b708bcadc5c2","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":71,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"8a700b88-b3c2-448c-94b7-55002ac3a541","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":71,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"98466107-b85c-4fe0-aa59-a8875e454f49","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":71,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"e9d83200-029c-455c-9598-53848bdc91fb","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":71,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"3199b650-d7b0-42aa-9f8f-248b7982b2a0","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":71,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"758e8de4-17af-4607-a7ff-0696fa027415","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":71,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"c6199977-6882-46da-b9a3-d7e6d61cb370","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":71,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"b1ece5e2-1cb9-45fd-9d36-7be18171e42f","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":71,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"a150cf32-0f76-4ed5-b40f-3837fac2b76d","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":71,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"97ec8bda-250c-4f9d-8297-6d05cbd78c0d","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":71,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"1362e6bf-5b90-4497-a46d-5a9c1b9d85ca","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":71,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"029b0fdb-c344-4b1e-ab62-6d3a2f456f9d","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":71,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"9b15bff7-730b-4719-9891-5404debf4a96","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":71,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"87f2c9ce-c9cb-4390-8114-66c977558303","block_type":"box","text":"Foreign Investments.","page_number":71,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"ea611e92-54be-44d2-82c4-f2a5f7b4463f","block_type":"box","text":"Foreign Investment Risks.","page_number":71,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"48d93971-a089-4e06-b2d6-8067db5c0f1e","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":71,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"094b89ae-e7fe-4743-bedf-f9710f847315","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":71,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"b8245577-b8e8-4abb-8c38-b71106a82adb","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":71,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"3e51b7dd-6a11-4ffb-8174-03dd8f8f1325","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":71,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"b69f9de6-d681-4496-ba90-d20addb90fd2","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":71,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"b78aec35-8033-42fb-b365-19b95e18f97e","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":71,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"71991f3a-a74a-4ef4-8eb4-c67ca4f8bbf6","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":71,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"516c28c6-479a-49d7-b1aa-70ec5bb95b2d","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":71,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"1619c8fb-f697-4019-a7d4-414f278bb6df","block_type":"box","text":"benchmark index.","page_number":71,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"de7d7ada-0584-4937-a6a9-f3ffdd1d557e","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":71,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"579c9d3f-ad65-4e67-abe1-9f4ab8b6afc3","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":71,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"ad10635d-98f3-4cfe-9902-50adb0a32a26","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":71,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"60d28a11-dfea-4dcb-816a-ab61789a7613","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":71,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"5d3a9be3-8646-474f-a7c2-0f97cf3b9bf2","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":71,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"c5a6bee9-8627-4c39-b1ff-5f48fda9ce06","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":71,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"dcba15a6-3519-4011-b47e-3ab70e72caad","block_type":"box","text":"securities and zero-coupon securities.","page_number":71,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"761145ef-d4fb-40c2-a328-3cb0d96a876b","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":71,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"f79bee1e-3b8a-4f4c-848b-2be64a215960","block_type":"box","text":"taxes.","page_number":71,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"5332853d-8d16-483e-8fb0-7859bac976a5","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":71,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"9522cfd5-da7a-4e47-b03d-337cfed30eb8","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":71,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"56c53801-b8b4-41d3-ae31-6a0536137ab2","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":71,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"1f371e6a-00ab-4701-8147-db8ab76b1757","block_type":"box","text":"II-28","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"780a31da-9445-4cfc-b8d3-72f8f4ee36f9","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"252eeb54-5dc7-4637-9b7c-162f81015157","block_type":"box","text":"underlying security (","page_number":72,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"059a92e8-5ea1-413d-a0c3-fb799886f164","block_type":"box","text":"i.e.","page_number":72,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"fe8a23fd-0a3c-4234-9df7-16cadd2f738f","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":72,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"dcdbc363-61f7-4426-a597-eecbb3f478d2","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":72,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"19d63c5a-77f2-491f-b73f-e814d5a2b274","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":72,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"d5a221bb-233b-4614-b5c8-de30c2b0cce3","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":72,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"81bcfb40-b0bd-427c-9f43-e04b877fd193","block_type":"box","text":"Foreign Market Risk.","page_number":72,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"980ad835-82f7-4ae3-9e5b-5e85621f0272","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":72,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"bb4ee916-5ec5-4c7e-b2b7-914b5b40634a","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":72,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"0e378557-24a7-4878-bd76-ec2d552f8047","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":72,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"8a36abcc-f9a1-4e1b-9ba2-1932b7ab378f","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":72,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"ee6e5e38-3fea-4618-bed5-281cfd67eeae","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":72,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"311323dd-340b-409c-82f5-8419444b435d","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":72,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"498d15c5-e3eb-4aa5-aa46-a5af817f96b4","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":72,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"d6fb167d-b83a-476f-ab3a-b770a15a697a","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":72,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"e9493cb5-f067-4aa5-8c23-f0d827a092ea","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":72,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"75c3fb91-05b5-4d23-9ace-f1bec995aaa1","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":72,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"a1dda7cb-286f-4ac3-a3a6-c152a3d5d98f","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":72,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"9a832b2b-925b-4902-ad36-8532fda84a79","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":72,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"3569c357-de00-4af8-af44-bc53d502a5ff","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":72,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"1d53bdff-558a-4f6e-acc2-69345aa0b356","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":72,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"d7f56cd0-0167-4275-809a-ef47eeb6184a","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":72,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"d67df4fe-e07b-4fd2-a6a0-c09e72325e11","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":72,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"d00dfa9b-7b58-40b7-ae60-1f22f40d35f7","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":72,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"62df8d9a-1b48-48d0-bb6c-25ff8101d34a","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":72,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"d9fb6cdd-8427-40fb-97e7-95e417d5cd81","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":72,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"d02c2f1a-68d7-4721-9251-8159f297799d","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":72,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"16650705-d8b3-440f-a872-bb891a526007","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":72,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"9b7e9121-a0d8-4ef9-813a-6f2c6738546b","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":72,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"2c2429d9-908d-4556-8d02-b287bb94916c","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":72,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"caf6849f-6c91-4107-b9c0-4e7f67ca8377","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":72,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"55446444-ee7d-4b23-b621-d1ea281970ef","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":72,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"c4b4d14c-6c2e-4532-90a5-54e50720004d","block_type":"box","text":"Fund’s operations.","page_number":72,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"b4925ff4-86a5-438e-ae69-58dacb9d1fe7","block_type":"box","text":"Foreign Economy Risk.","page_number":72,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"03996160-2b4e-4d49-80d8-e1b9ba6afce7","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":72,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"bda20784-4fbd-4b22-9dd2-b38f4eeb8d60","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":72,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"bf728b17-2b30-47ba-af7e-a13ee50405b2","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":72,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"caff1e2f-96e9-4d06-8f5f-150e7933c9ad","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":72,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"4614a876-bd6a-4c7d-8207-1c27a0781510","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":72,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"c70aa3ce-adfa-449e-a5e1-31d210dd55f5","block_type":"box","text":"measures.","page_number":72,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"9fafb166-08ed-4a90-96b4-0c985dacc7d3","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":72,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"ff5cb14f-b5ce-4fc6-ba89-a47f8b29da8a","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":72,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"aa2825be-59ab-40c3-9c14-dc9eee0e3c78","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":72,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"1a17d068-f81c-4e59-ae8a-1e10de9fd3f8","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":72,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"87a9fcf8-68a0-4694-9072-9bfdedb79330","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":72,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"a1b1c720-e558-4a27-a608-0cd500e35136","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":72,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"b54479b3-68b3-422b-9a09-3f01ccad8818","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":72,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"edf3c82b-f667-426c-914a-eed16cd7dd37","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":72,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"3aaa2a7c-e836-4205-a83b-aad3d716e515","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":72,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"8d847a8f-3fc2-4a47-b6a7-98817c8fcbe3","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":72,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"4c977530-0e83-4d25-af45-12fe05402b34","block_type":"box","text":"United States or abroad.","page_number":72,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"8cc12b94-8a92-41be-9451-4a934a94ff95","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":72,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"89372a0b-f75b-4edf-b954-f7d2405f607b","block_type":"box","text":"Many foreign governments supervise and","page_number":72,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"78b63338-bec9-4272-a323-d8ef00fcc150","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":72,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"fd05eb9d-e703-4893-aa3f-aada3e72c20f","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":72,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"0787c46b-b73e-41aa-9b6e-3d588f553f77","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":72,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"3b311adb-1c82-4678-a9ea-7a5abae742f3","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":72,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"6bd4138c-e736-417d-b8bd-9f48274b5d07","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":72,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"7639b448-7c24-4ed1-a815-da0f45f0728b","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":72,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"db3bf668-9b99-42a9-b8ba-deddcf203535","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":72,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"5f8da397-24b1-423c-aac3-e700e7715133","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":72,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"12627234-13ce-48ad-bf38-9cc593a8adbb","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":72,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"485e20c2-9d81-4a99-937e-1fa46028b637","block_type":"box","text":"II-29","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"43e36f8b-5165-46b8-a469-4f3231ad23e7","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f643eb2d-a360-45e4-9916-ac034a716736","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":73,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"8c4170da-c08c-4827-9eb2-d8e426fcdfce","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":73,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"8f13a1e1-905c-48d6-80f0-070e703d3547","block_type":"box","text":"investments.","page_number":73,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"e871c4bd-d55e-4423-b716-dbaf0432bd52","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":73,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"7e17d96b-d2b9-46ba-8636-d04b04c864f5","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":73,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"93fea445-331c-4b38-a656-110f3619ce7f","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":73,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"08ef2878-52aa-444e-9b41-2274da470fe7","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":73,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"e6e6b897-d148-41f6-9e59-4bbc8b8ae844","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":73,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"7f611454-47c1-4d6e-a41b-1fd51153e91e","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":73,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"36a76387-5ba9-4da7-a6b8-c090ebefa701","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":73,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"adbba7e4-7bb2-4e68-9710-ca8f8c81a8b0","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":73,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"9a94d25d-f692-41ae-a998-627556da77c3","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":73,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"846c2f91-1f7c-4d73-9af6-b57d90066ce8","block_type":"box","text":"States.","page_number":73,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"8587174a-2546-49c3-ab48-976fbeef6076","block_type":"box","text":"Publicly Available Information.","page_number":73,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"befb9036-b690-43e5-9081-c4a50316c818","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":73,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"6ab3135d-6eec-4a5b-8df3-021461973d62","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":73,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"c58c08ba-9a7b-438d-8291-20f1dd074c85","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":73,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"21a6340b-4587-4bb0-a2f2-bfa46e10b856","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":73,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"534c4af5-f290-482f-a5a7-821ced8f5da7","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":73,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"d859a434-fc5c-40da-a6f9-7b84a5cc6ccd","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":73,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"ebaed615-b28c-41d0-8db4-d6edca12d6dc","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":73,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"a4ce95ff-8efe-4d36-af03-0b6702c4db61","block_type":"box","text":"United States.","page_number":73,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"7df12796-6c19-402d-9772-e44181594738","block_type":"box","text":"Settlement Risk.","page_number":73,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"15e87f31-ba60-45cf-96d1-575c93941267","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":73,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"6ba3bf10-e322-4955-891c-c33775c2ff80","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":73,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"89e6cdba-98ff-49f1-bbd5-4388d0e0699f","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":73,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"583e753c-b550-4848-934e-96e455a9cf2b","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":73,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"9bae8e94-eeeb-463f-8f5d-c3d9a96f8f3d","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":73,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"3d3204f9-36f5-430e-b5f7-83f076c1265d","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":73,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"d2a4c656-6aa2-4f64-8a65-405457463fad","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":73,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"6623f951-1d9e-49d4-9f89-97c35fba48d0","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":73,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"689605a0-9dd0-493f-955c-27862d693300","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":73,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"f1e4cf9f-7771-427d-bf60-36b9685efa9a","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":73,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"431d9012-754e-4426-85f6-7149a588db0c","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":73,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"f8684037-9141-410b-8378-de93a6061e69","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":73,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"092c8045-822e-4d0f-a57d-8ed0cacec9a3","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":73,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"39623b04-4909-4750-b9d4-3118ca22defc","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":73,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"b49746d1-454f-4836-81b3-e9092094b49f","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":73,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"60f4b89a-774b-44b1-bf27-8e6d7f342528","block_type":"box","text":"Sovereign Debt.","page_number":73,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"18c75170-f2bc-43ca-ac79-633906b360b5","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":73,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"6c4ff90f-9581-4891-a0c4-03a327bdf9bc","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":73,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"bef2863e-e051-4f59-bd36-4e331ba9384c","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":73,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"bfd38136-1410-4b15-aeee-c804ff3e4c2f","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":73,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"a7b64793-7d11-46df-80ec-c70b5ab42213","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":73,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"b910f5f1-1f38-4193-bc2b-fc27b37640e6","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":73,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"32f114e4-3c11-4110-920f-5074d8ab1d9d","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":73,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"314081cd-e204-4064-ad30-4d09851f262f","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":73,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"d06aee2d-eca3-49d5-a369-67406e785dca","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":73,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"73a07528-8cfd-48fd-9f1f-40bcf8f788f7","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":73,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"9d079067-1220-422f-8af7-95d0a907e9b3","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":73,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"5469b24a-7a95-4690-bb11-cfee1ef4ba74","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":73,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"46580a01-ee02-4cb4-af36-3cdbac992495","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":73,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"34616064-2611-437c-9ecf-35a978628c0e","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":73,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"bde38c93-8185-4f0f-aae4-058ce7d425d6","block_type":"box","text":"debt.","page_number":73,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"1b98b656-cb78-4420-8086-3c2c7e28fbd1","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":73,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"b3b0a273-fb07-42e8-9789-839e3f6bcc4e","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":73,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"37a5cae1-deda-4c62-9c05-1b6b17e8a81f","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":73,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"e7f9566e-d34c-499e-9642-615d034fa09b","block_type":"box","text":"II-30","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07724fd4-e287-405c-a482-f9c872fad267","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db98114b-2474-4972-b5e7-fc5c077b4984","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":74,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"cee44821-c97c-49f9-b330-ba75cde0e90f","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":74,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"11afca38-2036-4185-9f4d-4b2950ae2c80","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":74,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"7bf41134-9354-40df-aeb3-97316e3137d6","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":74,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"15493c8f-e637-42c8-87f5-c827996e2e6b","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":74,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"5529d66f-c753-436c-94b8-ae166e93c70e","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":74,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"a18a7dee-d35a-47aa-8f69-da84e52a4a96","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":74,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"fa0aedec-e289-47af-93c7-26fc5f4dcbe4","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":74,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"871d826c-14b0-40fd-b814-8ef1c4f1d55c","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":74,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"b8d52957-a953-491c-a478-a48c0902ebc0","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":74,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"a2055329-5bc4-498d-a558-9a547d51cc76","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":74,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"024e93cd-72ee-4eaf-8f8b-a0e781e02c85","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":74,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"6423d751-5843-403f-bc00-cc6d435d08b3","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":74,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"fd9513bf-7bc5-4c2c-a8bf-d7e600d2c8f5","block_type":"box","text":"in the Fund’s net asset value.","page_number":74,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"a5796bb6-5a8a-4b71-a1a3-5bc29d1e2d23","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":74,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"397d6323-6cee-41bd-8e08-b858f74dbd98","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":74,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"9fa12274-a0fd-4268-be4e-e456986f9f62","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":74,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"3ad029c1-4c34-435b-98b8-3ed94f76d454","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":74,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"fd046f3a-b7d6-4ef9-a264-fae4fcf2c03d","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":74,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"229e351a-e58b-4a4a-8363-b17acc6f0add","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":74,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"f2c868d0-93c6-47bb-a984-c057ce1ba7db","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":74,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"5562782c-888c-45d0-ac8b-8c7fed7a287b","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":74,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"8672bb44-c357-4ec7-862c-c5044cd49333","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":74,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"d4ef8d02-69cf-4dd5-8270-cf0baf5e8c78","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":74,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"9b171afa-0408-4118-9e39-c87decaf2379","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":74,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"6f337670-9f78-4c52-b369-764962c814ac","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":74,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"ef40ac99-2e1d-4937-8d8f-30c4f5a25f3c","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":74,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"1b7863f8-1b2a-4968-ae9e-87134ea59e56","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":74,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"b498ffed-8465-4745-b739-561eaee0b1bb","block_type":"box","text":"Fund may invest.","page_number":74,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"003214b6-5065-465e-8c7f-433e43cb6688","block_type":"box","text":"Funding Agreements.","page_number":74,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"fee5ec28-eafd-4890-92cd-5ab91248b1ae","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":74,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"e29ac118-7116-4b10-a163-148b1ec963cb","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":74,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"6bdc7e6e-414e-4197-8273-006a2396c7aa","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":74,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"558a2b5d-f6b5-4903-a55e-54f06906aa9b","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":74,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"f9f54f09-2530-4d1e-bdb0-b8464b4f9e6b","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":74,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"566bbdfe-5e4d-4071-90e6-982f3689953b","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":74,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"c8186878-7466-44e2-9376-962856576652","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":74,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"8907ba99-7158-4b8a-8146-183db664df64","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":74,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"8e848b0d-8ed5-4b9f-95c3-21adff959bbd","block_type":"box","text":"Guarantees.","page_number":74,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"a8d0052a-f11d-4f3c-bbb6-c694d4599a30","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":74,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"f24035a0-cebd-4a38-9158-47e0f561a7c2","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":74,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"e01b393a-4e23-4d68-bb4d-539954942e22","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":74,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"1df36fe5-774f-4bcd-8a3c-7ecae04b1d01","block_type":"box","text":"Illiquid Investments.","page_number":74,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"c8da9422-be96-478e-bc33-56c1d4c16d8e","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":74,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"725ffecf-180d-42db-a4a3-3414f4645844","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":74,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"b1674486-ecc3-4fc2-9f36-e92de692caa9","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":74,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"4448e168-309b-4b38-9d3e-05a345a50ffb","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":74,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"06cabdc3-bafa-414b-89de-607b52badace","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":74,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"e97d9608-682c-4668-8896-9cae07ca7140","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":74,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"0fc105d4-6af0-4846-ab04-9666cbe19ba9","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":74,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"5dba0576-0805-400c-a37a-585b92d96581","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":74,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"c802ae1e-8b9a-438a-82ce-a63ed6ff0080","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":74,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"d71b22a0-b83d-4d49-8774-b77e1a51b7ff","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":74,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"f728b92b-847a-4aa3-8c20-9e5d823f7e65","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":74,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"00b82337-6ce3-4c9d-9ff0-a33d6d97261f","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":74,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"9c8da207-3606-42e5-9c67-3d4bd382699c","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":74,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"7a175777-b87c-4be7-9b74-7860b0f693ad","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":74,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"5b173bc6-b11b-4bf3-ac9f-152a53d87f97","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":74,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"1f92e028-bcac-48e0-8cdc-ed6d4603cc95","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":74,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"8dd55c1d-4c0e-4a68-a582-5969b5463508","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":74,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"2fa1a4b0-a027-480c-ae1b-d3262dfd89ca","block_type":"box","text":"II-31","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7aef12b3-e3cd-46ef-b1f6-0ffe08865b5a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0967a42-4797-4b90-a85d-dd6c83d4502c","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":75,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"12c39db9-ebd4-4f9a-936e-b95785c1d66f","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":75,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"e23ab8d7-d7a3-4352-aff3-86a58edf553b","block_type":"box","text":"Index Funds.","page_number":75,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"3f766a87-aeb1-4d0b-8f31-dc8073484db2","block_type":"box","text":"Cash Flows; Expenses.","page_number":75,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"ec5616f7-9005-44ed-92a5-10d5d885c40f","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":75,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"9829e2ad-95f5-43de-9a2b-f42624c9ce9c","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":75,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"207bd7fb-f63a-4c94-8696-a3f7e0085be0","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":75,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"9b49d708-b40e-4b16-a1ac-a911590da0bc","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":75,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"74794038-1091-4e1e-bc42-60e37b3f9568","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":75,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"9455c3be-65d6-412e-8c23-cc8c5eed2611","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":75,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"f818bb7c-471f-480d-9b61-3c940492e9c8","block_type":"box","text":"(","page_number":75,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"90107aec-9530-47ec-9600-cc227d7057fe","block_type":"box","text":"e.g.","page_number":75,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"c0987656-d9cc-4a48-b6ed-6cb2f316a837","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":75,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"5081ab9f-2b74-432c-8a03-dfe4f2a980dd","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":75,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"6c42e983-e7b0-458d-bec0-466b05706e91","block_type":"box","text":"par ticular security as an investment.","page_number":75,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"d5af0aad-9918-4069-ac2b-328d40ccfc91","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"e0c152a2-1462-460a-bb89-74fa2e73cf30","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":75,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"2d4c2686-3c51-4cb6-9941-5ec6e6d469d6","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":75,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"9596c1c1-69ab-4c25-ab08-c2786170dd74","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":75,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"16cf17be-ce8c-4c18-90bf-622a94febe3b","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":75,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"bb12abc3-6dcc-4bb6-b8fe-112005023926","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":75,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"31da0890-6141-468c-a7d6-08b7dd729dbc","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":75,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"0f49bde3-9f28-451c-8a55-24c081798869","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":75,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"6d869ad6-7d78-43f1-a1a0-ed41babfc95d","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":75,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"08da32c9-ba06-4d1e-938d-77f6a20c2a09","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":75,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"60853eab-cab0-4a68-9c7f-9ed14ea29461","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":75,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"47ffddfa-3182-4a80-bb2a-6b10c6fab504","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":75,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"cb8ce802-d3cd-4c35-ab05-215606179a79","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":75,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"bbedc7d6-1ccd-4410-af67-83480102ff7d","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":75,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"c2b81d29-6240-4062-b597-cd76b3082c71","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":75,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"0a111a3a-615c-471e-9ef1-a38f9aabcb4c","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":75,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"2eb11731-219c-4298-81a9-d9365f14ce15","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":75,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"51c3b17b-dc5a-4a4c-b793-0cfa92a69ccc","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":75,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"783898e9-ad2c-4579-8d89-3d2c62ccd061","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":75,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"c2e61e5f-e730-473d-aba1-c08d7a8d099a","block_type":"box","text":"the rebalancing of its index. If the securities continue to be included in the index, the Manager may underweight or","page_number":75,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"b1e1a450-654f-4d61-b70e-0daa2e2ee085","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":75,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"acf59865-101d-4cb0-a0ae-7b68d61b6603","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":75,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"33b7a2a5-f4ca-4d6d-8db6-81df27d5993e","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":75,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"518d7fad-5762-4d4f-8d29-53e0bc4222e6","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":75,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"d90a01df-94d2-4276-b42d-7845c8f0e8ba","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":75,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"78c642a1-bfa6-42a2-954f-412d74a32433","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":75,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"8e2ab8ed-43f2-44c6-ae85-556be15ada08","block_type":"box","text":"S&P 500®","page_number":75,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"db2d5566-0f8c-4951-89e0-f0985a1e01e2","block_type":"box","text":"0®","page_number":75,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"57f9ec59-2f85-4314-9475-4f3be6c8b032","block_type":"box","text":"Index (“S&P 500”).","page_number":75,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"4ddf977c-1300-4adf-aa63-f80f41728dc0","block_type":"box","text":"“Standard & Poor’s","page_number":75,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"a2eb5152-b11c-41dc-b78d-56adfe2e6206","block_type":"box","text":"®","page_number":75,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"4068ac5f-c9f3-4a1b-8f62-07c5e3ed162a","block_type":"box","text":",” “S&P","page_number":75,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"b3ee63d4-9e1e-4975-93fc-cbe8e10dda86","block_type":"box","text":"®","page_number":75,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"214bf253-f52b-4a37-abf5-7899ea1fb644","block_type":"box","text":",” “S&P 500","page_number":75,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"ce428115-2b32-45cc-b844-97c6dd37a2eb","block_type":"box","text":"®","page_number":75,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"6c75648a-a515-470e-a2e7-42c3bfbbdc13","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":75,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"51bd4dda-efdc-44d9-bc27-2a61cc092c79","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":75,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"f985711e-d830-4347-bb9b-71af3df417c2","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":75,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"c82a75b8-3429-455d-9053-d9755a66b52f","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":75,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"97fcbd64-a771-432f-b501-1afd769e375e","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":75,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"45ddd65d-b514-4fd5-88aa-c4e7928b405a","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund par ticularly or the ability of the S&P 500 to","page_number":75,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"1ca2b121-b0a7-4c60-b1da-2b74166c456b","block_type":"box","text":"track general stock market per formance. S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":75,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"ff9e654a-f2d8-415b-bf9c-b341fd554481","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":75,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"f05f5cd1-1a81-402c-802c-1e61a3553bcc","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":75,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"207aed80-15d3-474a-9154-6db43f3c8ecb","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. S&P is not responsible for and has not","page_number":75,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"c5144e2e-c903-4062-9674-9b77378c5308","block_type":"box","text":"par ticipated in the determination of the prices and amount of any Fund or the timing of the issuance or sale of","page_number":75,"box":{"x":70,"y":793,"width":787,"height":11}},{"id":"13ef7541-88ce-4d0f-8b95-4cf50fadbe81","block_type":"box","text":"shares of a Fund or in the determination or calculation of the equation by which a Fund is to be conver ted into cash.","page_number":75,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"4c2ef6d9-e3e6-46b5-bcf9-4ce67d56ae77","block_type":"box","text":"S&P has no obligation or liability in connection with the administration, marketing or trading of any Fund.","page_number":75,"box":{"x":69,"y":823,"width":742,"height":12}},{"id":"d25be9d4-d5fa-4673-9223-116ab51767bf","block_type":"box","text":"S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data included","page_number":75,"box":{"x":102,"y":846,"width":761,"height":11}},{"id":"63d70253-0880-49b3-9bc9-ea7f07eeca5d","block_type":"box","text":"therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty,","page_number":75,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"7a76441f-9bdd-40bb-9655-6bc5f746ad59","block_type":"box","text":"express or implied, as to results to be obtained by a Fund, owners of shares of a Fund, or any other person or entity","page_number":75,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"d4bd8071-1ca7-4eef-aa20-5133da36301f","block_type":"box","text":"from the use of the S&P 500 Index or any data included therein. S&P makes no express or implied warranties and","page_number":75,"box":{"x":68,"y":891,"width":815,"height":11}},{"id":"885bb74a-92b0-4137-b682-500d502fb1be","block_type":"box","text":"expressly disclaims all warranties of merchantability or fitness for a par ticular purpose or use with respect to the S&P","page_number":75,"box":{"x":69,"y":906,"width":840,"height":12}},{"id":"5a82d2f2-18be-458d-b07a-c6e3af035e5c","block_type":"box","text":"II-32","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6bc17c50-90af-4d4f-bffc-af6d8165200b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8bf504d-fa3b-4084-9e38-48562c333553","block_type":"box","text":"500 Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability","page_number":76,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"b8cb5d12-1117-4bce-bd4c-bd89e8286eca","block_type":"box","text":"for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility","page_number":76,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"f8d209b8-ae53-45d8-a46d-a2022c73c3f0","block_type":"box","text":"of such damages.","page_number":76,"box":{"x":69,"y":75,"width":125,"height":11}},{"id":"7a5270f1-3651-4d37-b3c8-150f44381371","block_type":"box","text":"Russell®","page_number":76,"box":{"x":102,"y":98,"width":52,"height":9}},{"id":"fc867f66-44d9-4c50-a61d-3474cdc3f571","block_type":"box","text":"l®","page_number":76,"box":{"x":154,"y":98,"width":6,"height":4}},{"id":"cab015ec-e218-407c-8687-50fa121716a0","block_type":"box","text":"Indexes.","page_number":76,"box":{"x":166,"y":98,"width":57,"height":9}},{"id":"94121d0d-ad7a-4eac-b303-71895421bc23","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Russell","page_number":76,"box":{"x":231,"y":98,"width":611,"height":11}},{"id":"6262d865-1af6-4db6-96fc-526c3a611a8c","block_type":"box","text":"Investments. Russell Investments is not responsible for and has not reviewed any Fund nor any associated literature","page_number":76,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"67cc90c2-b7c9-4aac-bca8-9a1a9ab5796d","block_type":"box","text":"or publications and Russell Investments makes no representation or warranty, express or implied, as to their","page_number":76,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"66d78f76-d6c9-4bfb-a27b-8bc6a4a91579","block_type":"box","text":"accuracy, or completeness, or otherwise.","page_number":76,"box":{"x":69,"y":143,"width":291,"height":11}},{"id":"f5364531-a0ed-48b9-b054-12f47d8e92b5","block_type":"box","text":"Russell Investments reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":76,"box":{"x":102,"y":166,"width":794,"height":11}},{"id":"4792df7a-2669-4d1c-b143-dc67700fd83b","block_type":"box","text":"change a Russell Index. Russell Investments has no obligation to take the needs of any par ticular Fund or its","page_number":76,"box":{"x":69,"y":181,"width":778,"height":11}},{"id":"d247dc7f-2173-476f-83e8-006905a842b5","block_type":"box","text":"par ticipants or any other product or person into consideration in determining, composing or calculating the Russell","page_number":76,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"3eb53567-a2a6-4779-949e-16f2d9cd6180","block_type":"box","text":"Index.","page_number":76,"box":{"x":70,"y":211,"width":40,"height":9}},{"id":"53d93be2-0af6-4aa2-8161-7ef12d0a9c2b","block_type":"box","text":"Russell Investments’ publication of the Russell Indexes in no way suggests or implies an opinion by Russell","page_number":76,"box":{"x":102,"y":234,"width":766,"height":11}},{"id":"4a133cce-7d90-4896-aed2-a29add9b8662","block_type":"box","text":"Investments as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell","page_number":76,"box":{"x":70,"y":249,"width":833,"height":11}},{"id":"6bc651c4-6470-4039-bd6e-33340a5a9c9f","block_type":"box","text":"Indexes is based. Russell Investments makes no representation, warranty, or guarantee as to the accuracy,","page_number":76,"box":{"x":70,"y":264,"width":765,"height":11}},{"id":"d69dce08-1fcb-4dcb-885a-73c30731efa4","block_type":"box","text":"completeness, reliability, or otherwise of the Russell Indexes or any data included in the Russell Indexes. Russell","page_number":76,"box":{"x":69,"y":279,"width":807,"height":11}},{"id":"15ec2818-7c26-444d-a94b-f1d2a15e577b","block_type":"box","text":"Investments makes no representation or warranty regarding the use, or the results of use, of the Russell Indexes or","page_number":76,"box":{"x":70,"y":294,"width":826,"height":11}},{"id":"59ca92ec-24db-41c1-a192-5ae6eeb3d1d2","block_type":"box","text":"any data included therein, or any security (or combination thereof) comprising the Russell Indexes. Russell","page_number":76,"box":{"x":69,"y":309,"width":757,"height":11}},{"id":"c2854b91-5811-4b0e-8fd1-b9e346607770","block_type":"box","text":"Investments makes no other express or implied warranty, and expressly disclaims any warranty, of any kind,","page_number":76,"box":{"x":70,"y":324,"width":767,"height":11}},{"id":"17266049-4462-4098-ae61-74fea3996ed9","block_type":"box","text":"including, without means of limitation, any warranty of merchantability or fitness for a par ticular purpose with respect","page_number":76,"box":{"x":70,"y":339,"width":833,"height":12}},{"id":"7ea3daae-56a3-4e2b-97f6-70291025cf8e","block_type":"box","text":"to the Russell Indexes or any data or any security (or combination thereof) included therein.","page_number":76,"box":{"x":68,"y":355,"width":651,"height":11}},{"id":"c0f123fb-0c44-4b5a-a1e2-4c00fd4ef563","block_type":"box","text":"MSCI Indexes.","page_number":76,"box":{"x":102,"y":377,"width":100,"height":9}},{"id":"a1cb83e2-082c-40b8-9e38-c20970f9dbfe","block_type":"box","text":"The MSCI Europe, Australasia and Far East (Capitalization Weighted) Index (“EAFE Index”) and the","page_number":76,"box":{"x":209,"y":377,"width":696,"height":12}},{"id":"8e927e4a-1c99-49a3-92b0-07217d27693c","block_type":"box","text":"MSCI All-Country World ex-US Index (“ACWI ex-US Index” and together with the EAFE Index, the “MSCI Indexes” and","page_number":76,"box":{"x":70,"y":392,"width":818,"height":12}},{"id":"a868876e-2397-4473-8734-a0de65fd5932","block_type":"box","text":"individually an “MSCI Index”) are the exclusive proper ty of MSCI, Inc. (“MSCI”). The EAFE Index and ACWI ex-US Index","page_number":76,"box":{"x":70,"y":407,"width":837,"height":12}},{"id":"a535eae9-4e3f-49f4-8be6-8114ffb489aa","block_type":"box","text":"are service marks of MSCI and have been licensed for use by the Manager and its affiliates.","page_number":76,"box":{"x":69,"y":423,"width":658,"height":11}},{"id":"77bde1a2-91b7-418e-8746-a3b499f94848","block_type":"box","text":"No Fund is sponsored, endorsed, sold or promoted by MSCI. MSCI makes no representation or warranty, express","page_number":76,"box":{"x":102,"y":445,"width":806,"height":11}},{"id":"60013c5a-4c48-4579-9633-6d94b5c34da3","block_type":"box","text":"or implied, to the owners of shares of a Fund or any member of the public regarding the advisability of investing in","page_number":76,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"71e2f48e-565c-4698-a759-730b0ef12bda","block_type":"box","text":"securities generally or in a Fund par ticularly or the ability of an MSCI Index to track general stock market","page_number":76,"box":{"x":69,"y":475,"width":743,"height":12}},{"id":"8d18bab5-4e0e-42a4-8f1f-fdb1b3f0c256","block_type":"box","text":"per formance. MSCI is the licensor of cer tain trademarks, service marks and trade names of MSCI and of the MSCI","page_number":76,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"885ed39b-6edf-4c84-88bd-277a2cfb38c3","block_type":"box","text":"Indexes. MSCI has no obligation to take the needs of any Fund or the owners of shares of a Fund into consideration","page_number":76,"box":{"x":70,"y":506,"width":824,"height":11}},{"id":"312026c1-374c-4734-a2f8-865f994e003b","block_type":"box","text":"in determining, composing or calculating an MSCI Index. MSCI is not responsible for and has not par ticipated in the","page_number":76,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"0c34d59f-0c64-4c70-b639-15361400699d","block_type":"box","text":"determination of the timing of, prices at, or quantities of shares of any Fund to be issued or in the determination or","page_number":76,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"776c6900-41a6-48fd-b6bf-02e95ad9d12f","block_type":"box","text":"calculation of the equation by which the shares of a Fund are redeemable for cash. MSCI has no obligation or liability","page_number":76,"box":{"x":69,"y":551,"width":835,"height":11}},{"id":"27137a22-89e5-40cb-8c11-8ba5df283d78","block_type":"box","text":"to owners of shares of a Fund in connection with the administration, marketing or trading of the Fund.","page_number":76,"box":{"x":68,"y":566,"width":724,"height":11}},{"id":"db494586-4cfb-475c-a4a3-592c1687a960","block_type":"box","text":"Although MSCI shall obtain information for inclusion in or for use in the calculation of an MSCI Index from","page_number":76,"box":{"x":101,"y":589,"width":751,"height":11}},{"id":"590cfce0-298c-4e72-bae7-919431e188fe","block_type":"box","text":"sources which MSCI considers reliable, MSCI does not guarantee the accuracy and/or the completeness of the MSCI","page_number":76,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"e305de95-a83d-4a0f-9c02-aed75b1d1e8a","block_type":"box","text":"Index or any data included therein. MSCI makes no warranty, express or implied, as to results to be obtained by","page_number":76,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"74e22108-6c95-4a92-a7b2-c4db93ac5ee5","block_type":"box","text":"licensee, licensee’s customers and counterpar ties, owners of shares of a Fund, or any other person or entity from","page_number":76,"box":{"x":70,"y":634,"width":812,"height":11}},{"id":"96a517c2-dd2e-4251-b68b-ff1b32470f27","block_type":"box","text":"the use of an MSCI Index or any data included therein in connection with the rights licensed hereunder or for any","page_number":76,"box":{"x":68,"y":649,"width":804,"height":12}},{"id":"92e61fe6-c45a-4deb-ae40-c2726ac7af93","block_type":"box","text":"other use. MSCI makes no express or implied warranties, and hereby expressly disclaims all warranties of","page_number":76,"box":{"x":69,"y":664,"width":758,"height":12}},{"id":"e65501a6-8bf7-42a1-ae7d-bc5af2c2b21f","block_type":"box","text":"merchantability or fitness for a par ticular purpose with respect to an MSCI Index or any data included therein. Without","page_number":76,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"7abc4b99-ecf1-44d1-b9d2-ab3ffc23e3b3","block_type":"box","text":"limiting any of the foregoing, in no event shall MSCI have any liability for any direct, indirect, special, punitive,","page_number":76,"box":{"x":70,"y":695,"width":777,"height":11}},{"id":"da383b56-fd6f-4716-ad58-f71a8feee9c5","block_type":"box","text":"consequential or any other damages (including lost profits) even if notified of the possibility of such damages.","page_number":76,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"fb3bcea5-9bef-4208-86cf-2e29c60c91c0","block_type":"box","text":"Financial Times Stock Exchange (“FTSE”) Indexes.","page_number":76,"box":{"x":102,"y":733,"width":355,"height":11}},{"id":"008a175e-b1ec-40b1-a836-d70e4e6ac501","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any","page_number":76,"box":{"x":465,"y":733,"width":422,"height":11}},{"id":"e1ee9074-6930-4744-9711-38470f7c96c6","block_type":"box","text":"way affiliated with FTSE. FTSE is not responsible for and has not reviewed any Fund nor any associated literature or","page_number":76,"box":{"x":68,"y":748,"width":824,"height":11}},{"id":"d7eed359-3db7-4ff7-a58a-a4571ae49918","block_type":"box","text":"publications and FTSE makes no representation or warranty, express or implied, as to their accuracy, or","page_number":76,"box":{"x":70,"y":763,"width":736,"height":11}},{"id":"73b95c50-6587-4dec-8cce-cc84388c2b40","block_type":"box","text":"completeness, or otherwise.","page_number":76,"box":{"x":69,"y":778,"width":202,"height":11}},{"id":"2be87264-21f7-4b71-b9fa-f625efb8eced","block_type":"box","text":"FTSE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a FTSE","page_number":76,"box":{"x":102,"y":801,"width":794,"height":11}},{"id":"aa4cf5b2-d87e-4986-9c2c-e323873f1def","block_type":"box","text":"Index. FTSE 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":816,"width":799,"height":11}},{"id":"810ed4a8-d982-4960-96da-533fc973a57a","block_type":"box","text":"person into consideration in determining, composing or calculating the FTSE Index.","page_number":76,"box":{"x":70,"y":831,"width":587,"height":11}},{"id":"dc759a65-3713-4ab7-80f6-fac33237a2d9","block_type":"box","text":"Bloomberg Indexes.","page_number":76,"box":{"x":102,"y":854,"width":139,"height":11}},{"id":"959fb282-887a-4312-bf3d-23c21d67315b","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Bloomberg","page_number":76,"box":{"x":249,"y":853,"width":636,"height":12}},{"id":"593149c1-b4ba-43b8-968a-5f07cce8f75a","block_type":"box","text":"Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg is not responsible for nor has it reviewed any","page_number":76,"box":{"x":70,"y":869,"width":809,"height":11}},{"id":"7779d0b5-ee66-46f8-bda8-a815e51dbb03","block_type":"box","text":"Fund nor any associated literature or publications, and Bloomberg makes no representation or warranty, express or","page_number":76,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"29f26266-9b7e-4d78-bb47-e919cd497d48","block_type":"box","text":"implied, as to their accuracy, or completeness, or otherwise.","page_number":76,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"bc181703-50d9-4a2a-aca2-19137b4ddad5","block_type":"box","text":"II-33","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c9e817fd-f01f-4a72-b455-99f08e5b5b5a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e3701c6-4cad-41d4-b824-4ce979c28221","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a","page_number":77,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"6b0c40fa-db1b-4c79-9f3b-ec91a3646633","block_type":"box","text":"Bloomberg Index. Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":77,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"d0d78b17-6728-4e4a-a0e4-198c69bfd064","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":77,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"846294ba-3885-46ba-b78b-35f5390f794b","block_type":"box","text":"ICE BofA Indexes.","page_number":77,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"73fdef1c-f2d4-4d2e-9d05-394699adaac5","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":77,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"f9d1fb93-004d-4e1e-b9e2-aff54d8f6202","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":77,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"7fb38d99-dffa-417a-8011-49b8ff65b580","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":77,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"f8ee2a10-ad38-416b-a2ac-75f6c2d49c4c","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":77,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"053ad4f4-167a-418a-a056-af70c851cc37","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":77,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"fb141108-b2d5-43e0-b487-a53066b5bb00","block_type":"box","text":"completeness, or otherwise.","page_number":77,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"3f397b25-25a6-4e95-91ae-d3265b8df124","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":77,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"5a8753c1-afa0-41f8-9e97-3d8677ced60c","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":77,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"ef2b1908-c265-409d-8458-74897c2d4e43","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":77,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"cfc1ae94-9d01-4fd1-8f52-e1adae211221","block_type":"box","text":"Indexed and Inverse Securities.","page_number":77,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"c92344b1-79e5-49c2-a377-9930b431375d","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":77,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"6dca7f68-4e2e-46af-96ef-52d06e9de0f4","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":77,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"cc8df52e-e21c-465c-bfd5-c0ac35a219bd","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":77,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"b852b79a-73bb-41f0-b474-881da0c5cb41","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":77,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"d2cb5905-61b8-46b3-a099-f447913da737","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":77,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"deac3942-df18-4217-8d06-f9586dbcbfa4","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":77,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"5c73e0a4-a7b5-4d14-ab4b-1a62563c7e9b","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":77,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"e7011a84-46b8-467d-9c05-535a3cf0dc94","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":77,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"dcc1aae7-69b4-414b-acf6-62a61005c15e","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":77,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"25e13ddd-956a-4b38-9744-9854432d3538","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":77,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"96cf5d9f-6118-4da9-bae7-5ab183aa41aa","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":77,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"89331efc-9b8c-4a9e-827a-a6e05baf9223","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":77,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"11a5cb1e-28e0-4d1c-af10-5e7abc0c5b05","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":77,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"d61214c2-1874-4f8e-a0b1-6f877ba46fea","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":77,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"3f16d9cd-035c-4563-9856-4f739a1411fc","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":77,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"4aae6da2-7483-46fb-ae01-2192eebbc0df","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":77,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"3112f1b0-65a8-4aba-9bae-58ad370d36bd","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":77,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"0121b465-75f1-444e-90b7-4800b303b2f2","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":77,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"109229d5-fa2d-4cb3-98c4-fc9b730a173f","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":77,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"269a9be4-487f-483c-a2aa-9d615b1f9df8","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":77,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"4484b0bd-6c7f-4c81-b5e9-b7bc210e003b","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":77,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"d2060c8b-e533-404c-a485-b561760730cc","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":77,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"cbd12290-89e7-4cca-b664-7c147da7554f","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":77,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"61bb1dfb-0ec4-4ce7-8576-cb323659067a","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":77,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"d1ba8f8f-d73a-4794-a5b6-fe66e73bcaf2","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":77,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"ecab6564-ae54-4a5f-bdce-b35bfa1c3462","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":77,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"158e28d6-813f-4fdb-82dd-acfc30e3a52d","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":77,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"d3ff4b26-5d9f-416d-ba21-d126b137aff1","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":77,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"9d7a12a0-bd10-48c1-88ab-b0bb85009c0f","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":77,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"2d42aaa2-eecf-4b4a-b2f8-c73cc3f7c873","block_type":"box","text":"Inflation Risk.","page_number":77,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"a9c6827d-f22a-46bc-a7d0-7d4351184158","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":77,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"4b1cfb54-e76e-47fe-b976-b4fe9b56a034","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":77,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"c045a0f2-c567-441f-83e0-cc30efd3b0e8","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":77,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"b0df5ba4-2530-4d49-af59-2fdecac82c04","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":77,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"de40e682-84cf-4d8c-9177-6121771f004a","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":77,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"5ae4ed09-c0a1-4f92-9b43-5cab8cfdf135","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":77,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"8c826616-072c-430c-b444-f255c74aa0f2","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":77,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"91eae2a0-b6c5-4cf0-a17a-81b25a21d876","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":77,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"16b8052d-ce97-4d39-a14c-0c10fcae6663","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":77,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"48e952d1-8078-482a-92de-d397380733b8","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":77,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"bece8d9f-4666-462e-94d4-96ad689ad458","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":77,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"92961b8f-9de8-46d8-9118-9ae27a1efa07","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":77,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"c05a937b-5d1d-4056-8cfb-9cafb7165ef6","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":77,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"7741461d-9d9b-4a98-ab9d-52265aef8b7c","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":77,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"cac2e598-1a3d-43fc-903e-a17ce4990e87","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":77,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"564b8703-a383-4c66-9d49-9a21db249cc8","block_type":"box","text":"II-34","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6373417c-b6ec-40e7-914f-5d26ab9e1285","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c720bac-8c11-4a4d-b982-a7fa6ac5a5d2","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":78,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"9889a798-a250-4e49-b7d3-f3a76652b702","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":78,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"cadce654-be8f-4ece-962b-0a84d20a5f08","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":78,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"01ba65d9-ed3c-4ac6-bfc2-80eee473d30e","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":78,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"3bb3f349-8165-4303-8e88-4783b77addac","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":78,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"405a9f9c-d8d8-483c-9c8f-4deefa37679e","block_type":"box","text":"be available for very limited periods.","page_number":78,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"1c45ad2f-ec3c-4caf-9cc8-c57666a2d100","block_type":"box","text":"Investment in Emerging Markets.","page_number":78,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"a1de4c3f-b004-40e8-ab95-5bf41219e19e","block_type":"box","text":"General.","page_number":78,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"382b2406-0224-4a2f-8181-e76ef93bc1f4","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":78,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"75215902-2d18-4ca8-ad8f-d50b4c64b375","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":78,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"2f9eee98-eec4-4d86-bbbb-09ce3c09d46c","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":78,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"753f9a71-616b-419b-bd34-e206c7571617","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":78,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"fa1a7d28-ecd1-4db9-ad17-aeca6ecc5cc6","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":78,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"44f67b1f-f4d3-468c-b0ea-94ff7e15a96e","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":78,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"8fa1c11e-08c8-4760-8a1d-a878589f77b3","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":78,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"9e587851-247c-4b46-915d-e83519c55bdd","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":78,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"9beb3fa9-63ac-486f-95c2-461811ad07f1","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":78,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"a47a6249-10a3-4f05-a513-9a02f03a3aa6","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":78,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"ad2da582-317b-41e0-a246-5671d3e76462","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":78,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"dcaf94e0-b841-484e-a5cf-69926935872b","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":78,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"23041bee-cf4f-4ad3-b71a-134b25105e8e","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":78,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"bdf089be-f823-4610-9269-47d8f70b937a","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":78,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"12f2ddae-b614-4c28-9c9f-78fb8e5fc527","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":78,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"81498f15-19b0-4237-8876-99e0079c50e9","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":78,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"16f5469a-bd99-48b2-8561-9c545e785a84","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":78,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"8994c6e9-9232-4c73-a4a2-f3222be07baa","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":78,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"ad493850-8d04-4f13-856d-cc9da04427fe","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":78,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"b5900346-1700-4177-8782-f0fdd027a7c4","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":78,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"14b427a6-c233-40b4-a28a-7dac9915c577","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":78,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"4a56574e-8cef-4735-9047-43703eac10ec","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":78,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"ea86c79c-9fbd-4068-ab98-3ef3cd688f5a","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":78,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"942074c1-ef00-4c83-80b5-692c4280ec65","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":78,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"7d1f767f-a6a3-4451-b046-00bad1fe1a83","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":78,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"d82f01ea-c068-4d61-bdf8-62cf6819165e","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":78,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"c150ec63-c282-4b14-8ba4-b5e9fde15e17","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":78,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"f12a9051-48f5-40ce-af6a-76a2eac66e5a","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":78,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"9a0c4988-f3aa-46b8-88d9-7408de258772","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":78,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"4f9644a1-75fc-41cf-a9cd-5233558705a4","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":78,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"a12b06eb-bb65-4976-bd8b-e8277d5ddff1","block_type":"box","text":"volatile than investments in more established markets.","page_number":78,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"4aa300b2-9c67-4cf2-92e3-cc026d11950d","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":78,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"4532cc46-beac-40de-8ad9-f36ccbadbb99","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":78,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"39c5704c-50de-48cf-8d91-1ad666d1a6bb","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":78,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"2fba8e24-a3ce-49ac-8cca-c464b6432eb5","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":78,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"93bca3dc-4532-45fe-b3ab-9fd9efbb1e18","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":78,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"57e34c0c-d365-42bd-b18d-23a18c227a0c","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":78,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"247a9c66-6cda-4670-9b8a-8035b631e90b","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":78,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"10a0264a-774d-4ae9-b244-dc018aebdc7d","block_type":"box","text":"acquisition or disposal of securities.","page_number":78,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"8ab40197-5102-4696-b2f5-5c1657409679","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":78,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"08015ecc-8ac6-47ea-b691-ecdb55a7a914","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":78,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"dde3b2c9-5dcf-4033-9a68-256b66e28aa3","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":78,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"df5e948d-c32b-42bd-b762-7754581238d0","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":78,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"fa45093d-6891-47e7-b3e0-d316a3fef50d","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":78,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"733c373d-9b99-48a3-8a42-39fa40118e00","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":78,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"25b7a1b4-8a76-4a26-b4c3-9970bb0975dc","block_type":"box","text":"II-35","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14e46449-591f-4f7e-9e41-69ebc2c2f9d1","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6af7c44a-aa67-44b9-8128-972ee273e751","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":79,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"909a1324-5729-4246-a0f4-b509eb4785d1","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":79,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"b0e18bbf-cff2-4fb3-a999-b87d9bbe33ac","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":79,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"efea4851-84ef-4305-b490-483305f14bfe","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":79,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"510e871f-9981-4ac5-b953-541e5e406697","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":79,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"1eeb49a7-d164-4916-b8d7-43cb03ad364b","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":79,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"f718989e-326c-416d-89cf-b006d943ea0b","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":79,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"767403c8-34d4-40da-bde3-aadcbae4ca7c","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"4e16fed4-0b1e-457c-bedd-17cdc12e9b5e","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":79,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"804f5d20-2ef5-4983-ac43-c9b6c6969bf8","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":79,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"9afba98c-631b-4b17-91e6-7c2528868290","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":79,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"1df62044-fcb2-4fdd-9f96-6e24d56b56d0","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":79,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"d248da12-8957-4b2a-8f83-17c7b1385a39","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":79,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"55a746de-a93d-4704-a9ad-2ddfffc747b4","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":79,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"f31af5bb-fc15-41b3-9c7c-7238d338921f","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":79,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"13b9a88c-0114-4bd5-9af8-346081638b71","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":79,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"6a0e91ec-0042-4708-b37e-c1d6cf9d0e3c","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":79,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"ef37e027-f9d4-4331-8740-dd2976c8ba46","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":79,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"e13e1c66-544c-4cb1-8144-0d9a9e1169c0","block_type":"box","text":"per formance of the Fund.","page_number":79,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"798f554f-30b1-4771-b799-8c0efde55846","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":79,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"388b1960-c1b0-40c7-95cf-8639961c5891","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":79,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"df403f3a-6590-492a-980c-79fe3c367b8a","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":79,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"1e3f2d99-9ac7-4868-ad24-67b441c6ee13","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":79,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"0040d4bc-0494-4bba-9b8d-bad6ac95b175","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":79,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"51330961-3c7e-4171-a0ce-dc3966bf2d08","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":79,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"7283c281-3155-4d33-a9c2-5bfece03d3f7","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":79,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"59ad34de-4c01-45d2-9ced-b3a1964dcf42","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":79,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"e79fb0ea-b8b3-4c39-9e59-fac734a19c75","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":79,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"c96fd421-e0f1-48d0-b0a7-62a7e0adeba6","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":79,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"05199815-4265-4bd1-8a09-caf5b4a1d704","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":79,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"193d394d-435f-4cc9-90d9-e1b12b1ba637","block_type":"box","text":"affected by a variety of factors.","page_number":79,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"c9e0729f-06b4-493f-b581-c6839baf79e6","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":79,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"e01e7d1d-b320-42f6-8903-6c5c932f84c1","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":79,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"de74808b-4865-479a-8cd3-1fb6d1881154","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":79,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"4a2f574f-60b4-437b-9da7-6a31a0d794df","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":79,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"bcb98278-03fa-40f5-8886-71bd5a436f54","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":79,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"c58bf675-a108-4a08-8a7a-343c5d9b586c","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":79,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"f24da203-76c6-4f02-b24c-5d9225b062b0","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":79,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"99b93814-14d6-4f54-99dc-fabc45fdc111","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":79,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"f278db6f-9e35-4786-8832-43b90f8e7009","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":79,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"86dd4a91-a1c6-4b6d-a415-1111184c1e11","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":79,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"2e577737-2818-4f41-abf2-31961d00941b","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":79,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"ca128c36-942b-477b-a834-a9fb7eeee86b","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":79,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"87d922ec-aa09-458d-bcd2-213482811fb1","block_type":"box","text":"nations.","page_number":79,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"f5647d67-c920-4136-9364-dc1bdcec7c32","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":79,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"1dcda6db-5b69-4a41-8584-cb5414408df8","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":79,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"5e8a35e8-960c-4d84-9775-ae46b4090660","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":79,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"458f094d-cade-4ebc-82fa-0d8e4d8901ff","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":79,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"b7efbc98-2ad4-434d-b5d7-e2c4aad9f908","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":79,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"c505593f-dd69-4d1b-9b73-21b5e5ca6342","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":79,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"5df6aaf7-1b24-4097-93ad-1f19a15ccd21","block_type":"box","text":"market Asia-Pacific companies.","page_number":79,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"956828f1-f4d7-4444-98fc-6a8be8307cc2","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":79,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"6b38466d-2d00-4cbf-9028-93ca5beb9ff5","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":79,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"27a287d2-d1f4-476f-85e1-729f2ad1e034","block_type":"box","text":"services for such securities outside such countries.","page_number":79,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"63be0faa-70a5-4789-8841-64c2395cdb4e","block_type":"box","text":"II-36","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e2bdf60-6a67-4d72-9548-6c30c6a20432","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6cd3f60d-009e-4b08-8745-f87f66333894","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":80,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"1c4621a9-f1d2-40d1-abff-9fae887fbefa","block_type":"box","text":"to commercial banks and foreign governments.","page_number":80,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"3d647813-f009-4b69-a9da-5b133f057525","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":80,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"2900e7ed-792e-4ffb-8b14-d69545eeb5b7","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":80,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"e63f1bfa-a657-476b-b53b-6bce8604646d","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":80,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"af92c43c-b5df-41c6-9898-675257f91fb0","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":80,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"1e4a20a8-7437-4505-a240-8351a988a81f","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":80,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"8cae24be-0d7a-4518-a8d3-5f5831f6c550","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":80,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"cc0aba4d-ac96-405a-92c4-9f2af7dd6412","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"55cfdc78-c7ca-44c8-b637-ad231b5da961","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":80,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"4a5d3595-3c6d-493e-aecf-19e68f451724","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":80,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"3e281455-c9b6-41ba-8c28-b224bb67c007","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":80,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"da13d715-0900-4227-9abd-a44c7dfa0d55","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":80,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"6fe344d4-e204-4789-b0a8-a51efbcf663c","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":80,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"c9ce9285-f6b4-4f9b-8344-64b325bcf21a","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":80,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"843a25a7-ff6a-4d15-838e-c3cd8ebdb9a8","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":80,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"f28190ba-4a84-4c7f-8289-aaf8e580240d","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":80,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"e20fe4b8-b881-4c83-bd98-92845873fc4b","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":80,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"a7e38e07-5671-4d49-a801-ec7ce2378898","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":80,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"5df93bce-b0d2-4610-a19a-552ac2c11a21","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":80,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"56568bc1-a6b3-4097-8566-40ba5fdce199","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":80,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"fbb4d3fa-3b12-4474-8c63-9cbae5689c7f","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":80,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"2966d873-8b3c-4320-8374-d96253af0050","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":80,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"60720a15-5297-41b6-8b8e-735d83026029","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":80,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"e5c23ff5-0cd3-4217-81a5-5d4f5373aab8","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":80,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"424f6edb-4d35-49dd-81e5-d0bc7ff36278","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":80,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"67f842fe-981d-4de4-b389-ef002f34ca9a","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":80,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"3529c139-615c-40af-82cc-1a5cfb9e6d7a","block_type":"box","text":"investment at that time.","page_number":80,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"217c98d0-a197-4bd3-b57e-e691b9a5faba","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":80,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"43fb2fec-7d78-4abd-8bd3-5d0047a9b31c","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":80,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"74a6cebc-9b24-4146-8136-47853ce13d43","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":80,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"fa96d9cc-54a1-497f-9617-14d8823ac72c","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":80,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"47af0850-1bda-42d1-82c9-741431908bf1","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":80,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"1ff41a94-34e8-4be6-8f26-0cc2c1325d0b","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":80,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"efa1178e-6811-4565-96c5-284c157797f0","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":80,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"df780d9f-bb72-4b4b-a4a8-30de3166f020","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":80,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"d777cf9d-5b01-4387-9035-d02cc9ed275a","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":80,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"fc58ef7e-8b20-43e6-955a-2ddec5921f49","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":80,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"be6881b7-fa4a-4725-b9ac-78fb88c1eec5","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":80,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"97be9512-b423-4660-af2e-8e56f3a6ac05","block_type":"box","text":"government).","page_number":80,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"084faf45-c02e-489f-b031-7254f0003646","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":80,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"801f412f-7b86-4bc6-bbc7-598175aff3ae","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":80,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"08730bcd-dba0-4e93-8bce-8fc955a6ca3b","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":80,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"a25031ed-6acb-4779-a7fb-da39e443ffb1","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":80,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"0826218c-aa0a-40cc-b72c-623e0d1f46ea","block_type":"box","text":"foreign banks and other financial institutions.","page_number":80,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"e54d1270-667b-4713-a8ee-ebdb021fdec0","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":80,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"13bbf55c-36e1-4ad1-a4f6-2683c89e926b","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":80,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"d907dbe3-f3b4-4fe5-842b-feb8a313983e","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":80,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"cc33adcc-570f-46b1-abc9-72224bfee24b","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":80,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"9ed18b59-e4fb-40c0-9cea-6f1abb92d70e","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":80,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"008d8fea-90a7-416b-870d-6b3a1afc05d5","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":80,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"55b8f950-d8fe-4931-832d-6838f0456472","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":80,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"9a8a7e91-22ce-4daf-aae3-8328c309d788","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":80,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"027a83fd-9faa-43c8-b450-9dc47be3e72b","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":80,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"0bc5218c-e9c3-4b78-bf30-89d89930f863","block_type":"box","text":"II-37","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b83e3b0c-2710-41bf-97c7-a5184a46dd71","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfd1b85d-6e98-4ef3-bda0-354d6caad2cd","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":81,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"9109d7ff-9908-4c74-b573-6a9485affa33","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":81,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"6c967793-872d-4b82-a19e-e9eeea50b40a","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":81,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"56390e6c-ee4d-415c-8638-37c4c1057aa4","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":81,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"4cb68590-709c-4836-b9f9-88d22b29c36f","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":81,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"b2c6e4b6-58da-4137-92fb-dd0bc06f147d","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":81,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"04118fa9-4557-4426-a514-11d283000e7c","block_type":"box","text":"foreign securities.","page_number":81,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"8fdbccaa-8b68-44c0-a995-66eb22cd33b3","block_type":"box","text":"Risks of Investments in Russia.","page_number":81,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"537dad33-e3a4-4c39-b069-85fa695fca53","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":81,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"04f09c01-1b3d-4d5c-85fc-105be8747523","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":81,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"e45b40bd-f453-4439-8b9c-4df656469053","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":81,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"866f3394-41d1-4f0d-b392-4488fdb13a3f","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":81,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"303f8c85-d6a5-4fb9-bdde-76b9996449ad","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":81,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"0f5ba405-2d92-4b15-a6a0-d0936a0c4b4c","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":81,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"e7f93fbb-7f3d-4589-be13-7ff7d9f3b523","block_type":"box","text":"developed markets.","page_number":81,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"b5be15d3-35b1-4993-8e48-7fe5a4fae821","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":81,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"136df720-33be-4fbc-90e0-0186c89d1024","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":81,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"f262194a-31bf-4d66-acdc-ccb941537035","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":81,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"3ecedf22-90e1-461e-8960-37cd7e701346","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":81,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"6bd21d05-7b7f-490f-9472-8277050c5883","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":81,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"b63fa7fd-7416-4fcf-9707-99dc5d90df62","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":81,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"b921e7a9-57f7-4c8e-ae0f-5ba440aa4dad","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":81,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"1550395e-ca91-4343-bccb-b05ce5db4a43","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":81,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"6a4fb918-b2bb-4b26-8a26-5f2e21fa826a","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":81,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"97ba5501-57b1-4bd8-8806-08037d6f8b17","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":81,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"53ec6c1c-5e75-43ef-b4c9-59c0506b0924","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":81,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"a6cab8bf-6ad4-4660-b7dc-81b4f110ad47","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":81,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"efd20255-8209-4360-b1a0-a5b64dccb901","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":81,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"c5d65a9f-ffb2-4fa9-af51-11f8d33e2e0e","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":81,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"9795b559-16ef-4c3b-9831-6235c4968a1b","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":81,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"51743c28-a386-491f-a378-c20fad060fa7","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":81,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"e4a5f236-efa1-4ac3-90d4-8206a9bc58dc","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":81,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"453208e2-a558-4170-a955-5ae4f38c0280","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":81,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"eb73a977-fd40-47a1-97b0-0cb9b110bf8f","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":81,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"d8840023-9317-4969-9dbb-5cc1cb01e6ea","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":81,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"a0a88ca2-6e74-4615-9707-9c03736c20df","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":81,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"2278cfae-a6d6-4eef-96e3-033b0b2c20f3","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":81,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"eb47d01f-8f32-4557-8b72-3299075230e6","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":81,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"ae36e44b-4ad9-488d-9d8c-2e10528ff033","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":81,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"9264112f-ca40-4d1f-be23-95b4071b6d2c","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":81,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"98295198-a00c-429d-ab8a-4304d9e628ff","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":81,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"3a1383a4-f893-447e-a4e2-409c93d9a8af","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":81,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"1873a600-7589-4400-a951-56df8acf5609","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":81,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"e91dedef-5345-41f9-834b-3450c6175509","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":81,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"6a7995d2-49eb-4486-a320-ac64c7426cb5","block_type":"box","text":"sectors globally.","page_number":81,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"9e0900d9-a8f0-4031-9b02-d9c4cedaaab0","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":81,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"3935f4c9-12e2-435b-9000-25a698afb45b","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":81,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"1ccaeaf1-bb92-4e0f-ace2-b55fde653e2d","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":81,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"fa2779bb-b6d1-4719-a338-943138294164","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":81,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"8dcb26df-5ed1-4076-a7d9-5785009f0b7e","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":81,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"b1c2d4b9-2d52-4fdc-81d7-6580a13e353b","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":81,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"c29280bb-56b3-4235-8770-1e7e7b272778","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":81,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"f971cdb7-7905-4b28-8512-ed1558e30701","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":81,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"e9a8bea4-556b-4ae2-8168-ab94c9f3e719","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":81,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"de2a05bd-3405-4ab0-aeb4-deb5145779e8","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":81,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"1350f281-bda1-4482-992f-66c11e9b8a67","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":81,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"468a0b38-53c2-45e5-85e3-25623f521cd8","block_type":"box","text":"II-38","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e40b2d55-4fc7-41c7-9cb7-737f8bbccf39","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33015c19-e016-45ac-bf94-bbfcd6c1630f","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":82,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"90ca7bbd-9175-4912-99e7-5ffe7fde1ccb","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":82,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"95bad064-97fd-4e4c-8b06-4dd1e1bd7518","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":82,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"eca68034-c873-45f0-9865-37e3d76e1330","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":82,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"ae654036-6099-4ba4-ab77-1682e0317fe3","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":82,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"891390e9-956e-4a4c-8de6-76da683ef2ea","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":82,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"3e4ac5f6-79fc-4814-8399-855127975c9d","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":82,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"0ad1eebf-caed-4b01-a9d2-99f3fa343fc7","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":82,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"afbd5aac-e19f-4090-883f-51a0b49b5fab","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":82,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"56dddf93-dc5f-4ead-9278-22a097ce1503","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":82,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"3857c221-7400-4a5c-94a1-47d0018de45f","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":82,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"2f599894-c635-4145-ae19-c2c943a55812","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":82,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"df36a15d-07f2-4039-9297-267d905a1581","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":82,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"a691d897-5634-4c35-a75d-672f312e849c","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":82,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"5b8bc3f4-4f79-4a6a-9d83-30be6b02ef98","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":82,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"3f00a4d2-11a1-4fe6-b649-7f97633c199d","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":82,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"f68ca8c0-dc9a-4118-b079-006c129c0a3f","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":82,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"20782715-ed15-47bc-a029-b964a83134da","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":82,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"257efb1c-d32a-4374-b7e2-142bb92137f4","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":82,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"b49714d0-3d2f-4fd7-a17a-3868aef7fcc1","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":82,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"3ec6f3e9-1126-4c36-81ab-e9f743cb7e66","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":82,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"d7dbf88c-7ec7-488c-a43a-44c573570e9a","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":82,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"6ecb9595-a7ba-405c-897e-db8176b215e0","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":82,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"a213a01f-bfac-4810-ac7f-06181aa9159f","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":82,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"4607b5b5-d970-42f8-b494-f2d04d5cb2ed","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":82,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"2e1bf8b9-c20a-4202-a474-4d87684c5896","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":82,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"41c7fda1-0ba9-4312-9ddf-d3c518aca26e","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":82,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"bcc3243c-9788-4470-a7b0-12c2066cdab1","block_type":"box","text":"impacted.","page_number":82,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"26a1dcb6-0491-4544-8bb6-ec09b5b2aacc","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":82,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"fab6c741-be15-4e3a-bf6b-279af24cad31","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":82,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"c707cc0a-f8db-43c9-9ee3-628b231be110","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":82,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"f1cf338d-aa63-4120-84e1-20e996103177","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":82,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"f414f415-be95-4948-a6a1-ead287b4745b","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":82,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"d9f0c058-3d05-40d7-8a83-475ef2a7825b","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":82,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"d710b860-1c53-4311-a88a-eec0aa9ae6d8","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":82,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"5fdcc104-ee9c-496e-853c-c408daee64b0","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":82,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"ebfae55c-a115-484a-92a8-e31c28e42091","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":82,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"628e4d13-93d5-4af5-9e6c-4bcc4d34f8ea","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":82,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"fd3d7406-c86c-4099-b5e3-43aeb814774b","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":82,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"7fd3be31-bd2c-4909-995c-8a3624781c3f","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":82,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"223597ac-a4b9-42d3-9a43-e9b9bf3091c6","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":82,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"b7ffa3ce-265b-461a-bbb0-9fd4117da45e","block_type":"box","text":"economy.","page_number":82,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"fe0ec16f-1476-4c61-a674-d9fcc10665d4","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":82,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"377b2b48-d76d-4a73-a1c0-b09518f9db54","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":82,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"146e0a35-37a9-42c3-aeb6-e300a23695b2","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":82,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"70fdbc65-2bee-4e27-b03f-822bc8501661","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":82,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"8adc200c-f6bb-43fd-ace6-de71ec285ff9","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":82,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"673cefda-7c6a-4c4b-bc7a-131e872e217a","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":82,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"12938516-d48d-43de-bb4f-d9b37a7fa49d","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":82,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"9c3e9b5d-3a12-449e-9228-f5c9f1769909","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":82,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"0776d913-984d-4f7b-a911-477a172ed2e6","block_type":"box","text":"typically the case for investment managers.","page_number":82,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"b88f83b4-7af4-4e5e-beb0-0e86c04fe16a","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":82,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"42770f8b-e7a3-469f-98e7-6949e1a255a6","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":82,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"04bdc00d-3a4e-4538-b097-689155086162","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":82,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"62a76d28-5ea1-45c6-95e5-b150ea31c86b","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":82,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"0f35020e-e576-423f-a4bc-7b8111ae6ea0","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":82,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"32d4aee5-d970-4427-b38d-9a67894e92e9","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":82,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"7946fca4-4486-4b8e-8ffb-569cdd8bbf15","block_type":"box","text":"II-39","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60b92b1c-cf75-45ff-a272-15510617cd29","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81efde6e-8ce0-4a48-8708-f212ce036ead","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":83,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"5ad56004-dc51-4976-84b3-5ea5d7b5b3ec","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":83,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"ed3854bf-c076-43c2-a7c9-a2a3fe6052e8","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":83,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"3de90335-b997-437e-b8f6-3ad008cd6f2e","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":83,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"1b750391-0197-4dcf-b7d1-9a0ae652c484","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":83,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"383604d9-d860-415b-bb73-9627219e683c","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":83,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"6d3b3ca0-b5c1-4568-a00e-2f5a80c35690","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":83,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"60231c0f-4f96-45cd-a5f5-f1b9aa9cbd75","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":83,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"22aea9c5-5b03-4c22-b196-c97d753384fd","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":83,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"64da02dd-71cc-4d78-92c4-bde4f41badf3","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":83,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"20a4abae-7a51-4d10-9333-bdaf872a7a83","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":83,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"4b1ef395-abd8-4d7b-ab57-34c1bb57d13c","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":83,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"f00841c8-1d64-4eb1-af31-58518286f7a3","block_type":"box","text":"will be indirectly subject to those risks.","page_number":83,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"b2670b93-93e9-4caf-a3a4-37fada76b29c","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":83,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"041b014e-e8a7-4d78-a22c-d243785ae1a9","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":83,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"a641da44-e741-4151-a7cf-18152cb24ae4","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":83,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"aa808c44-737d-4f38-9eed-e8a082993dcd","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":83,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"9ffb9c81-0bc4-4ef5-9604-3b4636a33d78","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":83,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"59199fb5-72dd-4a66-9ad2-9572e59990fa","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":83,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"384473f8-2120-4e01-a09b-99840886d805","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":83,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"ead4d55b-8572-4db4-be9a-c18890023cde","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":83,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"8cd59451-f744-4079-8d9b-cdd92e04e200","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":83,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"61861948-f825-4f9e-aded-fc751c280700","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":83,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"ddde7fd9-3d29-4c85-bec3-6cbfe66a390b","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":83,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"0038e73c-62f8-4f30-8ae2-feb37fe281f1","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":83,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"d7816977-4cc3-45fe-9eaa-77d1c9a164d9","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":83,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"8f5aaa62-c335-4b1d-9711-a3c9c00fc7ea","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":83,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"c3f5bfd1-3c27-412d-ba7b-2852377d4ab5","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":83,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"404e13fe-59ea-4b46-9f82-28d2aaf2ff92","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":83,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"fc8c988c-2436-4950-b993-5f5d30ed1f3b","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":83,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"85d4f09e-19d4-4ecf-9c35-d89133d6ee2e","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":83,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"df109324-2a81-48dd-b005-6ab2105a4d90","block_type":"box","text":"impact on a Fund’s investments.","page_number":83,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"cda47085-c36d-4c36-b138-bb55f9c0a606","block_type":"box","text":"Brady Bonds.","page_number":83,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"228df25b-ab5a-48f7-be7c-c3f82ba28eaa","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":83,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"f9e4991c-bf05-4130-ae6f-66ffa63cf8ec","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":83,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"361bc67b-5570-40a3-bcae-2f1177bb317c","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":83,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"7f16c6a6-f0db-4826-b091-a8626c1e37a9","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":83,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"6bda7504-7541-4beb-b682-a39cc6a80711","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":83,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"0f6427f0-197f-4a3b-a494-eb486744dce8","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":83,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"5500ab00-c44f-4d95-ae1b-3ef968870be0","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":83,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"371958e0-bff9-42ef-8524-b91fd51986d2","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":83,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"8a680aec-3a83-417d-8302-c439bb4eacfb","block_type":"box","text":"Venezuela.","page_number":83,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"f32dff81-009e-4a61-931b-a26884b8189e","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":83,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"4da61fe3-7a72-4529-bd2b-d335d68206db","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":83,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"b0ed2509-5246-4747-a365-62fe61aacbd9","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":83,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"93867286-745e-4178-b0ba-2e80a8799ba2","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":83,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"b711e468-8a94-402e-a50a-a799a7a967f9","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":83,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"9eaacc0f-2bb1-4665-8d18-ae2a119db924","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":83,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"a5b507ec-8035-4473-a326-39f6edceb6dd","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":83,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"49eb305b-808c-4835-b2e1-f144b8c09276","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":83,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"b07a4cb5-69f2-4934-998f-374cbd6beb33","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":83,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"f5f19a12-114b-458a-96f8-8e5a4874fa4f","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":83,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"6a6adf36-c292-49c0-b392-8f1a648af164","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":83,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"ad53859a-892f-4663-a2d8-b00c8d7a77a2","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":83,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"ae698a42-c771-442b-b92c-66a8752b706e","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":83,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"da917265-25e1-4e5f-92ff-def4ddee9cb3","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":83,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"419b38f0-4275-4de4-8a73-28390cd9f509","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":83,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"bc3cd344-e8e9-4505-abd6-96799cd6e36a","block_type":"box","text":"II-40","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ffe24e2-eee7-4f8a-ad3c-484e31509b8b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c3007e8d-099f-4a7c-ad10-859424eebd81","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":84,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"4f000035-0334-42e3-b6c1-cb5a5e25a622","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":84,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"523b1fe5-2927-491f-8e63-ff5301b52dbd","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":84,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"5cc634a7-9102-4cc5-9764-995269511809","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":84,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"30afd2c0-b7a1-4722-b241-2350f0a97963","block_type":"box","text":"China Investments Risk.","page_number":84,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"c86dba1b-c21d-41db-a4c1-53a7ddb232fd","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":84,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"0cd1d1dc-b9eb-4a5b-98ba-bd8ef7b1293d","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":84,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"09611419-3660-4a54-bd3d-a40acfce6702","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":84,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"60962a33-296f-4328-9573-5a16c82bdb88","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":84,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"5b77f62c-a5f3-4e98-ada9-597c23a46fb2","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":84,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"0b57573a-98dc-4470-8574-57a5ae94b722","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":84,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"e8e5cabe-9e4e-4dde-9adf-862835233448","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":84,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"09f49a21-d234-4a7b-8a55-c80bf475bedb","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":84,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"066dfee7-8419-4541-8e42-ff43a3cc9d5c","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":84,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"87e34339-47dc-4ba3-9615-81af87e8be7f","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":84,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"0eba77e1-48f9-4c7d-b215-a6675ac19ad4","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":84,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"69d91e08-645c-42f2-acb5-8bad67cce4b0","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":84,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"9bef221e-cd4e-40a5-85ba-afd918e057bf","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":84,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"94786c7d-a116-4732-b49c-d259a1ba7bb1","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":84,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"2d6084a0-47bd-469e-b5c5-277dd4ea4c8e","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":84,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"14a96ca2-81bc-4c8c-9efa-a7bd9e66a2bc","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":84,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"53904136-badc-482c-9fa3-ba50268ae2d9","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":84,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"1f1d822c-600e-420f-81f9-cdea94bfa8f7","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":84,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"59bed67d-7113-4916-8e10-688ec93e8d92","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":84,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"1b1528a1-9ecd-4634-81df-e9e23ff58987","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":84,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"4906d335-787b-4095-8099-3b0ba7c49ace","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":84,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"2c759e37-b9c0-46c0-a3ee-0688aab7079b","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":84,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"c4b1c454-3053-4d39-b064-a1875ff59854","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":84,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"6717effa-300c-43d5-a1e7-29ae1668861e","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":84,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"313be053-0dd8-4404-bbd9-32613069316e","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":84,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"fa51e8e0-675b-4c1d-8eb5-0f2594da9157","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":84,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"258897c3-a2ed-43ce-b5a9-f09d0091b015","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":84,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"0aad8810-211b-4b7b-8f96-c59ce58f0702","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":84,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"501c70db-96bf-4611-8ece-b948d192bb46","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":84,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"6eb10e5f-eabb-4e83-9765-c35ee6de6a5e","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":84,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"78e8b18b-1f20-4d6e-92f6-329c098e3312","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":84,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"c6f10754-05bf-4979-b8c3-95e6deb0bc80","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":84,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"9e826374-2307-481c-b1eb-529fed133619","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":84,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"9f577dd5-056a-47f0-a7c8-fcb51e296fd8","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":84,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"27ab620d-55d8-4a3d-8d13-a48ddcc564cc","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":84,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"795b7aad-7a1b-469c-a9da-af897ccce6e4","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":84,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"f229a522-2110-4041-ac72-8798090230e6","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":84,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"b3b8bcda-2948-4dcd-bcb7-9aff6f79a128","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":84,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"96772632-19a6-4a70-9963-296db6226845","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":84,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"a102d0d0-c4a3-4c57-aa31-4796b12002a2","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":84,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"115beb2a-248e-4e3d-ad00-01a41f5e3b3a","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":84,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"e7cf168a-139b-4436-b0d9-d2cee31a09bd","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":84,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"6a44fd43-2004-4571-9719-ea221c2f56c0","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":84,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"c1b2f7a1-781a-4770-888d-3947ba001181","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":84,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"eaf0f5e7-a92d-4f0c-ba13-a32947de7d57","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":84,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"e5063665-15cb-44ec-b91c-3d70e718b17e","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":84,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"43cde9e2-020f-42df-bb0e-9b82370d5249","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":84,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"a255dc48-9412-4bdd-b4c8-8ff09d300224","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":84,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"94a96b44-b785-44a4-94fb-45d1087f8deb","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":84,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"c115c663-07b3-4f73-8570-9b3f767b7538","block_type":"box","text":"sub-custodian.","page_number":84,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"539323f8-0cb2-464e-b559-ceb182131b96","block_type":"box","text":"II-41","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1a3c36c-305b-4a0a-981e-f77aae045aa5","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"682952db-be7d-44c1-acc0-b4ad2b3ad554","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":85,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"29ca9e3e-4998-4d78-9138-3343c209531e","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":85,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"3679c149-b03b-43ad-bbee-ce48ea7bfdc0","block_type":"box","text":"on investor protection considerations.","page_number":85,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"7df9aebb-9e2f-41a6-b0a4-a10e923e9547","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":85,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"f4a500fc-0a33-430d-90bf-3adc2144df3e","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":85,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"9a01b85d-4c9a-41b4-975b-a1b66dc7f4a6","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":85,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"5d563c5a-783e-4fc4-b8d3-768d1c463b36","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":85,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"2ba14723-4dca-494e-ba38-1e78d89d7f2b","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":85,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"2e6c897e-b351-484e-aaa4-daca162fa58b","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":85,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"f3f524fc-1b8a-41ec-86a8-d22e90d32f84","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":85,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"cfb32daa-9757-4e43-8345-4eb2cac2247f","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":85,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"7274cf61-bee8-4662-8097-d064c855827b","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":85,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"bbc1d82b-ad53-480b-b0c2-6233cd0583aa","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":85,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"c8a447eb-d6c4-4fcf-b5d5-2ff85a8ef6a7","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":85,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"f56a59b0-9ae2-4bbc-b2c9-ca50ad4446a8","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":85,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"ba38b8e8-5d20-4901-881e-12b8c5874da9","block_type":"box","text":"accounting firm.","page_number":85,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"d1c05bda-3ba1-4e84-be17-d96411d7b9ef","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":85,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"d206223e-9c92-442a-bae7-bc8747cb9a7a","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":85,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"bd856bd9-ab69-4638-b148-560342e2a86f","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":85,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"8aaa68e6-3152-4845-82bb-fd575a81e76e","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":85,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"874f3fcb-5aea-4051-97d2-b372803adb7f","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":85,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"f87dd2b3-5cd4-4380-8a73-05d662529201","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":85,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"54ab703e-32a4-473b-8492-6f2cb6a2ec80","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":85,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"7992dd44-5e2e-4d16-a2bd-9f192ff4891e","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":85,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"444f0907-6f89-4ed2-ade2-64e250e304f9","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":85,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"d0e28141-636a-4244-80a9-64a424e5d5f2","block_type":"box","text":"RMB (“CNH”).","page_number":85,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"64039765-55fd-43b1-abbd-f29894c89c45","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":85,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"2c7e234e-8591-46e0-9998-01e4a003eaf3","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":85,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"d03ec309-a0cc-4a27-9256-4b311bc0fb5b","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":85,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"e0183cae-5b5e-4a7b-bff9-974ca69e3ab4","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":85,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"a4d3f02f-bc4c-4cb8-b49a-c5e4b6dce0ea","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":85,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"318130e5-6e5a-492a-88eb-44499b1b98bb","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":85,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"29f29527-ab95-41ea-9d37-12e26b5119cb","block_type":"box","text":"represent equity ownership in the operating company.","page_number":85,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"78a11ea6-0417-472d-a9c8-a23baee9e217","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":85,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"6d40feb4-0016-4e39-9c7d-713b87555d4f","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":85,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"bfca6737-c6e6-44eb-a37d-8841e5deada4","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":85,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"e8b3cbd2-0a41-421a-8b09-210e3300d304","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":85,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"f5f5f8d8-5804-4701-8efb-d582d17e2d2b","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":85,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"8178ff09-ca88-4a82-8442-828f5bff8a55","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":85,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"7c9c3f0c-f036-49cb-8324-a789d8257ff0","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":85,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"8023f79f-2d5e-4145-86d9-126865b7f113","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":85,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"250f80ad-b5ac-4e58-8c0f-f2a05368f2df","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":85,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"fe9a8d08-8d04-45f1-a5b7-0b57d8d1393c","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":85,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"70ff62a7-11c6-4c3c-a38f-8f7a311a8229","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":85,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"53f8230b-8cad-498f-88c5-e835c31c068b","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":85,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"84e77abd-5a47-4df6-b3dc-c8ca6a32da1f","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":85,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"57d72d70-2f3c-42cd-873e-247d84bc1825","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":85,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"7cfeb293-0aed-41cf-b3c8-fc379abf9bd3","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":85,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"d2754bfa-aa52-46f4-979a-dc9912d35894","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":85,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"1790fd86-627b-4fbd-b8ab-088fa3cecb51","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":85,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"f457ff4a-5418-4f51-86a5-4a0b0e3cc644","block_type":"box","text":"losses to a Fund.","page_number":85,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"c4601a54-d667-45ef-935e-50a119f17a7d","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":85,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"8834a1de-68a9-41e4-97f1-dfe44816691a","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":85,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"1e2d40dd-a926-4c4b-86d1-a91f63f159c2","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":85,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"9de86a3f-19ea-493a-a5b9-6781837f4533","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":85,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"487e6036-9c7b-4dec-853f-553c6c85527a","block_type":"box","text":"II-42","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"254abcb6-d0c9-43cc-8521-42f2cd120643","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48cd8383-bfdc-4c31-a84b-20db41520a6d","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":86,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"772e3a69-cb2a-443c-8cb3-e1017c0d765c","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":86,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"7258b2fe-6086-4c97-b00e-0b4bcca13d32","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":86,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"a0e13323-0f8a-4602-9167-687baf08f533","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":86,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"fa9ebfb0-c5d2-431d-b309-801eeaffce8b","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":86,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"b0f97a13-d53e-4d6f-988c-7e42b55a17e6","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":86,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"90592870-1d15-4c14-a353-9df5edcf4561","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":86,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"813afe71-895c-4fd4-9b9c-87db0c622e3a","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":86,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"ac7bc128-861a-4ee0-b3cc-3ad9d9160985","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":86,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"da841cbb-b1ac-4f34-b385-f9e291b1129b","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":86,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"3e6a8742-98f9-4f20-80e7-7748958e3350","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":86,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"2eaffd5f-0376-45e7-b9b9-3d961677b507","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":86,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"46148fed-f88f-49af-9d52-04dcf3327432","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":86,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"14955074-1904-47bc-8624-201a8610261e","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":86,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"40d849d0-fcc3-402f-b939-2632c514b637","block_type":"box","text":"such companies.","page_number":86,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"02890d68-d785-469d-993e-d8f56b1495c5","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":86,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"22ed4c61-afc9-4495-a5d6-396c78e10d81","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":86,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"6d60a277-7d5a-4344-8a6e-bd155bcf577f","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":86,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"3ef5aa31-5075-41ad-a757-218815e5c734","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":86,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"8ce03abe-d012-4187-8985-e1dea626b59a","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":86,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"a27b7323-f48d-4246-8887-2e5269d563c4","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":86,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"622af60b-407c-47c7-b49f-744169256abd","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":86,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"f1d1f15d-d51c-4bc5-98cf-f3a271a000da","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":86,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"980ff3e6-d5c5-458e-9f11-67356442bd6a","block_type":"box","text":"standards.","page_number":86,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"3a3e09f4-f13e-4f22-b163-925f21191cfc","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":86,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"dd68962b-b9e0-46b6-935f-0451add80c36","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":86,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"e2d5c0e1-1fa2-43dc-9f41-865d245659c4","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":86,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"19f96afd-c938-4628-b160-0f39edf240c0","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":86,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"de9b9e91-74b9-442e-a033-a6af633d5628","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":86,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"356a3bee-8404-4886-9244-2e192d2173d9","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":86,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"bd9d2ba0-325c-410c-bc28-b7e0b47f1e50","block_type":"box","text":"General","page_number":86,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"ffe3f5a3-fb00-4783-aeaa-1c17ab953c9b","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":86,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"75eabc4d-a8b7-42d3-af12-00bb52455aa7","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":86,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"e896d1e2-f47e-4b4b-854b-da7f9a798af8","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":86,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"b22ebe2f-9af2-4629-aa21-b3eab6b556e2","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":86,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"8684105f-17c2-4544-831e-4c29d45b0b2a","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":86,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"a8f77128-9c1f-4fe8-8e73-c2e1a2edbbea","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":86,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"da7d87c0-2c2d-4841-81c5-8797f541efc0","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":86,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"20a97287-8229-46d1-83b3-3163bb159b29","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":86,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"e548cfb1-533b-424f-b0fb-4ecb5eae510d","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":86,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"3adde936-7c85-4c6b-8700-7876b58c7f4c","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":86,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"092bf757-9b10-4336-a1fc-552a6d7f8ef3","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":86,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"ae1e283e-0ad2-4969-b988-8646be92426b","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":86,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"509ff4e9-c48b-41d5-9f9b-d6c732d91018","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":86,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"b260d6df-fa5b-45a9-a879-d152cbcd0155","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":86,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"dc99d56c-215f-4945-a31a-dfb08ea10bbb","block_type":"box","text":"company established by SEHK.","page_number":86,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"29160eb4-8786-4ec8-8ba5-0533348074d4","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":86,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"8df16608-e0a1-4166-aecd-a3d5701c5284","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":86,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"6d765416-1407-4c44-ad38-4c3e702f5ca6","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":86,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"704af4db-d0bd-46bb-b00d-6f947dee28e0","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":86,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"38f02a89-0bc8-4029-9793-01010c5f63b1","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":86,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"e9ba5377-cb1a-4f48-b989-68508e2b8a00","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":86,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"5861d82f-91b7-4458-ba7e-ad2c6377ad89","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":86,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"963a227a-6858-42e8-a041-06f50231f282","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":86,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"d521390b-ff47-4b13-8fc4-01e5d70d1794","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":86,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"086b8a83-913a-4fde-bbbe-1ddbe0081e6c","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":86,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"6fff9dc5-b2d0-4489-92a8-77bfeab3ab7d","block_type":"box","text":"II-43","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0471513c-6593-4db1-9fd9-cf76ef3d16dd","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84cdc7a9-b9ad-4d3a-ad33-7c2477e9fe37","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":87,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"47fb2533-1dbb-4a94-8201-6508c0a3c0fc","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":87,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"2cac90fe-1b24-4504-8b03-e963aad096d8","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":87,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"f26e97d6-7b6a-48ce-817a-60c7cc2a9f10","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":87,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"6baac5bd-b927-455d-94a5-4d17b1537e93","block_type":"box","text":"i.e.","page_number":87,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"92077343-085b-4043-b323-d63feb935cf6","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":87,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"911d1419-b621-432b-ad55-a10aa8abe716","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":87,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"f626a5a3-1d35-4695-8be3-c6f5af2cdefc","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":87,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"217bc44b-da41-42b5-912c-7ffcc0ecd83b","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":87,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"1bbf57d2-518b-40ef-89fa-9542d1f56eb9","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":87,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"fea511df-5962-4fc5-9f3d-b6951cd60a2c","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":87,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"3be4ff0c-317a-40db-89fa-a9a4c6b471a2","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":87,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"64b337f7-3490-43ae-abcf-20fee362d7cf","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":87,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"37611232-bcf5-4a69-adf5-bd8ea6e4b260","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":87,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"2e38f27f-81a9-4a1c-abb3-820ed2d1a9ca","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":87,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"dc3b1ac0-6240-45eb-acb3-b8808fbbfbef","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":87,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"ce9e1fc4-326d-4666-9198-ace519011943","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":87,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"8cf44779-61d7-49a6-854a-7842d18ac367","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":87,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"e33a7f21-9a73-4dcf-bf17-dc5eb77ac415","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":87,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"f6b5bf31-7013-4a81-b185-f1025e5e9283","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":87,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"7e2ce614-e7ec-4f43-a1d5-8da26f9f0da7","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":87,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"96b4caea-e50d-4e69-8b13-040c9173e53e","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":87,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"44b3b563-74d0-4bbb-8291-665efa906f5a","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":87,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"c176d0d6-10d6-4551-bbda-f945f1fd9ce3","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":87,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"4e072071-4728-484d-a2b7-55395c1a9696","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":87,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"1bd16b9e-9ac5-4095-b36d-66647c52dc2f","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":87,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"9b10e88a-270e-408c-a3ab-e3f12e156b63","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":87,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"9401542a-714f-46af-bc73-3df7a4f08e1e","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":87,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"25d9573c-f09e-495c-a869-db0ffa5e92ac","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":87,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"a461d03c-964f-4efb-870b-dd623cbb9274","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":87,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"9fd163c0-8148-4762-8c9b-5359c85e65f8","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":87,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"29f10a5d-6a84-45dd-b109-e7e1f6b460db","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":87,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"d61351c4-3972-4231-9c36-a13908364f1d","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":87,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"eafa12b4-7083-4d90-ab49-90ab00fc467f","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":87,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"e04df2f3-2cc1-426c-a11b-9814684919e3","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":87,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"0e32c4ff-87df-4cf2-895f-d24d18dc4e2f","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":87,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"22804a24-a65d-40d5-a38a-238d24ee3418","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":87,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"dd05a607-6698-41d2-bca9-87f64f5d977c","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":87,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"e2c21277-e70f-4635-a832-ad288643a60d","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":87,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"c65c64ea-9ddd-49fc-9b83-edec041c5727","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":87,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"2476ef07-2aaf-4516-b6f1-de991674b1a8","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":87,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"e742adaa-ab62-42cc-a68d-f16e1d560552","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":87,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"46d8decc-3d61-4886-930e-44d8f23cce47","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":87,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"38058dfc-4dbe-4c8f-8ee6-f868ab4e3764","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":87,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"4d4fd61d-5265-475f-ba8a-d5b1a9b1789f","block_type":"box","text":"PRC.","page_number":87,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"f86f162f-3b0f-4580-a36e-7e08ac1cb852","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":87,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"507f2ae2-8b50-4076-83ac-3dab763cad33","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":87,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"4f2a281b-c4cd-42a8-bd7c-82b5f71d56f3","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":87,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"9c74662f-5501-4295-a378-0ed8c15b5c00","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":87,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"868a64c8-a7fd-4090-84a7-881cea7cdac5","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":87,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"6ae4cd9a-5e75-470b-bcb9-d0dafce0f2b8","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":87,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"cdcad867-998c-4eef-9845-5fc589160520","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":87,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"d5ff3a35-4c15-4bc5-bf2b-bd7140844e46","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":87,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"50ac0c65-bc13-45ee-9995-5091feee2e88","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":87,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"1035a740-c60b-46b0-aa77-5ab8ee0db85d","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":87,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"dc6cd4d6-f8f0-47d4-811c-ff6e2c71481e","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":87,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"2b78789a-2c3e-46e7-adfd-db0cdea959c1","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":87,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"55d1bcac-3c10-41c9-9e26-6adee6eb1de4","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":87,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"c80879df-eb95-483d-9945-dafcdd545856","block_type":"box","text":"II-44","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f5d3ccc-c248-46be-a00a-9ec148a904c4","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d72f89a3-83e6-4525-a3c2-2f14650805a6","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":88,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"b2b88d0b-5ace-4729-a04e-02b763936961","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":88,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"e4e6acdf-36c7-473f-ac73-2eb4f7bdff0c","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":88,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"b5239131-49d8-4a03-9ccf-df3562c07239","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":88,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"5cb84374-da1b-4637-8427-eec4af9b205a","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":88,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"5d91784e-2a91-41af-b098-d1939ae88f34","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":88,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"4ba5d94b-81aa-407d-8c91-0d17314a444f","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":88,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"895cf5a5-9b5b-4b63-8681-8f48cd3db9e9","block_type":"box","text":"Suspension Risk.","page_number":88,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"c12183a7-9e54-4fa4-8eeb-2834716214a9","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":88,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"22d417e7-b556-4c0f-9d74-863edfadaba5","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":88,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"6e5d2b65-e43b-4fbf-ad86-ac7a5ffeaf47","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":88,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"d3aea4ad-c5dc-47ae-a154-307221f24fdb","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":88,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"c0ff7bf0-4362-4da6-844e-ac311032eb4f","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":88,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"c74f2cf4-6d32-4162-9954-e8e4c838b692","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":88,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"8b7e977e-8c15-4ae9-aa7c-6acf5d8d340e","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":88,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"3ee76716-cf1b-4097-a299-1123c7f933c0","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":88,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"126f80b2-3357-474e-ab4d-dbcc04dd87f3","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":88,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"68399f64-c3c1-46ba-abbc-6cc56d0baea9","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":88,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"75fd9978-f4e5-4cd6-9f43-ea407ff6dc46","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":88,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"536fd500-a38f-4ad0-97a7-d0dc353fffb6","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":88,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"152f43ff-2bc2-4bb5-bc22-050c8f830208","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":88,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"4f9563cd-ea0d-4ad0-b978-b792a513d16e","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":88,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"cd19faf7-81c8-468a-898f-3466c213573e","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":88,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"bfb3da0c-eda0-4757-a7e8-2423d8e374dc","block_type":"box","text":"A Fund may invest directly in the","page_number":88,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"88a274f0-0c9c-4ef4-b63f-a48dd06b9234","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":88,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"b2d0212c-53f6-4d73-b0b5-ad4025f4a3e4","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":88,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"123f30d1-ffa3-4870-a65b-fe0196d19269","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":88,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"fb67d9a3-c312-4597-90de-09612d5468d2","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":88,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"eb526269-4eb3-4233-8680-1ee441d01fc0","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":88,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"79b49ac2-90d3-432a-8555-1ebd0c6d56a2","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":88,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"5c42d031-56ad-4158-9b4c-3a8f5bb9f7f5","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":88,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"3b9b0873-f767-4fc1-a40a-04ba0d606816","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":88,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"6242ab34-d8bb-4ff2-893e-031c13733f79","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":88,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"e23f7435-e697-4066-a84d-cbdb56bb9004","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":88,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"1dbdb135-1833-4112-bb64-5371744abe84","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":88,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"9674bff1-3916-4502-8b4b-30b825830624","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":88,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"4ec3d52b-5596-4eff-859a-9840d6075c25","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":88,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"a7413c05-7f28-4c5e-8997-b843fd7d39bf","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":88,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"2704ed40-7f9d-4735-b66d-ed40c0f9cb2e","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":88,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"88a8a950-0262-4334-84bf-ee7076ff6e7c","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":88,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"48187513-a390-485e-910f-a65c8225a4aa","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":88,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"c9c69617-cbcd-4c1d-bca8-81b921682d7d","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":88,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"a15deb84-d990-4623-afb7-7f54572222e4","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":88,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"e3b932ff-82d8-41d6-9d67-6e75ddbcc131","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":88,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"0d8fdd7c-2b81-42db-9ac4-dd30ef1e0e52","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":88,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"281e92f6-0d36-4866-ade2-558ca8f6be1a","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":88,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"55039188-f14a-4a8e-9c92-122182cb9f7a","block_type":"box","text":"i.e.","page_number":88,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"c973b821-ef64-4b1b-8763-ba4988551946","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":88,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"a0015176-d84d-4cd9-b175-c47cd9aa17e6","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":88,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"cc703b0f-f897-4be2-844b-37997e9ca86e","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":88,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"383c4f9e-ad3d-43a2-9edf-c76237ef1956","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":88,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"bc1edd02-9656-446e-ab3b-753b6f93e688","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":88,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"77621f4c-e08e-41f7-bbac-dc66b8b969f6","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":88,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"9f538008-0243-472f-91b3-5e93033d3efe","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":88,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"9d959652-cb9d-434d-babb-e9887aa12ff0","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":88,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"cf0d23e3-bcac-477a-9a7a-5c29d57c64d3","block_type":"box","text":"par ties.","page_number":88,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"15150f18-c787-47fb-b3cf-8ffd19db1677","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":88,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"05c0eeb5-9ecb-46d7-879c-66cbbc268524","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":88,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"e52bced6-5b23-4716-84c5-e35a763a362d","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":88,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"bb61161d-4574-4b6f-b9ff-fd57f49a4175","block_type":"box","text":"II-45","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8709c75d-7dbb-47b4-93c8-82472b7dbdc5","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d6449cd-c3c6-4aeb-bb0f-1a41896724df","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":89,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"48e74ed7-1c70-4bb6-841c-d3ea474b89f0","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":89,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"951755aa-c715-4dd2-8633-f87987812383","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":89,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"df4ff66e-b33e-4db2-9a21-acca53a0dbdb","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":89,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"d40956f2-d6c5-4484-8ee4-d458aa24f05e","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":89,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"92b58855-cb09-4a75-8ce2-c9588451c4cb","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":89,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"dcc12f7d-24ec-4cc0-ac2e-dcfed31359fa","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":89,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"21678dab-e5d6-44f3-b35a-e12608bfbc09","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":89,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"5ed6446e-80f9-4b8d-b574-e909afa4c281","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":89,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"a8f0d5d9-9773-4333-931d-382487b77e5d","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":89,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"a93e44fd-d3b8-46a6-9067-1a6c360efa71","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":89,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"4a763826-f85c-437b-aa62-24c4401aef08","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":89,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"ca15e8b9-bd4d-4a1c-a03f-56f5791d375f","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":89,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"b0b26f10-5cdf-4e90-9b85-403d9a864035","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":89,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"22142fdc-7c6d-4d01-9728-e78bbfe08a77","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":89,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"ad35face-a06a-4bad-a01f-2893223f1caa","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":89,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"0591fd46-dd32-427a-bad3-d59ec044d0ee","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":89,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"3cd54757-9cb9-45d6-8240-0d1575ff3cc4","block_type":"box","text":"per formance.","page_number":89,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"19aed766-2334-4e59-a5d9-99dc189d14bb","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":89,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"c1b4bf54-454e-4cd9-93ff-2ef922953b91","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":89,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"dd4011cc-3348-4886-846d-8a9c63487d10","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":89,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"3df78533-0f15-4fe1-80af-2b0d9facab0a","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":89,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"9ba4efc5-9b2f-4fea-842b-7f672de4069f","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":89,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"a10c9d4e-51df-493c-8c4e-a5acc6e37a8c","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":89,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"8e48adee-4fab-4405-9728-cb7a0f6b3a1c","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":89,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"0759b68d-b6a8-4a6f-9f33-e808f491a46f","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":89,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"7dff1328-d671-47cf-956d-6b4f7a043a08","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":89,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"e9d01aa7-7ec3-4bf1-b8cb-95556595971c","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":89,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"0776e934-4ec3-4dc2-a04c-01d718666a39","block_type":"box","text":".","page_number":89,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"86a25d2d-0924-4e8b-a9de-fdc44b9fbc58","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":89,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"2b640b5a-449c-4450-b022-fb536cff0fcd","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":89,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"15b299da-11cd-4fcf-8da0-eb83ce130301","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":89,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"dbcf0705-1ef0-4328-b107-d964b4739933","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":89,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"5cd55263-06a6-4782-a9ee-7052f907f471","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"cb91dd0d-1ab8-4fb3-a922-ed1e569d1c42","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":89,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"7f17ded5-d8e2-48d2-be36-8a8e70f3e04f","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":89,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"5bb38c88-1cbd-4880-a3a2-ec0708a7f282","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":89,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"9bca716d-4d15-4270-9c2c-8b7b72ffc69b","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":89,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"ec956699-e30e-42bf-a56e-9ef345850a2b","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":89,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"522f912e-52a2-4b7a-992d-21a3bd0dc50d","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":89,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"bdad6c31-7901-41fe-a2e7-3d91efa80a25","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":89,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"c1800615-9bd9-4a14-9cf5-78fffdb0d9bc","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":89,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"9f9619ce-4b0e-4436-ba25-b246ad3c79a9","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":89,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"1cb2f024-9987-4313-b3c9-3185202c808c","block_type":"box","text":"without notice.","page_number":89,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"7fbf2afd-62bf-46da-ae6f-29e1c715a294","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":89,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"fe723645-a74a-479b-8b10-ea4639b3fc60","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":89,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"4727e3b5-e133-4cb8-b4bc-32d9a3a3e5a0","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":89,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"940da7d6-7d3b-4f2f-88fc-200d9e257508","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":89,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"e73f25e0-5140-4fdb-b1ba-241fc57e8aac","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":89,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"046f3fc3-e3d4-477b-b541-4abad7d4aec5","block_type":"box","text":"December 31, 2027.","page_number":89,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"1ba803dc-f808-4575-9af0-38b3593fe3fd","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":89,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"32163c4e-6f4d-4e98-ad65-7d9b3bfb8d88","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":89,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"2c6f965c-a977-4f1e-bcba-5d45f0eabd2a","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":89,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"ea644581-0b12-48ad-8dbf-661975ad8cd1","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"36f38bb1-b540-4e1a-bdc6-7f62a98ebc4e","block_type":"box","text":"II-46","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"112b461c-ec12-4c7f-a6a6-ed5b827fba57","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8109c0b4-96f1-4738-aaa3-12960254fae5","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":90,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"74d09dfd-8374-4d62-a033-8e7a9ee5e755","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":90,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"05919b86-feb1-48d6-8c4c-ed89b0586e65","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"65fe9f89-060e-436d-b9be-0a63c03c43bf","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":90,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"2405c722-02f3-4dbf-9f5c-1623a7a4cade","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":90,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"e6daea9c-8b04-48b4-9277-87bcfb1662d4","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":90,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"24b039b7-ef5f-4850-9fdd-2b2208e94ee6","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":90,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"4e06bfbf-8d66-42d6-8071-22d11afa061c","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":90,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"74f37f0c-dc40-4500-844e-30b265ee284e","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":90,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"951f7e75-cf53-4799-b14c-c729f4377370","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":90,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"81e9d394-5eee-43a6-af3d-1195a7755fe6","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":90,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"525bf185-1d32-48ab-a1e1-d4ce9c8520d3","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":90,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"cb57f567-035a-491f-9bd1-86700206e6fb","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":90,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"71f590df-5cd0-4dac-a2a1-6fa686585f11","block_type":"box","text":"PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":90,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"8cb3270b-23b9-4d7b-9351-cdef1dc14c52","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":90,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"ac5d1d1f-28be-41e4-894a-e4c1b4dac604","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":90,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"2ee2e583-bbae-42e2-ac6e-15071c920784","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":90,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"78622ca3-b4ef-430a-a636-420d0b9933ab","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":90,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"0f6d2bbf-00b7-4a38-b217-f193cca0290b","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":90,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"8e8b78f0-8f6f-4fb9-b892-bd9f43037aaa","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":90,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"1b06e1ac-10ed-408a-98ca-545764dcaeb4","block_type":"box","text":"the PRC in notifications.","page_number":90,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"984e337d-2375-45ab-9209-f64cf58d9af7","block_type":"box","text":"Investment in Other Investment Companies.","page_number":90,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"33531fef-d8fb-40c0-9644-19c766c6401e","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":90,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"62b0afa8-886e-4262-8a06-1b0f73b06a88","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":90,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"7c9db94e-a8bb-448b-a5bc-75dc655efde2","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":90,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"522f3b0b-2257-4b5f-a834-e6a67ae6e98b","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":90,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"67d7a8af-e0c8-4d4f-a8a4-2e2a6f2fcba4","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":90,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"9c13aa9b-48aa-41f0-a709-8770f35e8702","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":90,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"1f1288b8-ed42-4783-9580-237b50566b22","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":90,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"d6715587-b7ce-439e-9d89-e3b9ae549dff","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":90,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"98c530ce-f4f3-43ce-bb15-cd3f740e6d6e","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":90,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"c8f940a2-4736-49ad-9264-dec3596efc7b","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":90,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"4630ec79-f852-4e78-865f-8ebe2dfd93a1","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":90,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"bbd2b442-d6d7-416a-8c0b-5952fa8bb80d","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":90,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"029c0ee8-7d7a-4e45-8b73-76256a2759d5","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":90,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"8662d8c6-7de8-4afe-a73f-31fb527a88d6","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":90,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"4f028954-add9-4dc6-aa9a-8ef10b407f80","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":90,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"e0dda569-963f-4935-9817-415019c46373","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":90,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"46d2f4f1-7f72-44a1-9c88-82a1ced146c8","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":90,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"57260cd1-9a5d-4c0c-9677-0ddf89f43c64","block_type":"box","text":"subject to cer tain conditions.","page_number":90,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"d8d14762-7fff-4092-a0ed-7cfc6629ed4d","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":90,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"0c5bb9c8-dafa-410d-b3c5-2af5b49e31c5","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":90,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"cb88eed8-725e-4742-bb67-e2e6ab04e3ef","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":90,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"22559be5-10d4-472e-b13a-aa4849fca396","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":90,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"62d7ab71-5ef7-4b2e-9021-31928cbcb05e","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":90,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"cee37b54-8c77-40ed-9c5d-048ccca07e9e","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":90,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"3b421c82-4239-4c55-833a-3960ff0987d0","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":90,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"cf70b135-b4c6-4d10-8929-0c6015368d99","block_type":"box","text":"loss.","page_number":90,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"d7814073-fcf0-4d6e-b8f3-cb8712f798c4","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":90,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"cfdd1430-9b0d-4087-b62a-5b18043abb4e","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":90,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"0bab25bd-5a7f-4fb4-9a49-4aa30d5f1fb3","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":90,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"dd85c657-ebd7-4a23-a97e-595c69915d4d","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":90,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"8158e476-5268-41b4-9073-4f0c39642a85","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":90,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"95bbf4ff-9a0b-499f-9dc8-b99a5100f06e","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":90,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"4390d87a-5f48-4880-9248-012900e66051","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":90,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"5fb8e746-957a-4039-b18e-2487eee2cb11","block_type":"box","text":"II-47","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01a1c417-dddf-4e7c-abad-3f6ea7c3eed4","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8302818-c517-435e-bca4-253277e30add","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":91,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"d44ceed7-8591-4765-be9b-676a9140bc7c","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":91,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"18521a55-d2a3-460a-9e18-5322aa1dddbe","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":91,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"9f6c5e2f-446c-4c66-a80b-5281225d82a0","block_type":"box","text":"assets.","page_number":91,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"9db9b764-b1d8-486f-91ca-2ce5767cbd29","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":91,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"9ee6c7d1-7491-40ea-8c96-bd91c4f1bea4","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":91,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"35cc222e-873d-4fc0-971a-0ac4a1b5e356","block_type":"box","text":"e.g.","page_number":91,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"789481dd-414f-4313-af91-16a512a2cb67","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":91,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"6d624cda-b1c7-4be8-bd24-5dea699732e8","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":91,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"454a5e72-bc8f-4334-9d90-6b415d51d00a","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":91,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"34fe8fa8-598c-4d7c-865c-9846479cf0cb","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":91,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"ad0f9d1f-0fd9-4aa8-80a4-0a9b5b3a7657","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":91,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"63c0fb2a-de9b-4886-a2ee-dcaa26e09f5d","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":91,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"5562e723-9322-4a80-8240-e548a997feb8","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":91,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"194c1fc2-af2d-426a-b79c-ac048c2c9510","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":91,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"bf77835f-22ba-4f92-b257-09ad7161ed5e","block_type":"box","text":"countries.","page_number":91,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"2a31be04-d693-4824-83d5-df91f6a68919","block_type":"box","text":"Issuer Insolvency Risk.","page_number":91,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"d45c4838-8617-488a-8d6f-af479a40c50f","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":91,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"12f01f4a-2f35-44b7-b6ce-5e58ec1f9b25","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":91,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"371a4ce4-93cd-4658-ae8e-8c8660ffb231","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":91,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"85b3a336-b419-4bc1-82fb-dc05598754e1","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":91,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"e613b351-5b13-4766-bb46-0b9420a10c3c","block_type":"box","text":"issuer uncer tain.","page_number":91,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"cc60902d-1f39-416f-a357-153936d31e65","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":91,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"bcf62183-9fbd-48e2-bb55-62a980471c29","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":91,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"e66c7935-6f31-49d6-8b59-4739d03d581f","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":91,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"da2c4271-b27d-4589-be48-d159f35f53c3","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":91,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"d2b34c16-cdee-4482-8480-b95062f9fa5a","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":91,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"24ab0c5f-41e5-4a78-bf42-a1fb0c83bf9c","block_type":"box","text":"eventually be satisfied.","page_number":91,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"ee196022-a895-490d-9f12-eaa6455125d3","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":91,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"0e0418ba-9a75-4bc0-a1ec-6f24cb84f3e4","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":91,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"35e5c8b4-81d4-4f5f-b8c5-be4bc8317377","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":91,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"6545a914-771e-45ff-a9e3-a538ef911c78","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":91,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"5157b288-bc79-45c8-99d7-c25b14b6b2c1","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":91,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"f584cb61-b71d-44bf-9752-660f7b753eec","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":91,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"c9cc55ff-cf7a-442d-a543-3fb2b7ff4613","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":91,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"f7945458-9268-46e3-be0e-2da006ac3b2f","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":91,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"e07aee8b-42f8-4d0f-a2ac-b60e39627629","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":91,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"3664bda9-643f-4a9b-bb61-bdae537f0584","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":91,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"0e7525a7-2778-42ad-aa08-0f4fb8b5ccee","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":91,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"07ce2cb6-473a-47e0-aab1-2d270c8f41cb","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":91,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"24eaf6f5-a75c-4542-8b9b-1a8a1b9545bb","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":91,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"cd7feb64-7fd2-401e-a190-d3eb7b7ed9df","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":91,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"f77b3d3e-be34-428f-980e-49652dcbab60","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":91,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"f1208920-b617-4b81-a2a5-523edff03948","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":91,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"ed4cc138-6739-4f3a-8957-c87b8553982d","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":91,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"046116c3-5d35-48da-979f-f860ce70978e","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":91,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"7cbc93dc-cc63-4374-b986-7a2cb20e7552","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":91,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"729fb403-7178-4b73-81fb-faafd4a1fed2","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":91,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"036ea2ed-d7b5-4cf5-ba67-e3b5b65f5a23","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":91,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"f2f3dca2-edd5-4ed7-a0d8-90e01627f51d","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":91,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"6671e811-8328-4ecf-8f93-8c2496c107c3","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":91,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"2c3a9b0c-68fa-4b7a-be63-e7f09361b0bd","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":91,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"7c30e20e-dc96-4074-9d18-149bc9b96c46","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":91,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"38f6abe6-80c9-4c05-ad95-4ca847990171","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":91,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"87b2a034-a688-45e6-bc36-c95ead4a8d1c","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":91,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"50b4abcc-4530-44d4-acc6-2546f7c624b9","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":91,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"866522d0-709b-41f5-a422-129ac3d8c8b3","block_type":"box","text":"that assumed generally by an investor.","page_number":91,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"95f92bf3-bbf5-4725-99e5-95c6ea379e6d","block_type":"box","text":"II-48","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5ae93a92-61aa-4bca-b3ae-f49a5e58265a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a866b93-dd62-4a58-a990-ef53954ad7ba","block_type":"box","text":"Lease Obligations.","page_number":92,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"4467946d-7c30-4cfa-8008-bfc980e96747","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":92,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"880e587e-8116-4f98-8879-8da86546e8e1","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":92,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"deeb3de4-7532-4004-b95f-3c2d27d199d0","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":92,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"8a7ade6e-77b9-4369-bc8f-3da70f11d016","block_type":"box","text":"Life Settlement Investments.","page_number":92,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"12708480-8667-4ae3-8f26-96095175e021","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":92,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"a9c7a28c-ae98-4acf-8cd9-cf061c9dbc21","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":92,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"cdc79a36-e117-499e-9057-9662d96b27de","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":92,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"abbf636d-0b6c-4499-be1b-94d09d3448e7","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":92,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"adb9e748-a316-4cac-8b36-7ffa74a98509","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":92,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"2d0673aa-cbdf-4568-b556-0230a6023131","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":92,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"f7232ec9-4c7a-47c7-9e28-f210321c73ed","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":92,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"71d188a6-00fb-4934-b837-9c36b3daacba","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":92,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"e3427cf5-6377-472a-a0ae-e9b5cb71e9b1","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":92,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"62800133-5880-4de9-8440-5f8a74c2f933","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":92,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"32c56d0c-b245-4e19-83d5-ed1007aa9247","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":92,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"e2a9dac4-5072-4fb6-ad0f-aa1e0507da81","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":92,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"224eb6c7-3910-43f2-8474-aae4cda28c2f","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":92,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"16946c69-4f96-4753-998f-fe0cd26a4db2","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":92,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"bde59b47-0b57-482d-9de4-7ffcc8184cba","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":92,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"cfa0d05e-8ecd-4309-8df0-dca157062ff2","block_type":"box","text":"Liquidity Risk Management.","page_number":92,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"d5edb4df-11ad-468f-85e0-68f2af888adb","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":92,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"b26b6070-a435-4dce-91c3-8615c1440665","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":92,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"fc4316b3-162f-4640-bddf-75f7fce10ff2","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":92,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"9f103f58-6946-4f4b-a4b5-022427f35ead","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":92,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"6785f2af-8b10-4c91-bf62-593320c1a7ec","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":92,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"46e8a9ab-85c6-49f4-8510-f8a18017c84a","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":92,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"24b21914-7256-44bd-ba86-32ef55b5d54e","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":92,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"d75f8328-6e88-4e58-92ce-2e00a9556eef","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":92,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"0cc57cbc-6367-49e4-93d7-9a265707745b","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":92,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"a4213075-9c01-4bd4-ab32-7ed51bd836a3","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":92,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"6fc229d4-0aa1-41fe-822a-020cbb00100e","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":92,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"37984ae9-d1a3-4c42-8b29-ed12e3188d74","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":92,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"83617339-696b-4734-93b1-f809b8fce022","block_type":"box","text":"Master Limited Partnerships.","page_number":92,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"ea3d5b0d-fd16-41df-826b-5adbb1cac62f","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":92,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"9d38a6ea-b0e6-4cab-89b3-a40276f66d12","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":92,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"33207665-49c3-4f24-a839-8f2a4b57d24f","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":92,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"b66f1e29-e83d-47b6-abfd-737862262de6","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":92,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"d2c5e7ff-b94c-496d-9a88-927d32d37153","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":92,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"4ace54c5-d92f-4dc5-8571-69d088c95bf0","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":92,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"aec7c347-4e8b-4ad3-9ac4-7677bea59370","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":92,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"a1c00e2c-c5a0-44f2-9136-68af600b2364","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":92,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"b86e2390-62de-4721-833f-1488a77f4e49","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":92,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"55870283-eb46-4ff5-a33b-41e9ed6253b0","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":92,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"be01aa6d-44b9-4e76-b08f-eeb97b34ec23","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":92,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"4b90ba9b-ae04-4cb3-9249-e03a469de31d","block_type":"box","text":"in the par tnership’s operations and management.","page_number":92,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"d2045799-a298-4c91-a9b1-b366a9e920f4","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":92,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"cc476e28-9114-42ba-b91c-7003d8ba3e60","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":92,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"8caa4c46-5a0a-44d3-8f92-654e97cabc42","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":92,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"7348d241-15e1-4e96-aa7a-de9e419f206b","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":92,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"fd0b3151-78f8-4125-bebe-a2ec0154073c","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":92,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"739d0118-e0c9-4989-b4aa-ef5fa87cffc4","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":92,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"f0246bac-8eb4-4864-b941-9d1231771d14","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":92,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"4a92fabd-f404-4d4b-9b61-3c7f688dedb6","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":92,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"ce43b5d0-d2d7-498b-ba34-e682533d4e2f","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":92,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"88b82181-af12-4012-a384-3c655d45fb86","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":92,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"fc2f3fca-9db2-484a-8b5e-e53a4a783353","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":92,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"f6e110fc-11b5-4ff4-bc14-4da4d4f1267b","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":92,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"482ed390-371e-456a-8b65-7a5f5563dcd3","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":92,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"382bb9a9-3c2c-4aa0-8603-da2320d57e7a","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":92,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"526196bb-6374-4286-ad24-776141f62f86","block_type":"box","text":"II-49","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6e9473d7-b844-41d0-b432-f38f0fff4184","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5c94712-399f-4652-8f62-e4f8ebaa05ae","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":93,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"8232cefa-1ba6-404a-bd3d-9b43f91bf049","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":93,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"4f4ef486-a465-4d63-9ccd-49b57cd7b649","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":93,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"ac521fc9-af16-422b-9276-9875f322fe2c","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":93,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"d8148501-90cf-443b-ad31-2191408b752e","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":93,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"59d49a21-ede3-411f-9bd5-363af834b1d3","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":93,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"aeb92ee8-d735-4602-9675-aa8d4c5efa14","block_type":"box","text":"Merger Transaction Risk.","page_number":93,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"aaf005de-b6ec-4963-815e-f99b296cfd7d","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":93,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"918fecf3-9354-488b-b68e-dbaced494144","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":93,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"7f598e4c-070a-496c-becf-157704b3bd42","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":93,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"a4ea266c-f916-4a2b-acd0-c16b424054c1","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":93,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"2b971861-84c7-4233-bc95-8bd73ac31d5b","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":93,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"21f5477c-c90d-4e43-8cb1-087cc0df70f5","block_type":"box","text":"the Fund and may lose significant value.","page_number":93,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"c5176a38-d9f2-46ec-b864-57788b3e4a68","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":93,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"40eb6bc5-4625-4a39-a8b8-ad34192a8e6d","block_type":"box","text":"Cer tain","page_number":93,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"0fb9fba7-4459-4329-91fc-4f4fdabcd1e8","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":93,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"5861f8e3-2b4f-4f46-b8e1-dd161a0ce006","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":93,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"32dddfdb-10a2-46cb-af71-7321f4b01c73","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":93,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"cb305294-6f08-4ab9-9997-3d7066146e2d","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":93,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"4e6107d3-02d1-4ae9-8c2b-8c9b1640604d","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":93,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"0d88921e-d0f4-44e5-89ce-cfd72144ce75","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":93,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"39aba22d-43a8-4abf-8062-1a2f176d2e6d","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":93,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"c62887d4-e668-4d74-a9d6-121ef456d33a","block_type":"box","text":"branches of domestic banks.","page_number":93,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"8b72451d-7fc5-49ec-b778-6b31997247e1","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":93,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"0ce4d104-7ebd-4a5f-b0f3-d6e186f62a57","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":93,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"58cefda1-e291-4898-b270-8b51e1ab2799","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":93,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"28ef1cbe-29bf-416f-8e76-c8496a4fbbb6","block_type":"box","text":"paper of a foreign issuer.","page_number":93,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"8dddf991-0b06-4af5-95d0-b9b0e9299ec5","block_type":"box","text":"Money Market Securities.","page_number":93,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"842c70be-ae5c-491a-82c0-f5654ae5e413","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":93,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"d8446eb1-bdeb-411e-aa0c-bac19824c81b","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":93,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"2ddae95a-5dde-4dda-bcaf-3457901e55a6","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":93,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"5d7d9bb5-a115-4aa4-929c-db71370b7716","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":93,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"db704c6f-b8b6-4503-a9e2-a4b8455febdf","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":93,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"ec63f437-7513-47c8-aaa7-8c8537609413","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":93,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"38faadbf-09d5-43b1-b11e-ba401ebfc210","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":93,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"b5ec0fff-423c-48f4-8d15-3b649d8525da","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":93,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"963b38c7-a671-4c50-b1ff-dd5152703dc5","block_type":"box","text":"agencies;","page_number":93,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"4d967b97-91f3-4caa-a044-6c9f15c2dc60","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":93,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"038ee5b1-a2d1-4570-9f36-2656412416f5","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":93,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"954fedaa-d471-4398-a8cf-a7ffcc64c738","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":93,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"8f5289bc-82db-42a9-98ea-9b78c31cfedd","block_type":"box","text":"obligations and credit card receivables);","page_number":93,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"903b1fc4-06e8-4f6b-add9-51063a124f9e","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":93,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"0cc7f133-0db3-439b-87a2-86b3d0e4bea3","block_type":"box","text":"authorities and related custodial receipts;","page_number":93,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"1a2a2bce-da7a-4c8f-bc07-24e5ca107a03","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":93,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"37a2de50-5ace-4d1a-b007-2e556b0b930b","block_type":"box","text":"agencies or authorities;","page_number":93,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"db4e534c-b4ed-4ed8-909d-d7526d2389e3","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":93,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"dfb3e608-5c65-4e7d-a69d-a0bf0ffdcc8c","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":93,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"07ba366e-c145-4419-a640-fda50137250e","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":93,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"e11c630d-410b-4d8d-b7c6-99fa5e39f57c","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":93,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"e3680a72-91a9-4d99-a419-63ac17219efb","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":93,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"6f0f4046-f0c3-4706-ba81-9832a9f71a66","block_type":"box","text":"States;","page_number":93,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"d860a447-c288-4d30-bf6a-50fa0aeb44c8","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":93,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"008a2243-0e0f-4d0d-9170-2303411c6880","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"c8ca08e4-9bb0-4911-ad08-40f4b947791d","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":93,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"3d6773ec-56f9-44fd-af46-2b28f0267840","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"bb8c9c3e-6c7b-4673-a1b0-e549f58eacb7","block_type":"box","text":"II-50","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"275b13b0-386a-41b8-8980-5a50ad996b3d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d8bbec4-6c9e-48e7-874a-63d36f4dc67f","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":94,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"0c94a8c3-8958-4ea5-99d4-b58eb25907b5","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":94,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"1072a966-ec17-4a3c-a092-b3bf4bd9038b","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":94,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"f0ea1955-263f-4fb2-9689-23290507dcda","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":94,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"7d3fcb0e-23fb-4bf3-914b-a45ed13d469f","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":94,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"3777d8fd-3c6c-4a67-ad33-4267dd5d39ec","block_type":"box","text":"States.","page_number":94,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"bdf029f0-4fe6-41cb-8c42-32ad5db89407","block_type":"box","text":"Mortgage-Related Securities.","page_number":94,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"667c1ef9-5c52-4577-a959-182afbcfceef","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":94,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"fdc84de1-c2d3-489f-88e1-5bb7e7028834","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":94,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"587472ad-5fca-4cfe-8dde-df9fe3836fb1","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":94,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"5b544389-85ec-4754-b5fd-7eb7a5a342c2","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":94,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"f0202b59-7d0d-4f8d-9bc6-9610d8f36c1b","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":94,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"1aa0b94b-aee4-49b6-b1ae-73fda84cea29","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":94,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"b9348566-e8bd-4695-af9b-59daeeb051ac","block_type":"box","text":"maturity or specified call dates.","page_number":94,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"2d5aff19-60c5-487b-a851-77fae2614def","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":94,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"0ca1ab90-76b9-4a7e-87d6-bd6dc888cd0a","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":94,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"4a50b20d-ac2d-4059-a8be-da42f7010bce","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":94,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"665b5e8b-966c-4109-a7ff-f45cd3ad1dc8","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":94,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"0fc07173-3c1c-434e-a881-5bdc85fdffb0","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":94,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"59e6d94e-f5f3-4b10-8b4f-620edf6c7f36","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":94,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"9d4c3b9e-3c99-4948-82ed-05803049fa8b","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":94,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"7ba7b86d-6549-4e0d-b381-33c56eac8324","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":94,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"46b891f7-3a0f-4f73-a15c-7732e132fdf6","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":94,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"f7051a8d-9f39-4fd2-999e-2066ac1aefa1","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":94,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"2b69bfb7-95b4-418a-a69d-2f4d9a9967e3","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":94,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"80e05241-5f27-4f1b-a2da-baa0b2ede9fa","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":94,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"906542c7-e3eb-417f-8225-757e39f1b87d","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":94,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"1bd9eb45-a990-40a3-b66f-ecbfd0ad56cd","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":94,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"0deb66c7-ab39-4215-b7fe-90028871acbe","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":94,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"a8f2465d-8584-45ed-bb2a-69f4bc737496","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":94,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"4ed3ddb8-fc9d-4a7d-94a0-93ff87fd0307","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":94,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"d2998049-ddb1-45bb-9883-1e606c2b1820","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":94,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"651bc552-d0ba-4def-88a3-2f9926e822cf","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":94,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"4d2b05ad-e75f-4cac-aa7d-b553a118817a","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":94,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"67f0a3dc-ad18-4343-be0c-8a10b5088baf","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":94,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"5b034863-1c4e-41f7-bda3-68c90c2cd5a0","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":94,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"9230dd29-fd25-4987-944b-7028b71ad0cb","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":94,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"262796da-58b1-409c-8cde-ef4236dd2f22","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":94,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"454b31c1-1259-4e17-b9a1-6ede3750510a","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":94,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"558e601a-4d6d-4ce9-90d3-40302195048d","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":94,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"394a2b68-7078-4eb4-956f-4dc83afc8f77","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":94,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"331a92e7-a758-4990-b1ae-ac5ff1121577","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":94,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"9321ee14-dce3-40fd-9433-d9875fb8e1fe","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":94,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"874a5185-be73-457e-be3b-a499084f76d7","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":94,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"fb141fac-9268-4377-9ab4-56ea9e977209","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":94,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"82b50c5a-d7bf-4298-b793-4b914c55d023","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":94,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"5355ce23-bb54-4542-be55-a3dc5fc0ef23","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":94,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"54405727-e94b-4aa8-940d-59e7e31a9ebe","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":94,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"7e5c6e19-0076-45d7-ae83-2e13fd755f5a","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":94,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"3c4d2c03-8555-4455-919d-4bf8e293662e","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":94,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"56141dd3-0a82-427b-bb7d-f9d01384667f","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":94,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"0d1d1836-b815-4e3c-858b-f7702b3c4a6b","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":94,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"982768c2-48ea-4487-aa49-b643a4d82cd2","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":94,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"49c17980-7b3b-4532-bdec-bf943e6c20f1","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":94,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"7b2b780a-d268-4296-bb22-a29f39333b88","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":94,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"24a05374-d846-4d68-a05b-a1abeaa46df1","block_type":"box","text":"II-51","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d411daf-235f-42da-8275-08e6c3c26888","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58136b19-4e4b-4b3e-8fa4-73086569cf1d","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":95,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"6974ce9f-54e4-4e8a-bb2d-049ea0128ea7","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":95,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"b3b98bff-a9c7-4941-bfd5-51f93440d40d","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":95,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"3e210ec9-eb33-471d-90e7-6f4fca0cdcf1","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":95,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"0e8f102d-1d4e-4968-8d18-463027d33fb5","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":95,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"3663e7ac-1cb9-44b4-be9e-88fe7ece38c2","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":95,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"13498dfd-d44d-4c92-a85e-a0cbff4b1362","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":95,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"504564f6-c4c0-4db7-9e4a-484fcaa809dc","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":95,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"bef27178-9f61-4201-8b39-b4e9792e3856","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":95,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"a5cfb3eb-01eb-4d85-865f-99310c08df05","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":95,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"27644299-d5ba-4bc3-90c3-f71ab7aba773","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":95,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"924fef2b-25c4-48d5-a92d-dd4a292a8106","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":95,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"51c259dc-9f6f-4fe9-9608-9b54f093b99c","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":95,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"c2804214-4909-4eb6-9143-0014fabdd73d","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"e1288ceb-1838-48b4-ae3b-075bf53b3e27","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":95,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"28af09c3-79d2-48ab-9882-3ebc8e20ad16","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":95,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"255a33b3-03b2-4a13-9a58-16fa1920c9b4","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":95,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"0c8104c4-af68-4272-9918-b783399eedce","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":95,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"cb3f1114-77b7-4577-b1bd-f5b5cc66a8d3","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":95,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"3bed590a-4846-4df6-bffd-11966fcbff62","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":95,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"31e4cf63-0ab1-4526-b211-74380f15ef5c","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":95,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"92289eb8-78c5-4b0c-888c-e90bb175969e","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":95,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"32af18ef-e944-4f76-8a1d-03b727bff4d8","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":95,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"373cb071-dd0f-45b0-be41-4b775e391985","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":95,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"b8aa5def-b058-4bcc-9bac-d4c887914e2e","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":95,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"b3c29244-7ff6-4b1a-8fdd-d3c128f97118","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":95,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"95747e15-e2d2-43d6-b564-7c3360102e09","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":95,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"46df788b-5d2a-44fd-963d-83b50b3a307e","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":95,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"da9c535c-1409-457c-b93d-42f065825880","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":95,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"e3e43a99-efde-4770-a617-91419591a9fb","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":95,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"01b634cc-c9f8-4e19-8c33-d08191bdb042","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":95,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"b4bb9cc3-3cd5-494a-912f-d92020e21168","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":95,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"b9a341c4-3d63-4b35-81b5-66142f8aaf6a","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":95,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"8ff9b5f1-a780-4e8c-825c-1ebc49dd10a9","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":95,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"66c22898-4d60-4393-bb0b-37f5b71bc74d","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":95,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"66a8af33-5cd5-4526-8f29-be5e27533c29","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":95,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"2bf73400-2367-49da-bd64-a71b03e56d36","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":95,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"d7bb879b-0678-4b3c-88c9-43587ac4c302","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":95,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"1ecb23e1-c748-4075-8289-3c84c8cdabda","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":95,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"c06c446b-cb97-4e62-b278-5ed94627e927","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":95,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"cf50cffc-d669-4a33-bd0d-12076a9326d0","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":95,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"cab8ce60-e757-4a73-a412-05b648d49965","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":95,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"91127a0c-f333-44de-9f73-8e37dfeac8c5","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":95,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"510ccfdd-a0b8-4b77-9827-9da06e2f87f7","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":95,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"9257b4ed-c0b3-4d93-824d-5b9e619af84f","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":95,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"67738f7c-6b0a-4267-9a4e-b74ab581038c","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":95,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"f5115e5e-24cf-42d0-86e2-19cf5120c23d","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":95,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"a912b7e1-14dd-4f97-882d-cf432ab6835a","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":95,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"c1f0be66-d24e-4244-8008-7863d26f4025","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":95,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"9032eeba-374c-45e0-a4b4-bb240c13b95c","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":95,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"ca7bb06d-a716-4e1c-870e-79336ca890ed","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":95,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"37f220d5-f218-46c1-9974-2b37bbade3d7","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":95,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"2bbcfd8d-a149-4ec7-8ba3-c4f3e77422be","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"b60ed224-4829-4ad5-b529-912d047d08a3","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":95,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"5a35b512-759b-4d59-b994-320c30d81213","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":95,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"a749413d-7850-4366-befb-4cafcd3e1587","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":95,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"d8bd452c-135d-4bea-8923-f6d4902af885","block_type":"box","text":"II-52","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3829907f-bf35-4966-9a21-c46357b99522","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3770d1ec-8c23-4a14-8bc1-1027a091e066","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":96,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"8f7dda40-aeea-42c2-8b96-ed971744e928","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":96,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"213995ec-cdc8-43e0-8482-49f9f29c2785","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":96,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"33fac9b2-0bb2-4bea-8e04-03f2a37c5550","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":96,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"91bab3e4-10a1-4460-b7dd-c4a4948a25ab","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":96,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"8ca486b5-cf1e-4884-a00f-c27535383e93","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":96,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"88c6492b-a075-46a1-8330-1c0e47847841","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":96,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"45c96ccf-4b2d-4c3f-8b41-597a54d3f5fe","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":96,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"31febb73-1707-4e5e-bba7-9e2de078a856","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":96,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"b3807b72-2ce6-4e5b-a40a-105003df6939","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":96,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"952412b8-d980-4612-b835-38eb02aa6203","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":96,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"4a2bcc8e-6ab4-4503-ba22-8eb67ad2d58d","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":96,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"523c6b3d-c6b5-4afd-8076-8f4bcbe5a01e","block_type":"box","text":"of principal because of the sequential payments.","page_number":96,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"2cf5b7d4-7da0-4866-a531-f90aa89f69cf","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":96,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"f82fab78-9a10-4362-b6df-53469b1d3a71","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":96,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"70d4475b-2fc4-42cd-a8bb-d4c2ea85f6b8","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":96,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"31dba367-e721-464f-9098-2240cfef7b98","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":96,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"d494d06f-1f88-4348-9d64-c4dca934b0f6","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":96,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"4143d6a5-ad16-4e61-8496-cb8721eaf0aa","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":96,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"2a1a847b-d8eb-4242-b7e2-d763da9dbd8b","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":96,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"535268e8-69fa-4c65-bb05-4c251163d39b","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":96,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"d4c1b271-1b57-4f48-9309-dc28303c7279","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":96,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"4563f774-9566-44ec-8da4-89bea8f986f6","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":96,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"be613741-e941-4c5e-813b-b3a81f823a44","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":96,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"bdf0bcd4-b358-42d5-88c0-f05ffa1b3c5b","block_type":"box","text":"securities of any single such entity.","page_number":96,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"55d85829-cd6f-4542-986e-aa2c2140d12c","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":96,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"cae9c282-0701-4feb-b40e-d44c19ea2ff5","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":96,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"0e5e4f69-2ee7-44a0-b399-c4ec4358f8a9","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":96,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"86332b57-6e99-4255-a4a6-804912ebea15","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":96,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"acdc5e8a-83d6-4049-aa95-e628ea0351c2","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":96,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"f24d616d-6371-4e26-920b-da7e17dfb3f4","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":96,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"aca42ecf-2b83-4579-83b2-82751ebfd03b","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":96,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"f60373a9-5caf-4c60-ac5e-859adeb0c0a2","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":96,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"1553e0d1-1ffa-4403-96fe-2c2f441990e8","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":96,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"86b6483d-d54a-4b3a-905c-890668e62a4a","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":96,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"46245e75-d034-465a-8a00-9eab4da7b0cb","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":96,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"2978b4a3-2dec-49d0-b25f-aa607376c272","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":96,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"e52c6d4a-df69-488c-b1ff-3d49f9722875","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":96,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"f1c05c8e-48d6-4545-8df0-fdc285c4848f","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":96,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"9dafead1-56c9-46a4-a2fe-706bf95c3eb3","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":96,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"68d00315-deff-4830-aa2e-00a0970a6394","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":96,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"66002a52-3eae-4683-accd-51d29a2b5385","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":96,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"605a5570-3bc3-45cc-8bce-f47185216a48","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":96,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"9ee663b3-c43d-4283-bb98-c194fb957185","block_type":"box","text":"classes.","page_number":96,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"e57b92ee-4d3b-445b-bd2e-ff9eac9a9c35","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":96,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"839f9226-484c-4218-9aae-bc326232bd99","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":96,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"1d3630fe-7e59-4ab1-a9ca-eda6b78d3dd8","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":96,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"db5770d0-d395-405f-8661-7f30d33f76ac","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":96,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"aa3cada7-7bc0-4682-8c02-c27ff391b26a","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":96,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"0e6124c7-5890-44e7-8839-6261ab1884ad","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":96,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"4026e147-c45b-4bd9-8e11-b26d87ad350a","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":96,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"48db2a42-f9a8-4259-ba13-2886bbce069a","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":96,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"a43edf4e-7716-4ac2-b461-2f40f6c7e43a","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":96,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"277f3562-06ac-40d9-8340-c94ae25effef","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":96,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"5cf23243-0820-4ea3-95e5-c9e244ebec1b","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":96,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"76c9d77c-d589-4848-9e9d-439b3531d459","block_type":"box","text":"to a designated benchmark index.","page_number":96,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"844f790c-e4be-4722-bc4b-27e00d667a2a","block_type":"box","text":"II-53","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"47cc56de-0f46-4277-b51f-f0f78dfbfcd1","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a071ee1-07de-47ac-991a-3741b534accd","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":97,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"c671c596-52bd-4930-b79d-5afac15a005d","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":97,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"be387b78-3b57-4bed-aa06-8ce8ee6c2bcd","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":97,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"715454ee-dbe6-41c3-a9ac-b2429b8b9ef3","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":97,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"dc34eeac-e9e9-4ad9-b5cb-1470872d0cbc","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":97,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"5ee6f60e-2d25-410f-b257-7cf4c3b62bd2","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":97,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"b0ea6b98-2323-4fac-b7bc-ec15a98afbee","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":97,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"ff181a3e-669b-4bc3-bb63-2651cad420ca","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":97,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"8801de40-8b68-4dc8-9350-688fb41fce56","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":97,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"1264e944-49f9-46a3-95c5-883d17c574dd","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":97,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"9ba20411-b476-4303-9355-bfd76285a013","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":97,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"4d25ea4d-f104-457b-b619-77341063b144","block_type":"box","text":"CMO Residuals.","page_number":97,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"a242fb65-5c74-4313-b8cf-d24c29888db3","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":97,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"d1979600-a86a-401f-83dd-1435211a0c21","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":97,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"f220fe35-be03-41dd-ba7c-fb3af4bf852c","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":97,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"f3bc0f7f-28df-4e08-8b9b-8e83ce106aff","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":97,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"29c32c4f-d57b-4f91-a264-db63ae8aa86a","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":97,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"4a87d033-f30b-4a08-afa6-9e054bef87fa","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":97,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"759077f7-3d74-4345-847d-8407fd0c26c2","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":97,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"839e72da-6118-4e8c-90b0-91dcfb68b5d2","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":97,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"fbfa994f-269a-4217-8b7f-a0960f6a21ff","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":97,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"46b80e2b-4a8f-41d7-946c-f89f47adb276","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":97,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"7a2e131e-21bf-4169-97ac-1ef12d294d0b","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":97,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"4529bdac-68a9-423a-ba77-1687294959f8","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":97,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"94ddc756-9499-452d-8b29-82a3db21466d","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":97,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"f2272a23-2fc2-46c9-bc5f-014459f0ebac","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":97,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"01295f4d-882f-42ae-a777-200ab8b9d954","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":97,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"ff1ce26f-2197-47b0-a549-551bde0bd840","block_type":"box","text":"a CMO residual.","page_number":97,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"4882b07a-1820-456a-9afb-961b4c56810f","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":97,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"ba664a1b-92f6-4428-8d29-83bf5ead9db6","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":97,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"1ac4d6d0-d349-42f1-8745-71a85a72e040","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":97,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"3ba2a456-fb79-4c4b-ac0e-c0b156e013df","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":97,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"6269c925-673f-4c8a-ae75-dff6f65a1f74","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":97,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"33872bc5-fff9-4616-a085-f4fb0477556f","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":97,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"47cb7f61-8fa3-45f2-97cb-17c076a911f2","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":97,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"ade0a04a-90fe-42b7-9974-92ab39363487","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":97,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"17f3c614-e86c-449e-9013-5d48dad8bb69","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":97,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"cf881ca0-0969-4687-bed5-13fed1ac6916","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":97,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"9e1874a6-254a-403b-bb9d-7730ff346fe9","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":97,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"eda5e33f-a214-4122-ac30-5ea067989a4e","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":97,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"7a29bf84-0502-4764-a531-f0cd85450657","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":97,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"d37cbb32-7589-477f-a58d-beeb2691c8d6","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":97,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"1cce03f6-5992-43ea-b047-2ec618e52b1d","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":97,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"a1012b45-07df-4dd7-aae1-0a5d506d6274","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":97,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"110eedc1-7f54-41e3-a7fe-37d9a8d72a1e","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":97,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"5cb455a5-4b86-466c-8998-a7d08e0633bf","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":97,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"cb08bfb8-e9cf-4f88-aa80-d3a9f62bbfe7","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":97,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"2de87091-17ca-42e5-b44c-f939a6e56fda","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":97,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"5dafef49-8c58-44b0-8335-9bc19528473c","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":97,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"2d8c865f-0169-49ac-8367-723a3e706912","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":97,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"cf7c4328-1575-4651-bfe5-73ad0186226e","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":97,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"2d7b219f-5106-4329-998f-9dcf086d6b71","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":97,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"855ff69e-545b-4f03-8505-38e945ce4c77","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":97,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"165df3cc-1eba-4cc6-a472-a829fe876dc2","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":97,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"f0586470-d5f6-4dd5-a789-80db33355110","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":97,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"270967f5-bea7-4687-87c4-c1d9c023482b","block_type":"box","text":"Tiered Index Bonds.","page_number":97,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"7c42fd87-071b-4fb0-84d9-037e32e42802","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":97,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"88bf8a6f-089d-4acf-aea0-1d0954438154","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":97,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"1e6a008a-a32c-4a0c-9c80-2ed20ce7cd82","block_type":"box","text":"II-54","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f895646c-33e7-451b-aacf-4732b4215fa3","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9baf8574-e041-4c62-acc7-52063655e6eb","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":98,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"fcc488ab-3485-488a-939e-192b1256f413","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":98,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"b4a41985-dc83-4ee8-88e8-b726364cf9aa","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":98,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"076805e4-1cae-4173-874f-62afb1c13598","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":98,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"5d6fcdce-630b-426b-86f8-93b3545b5af1","block_type":"box","text":"that of a fixed-rate bond.","page_number":98,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"3cdea83a-a44f-42f3-9153-11225505c904","block_type":"box","text":"TBA Commitments.","page_number":98,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"b962d860-eeef-4a30-9ad3-87eb45f0e3a9","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":98,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"ab118b14-65e3-4886-bdf1-b6bfbfaaaeb2","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":98,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"2bb2ef62-04fe-4f28-884c-620868ee075c","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":98,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"189bcae9-5592-4162-8501-e56488a1ea03","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":98,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"63dff9e1-6417-424a-b59c-261cedeeedd9","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":98,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"d14c0779-dfb1-4317-b3be-a3f6f20ab6c6","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":98,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"39aaf37b-ec6f-4c15-a564-c014afc550d8","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":98,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"9636f5c8-982a-4cc7-8d80-20f8492aa686","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":98,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"98a7c05a-ce4b-4409-8940-0bf707bd8121","block_type":"box","text":"below.","page_number":98,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"f5c3ceb8-d372-4163-b1d5-ecd53fee22f8","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":98,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"981d2aac-aed1-41d5-bda0-fe740027e659","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":98,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"17c5ed07-e994-4a1e-af1a-de3b28f28e8d","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":98,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"1d0fbc37-ecb0-4850-b106-6e03865dc8b1","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":98,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"f513eadc-31be-4723-a565-4fb19bfee360","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":98,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"165ec9a7-efcb-454c-b1ac-9346568ac992","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":98,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"71ca616e-4e8c-4bbc-9be3-6d98a61f5f8a","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":98,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"855a46e3-2da0-4475-a993-e6c364eceb63","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":98,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"044ad1d8-9b3e-4428-a50b-038e20d68b34","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":98,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"0cbc3094-7963-47d1-ae20-7b4ffa1b93ac","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":98,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"d26b6a93-142e-41ab-9314-f6f18d9a278a","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":98,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"4e002a80-573d-46de-b458-56789b9bc01e","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":98,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"2159979e-f942-4c41-b14e-685ed6490d75","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":98,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"f4defce4-f0bc-4c73-a6c5-ac86a2d419b1","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":98,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"bf105fd0-f6dc-4007-88b6-4521fbc3e1af","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":98,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"cc05a77f-fdfe-4f48-9877-fd0678c96031","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":98,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"56d6d994-3730-488d-974a-7237d185a6de","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":98,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"262715a9-ec8d-497e-bd3e-d8a82d479193","block_type":"box","text":"securities in the forward transaction.","page_number":98,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"bc0be9da-6dda-4cb7-a35c-9a371518430c","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":98,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"b1c268ed-8c29-47d8-9461-379e244611e6","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":98,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"571cdcd1-3293-4a62-badc-def55ad18fcb","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":98,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"3f3e1537-1369-4899-93c2-36b389922575","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":98,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"8ef239df-de2d-4f6a-8097-fb8b7df20cf6","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":98,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"b77f38d0-7ce4-4631-a047-ddb0127430db","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":98,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"5e34e204-36f6-4661-b001-745724adf95b","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":98,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"d977c9e2-8215-49af-ae39-6cbf19c611d6","block_type":"box","text":"securities (","page_number":98,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"693ae417-3c10-45c8-9581-a05042afe7ff","block_type":"box","text":"e.g.","page_number":98,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"ffb8e447-b2f9-4fe5-add5-9d364395feac","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":98,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"4a85c913-fea0-4a9d-b23d-00a27b7f6ac1","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":98,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"a1c73d67-58a5-4f4d-be4d-857470a6f728","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":98,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"b392bcab-8aff-4106-b6b1-81fdbe288cc0","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":98,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"1bda8b05-13c6-4e44-9a24-901180e73522","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":98,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"c5530938-bb46-4edf-9215-6ca56663e073","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":98,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"6f8fae71-5315-43e0-94af-aa5cac78272d","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":98,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"bb6770e1-bcb4-4e29-9b61-af10157231ee","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":98,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"0509c681-1298-42cb-bcd1-25d887b7a748","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":98,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"e4c7aaf9-d541-449f-a60d-d06ce032d6e5","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":98,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"faeb15af-0486-4783-867c-d9fd0e0836c8","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":98,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"4f472cf5-052e-4ec1-9e31-31af4297856d","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":98,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"c88d48df-4f6a-45d0-a301-5fb01e99d3c7","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":98,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"faa5552b-a7f7-4cce-878a-2942e991c62b","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":98,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"e42cdb55-5edb-4bd2-a6dd-c9cd5dbe629e","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":98,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"9928cc16-bc43-40af-8366-87f994ad42f7","block_type":"box","text":"Municipal Investments.","page_number":98,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"689fe4d7-09b7-4a33-bc58-ded8f72d2262","block_type":"box","text":"II-55","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f60c347a-f267-41df-8f37-dab59cdd1e1d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7a2e2be-d2a5-4c10-9bb3-a5e0caf1f82a","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":99,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"2a71df59-199f-4f48-ad71-a36a1e148f2e","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":99,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"e9fbbfc0-7205-4309-b978-40ca8a8050a2","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":99,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"62c4c76c-9917-4f5a-9014-8324be03b7bd","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":99,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"51c67330-593b-419a-acba-e1fac9df049c","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":99,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"fcb7ec4c-44bf-4e7d-815b-98f5106b7946","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":99,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"9baa2595-c02f-462c-8b6e-83be0d30425c","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":99,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"e67dd4f5-a1c0-4fc0-bcf1-1de1785c1521","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":99,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"bb844ed1-0d83-43b7-a981-0935a5aab03e","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":99,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"99535e6f-aac4-4715-ab4f-441b8454835d","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":99,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"d2b7cc2c-7fdf-44a3-8758-92f9a1b6bf6d","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":99,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"0539aac3-e928-43d7-bad1-73a707b04850","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":99,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"d1dc3793-f7d9-49a3-9dd4-9b68b0735dac","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":99,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"91d19ce8-69ae-4387-ab86-5d203017f8af","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":99,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"8a4e8c7a-1394-43d7-9e09-2defec0adcc1","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":99,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"7a955f53-e9fa-4b48-af1b-767469b84c34","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":99,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"4635179d-81dc-41d7-afdf-5eb0483b0065","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":99,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"d81dfb84-a85f-4134-9d1e-73d2e1173cd2","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":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"d4a2080c-32a3-42bf-a293-7afb1d2081da","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":99,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"7a923aa3-93c2-4801-ab84-c30ffb81e831","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":99,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"9f05f35f-68f0-44f5-a4c4-5f78410d2228","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":99,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"4b14a5c5-af71-4ebf-a0ba-f0ce4ed684e4","block_type":"box","text":"The risks and special considerations","page_number":99,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"140baa2e-725e-45b2-805d-310c33fa8e16","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":99,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"139954b1-516b-4a1a-b36a-c6bad2346389","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":99,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"c7cec83b-cfb9-4abe-80aa-84c4e4a64992","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":99,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"162085af-e3c0-4d9c-a672-344ec3ce571a","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":99,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"d1594882-0845-429f-a6cb-d8360d3a7709","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":99,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"b276e3ae-1893-436a-81a3-3880893de529","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":99,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"3a65af8d-5a96-4653-8c89-838b0535dab8","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":99,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"9d28721f-56b6-4a09-a637-09340d9dd454","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":99,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"9fa37e05-8e0c-4d0e-8bc8-bc25d2edd5ad","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":99,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"b7b477dd-c303-4bbc-a4cc-06d5b7e10da3","block_type":"box","text":"II-56","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b020604-bd54-425a-805a-40d6c1430f91","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2f5fc15-198d-4d76-9ee4-af2414361865","block_type":"box","text":"Description of Municipal Bonds.","page_number":100,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"a7e49242-4a4f-4e52-a174-d7437b125d0a","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":100,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"91cb4a05-8213-47cc-ba1d-08f25b365d95","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":100,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"b9dd8cd3-84e1-4a3a-bf0b-02d0047aa193","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":100,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"69064be1-8598-4381-8e3e-22a7813af13c","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":100,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"d809fadd-e3ab-4c08-a16e-4c38864daef2","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":100,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"ca9d8fc7-f6d3-48fa-9c6b-d2ebd21c50a1","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":100,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"5ab8b59a-addd-4c0d-a071-f05406bcf5c1","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":100,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"3a190bfd-cd53-4237-b2fa-faaeee8c3d10","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":100,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"bb7a1f89-dd43-434e-8e22-50fbaf6b36f3","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":100,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"ff0a0414-6e68-42f8-b139-d9038ea88652","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":100,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"71ffa0f8-36e3-4f8d-ad7b-dd0efb8bc751","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":100,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"7ce87e2f-7b15-4d44-ba4e-de760d92f04c","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":100,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"06740c78-17e0-4e3b-bfd4-1bf7ef9f7f84","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":100,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"4443b621-1474-4dd4-87de-65ebc7d0872d","block_type":"box","text":"General Obligation Bonds.","page_number":100,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"bc7822c4-eab7-4614-a722-7a33d70f1c26","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":100,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"da728269-364d-4eca-9735-9add862422a0","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":100,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"2c4f282d-3928-4823-9a03-f93473800b42","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":100,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"09464497-f760-4ef0-aa5c-3871360c6bb7","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":100,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"3d182193-45de-4ba6-9205-8e0253906aa0","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":100,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"a33aa008-88f9-482a-bd6e-db05c961d2ed","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":100,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"33fe6870-ef98-410f-87d9-9cd395bbe22b","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":100,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"e19cbb7a-4426-4389-8369-559eaadd1c5a","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":100,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"9b33efb2-523e-4bde-abb8-95a4b2ae2515","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":100,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"cdb56035-8ceb-4d2e-b9bb-e78149f50ecc","block_type":"box","text":"Revenue Bonds.","page_number":100,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"d9b118d2-23f2-48ab-a7db-2fa26c25b9c3","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":100,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"503ad69a-f07d-491f-877b-d1789fc7df8f","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":100,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"9138ea33-bd08-4e94-b7b1-0ffa4abd014c","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":100,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"6a84f44a-6407-4913-9b99-8f80d73dd78e","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":100,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"d736915a-951b-47f2-b02a-d48ad2a2bea5","block_type":"box","text":"viability of such facility or such revenue source.","page_number":100,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"0c211e25-e845-4550-a57a-16f6ec0928bf","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":100,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"ba292116-8dda-49fa-948d-681a3ef5d105","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":100,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"9c1a58c7-4723-4f14-87fc-b70d6af4f055","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":100,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"035d6a69-38b8-4fb9-8967-01e9c72eacf9","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":100,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"6db90616-9535-4e69-aa6b-dd0f4725d2de","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":100,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"bdf40d5e-d52e-4a44-b64e-79e75e02eac0","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":100,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"0bad739a-09b5-402f-be19-66c21e93910e","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":100,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"40ee0b3b-49c2-4ceb-846a-e554ffece2d7","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":100,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"0b26e869-a43d-498a-ba33-f9f47d7cc107","block_type":"box","text":"PABs.","page_number":100,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"06dbf5ac-784f-44d1-9b33-fba63969d30b","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":100,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"118632f7-2aa8-4a59-8541-1b92307cbfc8","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":100,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"89f735c3-af75-402d-b7d6-a5c74524e2c8","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":100,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"0ae344bb-3c65-4e99-bdd2-e4f561bb78ff","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":100,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"3f9124f3-2f5c-4fd3-af61-10a88eb68486","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":100,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"f0188e27-3a36-4703-971a-ce65479268db","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":100,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"45848d7d-8e53-48ce-aee6-addfceafbcee","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":100,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"5d2109bc-459c-413d-bf14-cf89af5790c9","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":100,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"0cb4abfb-671f-4145-bd02-69a80440045f","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":100,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"3b4dd57c-1a9e-4671-9910-c70545853270","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":100,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"801aef11-2525-4136-93fa-66f6b7ee0135","block_type":"box","text":"the par ticular facility being financed.","page_number":100,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"6afe6e2e-2896-45a5-9026-752729f48b12","block_type":"box","text":"Moral Obligation Bonds.","page_number":100,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"4964b1ac-140e-4547-8498-766ebae70fc2","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":100,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"65d5845b-6c57-45ec-af3d-99377b384cab","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":100,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"ce3a4288-9e1a-4098-b4ff-ae02793f189e","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":100,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"950a6d27-e157-44f6-bac3-5ec615a6b61a","block_type":"box","text":"that issued the bonds.","page_number":100,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"948f9b22-26b2-40b7-904f-6b929d65d41b","block_type":"box","text":"Municipal Notes.","page_number":100,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"a1e27593-a3aa-450f-a9f0-94d4fa7305a4","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":100,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"fd3b4478-2c9a-4340-9d7c-c84aaca1a173","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":100,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"24c26588-dd21-4ace-a184-c8853cc73c50","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":100,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"ed93115b-e086-42cc-858a-72e853612809","block_type":"box","text":"II-57","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"78758a57-7678-4b17-bafc-e6789e1c4fcc","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b5e06ff-b791-4524-abdc-d081a75ff2ce","block_type":"box","text":"Municipal Commercial Paper.","page_number":101,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"e9a540ec-03f4-4be3-adec-e40e9a36e4e7","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":101,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"be163076-0285-42fd-8dbe-966d9db709be","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":101,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"2d2abc8a-57e1-406a-8ae3-e7aa55b337eb","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":101,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"51671c25-0735-43fd-a7ec-89a8897b3ad8","block_type":"box","text":"Municipal Lease Obligations.","page_number":101,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"3291c5a3-2346-454a-91a3-7c436f91ffde","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":101,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"7620edc8-c028-4649-8344-4969125c28f5","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":101,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"7ddc2c46-bba6-458b-9cbf-8c2a89332963","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":101,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"a2c6e404-3c9b-4bae-a940-043ec30abb57","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":101,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"3497c929-f137-43fb-8812-bae50643985c","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":101,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"30447043-6904-4d0b-b4ad-8b4a4f8967b0","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":101,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"eae1f07e-52fd-44ff-a4e5-5ce5a761d607","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":101,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"fc18d7d6-5c7c-47f6-87d8-c43e6ff0e15b","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":101,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"03ba07d9-4bcd-4031-8354-2ba30805a8a6","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":101,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"454a091e-1c74-474f-9654-09d9cc260170","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":101,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"c932d300-4d95-4f79-bca1-313bc331681e","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":101,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"cfadeb06-994e-4ac3-b7fc-fd18db499274","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":101,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"366917f9-ebe4-4383-8879-7c929ece4bd1","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":101,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"3d3098a1-6f81-4254-a2fd-99d73dc7dc8d","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":101,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"62a1580e-32c6-4126-9eb2-25669068c0d9","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":101,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"fdda6683-a7c9-4aec-94f1-cc5b38629a4e","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":101,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"d66b6761-5a47-493f-8f47-1afed8ef6e2a","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":101,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"63ce4628-58c3-4472-8cb8-854d7e5bff3b","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":101,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"4a4cb2cf-25af-403e-9d0b-8bc37ac9e4ac","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":101,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"ddc7999e-46d3-4516-a8b8-454f9878850c","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":101,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"904373c5-2f9f-4191-9a29-bb0d49ed4bda","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":101,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"9318b0da-396a-47b5-a369-d3b76404368f","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":101,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"52aa8c7f-3476-4c17-80b0-43da65e28383","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":101,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"5c656fad-3656-4023-a43b-d763f8d0cf5e","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":101,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"04b14cb2-0007-48b8-b6ed-b4edc556e29c","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":101,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"351219d7-c2c2-49e4-a1b8-648042182530","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":101,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"763c8826-c556-443f-b23e-7f8cba6a6ee0","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":101,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"9bd00c44-bbf5-4311-9108-9befce253b1b","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":101,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"2eacbb3c-340e-4314-becc-ea7065180226","block_type":"box","text":"Tender Option Bonds.","page_number":101,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"004bae84-8660-47bb-863c-5a0b564f1ed9","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":101,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"ce980a28-4a6f-434f-a139-9da3e3c2829e","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":101,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"788afb00-f699-4ea4-87ce-bd3f04cf0a17","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":101,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"8e0dbe5b-1c85-48a6-b38c-f7b66d2adb86","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":101,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"c0e6d44c-a049-4c64-ac26-b37a2a760a8d","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":101,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"6fdc8559-e1de-439e-88c0-3498ace5b24d","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":101,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"b4dda731-5477-44bd-92cd-e9ddd8ea0913","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":101,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"2433011a-6d45-4ddf-b34c-ef5798aaa56e","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":101,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"77cd1004-e68d-4467-b4be-987b2f2148e6","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":101,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"31695924-8afe-479d-8984-e7da45dbbb86","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":101,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6029ccee-b85a-48c9-9525-1f74a93c18b4","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":101,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"f4fa0c41-06c5-4eed-93fb-9ea1a89f720a","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":101,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"aff97067-9561-489c-84cd-9e9d73585b7e","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":101,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"0f63b9a6-c9d2-42ee-bf19-669c0aebbdde","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":101,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"dce4db18-a687-4c39-ac25-4a5ea7c70b84","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":101,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"f297fa92-e06b-49af-8893-cefbffe28562","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":101,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"f1ff4fd3-d3d8-4634-ab08-8e6ace5481c9","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":101,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"0514a00a-92ec-4786-ae1e-66e1ffeb2110","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":101,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"b1b4ba2e-34d0-4a23-bc02-ab9a7211e1c5","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":101,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"9f0df629-ac00-4b4a-9c89-4f3e49ff3f16","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":101,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"fa28b413-0d28-476d-9e9a-d0d07c5be23f","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":101,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"cc664e3b-bf5a-4f22-bbb0-14e77ef52b2d","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":101,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"d9899003-1057-4e46-bfcf-e0512e01bb7a","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":101,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"09015f1c-fab3-411a-ab2c-7ec6cd5669d0","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":101,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"099b0d8c-acda-4a03-a3ab-93636e99b90d","block_type":"box","text":"II-58","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"db1cb193-c61f-4cc5-ab06-f9d6f3400198","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01cb0b56-b0f5-4f9d-96c3-d06d8487d3c9","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":102,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"7cab8616-a3ed-4ab0-8759-2fae58bb9739","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":102,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"9cbd2b66-bd33-4ef0-b1e6-93791380e5b0","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":102,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"c8ecaf28-a647-4d1c-8987-0a7dd62cca00","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":102,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"f519958f-7f7e-4149-ada7-03c3acd9154f","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":102,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"71afe3b3-8f13-4e98-918c-a2e2540ef11e","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":102,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"213d7711-b311-477d-93ec-f002d4a15d08","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":102,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"0857814b-70aa-4af5-8074-d60fc272ce8a","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":102,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"f43d8322-c7ae-49f7-be43-cae3fb2b506d","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":102,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"5cd0479d-3e11-4a87-81f1-08930af70e01","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":102,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"454fe30c-06f9-44d1-a851-01ff8456d229","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":102,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"758c6c38-bae8-41ef-994f-5d4e51d7f113","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":102,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"f9a9193a-9bc6-49ef-8555-2eea94460b19","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":102,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"8b651803-fbdd-417a-95b3-117396f7a14e","block_type":"box","text":"issues.","page_number":102,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"47b6d100-98a8-4c3f-af91-4033aee533ad","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":102,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"25b162c3-7f7d-4b1a-894b-8f65c073d678","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":102,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"1ab169b2-96c2-4c15-998c-39dc59183509","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"8a8f7a92-975d-4a84-9a4b-83ad88e461cb","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":102,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"5c173422-088c-4462-809f-d4d77d51a68b","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":102,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"e427053f-394b-4eb8-add6-507fda3a89bc","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":102,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"dc34427d-4de6-4e49-9bed-14600410e7ee","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":102,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"ee82fb4a-2a03-4fa3-aab0-fdad32844d20","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":102,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"2d5bee80-9d6d-4cc3-91b8-b1b3c6d2fc9f","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":102,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"07401d90-46e3-4a3b-b494-c8dc767aad05","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":102,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"29065900-d860-417f-b6c9-202f38f40741","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":102,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"0adb752b-5fa2-4c41-bbf4-167cdd56aceb","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":102,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"44f39dff-acee-4cbf-9735-b153317fa930","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":102,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"696453a7-fa16-4f77-88ea-9c00960116d3","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":102,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"4bca93d7-5654-4670-b5dc-103ccc84f1bb","block_type":"box","text":"i.e.","page_number":102,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"fe959c6d-7eca-4358-9049-c4046caa32bc","block_type":"box","text":", the Fund). In contrast, in the","page_number":102,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"cf3a384a-2342-4cac-8f4f-0b2f8f4458a6","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":102,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"88bde755-20f7-4ee5-b041-30964438eaa5","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":102,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"f2b79063-3daf-457d-9728-733999d22e13","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":102,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"abd2f1de-8e17-4fa4-bfe4-0ea07381cbb0","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":102,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"e2ce9211-e98e-432b-a1af-bba9915240a0","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":102,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"fc9fd797-58ef-49e2-83b1-4c8f389ff323","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":102,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"5d769cc4-7da9-408b-90fc-cc39cf63982b","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":102,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"4471f44e-5b58-430e-b05c-c390e2f4bf55","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":102,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"9da5a6d2-f010-40c1-b8d8-3d21ba7bae48","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":102,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"e4b6f217-816b-40de-9ee2-7e041775f594","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":102,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"ec14bad6-de6c-43db-9cf1-96de90a642b9","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":102,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"8b5f567f-5c13-4599-9214-82daafd47ea3","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":102,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"2bd7bdf5-03dd-40be-bda9-4629d584c187","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":102,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"5e4260b4-e6b9-45a3-a890-f3a83024aa0c","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":102,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"71353513-c025-4274-89f6-6a05f59ee3ca","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":102,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"8697af32-96d6-45d4-86ac-75b99b1988af","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":102,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"43e89514-5ab6-4c90-91d4-f36d99dfc0f7","block_type":"box","text":"Trust.","page_number":102,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"44e0ffa7-db1c-4999-b762-c4dd51a06458","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":102,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"67007bb5-2eaf-4307-962e-358202a4b211","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":102,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"f00286e9-7ebf-4266-9fe7-ebae9de7a466","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":102,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"0af2f218-7a79-4f10-9a0f-2d2f1a6147f3","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":102,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"99f28c64-9b16-4ab4-ae47-8da4adf2e430","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":102,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"3083c4e0-1e4e-41c5-a3ee-64e087f1cf9d","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":102,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"a2468de7-f943-4cce-aa69-743562572949","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":102,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"0f936db3-e670-4da5-881c-5c98019bf1fc","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":102,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"efc63d6d-375b-4db8-8aed-27b23651e20a","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":102,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"b442b4ab-203f-470e-bafd-10427d30037c","block_type":"box","text":"II-59","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94a1af4a-1fef-4e52-80bd-39adc5d8a299","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2e14831-adb4-4409-8550-600c62cdbe8b","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":103,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"492eea4b-05a5-4243-a401-6b50d51400e0","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":103,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"8f4268d0-4021-40eb-814a-617fd538c7d9","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":103,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"364c8d81-182a-46e9-bcd9-1eedbf78a3e0","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":103,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"8f31814c-8ee7-4f41-8b6d-4188c1813c74","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":103,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"29ad4c9c-6861-4c47-bf35-691255cfaac5","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":103,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"474cf93c-5d90-464c-9d5a-9d20d2e87d4a","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":103,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"b4460db4-a4c4-41f5-a327-758c791c672c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":103,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"b25a2bd9-e30d-476d-a37f-e7e89a19248f","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":103,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"36fdd086-41af-4e21-bda6-a00bbb6a8157","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":103,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"2dbe1280-94b7-4d7a-ad56-6447a3055012","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":103,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"4d682d2c-4303-4978-8afb-98b72c8ce781","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":103,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"0e29f922-4c65-4c62-9875-39d24f23af88","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"b9ce29ca-849c-4e64-bb13-6da572db76da","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":103,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"f5bca249-d10c-43f7-a91d-180abdc91110","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":103,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"9ef81fc9-ff04-4ac3-806f-b93102f4ea18","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":103,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"c2fef97d-1462-42e0-b749-b11efabd8c00","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":103,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"2d263e88-2ee4-4ec2-87ca-cf7ccbd33034","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":103,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"17713617-977c-4431-a8b5-ffcc26990dea","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":103,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"c0d5ce5f-a18e-4222-aeb9-ca7d9c3ed026","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":103,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"679f5d9b-ece3-416c-9adf-d7e14a63dbd2","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":103,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"0e3b5940-4d8f-402e-abce-263371423599","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":103,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"4ceb3472-ae37-4003-aae5-a5c990ef1588","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":103,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"275b323e-a783-408e-bc7e-80aef1e5a4d1","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":103,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"4b6bee18-aa36-4067-bc35-6cfd44ae5e2d","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":103,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"f060558e-cd49-4526-ac1b-347d9049bf62","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":103,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"afc0b0a8-680c-4f23-ab7e-3d832a68de69","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":103,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"9908d922-65a8-4174-9c7d-7806cb6bef7c","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":103,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"97b2505d-3667-4d20-84df-32d1b1807eb7","block_type":"box","text":"i.e.","page_number":103,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"aca9d34f-da4c-407e-bad7-82c40d5d08a1","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":103,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"49a4a36a-89e9-4e49-bd84-e3650fdeca01","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":103,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"3348cc3c-bce8-4b47-acd5-6e4966b3bc52","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":103,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"dce8a053-ea31-41e4-9e3b-8d59f9b50a06","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":103,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"9f655571-5c2a-41b4-964a-784858d63d41","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":103,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"0948c549-179d-42ff-b040-3ef3221ec907","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":103,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"fa23cc8f-1f1a-4914-a1f2-a4bb71ce938b","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":103,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"a2afb9d7-6daa-493d-8c35-f5436720a8c5","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":103,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"941bd1ba-e2fa-47a3-b9be-4419fcc13dc6","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":103,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"f2f730f8-0b55-43a5-b454-f534c02484db","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":103,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"3fbade9f-aa55-44c8-bae0-be43820c9510","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":103,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"8056b48d-6a01-4dc8-a230-6079bdaee1f5","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":103,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"2c3dfb4c-e790-4239-ad35-01a2314f8dad","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":103,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"4ffa3eee-023a-4f56-a513-250afef113d8","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":103,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"113524f1-b50e-4f13-a41e-31d68be376cb","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":103,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"eea585a4-6624-4b69-81ee-cfec2046718c","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":103,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"bdb48c37-6c86-4b46-83e5-a4200824470e","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":103,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"146aa101-a3f5-4fa5-a480-18bb7e173285","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":103,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"7a668e21-f9e8-4331-a6e3-a7b55a7c450d","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":103,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"524b9a9e-df79-4e4d-8fb0-5683ee5876f2","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":103,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"1fe4f089-da33-4910-938c-71a0c40b5831","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":103,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"78dba161-df89-49c4-9853-78238f58de5e","block_type":"box","text":"market is not yet cer tain.","page_number":103,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"095e52b1-044f-48ac-ad17-30a920129256","block_type":"box","text":"Yields.","page_number":103,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"2d5b8de7-81eb-4ae3-8f8d-ccc62d615b05","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":103,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"885957f0-8e42-498d-9f3e-1b76b4c68e68","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":103,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"c4a8f388-fd4f-41fd-9525-04b5f26dffde","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":103,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"dd8527c9-5ba4-454a-98aa-ceea076a9f6a","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":103,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"f9bd5bdb-bc78-4d25-92ea-62891982dda3","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":103,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"b062e346-347c-4046-a148-e90fea7e8e2e","block_type":"box","text":"II-60","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f621c63a-17b7-4133-8f53-27762e3e3b86","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7457d897-b750-4ed8-923f-19fd4c1c54cc","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":104,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"e68f6c7e-bfb7-4afe-9713-63717ba8d598","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":104,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"762f4685-4aba-4066-bc12-1c1976bd6f1c","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":104,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"31ca725e-8bc5-4355-9eb6-779f2816b175","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":104,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"9985fbea-59ed-4c49-91b2-eb753f44e6fd","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":104,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"1340742e-a120-44d0-b945-1d614e55af97","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":104,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"71c6878c-7d13-4390-9b69-e192cfd2b684","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":104,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"17f0e438-2634-4fa9-af36-81b8e50cdda9","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":104,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"c8065c78-5f1f-4820-bd04-bb066ebf42e8","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":104,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"d9237a84-b582-44e8-9659-3387a982c2b5","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":104,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"dc684c0b-997c-49ac-9714-b173f656b5e0","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":104,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"c071e425-6832-4466-9c1c-abc7835dd999","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":104,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"78ffd287-6114-4d9c-868f-54d53617f995","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":104,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"56409134-cd0b-4b30-8c01-d0869c707e71","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":104,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"64fe722b-7f9b-4cad-b05e-ba6aaccccfe5","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":104,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"ab0840ff-860d-4961-a49c-252d2e5e7765","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":104,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"2043b732-3946-4836-9005-d869129a19f5","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":104,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"a3feabc4-0a27-485f-8059-1c3b3dcdc9a4","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":104,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"86e1e65c-94d0-4694-bfcf-e54c9fd59fa8","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":104,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"b66ea5c5-1851-48fd-ac31-58172687886f","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":104,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"09a447e9-0e65-4c4e-a437-eda1ab8b63f3","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":104,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"4a921fc5-cd4f-41f8-ab77-7d3b2c7e3827","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":104,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"cfe06083-75e8-490d-91e7-4347c9366f80","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":104,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"8e51607f-8fe7-479c-89de-dfcc6dc1ea4d","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":104,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"2f015962-eee9-4cd7-9146-6294f59675eb","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":104,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"16b8f5a4-8994-4313-b8fb-e19ab32350bc","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":104,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"153070d4-cc5b-4fb1-900a-021d96ea5771","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":104,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"009be51d-2a7d-4df2-ae62-9487cca1ecc0","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":104,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"8276fe38-f1a1-4118-9aea-667891f6a782","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":104,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"7e95ff57-e3d7-4781-b30d-876fc2f89ece","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":104,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"b47b3221-35a6-4383-979e-b7ff597d5e2d","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":104,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"06532955-0f7c-468a-bb26-880220fa09ef","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":104,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"9b9a3292-ef1d-41f3-9f73-6cbf7646f2d2","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":104,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"a2a57ca1-0234-4748-a025-420e4b662d8c","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":104,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"5ffb9705-9a14-43a6-92c2-b14c8b27f63d","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":104,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"db8abb63-d88e-4f35-823a-5acffa066d38","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":104,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"87f75c8d-0352-41f5-b77a-9592fd534e5b","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":104,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"0aff07c1-52b6-4de8-80ca-79ffacab5e94","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":104,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"f2a33c3f-b02e-4ddc-81de-5606d0bdf137","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":104,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"e554bc2d-bd5e-4180-9cb6-7716dd870935","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":104,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"8454b4e3-59a8-4d14-9513-c59ec44d510e","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":104,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"b30cf794-8a18-4819-9361-48d0a480c363","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":104,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"112e5af2-fc60-4311-afa5-14c3e7d321ef","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":104,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"893366f6-8cb8-466a-b3c2-95a4c55054ee","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":104,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"ac0ca84d-2e16-422a-8150-45226b328904","block_type":"box","text":"Call Rights.","page_number":104,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"5b1736fa-6b0f-4357-b783-0545e11ce917","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":104,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"1297324b-a512-43a4-9569-1397ead23037","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":104,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"82d9df9b-399e-4b36-9f47-6b21b1a559ee","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":104,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"b69bf549-17f9-438f-b5de-71e2526789ef","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":104,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"a11f4900-87ae-4c4f-9fe2-729cec3b4e49","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":104,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"a2dadc8b-4b1b-43a6-ba10-0f639327fad6","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":104,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"4a58ae26-33b2-4eac-84bc-8567470f0d50","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":104,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"4c910cb7-c2ce-4569-841b-bc826f645623","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":104,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"daf8b287-4f21-4207-9115-05f4a07c7e1f","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":104,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"e8d70a41-751a-41b4-aa04-9d69422fb9dd","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":104,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"24b90c69-b5ed-4be4-83ca-4b06a5ae9a09","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":104,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"e47dc96c-88ae-4e22-9257-3a88f07c43ab","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":104,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"908b3d51-fe17-4de5-b0a4-f9b8ea870132","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":104,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"bd887188-f861-4d2b-8574-908c3676154f","block_type":"box","text":"II-61","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"70ad865a-96c3-4cab-9e94-f5ef246b2d3f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dda11ee6-eaa0-443d-aec2-0d46541ce7c1","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":105,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"3e9f70ff-a2e4-455e-86a6-a0e30837584d","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":105,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"30096e00-b14a-40b5-8ff9-4e245d0ce3f6","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":105,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"89a6a52e-535f-4315-b26b-3642caf23efd","block_type":"box","text":"i.e.","page_number":105,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"329db5ba-0ae4-45d7-88e5-27d9021bbeea","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":105,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"34a5a6d2-233c-42a0-be49-3b1cfd64fd55","block_type":"box","text":"rates).","page_number":105,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"835a649c-5561-4759-96ca-e63a24466adb","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":105,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"d7c018d2-5640-4df9-b008-51ef7f3c53f0","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":105,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"a139ce4e-7c0e-4b31-9076-730639ef0f31","block_type":"box","text":"e.g.","page_number":105,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"8b051798-a8ab-4b52-b816-fa34275a01f9","block_type":"box","text":", an exchange of fixed rate payments for","page_number":105,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"adcb5af4-4f1b-488d-8003-5412c475cb25","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":105,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"8b8675bb-9615-41a0-872e-49db692b7fa5","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":105,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"58a60612-ab04-4a8c-8543-9d111ec942bb","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":105,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"bead5c74-b97d-4d7d-b929-9b76738a66de","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":105,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"7dfcb854-60aa-4cd6-bb47-bd259fa99e5f","block_type":"box","text":"with the same attributes as the swap (","page_number":105,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"b77daab4-8bc0-486e-9336-955b3c033307","block_type":"box","text":"e.g.","page_number":105,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"ba1e1695-729b-4330-a2f5-75d1f5040438","block_type":"box","text":", coupon, maturity, call feature).","page_number":105,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"30b3623a-0afa-4eb3-aa4f-800e7f263fd8","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":105,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"4f61eb26-31d0-4708-96d7-c23200fb61b6","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":105,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"3562d8f9-6f29-44cf-bfdf-fc6c8732c6e9","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":105,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"14e57917-32b3-4ab0-98c0-9bb93c40fbd6","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":105,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"4fadc3d5-7b21-46a5-91ca-b040cf292239","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":105,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"e02cd5e0-1772-4b96-ba90-9787012aee84","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":105,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"4b8004df-5a2a-4198-9f3f-baa6505a26e3","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":105,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"8f370645-22d3-4c75-ac41-05cc5ed71aab","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":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"52424582-5d07-4fba-9264-7bf70d0f2fc7","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":105,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"c1578a31-93c2-44fb-99eb-2313e13f4006","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":105,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"6a934c23-260d-42eb-b13e-b413002d9280","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":105,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"0624dc9a-96a0-4a47-a99f-79bb3131e5ca","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":105,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"303f08d5-b49e-40d6-bb7e-c136daea882e","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":105,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"1697b41f-9b07-4865-895e-7a3e7a9d05b7","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":105,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"e87aa4c3-96fb-4c8b-b5fb-43b2051842ac","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":105,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"6dc4cef5-602f-4fc3-8693-599721d8a67f","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":105,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"3dbb7ca6-31e7-485e-be62-9f3831ef1a05","block_type":"box","text":"Insured Municipal Bonds.","page_number":105,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"44812092-88ae-4794-ae9e-14b167b111a2","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":105,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"8da90ddf-0060-46ad-88a5-faebe10534fe","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":105,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"5e62610b-8450-4761-86ad-f45aa492179e","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":105,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"33d3bb05-2a5f-4594-82c5-90cc2110002f","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":105,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"9d0058df-77c3-43b3-804e-1639d30532f0","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":105,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"c888dcef-cb02-4492-9d72-f994a64ab5bd","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":105,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"55d8b247-8a91-49d0-853a-a167e45d9e97","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":105,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"fca06481-0f7c-4b0d-9e20-44a79adace82","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":105,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"171d5278-55b9-468f-977c-9f1dcadbae21","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":105,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"47ce7c94-1f0f-4a42-b3bc-91d2efe69925","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":105,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"7d0bf324-f5f4-43d0-8e95-42f7b1fc0fbf","block_type":"box","text":"bond could drop.","page_number":105,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"d7f20590-9101-45a0-920c-b2ae187a5cc3","block_type":"box","text":"Build America Bonds.","page_number":105,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"50da0958-dae6-43fb-b0a8-723a6a67b6fa","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":105,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"6384bcbb-abc2-47af-8f37-8d691ee0e43f","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":105,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"a8ed780f-7223-41a1-b6e3-3e994fa834ae","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":105,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"05ff3977-5772-4c87-bf8d-07aec6f5edec","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":105,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"b4ed905a-310d-4bdc-91be-0051a0921dd6","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":105,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"ab74aba0-a292-4454-a861-bb98b5651fce","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":105,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"423cc51b-1a89-4551-84db-e2c30d9b1921","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":105,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"51a3aed7-bc82-4498-8eac-31c7e264810a","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":105,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"f2e75cd0-319c-4bd5-9398-b58593c5f442","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":105,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"60187b34-078a-421c-a590-8420d724a610","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":105,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"87d8f386-60b1-4eda-b834-b998422f837d","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":105,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"27ebef24-b84f-48bd-befb-1ff857e34ff6","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":105,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"fdd6ecb7-6db3-44a3-a43c-2359fe2991cd","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":105,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"d8ddec8f-41ef-43db-b445-3dcca2f7b2da","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":105,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"beeffdf5-ac5d-4172-acc0-4e5dce951fe2","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":105,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"0647af49-b11a-4cc8-9091-d0c510464faa","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":105,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"460372b3-7034-408c-938a-1db664536def","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":105,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"7c7bc51a-dab9-4e05-b07c-1b3f1b13395c","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":105,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"93ba4784-6c61-44c4-9e7b-4cea195829ff","block_type":"box","text":"II-62","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a2a31e99-afa8-4c88-b46d-cf0c3a234179","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c21a4a22-873d-409c-b586-87fc1974498b","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":106,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"15f5cb35-d112-4784-90a8-20f42de437a3","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":106,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"d859800f-853d-43dd-ab2a-02189d34b41a","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":106,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"33d1044c-93dc-4153-83bf-1220c4675488","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":106,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"c72ee1ea-c93b-4df6-a774-fedc0a7e0c81","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":106,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"87e63fbd-b65b-4464-a2a4-33a6966c9c6f","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":106,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"f28063fc-e6ad-4c55-a328-b27938e50a2e","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":106,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"0357e1cb-91a8-4fbb-aa33-0fe6a4ef2cd9","block_type":"box","text":"their face value to the sponsor (","page_number":106,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"9af5ac08-2839-4f4f-8a4a-c7d8e92a1dc3","block_type":"box","text":"e.g.","page_number":106,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"cdfaebae-3513-48f1-a131-289decf06a65","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":106,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"8db63898-6f71-4c13-8911-31ed6bac01cc","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":106,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"686ab01b-c3cf-45aa-8abb-ef6e6b9bb4cd","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":106,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"ce6074e6-2b03-4c94-8b53-049e45b4f7b9","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":106,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"7c7063a7-be3a-48b5-a056-21c90bf807b9","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":106,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"6da9d4d7-4a42-49a5-ac30-c484841f1300","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":106,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"311def51-653b-45d0-b3fe-e0079d5fe480","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":106,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"7b624431-85ae-4478-b672-8653b74307d7","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":106,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"a8b08477-e785-41e4-a146-4103790716a9","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":106,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"c56e83bf-42ad-4c60-8b15-823416259f11","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":106,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"5ebfdb00-124a-41c9-8e41-baeeca926aac","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":106,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"1dda0d23-2695-4b69-a5ee-6ae4e3c3c7aa","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":106,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"2c449ebd-c70f-40fc-ad86-9c25ab6be7aa","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":106,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"11b29e21-bb14-42fd-80a5-cb8755ef288f","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":106,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"44ebcf0d-93ac-43e2-af14-140d3ed71bc1","block_type":"box","text":"such opinions.","page_number":106,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"96fdecce-79b6-4eee-a190-4ad02172da7f","block_type":"box","text":"Operational and Technology Risks.","page_number":106,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"ee00be78-1baf-491a-a61f-09b020bd7edc","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":106,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"27b14aa4-b3e9-4174-a4b4-51d41d5b1032","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":106,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"253210cf-12d2-403a-9f4e-5067f767c396","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":106,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"cdfec354-20b3-449f-8006-acda005a88b6","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":106,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"ed55a435-33fa-4e44-88da-993401584722","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":106,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"bdeeee64-64cc-40fc-89fc-6ecfaae56168","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":106,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"31dcb150-4c1c-4dfe-83f7-11c7ec534d8d","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":106,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"69d712f5-d5da-4d59-91ad-e8c7524e9a77","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":106,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"c205111f-bf62-4dbb-badb-17ce772c115f","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":106,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"547d5821-c381-46e5-a065-cfba47fb7662","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":106,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"3d74d372-c48e-41a2-b6fa-bb4196e84497","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":106,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"15c5ecac-fd03-43c7-b6ff-580982550bb5","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":106,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"d26c88a3-ba92-4d95-a402-e901306645ae","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":106,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"a686c04d-7458-4f18-a3b6-e4c3213a1ce7","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":106,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"206652fa-b274-4818-9dbb-3e5ff1ccd0dc","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":106,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"b17b3924-dd96-4110-be81-2354ca6eceb7","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":106,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"715d6fac-ef54-4d81-a1c6-b246adaccde9","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":106,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"ac92b718-8f8f-40ac-a69f-952c8455c35b","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":106,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"11000aaa-0fa7-46f2-be07-9aa82f8cacd3","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":106,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"102a3619-54a7-40b3-9a84-4f285b3271df","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":106,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"22b27d7a-19fe-4cc3-951d-43d1a3d113b0","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":106,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"e31b61b0-cde1-4bad-82b9-f9ed6056d738","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":106,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"9a2ef088-68f7-413c-97cf-4b9824b16242","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":106,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"bcfb8432-18ba-42cb-9866-686f7f0182db","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":106,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"a73def44-1e6e-461b-9f70-ca27b1b894b8","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":106,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"b30e1f0b-3b0b-4ce9-8b0d-4531fb013763","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":106,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"9fb66f63-434f-46a3-827d-d5de4d280f18","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":106,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"3e040020-ec2f-49aa-a268-bc46f9bd3110","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":106,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"c006987c-9889-474b-9191-ee3b1643d507","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":106,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"f016d47d-5277-491d-a225-51f3f3dfac3e","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":106,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"7ebbf5af-9c2e-4805-bc32-debbe86ae873","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":106,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"845c3d19-524f-4586-9f1b-456080e7ad91","block_type":"box","text":"infrastructure assets.","page_number":106,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"f9a1475d-705d-420d-87cc-9d7a161f2606","block_type":"box","text":"II-63","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d5ec263-034f-4106-9090-729884e4f605","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b89c9f08-13be-449a-9e30-8bc04de453b7","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":107,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"85e6d031-b618-4386-bfe9-a1fc96553b69","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":107,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"530cf819-0003-4f97-9d18-1b6d96c96bca","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":107,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"3c0d631d-5f08-421a-92c4-d1b0c27d1484","block_type":"box","text":"or services.","page_number":107,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"2ad70558-be05-477c-95f5-983af826957f","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":107,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"b75a3de1-78a3-406e-82ef-395940acc3cf","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":107,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"d39c2e4e-f216-4ee6-8dbe-1133fb9c3c9c","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":107,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"e6cc5bd4-ad72-4b90-82c9-f27feccbdf4c","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":107,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"d886bbb4-8bac-47e4-a652-87cbc005fd35","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":107,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"02b189af-db94-4704-9964-968af8b5e02f","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":107,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"d4f8378e-7785-4c50-bd22-1f179ac21eb9","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":107,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"af60b6c8-1be3-42e0-8f3a-e4f611c7cb88","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":107,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"002f703f-fd06-4584-9fe9-309823136096","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":107,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"e13235d6-03bf-42be-8373-f9f94c14351f","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":107,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"87d0e2b1-0d14-4bad-b77d-c5898b048966","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":107,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"894e8af3-ae1f-4c82-b676-0d7b0852eebb","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":107,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"6c380d72-1464-4cf9-80ab-c22cc1653ca9","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":107,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"7a88af75-6d78-4efb-8b88-411dfeef29c3","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":107,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"279cc078-dbc3-42bf-a053-77d5abc7e64e","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":107,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"56ec04db-c362-4a19-a6a7-b751b6446e5b","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":107,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"131644db-bc3c-4e70-96f3-852196e4aad8","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":107,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"3530d8ee-117f-4b15-8fcd-f1c1956999da","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":107,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"7072339a-198c-4570-88fb-852f219b52ff","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":107,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"612187af-0856-417c-b6c7-018004707c54","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":107,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"c58b1153-569e-484c-8afd-d3a7a43ca2e2","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":107,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"ecad4d16-5a04-4317-9c80-197fe08e7a73","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":107,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"468eee5b-9342-422b-9d3b-04c8a476889f","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":107,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"35ca50c0-6f88-42d7-afd7-07ca22892ba8","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":107,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"72be1fd0-0ea6-4883-b822-ab38a2284d14","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":107,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"51eb4cfe-5839-49ee-bd1c-c3f8cfc9dadd","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":107,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"9f2f76c2-698c-46e6-85d2-d40988e10588","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":107,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"c4d6b23a-841f-47ec-8317-f9b5021f1d79","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":107,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"3a13d357-b079-4cd7-ad90-4c3bac902391","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":107,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"f31c98fb-b64f-4a61-aef5-e7040a6f5b29","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":107,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"6561ddb2-fba2-44c4-851b-8584b34bd615","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":107,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"3a31e0f4-2744-42cf-bdd0-aa54c51fd144","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":107,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"ca4546ee-1af0-42e5-a76f-687902e7654c","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":107,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"a95672f0-0d71-485d-81be-9ffbe5da9367","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":107,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"ba8049da-bceb-4a89-91c5-e4a21518e301","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":107,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"2a6427a8-c6bf-40ab-8052-edbefde5594f","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":107,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"0d7bcad4-4544-4bc2-b82a-026ef00df5c8","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":107,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"60001583-de12-429a-863c-8664c4bfd154","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":107,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"51d0a75b-25b8-4acb-a11e-a8fe52fc20ab","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":107,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"73e314a2-c09b-4ebc-b7aa-fb6016bc066c","block_type":"box","text":"resources to monitor and implement required changes.","page_number":107,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"f2455749-9d76-40d2-8a8d-946f9a8679a8","block_type":"box","text":"Participation Notes.","page_number":107,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"dce85074-3ca1-49ef-9ce9-b2c14d7829ce","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":107,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"6bf513d5-c1de-4a71-a1c3-0212cf3fd83f","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":107,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"a9b554e5-5da4-4c41-ab12-bfc59a98c801","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":107,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"cc765944-d29f-43c4-8598-bc264d95f500","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":107,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"084dc228-e18a-48c4-8820-b3e87ac32afc","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":107,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"3ca34eb7-87b8-4845-a7c4-d5ba3b4e4368","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":107,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"bde18bce-6b3f-407d-9ea6-30173616d5c2","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":107,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"623a42f7-23d0-4c42-a237-5898358dcb0d","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":107,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"8af85c14-1375-4937-9ba7-3819427f0f1e","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":107,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"d2d50a0d-3665-423e-99eb-f52dfa6434ab","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":107,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"a1aa233f-49ae-4391-8f0e-9a676e6c27ba","block_type":"box","text":"II-64","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0e5a945-7b1d-43a0-a603-a1db5933a32d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74aa93c6-d203-4022-a99c-d38c9fe94dfa","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":108,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"b97a6846-6d29-460b-981a-74e7501753aa","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":108,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"00e6cd86-c8c5-4802-916c-5e06cf6da435","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":108,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"44e5cdbd-5aac-4a0b-88cf-38abb412f004","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":108,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"dc4a2f7d-e43a-4abe-be95-4b62e0d52239","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":108,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"ce91cf50-070a-464d-ae16-ce210c580b20","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":108,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"a7fcb25e-4059-43a5-9941-7bb2c1f3a732","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":108,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"299f7742-4b6b-4688-84fe-820a8f7e1d3c","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":108,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"5cdf438b-9abc-4e3b-9069-3579e3919800","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":108,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"61096279-a80b-4b9b-baef-1402518155c7","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":108,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"2758c975-6967-41cb-b0ab-5ceef75e0ac0","block_type":"box","text":"Portfolio Turnover Rates.","page_number":108,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"7bc4bc37-803a-4e6e-93aa-86101b0c6169","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":108,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"500da863-ab03-48f1-b836-6da0dce0a0fe","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":108,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"26057aab-07f1-463b-a8bd-860bbc3d7133","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":108,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"c3c51aab-efc9-49a6-ba65-b6023fbb577f","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":108,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"9eb8dc36-07a1-4dbb-b427-432e9734466f","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":108,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"15c2c241-0a46-4299-b731-3a292270c813","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":108,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"3e778fdf-6235-449c-bdba-9b47419ea5a8","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":108,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"41c50377-bd47-408c-85ad-bbad37aaccf6","block_type":"box","text":"i.e.","page_number":108,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"1f882e08-8a95-4b15-b3f7-9786fd2d7121","block_type":"box","text":", 100% or more) may result in","page_number":108,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"08f68dd7-074e-48e0-8b4f-450c7097abcf","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":108,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"b561c18c-46cd-4548-8240-824e3b67ecdd","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":108,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"7617f201-975c-4fa0-b088-4d8fa97dff48","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":108,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"674eabdc-6060-43bf-ad6a-c245244ea0af","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":108,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"b41da00f-d665-4a15-80f8-8b5c271633d9","block_type":"box","text":"Preferred Stock.","page_number":108,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"baf2765b-b83d-41e4-90fb-ae18c01d5bdb","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":108,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"83611a8d-2897-403b-a214-e642641dca99","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":108,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"9efb447b-759e-46e1-b5b6-5ce252643b71","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":108,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"0c79d15a-d8ae-43b9-8164-62b836a78363","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":108,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"901bf018-45c0-4007-869a-7f35bcb61481","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":108,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"899343cb-0af0-4bbe-90fc-2e29737b7d6d","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":108,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"c41b5de7-7f93-469f-b784-3db50354f7c0","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":108,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"384d3c46-8917-4ac4-a58f-686251d60abf","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":108,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"872c5636-45f0-4587-a83c-43e51606a952","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":108,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"f95ef898-6fee-4b3b-84a3-0d7cefb47e1b","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":108,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"773b90da-86eb-4ec8-af30-6789d4e04917","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":108,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"e71817a7-adf7-4399-a1cd-367fe35fb03f","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":108,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"d0653e32-277e-4ab7-a98c-356fc01a90fb","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":108,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"e32b4aad-827f-437d-b886-2d62865ad760","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":108,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"0b409884-f300-4196-b109-25c98dd68797","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":108,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"563327e8-15e3-4c98-b49b-18258452c2d7","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":108,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"08fb7a9f-a7d8-4bb1-b9b8-118619683687","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":108,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"87d82d0f-cc97-488c-97e1-326bcab73d0f","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":108,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"0cdf0f08-d170-438a-9995-8c1ecfe823d4","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":108,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"3d252033-5d14-4c58-8b47-645e3476d0ef","block_type":"box","text":"Trust Preferred Securities.","page_number":108,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"01ee89bb-eb24-4ada-80bb-d31d37d3af95","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":108,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"df80c751-6b36-4945-b0dc-0cee4451a2ba","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":108,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"6491f289-18da-409e-bb02-04ebd9de8eb9","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":108,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"c6069d90-53ff-47a6-9bb3-967e9fd5bd5c","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":108,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"08d9b780-e380-45ea-a458-46c229e6b6a4","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":108,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"5e0f329c-3f41-4fb3-b486-c1f3bd244521","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":108,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"6fdbefd6-52cc-4e21-ae85-1f1ce057e9c5","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":108,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"0b6010c8-a8ce-44ac-881d-22fc7a44bd41","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":108,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"09a7bb71-2834-4f10-87ea-6e5576d64646","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":108,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"a2bf8a63-3381-4173-95e4-9ce043d2b104","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":108,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"8042a7d2-f089-42df-9df9-7ae27dc5aa6a","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":108,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"5a69d62d-08ee-41ad-a6fd-93582ff93755","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":108,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"9c41f20d-c0cd-4a1e-81b8-475a365e4aaa","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":108,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"ea466d42-0efc-467f-a2d1-e6951600e68d","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":108,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"a4e34923-f850-4aa5-ac1d-ad41067a958d","block_type":"box","text":"®","page_number":108,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"7974d28b-a921-4db4-ad4f-ea635dbeca18","block_type":"box","text":"”); monthly","page_number":108,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"2f948793-6287-49c6-a2d6-cd60d93559d6","block_type":"box","text":"income preferred securities (“MIPS","page_number":108,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"b5ef6518-4097-468a-8247-a9e56d1b07e5","block_type":"box","text":"®","page_number":108,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"286dccfd-ed40-417f-868a-d6ffb28e22e9","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":108,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"a4ed2f84-a7f1-4b94-ab7e-2d7947200155","block_type":"box","text":"®","page_number":108,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"05264be1-6eb6-417c-988d-3b43e85e04cf","block_type":"box","text":"” ); quar terly income debt securities","page_number":108,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"16e6b56a-d7b8-401d-9928-b1100eac2bb5","block_type":"box","text":"II-65","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8a6a8a8-f387-4bd3-948a-fdeafa551ac8","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ca0e335-74bd-4d36-aa9c-def7b4b549cf","block_type":"box","text":"(“QUIDS","page_number":109,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"e1f73034-53e1-458b-887c-ea1a9f5d51a9","block_type":"box","text":"®","page_number":109,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"9db1c044-bb4d-420f-80bd-cc82eb37a62e","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":109,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"9657350b-92d8-4050-a758-d41b7f64671d","block_type":"box","text":"SM","page_number":109,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"575d629d-d7ed-4f34-a904-d10b572d91bb","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":109,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"ee308937-47ea-4ee2-8ba5-5a3ed3d6cb78","block_type":"box","text":"®","page_number":109,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"a7be4ffe-4b41-45cd-9cec-01f16116f5ed","block_type":"box","text":"”); public income","page_number":109,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"7dd3e54c-b295-4565-b08a-1a03a392bce3","block_type":"box","text":"notes (“PINES","page_number":109,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"a9d9e714-87e9-481d-8a2c-536ede3a6083","block_type":"box","text":"®","page_number":109,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"33e7d013-db72-4efc-b739-bd79cac01970","block_type":"box","text":"”); and other trust preferred securities.","page_number":109,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"6cb73d1b-516b-472f-aa32-16ce677d1c81","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":109,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"e0d3efa0-00a1-46cc-bad3-244521fe2e85","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":109,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"afead907-b15e-4085-b0d4-2d85ffb2f766","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":109,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"86247a8e-6d48-4749-af51-26149ea2b29d","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":109,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"ad91aa7e-bb19-4eb2-b8a7-5bc362b0b2e4","block_type":"box","text":"regard to whether all payments have been paid.","page_number":109,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"108f072a-1172-447c-b370-20a8604307bf","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":109,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"e40f6fd6-ad09-4b2c-a33c-35fe2c83a376","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":109,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"1737bb1c-f67d-4342-9b7e-87962eb044c1","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":109,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"8b6ad7c1-6a15-4fdf-a24a-de09abb67b21","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":109,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"dd39d218-27e0-4cc6-a524-825516743628","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":109,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"3e886441-b339-4cbb-8b8e-599ed0765281","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":109,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"e6cfa2ad-de8d-43e5-b3a6-b6aaae08306d","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":109,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"c0833516-4458-4c4e-a940-0d0562cb95ff","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":109,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"8ab43ca0-80ee-4639-b975-694dc09266fa","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":109,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"de334100-494f-44df-8a6d-7dfebe5066ab","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":109,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"0c7bb320-ba85-4a40-b987-3b2e9884c941","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":109,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"b7d9e181-3503-4250-a75c-8ddab829b548","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":109,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"322e8207-6ddc-4e3f-b0f2-c117702068fa","block_type":"box","text":"debt securities.","page_number":109,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"239c43f6-20b6-4371-a78e-02f34643d640","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":109,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"5e9da0f2-af8e-4e09-93b3-41942c55cea0","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":109,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"b404f444-a6e2-4c6e-826d-46ae1d86a098","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":109,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"4f9cf985-48f1-4350-86f1-4e501d911ba5","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":109,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"67a31c8e-70fa-43c6-9304-38584c3ebad2","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":109,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"82a441e9-a36b-44d0-8b6d-d3438ec2db45","block_type":"box","text":"i.e.","page_number":109,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"cf2de601-7a77-4ab6-a47b-e557fa29e2ce","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":109,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"144d8a29-7fac-4150-a20f-fabc4757d1f3","block_type":"box","text":"buildings.","page_number":109,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"9611eb97-df8c-4f1e-9b11-5536fdc6610f","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":109,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"0e8a7788-0fa6-4ef1-b4ad-ddee68a7100a","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":109,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"59f382c3-0c05-48f8-9355-9adb83a480a5","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":109,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"af2b3f9a-d317-4469-a8b1-ad2c73bc3555","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":109,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"f5f24487-7ea9-46d1-b9e9-1fabbb97b4d9","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":109,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"6ca971b6-6392-4cd9-b03f-643c18f2e2bd","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":109,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"6e7ab980-e540-48bd-841b-1464a836e3ce","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":109,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"482a68a6-e7eb-4620-b610-ee9a53d4a7c6","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":109,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"0cdc1685-dda4-4850-9645-f8e7b98f069f","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":109,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"a24d0d42-f440-44aa-92a3-02770c71d771","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":109,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"9ecd8554-f87c-4405-b0e1-3267b4bc2f96","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":109,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"b8c983a0-0499-437b-ad1b-dffc7e70efe4","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":109,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"039a2c8d-1382-4492-9340-7b0b52472b6a","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":109,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"745c8069-9573-4024-bff4-e3a7eaf01b30","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":109,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"65eb6c69-2a65-44d6-b7f8-7d5c37567175","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":109,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"b02e9bab-b1e8-4b94-98d9-136670f9e55c","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":109,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"885c3d5a-1441-4344-9287-9fcf3a6718f9","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":109,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"d6ff61fa-3ebc-4302-8527-802236675c4e","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":109,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"505015e3-3eb6-4862-a2b4-6c7f73137853","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":109,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"be3ada83-5a08-49f3-90f8-d66f87432ea8","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":109,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"e1b00852-334b-4cb5-899a-5d13f9b6f89f","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":109,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"8f04e585-47ea-4b42-a11e-b47cf23c79f6","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":109,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"0d0c5325-6db2-462c-b65b-d7ba22f8fdfa","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":109,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"e5305b24-f0b7-474e-b01b-b9f15dcde26b","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":109,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"650e4204-be29-4b74-9619-b4635d77e20a","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":109,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"87c51cd4-4719-44bc-8d28-da9ef34a8c38","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":109,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"b706e044-a001-458b-b634-d20d22eee695","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":109,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"2ab2072a-c411-4e39-8dfa-797e105ad0ef","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":109,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"444f89aa-53ee-49f2-ab99-72ded86487fd","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":109,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"b5fbf5cc-3baf-46c2-a1b5-1f7dff443307","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":109,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"3dc2f77a-bbe7-484c-9fa1-86c02199fbce","block_type":"box","text":"II-66","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3061f72d-e5f5-4120-8765-b9e5bf242e4a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f96805f2-700a-47f5-9914-381f10181e72","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":110,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"c5f88aea-aef3-4c8e-83f3-89df8dec4ef5","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":110,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"8ab495cd-02d1-4049-8c65-59740d333c82","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":110,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"b45080dc-a85a-43ad-8013-5cd0d3e2024d","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":110,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"6cf7e44d-c74c-403c-a8ad-945c5c051cbf","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":110,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"5a9285c3-f1b1-439f-8445-1148ad50242f","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":110,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"7d154156-af7f-48e8-b120-fa675c81b313","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":110,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"8a9dc668-332d-4e90-858c-5b52b0dca54f","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":110,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"95661da0-61ba-4c9b-8afd-4e5733276a7e","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":110,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"9bb82fdc-9d0c-4925-ba05-1b941a83c7df","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":110,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"8289d592-29d7-4887-bdc4-c1c24402f0a1","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":110,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"d0e5651d-2b76-4671-88ed-c05de1e18075","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":110,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"94720f34-c0a9-46cb-b8f0-433522ea5e12","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":110,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"063922dd-ff8b-4e97-a104-09d2f67568a8","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":110,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"7b01b210-9a49-4ecd-8e62-14662ae2a515","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":110,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"bbe38915-a56c-40cb-b86e-6d4d4cbff529","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":110,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"b4710b76-9cb3-4833-bdcd-545e03c8495a","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":110,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"66de2405-26b6-46ee-8830-b5451313e81f","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":110,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"cf447ed3-9f0b-4f15-bf5a-0fc165f95b6b","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":110,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"824cc012-da2f-4447-85ad-926d78f8b134","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":110,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"f3e5dbdc-4a37-4038-9008-94fed52f2957","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":110,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"c26ed20d-d645-4b76-b49c-699e98d6a445","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":110,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"bb12535b-9103-423e-ae3e-ffc2987d9a52","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":110,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"e6f49c70-c013-4525-9d5f-25113a45718d","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":110,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"9f943219-73f8-4d83-8206-0e97afbbdcb0","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":110,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"5279076e-2481-489f-9049-386c0e8ac743","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":110,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"2b2e9be0-4d80-4ed8-9752-0af49738e3db","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":110,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"0508ad7b-3783-404f-9d26-f1d9f8bbdf71","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":110,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"9f2183dd-7f67-401b-8b36-ed68bb5ca584","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":110,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"e7a5fd2d-9b6e-4302-84e5-fb35d4af1c36","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":110,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"50e773fd-16e6-4429-97f1-17a49828edbe","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":110,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"ff857246-c633-4903-85c1-3242cae20e67","block_type":"box","text":"conditions.","page_number":110,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"c34677de-845f-49a1-ac68-4d2890087678","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":110,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"87a82f36-6c0b-4400-9aca-f768e9893362","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":110,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"684357b9-353e-422d-aaa3-6efb059d29c4","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":110,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"ac5761c7-20f3-4e04-9878-3bf38e33cb82","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":110,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"b200ae18-9080-4eaf-a15b-fa24fe035c30","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":110,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"7b85843b-4e04-4fdc-90ae-3786c98f7989","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":110,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"d1a89aac-04d8-43a8-902f-5cd489c18f94","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":110,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"5bdc124a-57e3-4f64-87af-afb5cda96d9a","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":110,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"03f2336b-999e-4e55-957f-e741338f0125","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":110,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"cb536ae1-5932-4712-82e1-d81475e54732","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":110,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"82a5d9e7-93b3-4e0d-907d-1c34cd8d60a1","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":110,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"ae95432f-a5e6-4248-a94b-6e1835150d39","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":110,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"b4e5bf79-19a9-4050-8612-0070b47f418e","block_type":"box","text":"affected by such events.","page_number":110,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"8b95567b-2112-4b8e-bc16-d0d5370c6806","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":110,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"65622f9f-a1f7-467f-94c6-21be42e86916","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":110,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"f1558e09-3eed-48e1-8c92-8864297be26c","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":110,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"5feb4c54-fcd3-421c-81d0-40db32831803","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":110,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"d5343906-9317-4e79-a4b2-05b50cc0c25d","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":110,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"06f23b3d-76f0-488c-a24e-8fea5e84a1e0","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":110,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"796fbbe1-786e-4214-bd28-44fafd8c9ca0","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":110,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"7ea99c7d-8d40-42f3-a86d-1d56036b1303","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":110,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"9de8f115-7c9f-4000-a6a0-c2d362c65616","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":110,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"b5027757-7261-4b2f-a1b3-58ca281de39a","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":110,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"e5b37928-61b7-4e51-814c-19f3883c3973","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":110,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"28a8bac1-9de5-4de3-9f6b-657db717342f","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":110,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"efdf3103-f6aa-47e6-bd01-5090af405cec","block_type":"box","text":"II-67","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b9bd175-76ab-4205-b123-125c75793344","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61c8ede5-f06d-4390-b1da-a08d7004dbc4","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":111,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"651c445e-4b7d-417b-8394-eb7907780fd4","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":111,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"28b44e0e-d988-4e7a-9e6d-b1f4a74fe763","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":111,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"5f6b72fa-e0a2-41bd-a983-0e5c530669f9","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":111,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"0c58ed29-bbcd-47d4-9c18-0e536d6bef6c","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":111,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"66bf9453-d6c2-4e26-8a31-0b1acfd665a8","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":111,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"0473c82d-fedb-4edb-aebb-124352e2a747","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":111,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"98a33149-27b7-4659-be86-65467d4fc90a","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":111,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"6184d52b-5bc0-4769-a3b1-0280a1755385","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":111,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"7e820148-7c39-4cac-8a95-ab695e1f115b","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":111,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"27770742-137c-42ff-91ca-ffa4b27b2dd6","block_type":"box","text":"investments.","page_number":111,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"5d86fc3e-4f6e-4d6b-94ee-8462318cad88","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":111,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"490a6248-132a-4acb-b51f-6d5896d2ed98","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":111,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"c6d36386-fc0e-447c-be3e-5e73590a9be8","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":111,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"6d2b1cda-2773-4f20-b8a4-99f158ef38d5","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":111,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"06d62c6d-8ef4-4bd4-8f22-73482d56b384","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":111,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"e097af87-65b8-417c-a1b2-0b54b5de177d","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":111,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"390974ae-676f-410f-98c9-514fc04d2058","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":111,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"fd4c522a-4eb5-4738-9b69-f8df9617dca4","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":111,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"9e62f1cf-2d60-45f5-9cd3-5096adbe0def","block_type":"box","text":"Legal and Regulatory Risks.","page_number":111,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"4e8fd57a-453e-4633-9512-a99b5fbb0fdc","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":111,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"e3b26ab5-ff71-4611-a3e9-cc27d60b429e","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":111,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"15478908-ac59-4f2f-b1ce-93c395a8d245","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":111,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"07aa0205-3ec3-41fe-90e5-a1f4eac02564","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":111,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"b79ad88f-34f1-466f-bbeb-f06846b113cf","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":111,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"452ea065-d300-4f4a-9851-fd56e93ba2c8","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":111,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"9f57a39c-dd67-404b-b05c-3e34907a24a1","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":111,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"2bc9b3b0-91f5-44a8-bba7-1bf41d9b492f","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":111,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"7d80147c-cbe4-4bbf-b97d-b6c14c78763f","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"36ae9c6c-2655-4fd8-86fc-fa8217534998","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":111,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"3df4280e-0921-4b8b-b897-0bbec6aec7de","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":111,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"acc6a97a-6d79-42c9-ac38-e9b8754a066d","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":111,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"82f681ee-8df2-42ea-aa06-489386308843","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":111,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"6efa9fff-49fd-4954-b861-5687f4bf10f9","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":111,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"4f70eda8-2fec-405a-a04e-07a4425e0c7d","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":111,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"3796fc5f-cff4-4c72-ad71-36bd900b3c5a","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":111,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"cf97aa24-edff-4eb9-ae8a-db6febafca43","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":111,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"0cda0b95-4e9a-4550-ad3e-8057fe7dd942","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":111,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"7f19fa30-9271-4f2a-8812-c745dc0b71dd","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":111,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"cd03439a-9e83-436f-8f67-faa2c62cd652","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":111,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"4883a77b-6785-4ad5-921e-19441800aa2c","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":111,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"0fbd4ab2-b9b8-4cda-addb-cbcd9da694bd","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":111,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"177a3c9a-6187-46d5-a5db-faa8f1665970","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":111,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"61d8974c-3879-4644-b61d-caa38d496244","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":111,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"f6b81c99-bcff-4480-8b32-82a2b5bbcc3b","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":111,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"cb29cad0-09b6-499f-88af-3d2bade23a09","block_type":"box","text":"Geographic Risks","page_number":111,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"ef2be143-d8bb-42b5-90ff-cc7071863985","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":111,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"7df5d3a2-2843-4a26-ab3b-b531cb43f5d5","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":111,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"e576a3fb-bddf-4826-aff4-0c0ba005e6d0","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":111,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"9ebb4020-32a1-4f75-be50-9323fa4fc08a","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":111,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"4dbe2af2-0e89-483a-bea6-46b8e6cf707b","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":111,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"fe9a8fc6-7198-4f37-a32a-b33f8a0f2ea3","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":111,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"870ba3a8-30c3-42ea-aab7-1b11401110eb","block_type":"box","text":"Fund.","page_number":111,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"9c9e2d70-63e8-4887-a2b3-39cc4b094d70","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":111,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"d71002fa-cf14-481f-8801-7d68bc43f5ce","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":111,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"fb3f8326-803b-4c9a-a153-0685fa8353b4","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":111,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"80052613-25a6-4e9c-9f42-9be8e95423ef","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":111,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"c8a55618-da32-4b44-b59e-64728618c653","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":111,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"43e0e8ee-29cf-44fd-91b0-5d7a4f565cf7","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and cer tain derivative instruments)","page_number":111,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"6f7cb806-ef1e-43db-810f-02ad56efa62a","block_type":"box","text":"II-68","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d846edb2-0a4d-4d55-ad77-dd41fb0396a2","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0216104e-5dde-4010-94fc-1043ec278b9a","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":112,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"127a64dd-9399-4724-92b2-5a85793a26e1","block_type":"box","text":"imposed by a regulator or by counterpar ties or otherwise may adversely affect a Fund’s per formance and/or net","page_number":112,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"1d92bd7a-33e8-4e54-9090-d7b23f45d95a","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":112,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"23d7be1c-b595-4c17-8ee0-16830ef14235","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":112,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"30e00184-9b78-4188-a9d0-4e75a323d266","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mor tgage-related securities, interest rate swaps and other","page_number":112,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"eddf1e71-a321-4342-8b76-44e84daa291e","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":112,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"87f6ad1d-807f-4797-83ca-e14bddbf016e","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":112,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"2c8e89b1-0654-46ed-9195-960f84021647","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":112,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"2644f8aa-cf33-475d-9e76-87474dc49cf3","block_type":"box","text":"transition away from LIBOR led by regulators and market par ticipants as a result of benchmark reforms, LIBOR was","page_number":112,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"28fac3ee-ecd5-4b05-8623-6643e606da7d","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":112,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"d94ced6e-02c2-4a65-8c69-3f436e919559","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":112,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"d2919b45-76ce-43c9-aff3-815605dcf74d","block_type":"box","text":"e.g.","page_number":112,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"5f719c5b-c9cb-4c2c-afd3-04f25c897fb4","block_type":"box","text":", SOFR for","page_number":112,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"7f5d9826-fcd9-4051-8fc1-74b74488f6a6","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":112,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"51c637b5-d359-4c10-937a-f7bb88b9d942","block_type":"box","text":"associated with the transition may remain that may impact markets or par ticular investments and, as such, the full","page_number":112,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"cccd1526-52f1-4d9a-9b73-400a35c5d294","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":112,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"3410a7a2-c372-4062-b844-6eccf50627e6","block_type":"box","text":"determined.","page_number":112,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"6f362448-f447-41b8-beb8-996eb8594c34","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":112,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"e6573534-4a39-4753-b4f5-e74af24958dd","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":112,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"18c690a5-b9f4-4ff8-ae11-a28eae2f076c","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":112,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"14927859-1ddd-4e4e-b11e-a66aa61ac674","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":112,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"f3a8407f-3e10-41bc-991d-599bbd0c5155","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":112,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"dedcb1c8-a51c-41d1-92de-d5d1bae432eb","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":112,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"592d884e-4f1f-4285-ad97-416245a9fabd","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":112,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"0ec47ee0-df8f-4d5e-942c-04b171e95e51","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":112,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"d080b628-f978-45c4-98ed-d906d5e4ab1c","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":112,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"a4023d71-a1f7-4272-b508-55af676efb9a","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":112,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"835a6d48-b6fd-49a4-81b2-f7e4b9921079","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":112,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"7bee1738-b60b-42fc-8406-650b0dcb9dc0","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":112,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"98c140a3-c378-4aab-b9fe-7436b9a0d65f","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":112,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"6dcb5cbd-f9e3-40e8-84ce-01bd9cb6d562","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":112,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"b88c65bd-dbe7-4f84-8251-ebf59f8a2b22","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":112,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"2de20a96-61df-492d-b3ff-18ae3ca6fdd9","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":112,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"10e480d4-55c2-4aff-9b63-a68b04a47b8f","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":112,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"40d61187-828f-4497-9947-d0167785b422","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":112,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"97c17b11-84d9-4098-8b4f-0af5f946cb93","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":112,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"cb605a4d-06aa-443b-874a-21f0ff536557","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":112,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"f038783c-ebca-4511-b952-eb59c49d6f69","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":112,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"c73c0afd-ac65-409e-bcbb-9feb08be475d","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":112,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"41ac9a79-c13f-4024-8aee-b61419e7e35b","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":112,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"886ce1b4-0de6-43dd-8e0d-293e32a4bd54","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":112,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"d1674c28-bd24-45ac-bea1-2d693076aaa1","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":112,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"bf251ea8-506d-473b-8074-31db49043442","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":112,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"47f81105-383b-404e-ba68-4662eb5273c5","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":112,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"d5885c63-0298-40a2-920a-f0542012275e","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":112,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"6c1ac400-bfe3-466f-90d7-b374073ea86d","block_type":"box","text":"consequences which cannot be predicted.","page_number":112,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"9680f7d6-8ae7-4714-978d-f27d1eb0eb5c","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":112,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"ea957754-d2ab-4fc1-be7f-4fa83b9c5edc","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":112,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"39b3da84-89c1-4e15-8725-4160fee0912a","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":112,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"43d0f1fe-366e-488b-9fba-2b9cf169037b","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":112,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"087b6667-eb51-46ce-80de-8e9ec9668e40","block_type":"box","text":"term of the agreement.","page_number":112,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"8de90b6d-d23b-4cd3-bb62-d15640b32a3b","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":112,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"164690a9-e96e-40ad-8869-046aad286582","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":112,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"70ffa045-52a7-4fcc-8c26-7bcfaabbf573","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":112,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"82980516-e002-4e19-aee2-a1742820598b","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":112,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"43e4ff9c-da79-4711-ad5c-8e707f340276","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":112,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"3a3af210-a4ab-45c8-847f-6f05db7de4cb","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":112,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"6d55a924-7ded-4170-94d7-703cff4d80cf","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":112,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"c1b9ce74-50cb-4299-84d6-1248bff1de52","block_type":"box","text":"II-69","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0d1ed2e-659c-4828-8cfb-2a139ab9ba5e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3068a93e-20cd-406a-9321-9bf5ef074119","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":113,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"24d1f046-e755-489a-8ac3-111df678479d","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":113,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"d35ec8b2-e5a4-4a2a-ae47-e01fc1ad7a81","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":113,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"38dfb898-42d3-48f2-a89c-73d7f00a4242","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":113,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"b558b50c-6ec1-4149-ba67-3bd320478149","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":113,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"fba2e827-eea8-4ccd-af57-b41bc6326ac3","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":113,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"fb4b22f4-012d-4530-bafa-34f64e393dad","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":113,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"518246c5-70b3-4516-9313-8050d6e7303a","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":113,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"740acafc-43da-4285-8435-56896b4b3430","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":113,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"933b962d-67df-4e0f-9417-19c0639e48de","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":113,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"99cf1b6f-522e-47ca-a706-d9244ee12391","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":113,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"6cfa90f5-987e-4c3a-a518-818b771771a7","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":113,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"7babb225-6190-4c72-bad4-8a97639b535b","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":113,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"40293715-a2f0-48a3-ba9c-aa3bd3c267b3","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":113,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"37fd9608-ab7b-44b2-83b2-72c66ee68223","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":113,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"e20f91b3-635d-4b2d-90bf-d6803a72646a","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":113,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"ec64adde-68ec-4df4-a572-695831986748","block_type":"box","text":"or by another authorized securities depository.","page_number":113,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"9154d6a2-eea5-4479-ab4c-80d4eb4cfc70","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":113,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"ae311ac0-c1bd-424c-a242-b347043c87be","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":113,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"ff6d2fdc-0f41-4bbf-9f6f-28e4a3b4a9a3","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":113,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"59da66b6-8564-4cf6-8b21-4a6382afced6","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":113,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"a4342c6b-d378-4b10-b022-fa9dc692c52a","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":113,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"fe0a9ee7-b683-42d0-a09c-c7af25fd96f7","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":113,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"458fb526-78de-449c-b578-a524e4b5dc09","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":113,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"295f9604-fbcf-4a45-b9e6-3eb165083825","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":113,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"e46c251f-d85c-454b-8a8c-8d8da2abc8be","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":113,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"f705090b-b7bb-4b91-bbf8-d09baac348e6","block_type":"box","text":"the repurchase price.","page_number":113,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"0e3a71ae-11ad-4656-8324-971f521c701d","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":113,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"a2dc5d17-9023-45c6-8cb7-1f71d5231c04","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":113,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"a3316a07-da09-46d5-90ab-cdeee8ff329d","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":113,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"87c9f5c2-e594-45e2-a477-fbe19a68ee1d","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":113,"box":{"x":69,"y":521,"width":767,"height":11}},{"id":"9dbb7831-ba15-400c-8da7-15befcc7c1ec","block_type":"box","text":"strategies without the repurchase obligation.","page_number":113,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"fec57516-f95a-4445-887d-3a50be33488b","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":113,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"54e30484-47ac-4a5b-a1f5-6641637c94f5","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":113,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"26a6d93e-9a94-479b-b884-a86b30f0122c","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":113,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"3c7f0bc7-507c-459f-8121-cbbba415180f","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":113,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"b806833a-487d-4aea-8bef-817104b8e488","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":113,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"0ef4099d-60fc-4c8a-afe3-9033c2f0a317","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":113,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"a7080443-2fc4-4d3a-a449-4936daa26c8c","block_type":"box","text":"i.e.","page_number":113,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"80d4fd7a-354e-442e-94b3-1040b2daf440","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":113,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"d09fd15b-82e2-4d99-99cc-c482ce6cf141","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":113,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"b49637e8-97aa-428f-9331-3f99c676d070","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":113,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"4096924d-9e8c-40bf-911c-66898ea7e88c","block_type":"box","text":"and income involved in the transaction.","page_number":113,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"b3b56c9d-8aa6-40c2-969b-02890512192f","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":113,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"5208365f-d2d7-459d-8f95-15f1b141ea67","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":113,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"9f73a67b-306d-4102-a948-c4c1c9d972e5","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":113,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"4d7ad148-e4e7-468e-8c3d-6c13cfbbd671","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":113,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"52cd241b-6c9c-4405-b50b-d74d1b400860","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":113,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"eab99fd1-42ef-453f-8563-b990986b4fcf","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":113,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"cdf0b35d-1396-4074-a829-88ef017541ee","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":113,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"77cf6463-a514-4c5e-b057-fe6a63c3d209","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":113,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"2950b181-3f0d-46c8-952d-e0f9050fbc4e","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":113,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"c5dedf88-1a85-48d5-bf5c-269141a968b2","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":113,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"c3aaadf9-b58a-410e-a4a5-f05bd31efd57","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":113,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"b9cb8ee6-dd4d-4afe-b713-37c0c830f2e3","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":113,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"eb6e0047-fc78-4d09-b5b6-584c6daca944","block_type":"box","text":"Restricted Securities.","page_number":113,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"b831ea63-bb8d-465c-8cc2-63747d0ef761","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":113,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"c3da4452-085c-44f7-a5d4-b0e76b10696c","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":113,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"5a897bc5-dd62-4698-aec7-c59d764d143d","block_type":"box","text":"II-70","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bdcd803d-c7e0-44f3-a3ef-be1e5e914c01","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a7e3be6-deb0-4d5a-bed1-0895bb296588","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":114,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"eb91834b-4c23-4614-b9fc-cb15c15d7836","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":114,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"cf724c97-75a4-4c24-8789-0811bf0e36b5","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":114,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"8b178d90-c30b-47b1-b897-32d93807e80b","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":114,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"bf009572-98a2-4861-96f9-406c656a0a76","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":114,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"7816e5b3-6319-4160-835d-777b2457da6d","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":114,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"744ed97d-266d-4884-85fe-12e05cd06d74","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":114,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"e6084036-2e38-4f24-bd42-726b542dded0","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":114,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"71b798b0-d8a3-4a83-9f8b-17506e60c050","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":114,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"f2606159-48d5-416f-a6a8-fcf4b54bd873","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":114,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"e1a08f97-8d82-49d0-9409-51f0b7743d5d","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":114,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"3d181fee-8689-4357-b70f-6d4c99736544","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":114,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"5b6f828a-b97a-48ab-906d-38b759d7ea0b","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":114,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"b017c1c7-706d-44ec-9d9c-98e5f0df2c7c","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":114,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"25702662-2293-47f2-994e-545137a4b702","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":114,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"9a6a9c7a-e7d8-4a39-af3e-23ce64a87f1b","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":114,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"daf6f54a-4bbe-4626-b865-5ccdeb22ad1e","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":114,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"c2ee13f5-aa47-4866-b282-a7de88ebbfde","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":114,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"ce7174d0-c088-492b-9d86-72c89a0f5515","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":114,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"d9d0c792-bb24-47fc-b716-5dd9db78f38f","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":114,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"7a5ac1e5-fafa-4d68-b3b1-fe5f95b6bf24","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":114,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"2ea39421-2574-410f-b7c5-56c3d68faa00","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":114,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"8c4b2f26-565d-4cba-a053-af7d9b9d46c1","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":114,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"d7bf49c6-56db-406b-ad86-cdea3b000451","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":114,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"e071d119-45d1-4807-8a81-ad16e3aaa845","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":114,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"df89c35f-ea9e-4e40-80b2-d0edf659d456","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":114,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"f6633644-5f22-4978-bc7b-a1cb578e35f8","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":114,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"edcba649-f5dc-4077-afaf-608666270680","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":114,"box":{"x":70,"y":453,"width":780,"height":11}},{"id":"0add3aeb-e4d3-45dc-a7c5-dfb5cd640e5d","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":114,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"c42e77cd-7d04-4cdb-a07e-5a68e199317c","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":114,"box":{"x":69,"y":483,"width":784,"height":11}},{"id":"0eb838b9-4fdf-4602-8935-3b77e5f9d1d7","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":114,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"84019597-8bfa-4a88-ab23-a0aa3bf7b841","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":114,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"27ef4f2c-a550-4e0c-a4df-faf6f2a1b347","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":114,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"408c7bd1-766f-4dca-9f29-9cb4ce29cd0c","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":114,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"07b623d2-b9d3-434a-a5e5-e3a0014352de","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":114,"box":{"x":69,"y":559,"width":647,"height":11}},{"id":"6c14832b-7a94-4218-9f13-f4b2eebb7452","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":114,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"07049a66-4809-494b-8d12-6eb7e4f86ffc","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":114,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"060d937c-8ff6-495b-a68f-2a6419c5c5b4","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":114,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"81c4bf2b-4e32-472c-9f40-76e14d552e72","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":114,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"35006108-c85a-40aa-87b1-721e052b6ccd","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":114,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"38b90d36-e028-4c36-bbff-11fce3eade81","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":114,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"730cee19-9125-4f0c-a2aa-15f1ba1bbb86","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":114,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"ae247320-e72a-48d0-839e-8a385d419331","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":114,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"50a8ba75-e9ba-48a4-8b7e-f6dbb013ce42","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":114,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"bf3173ef-813c-4712-9426-1bb042af9088","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":114,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"aa76c1ed-1583-4c17-bdee-df11b7b96873","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":114,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"cea507e4-9d67-4023-b8f5-b4701760a16e","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":114,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"0249bb37-6c9e-479f-9699-0b5da5e81cac","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":114,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"3fcd9c8e-77f1-4537-ab44-6d17a65acd00","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":114,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"7e925534-0ee7-4b87-99ef-5f2d5de75021","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":114,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"3118bb93-1aaf-4f9a-bb49-8d0e23009dec","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":114,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"49120dd3-6878-42e7-9850-b52e770b502d","block_type":"box","text":"especially as that Fund grows in size.","page_number":114,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"3e1017e9-d4ef-4385-bbc6-dd5d0bf64834","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":114,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"7eb7f67f-2b4a-4780-bee9-dc702a7e98b7","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":114,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"b8a7214e-528d-484c-a1b4-410c18420b95","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":114,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"343860d2-abea-4fef-bd55-6773f28f2238","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":114,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"59b6c2dc-58fe-49ad-b3f4-44655f2d359a","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":114,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"2b182161-4765-4d23-a8d3-eb18b22f5772","block_type":"box","text":"II-71","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52600c3b-68db-4954-8eb1-611c38880e91","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"adcf6840-f9da-406c-9ed5-79896c08175c","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":115,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"ba5c98e8-0bfe-4781-b568-206fbda8656e","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":115,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"3cf8b6b2-ec4f-4dac-be66-a0bc44d29652","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":115,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"a570c920-a474-4bc8-987f-999cc7b2df81","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":115,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"2f64239f-462b-4f2d-8bc5-57c52cc2ac7b","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":115,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"5e64f060-bc2c-4b7d-9fc3-e56f2167dc10","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":115,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"e02f0af0-8b89-471d-ab40-d87b12978987","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":115,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"707cf2bc-d00e-4bb1-938f-64d0b6334597","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":115,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"ab8d7b54-f5f7-4509-aec4-596db7fb754b","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":115,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"20f05659-65a2-4064-894f-205a627b2154","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":115,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"ac5a97d6-50af-4aef-88b7-9f3d731c798c","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":115,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"727cb8fa-915e-4937-ae15-8720947f305f","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":115,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"8654f002-7566-4ed4-b138-6ec90775fd5f","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":115,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"601c1150-2b2e-445d-bbe1-546efe5ced8e","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":115,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"a9e83d9d-3ebb-47c9-9433-dd7b1e3bad0f","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":115,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"625cbfb1-30cb-46d5-9ffa-a22486858455","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":115,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"8c27d7b8-d400-4759-ba68-b96819322d56","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":115,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"7be3d2b6-a63a-49b0-bd0d-0301645a0666","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":115,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"2ff17503-ee93-4e24-9820-03bba869e78c","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":115,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"b0aea732-ecd2-4f4f-9da9-608bb1fb3d6b","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":115,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"f73007fc-46b0-44bb-99fa-4163c927d2c3","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":115,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"3751308f-c069-4bc9-8d6d-b7161ea10172","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":115,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"46bdb0b1-0231-4ac7-9915-c8e28daf6863","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":115,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"63aac25f-916a-493e-ad8f-ad1e60c90d38","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":115,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"261d81c0-dfd3-4a37-9e71-c9d19419c599","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":115,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"c0206941-c5ea-4d2c-aabb-70d18bd80830","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":115,"box":{"x":102,"y":438,"width":769,"height":11}},{"id":"ba0bc30e-9bdc-4647-852a-d9f39a995766","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":115,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"2e87e73a-5d5f-4be4-b167-d6414b148250","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":115,"box":{"x":70,"y":468,"width":782,"height":11}},{"id":"770b8442-3c06-4a73-a76e-43841e1bbdd0","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":115,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"9f18183c-b8d7-4d1f-80f9-575bab06b837","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":115,"box":{"x":102,"y":506,"width":794,"height":11}},{"id":"16660396-44ec-4d9b-b355-df21036a2d2d","block_type":"box","text":"similar financing transactions (","page_number":115,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"75a7ba01-e4ca-402f-b039-a75b46a78f58","block_type":"box","text":"e.g.","page_number":115,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"b9260c64-a5e9-4a3e-9151-ae2aa9555ec1","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":115,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"5827c81d-c1b4-4be0-bfed-ba875dcf672d","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":115,"box":{"x":68,"y":536,"width":813,"height":11}},{"id":"459fe305-5d48-4260-a425-94d91510608f","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":115,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"97fa42c3-992e-401e-ab35-2c5d0f201e1c","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":115,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"1acf6e34-5db2-41e4-9023-d4c51d0c5f57","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":115,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"e23ea3c7-c1ab-41f4-a147-cfde9396723b","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":115,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"0f69748a-faf1-40c8-aeae-00b0586194de","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":115,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"1b1dbaa9-e24e-44a3-9400-461bf63de0fb","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":115,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"19c80a0c-ab1a-4776-9836-c20c50bc5bc6","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":115,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"886f732f-3c37-4a87-83df-d6484e80eedc","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":115,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"c12be158-be93-46cb-81f5-ac0bf297c8e6","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":115,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"f417bac4-1ef5-4f3f-abc1-9610add721df","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":115,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"3f2db81a-96d9-48c6-8e68-a0cf0e393164","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":115,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"97baff0d-9450-4ae3-b77b-d61eb88ab06c","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":115,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"91c9ff54-6657-4f1d-969b-dd9ce9515470","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":115,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"0dc2b156-5fcf-460e-ae19-eba5d7334770","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":115,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"697d80cf-2680-4a78-84de-8afd3551f03e","block_type":"box","text":"amounts to be received under such agreements.","page_number":115,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"b31413fb-9603-4d1d-9a48-e1e9e286dd86","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":115,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"5eb5e060-cfd0-49d2-8185-ad1f6964db1d","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":115,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"601676e8-6fae-464f-8f85-bd66252f0619","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":115,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"884544a7-9f58-4885-9816-8994d57c51e4","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":115,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"0583523f-a476-4002-ac0e-e281f07d41a3","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":115,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"4a86d807-d286-4a93-843b-cef70b5c04da","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":115,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"43b7bdba-6a18-4d40-aaff-fc665e865285","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":115,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"1a2a4a02-c3a2-4c87-abb0-7bfd6fa25afe","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":115,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"9c45c38c-5af2-4d0d-be7c-11746a4933e7","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":115,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"01dc3725-8a96-48ef-a636-8d804de343bd","block_type":"box","text":"II-72","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b33df277-fb1d-4df1-b303-3c6f49c5cc8b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b10f316e-a95a-47cb-ac4a-69e0441d2ca0","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":116,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"a868d3a7-b9f6-42a1-bd35-9b96cfe5ac8e","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":116,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"e8954020-0f14-4945-86ed-311a9046f82f","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":116,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"841ef4ca-ecaf-40f8-9b0b-3f158f6c097c","block_type":"box","text":"Rule 144A Securities.","page_number":116,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"4aa3de1c-8e19-42b2-84ee-27a5cfd72b43","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":116,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"f25bb07f-0614-44d6-8928-df2cf75ed426","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":116,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"31d8d572-1369-40e7-8eb7-51d1f64f2c6b","block_type":"box","text":"Securities Lending.","page_number":116,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"410e3b78-85c6-412a-a650-1c20dac7d87a","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":116,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"bf69c0be-7afe-4f80-83d6-80558c3ab447","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":116,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"a35aed86-c4b6-4fcf-80c6-49e50369671e","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":116,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"b98d7a96-706e-46a5-9768-953918dcd412","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":116,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"e6843f33-3c68-4ef3-8c38-ec7bf03177d0","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":116,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"895611fd-35e0-41b7-a79a-bdaae0367438","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":116,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"f45370dc-50e2-4325-ada6-3edc724d7dff","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":116,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"2178b9bb-5307-46a0-9a1f-33272d235776","block_type":"box","text":"the securities were not on loan.","page_number":116,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"2eb207d0-bd3b-45dd-8c32-6764b31f43bb","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":116,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"c41835b0-2034-4ce8-9895-d9f77fde63fa","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":116,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"55809997-5fe3-49ea-bd8c-5b0a91f3c629","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":116,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"c9fb19da-36cb-4246-bc18-31dc3adb1b29","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":116,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"d6f48d80-551e-4c5a-afa9-6aa91ded54d2","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":116,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"64e06c72-2875-4fa6-b322-8db1795e69d0","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":116,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"db50d020-554a-446d-a6bc-3118f9b34234","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":116,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"f80abeb4-7cbc-4269-bb1f-ad055229641e","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":116,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"5523397f-e26a-47cf-a9b9-9fbfa24e266d","block_type":"box","text":"i.e.","page_number":116,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"bbfa92ba-8161-40e4-8b71-dc4e902a7942","block_type":"box","text":", the risk of losses resulting","page_number":116,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"0bc16986-4f84-4b05-b338-dcc01854f4d0","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":116,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"8947fc65-13ab-4e07-8544-4c8fb92675d4","block_type":"box","text":"i.e.","page_number":116,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"4670d018-5b87-428f-aba1-678ba369c0bc","block_type":"box","text":", the risk of a mismatch between the return","page_number":116,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"abb34750-a23c-4c47-9ff0-670c59f2d512","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":116,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"0f0f7d24-1d95-4b99-954e-45077efd74e3","block_type":"box","text":"i.e.","page_number":116,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"4a0599e7-a5e8-45fa-babc-430d2f7252b4","block_type":"box","text":",","page_number":116,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"5c132f82-8a0f-4c5b-b1f9-1129cfc76f5e","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":116,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"a6494c16-aa77-4741-8573-f102521f016f","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":116,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"ef77f40a-96f3-4da0-8932-00412023e607","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":116,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"578a0185-b9af-4613-8624-1ed54a4b08a9","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":116,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"570d8bd3-6bfc-4157-bab5-a8d5427536d2","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":116,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"904fa910-a8da-40e4-8376-73a0d06b288b","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":116,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"36fb7aba-99d1-444b-8f1c-b06f02bd54cb","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":116,"box":{"x":70,"y":513,"width":820,"height":12}},{"id":"25c16b20-5db4-4ac3-aa29-b58a93a40d98","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":116,"box":{"x":70,"y":528,"width":805,"height":12}},{"id":"750e5674-0698-48e6-ac2c-a38b0b9b8f37","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":116,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"cae73cf4-6570-484b-bcf3-ef86c7457195","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":116,"box":{"x":69,"y":559,"width":775,"height":11}},{"id":"b1365c4c-2c97-4680-8b30-e1ca79d6ecad","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":116,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"68143cd7-1642-49ff-9204-3f84d20b88e8","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":116,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"101ebb7e-8dbe-4bc7-8ca4-5894a21077e3","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":116,"box":{"x":70,"y":604,"width":837,"height":11}},{"id":"1629c3d6-6711-42ea-bd0a-582b8a758aa8","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":116,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"a32f48ef-7d81-466d-8934-d1a83c941548","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":116,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"52aa2ef1-f7f7-4437-a016-18ba6db22695","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":116,"box":{"x":70,"y":650,"width":832,"height":11}},{"id":"18fcf88d-4bc9-4b19-9334-b506edb9362a","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":116,"box":{"x":69,"y":664,"width":801,"height":12}},{"id":"794f4a44-815d-4689-a218-90c683fe245e","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":116,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"9ab3c2f4-09f9-4cdb-9954-5fc2af534e53","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":116,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"857e1a1b-4067-4769-9d6c-448edd9350a1","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":116,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"c25bc6b7-85dc-4888-8bee-78504980d00f","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":116,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"ffedad16-09b8-4a05-8a71-05c231e1b78c","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":116,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"6a931349-a404-4929-9d3a-36a68f31829e","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":116,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"8966b9da-174b-4529-9024-1a1c56b1d746","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":116,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"c6fe8d30-6cc6-471b-b17d-f839495b1211","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":116,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"5e9bf439-d835-496f-9d50-8515e362f2ce","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":116,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"3b39dbe1-2b4d-49fa-bdc4-8e1a105d9f24","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":116,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"551780fe-5bda-4a5d-86d6-40bd994b8af3","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":116,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"60ca5e2b-f7e2-4ad5-b6fc-0c1ed04ee016","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":116,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"dd89547f-b4f5-43aa-8afa-cea5dbc2f922","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":116,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"ccc207d6-d23e-4be1-8289-a42a3e49891e","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":116,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"70d8b0bb-164a-4760-85ec-493747ee40a8","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":116,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"ebee4ae7-d8ab-48be-81cb-1b4f5fd04b67","block_type":"box","text":"II-73","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5de39e0e-e60f-4f48-b467-64ea8a7a940e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"686a5ac9-7aab-4f26-92b1-89253c6b3cf3","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":117,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"7591f640-acc7-4415-9909-1f256731d2d4","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":117,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"b98786f8-fed7-47ef-b25c-0fefa79e5d46","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":117,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"e1e8aa3b-1feb-435e-9848-17feb6e2953d","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":117,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"9ffa8fba-d538-4902-9fd4-12048c1c74e7","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":117,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"6214e855-0414-4ea8-94a7-31343a998565","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":117,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"2720ed5b-982f-4fc9-9d49-19fee69655a9","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":117,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"5f094450-5233-4e88-a890-f2536072d1a5","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":117,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"593d7b92-171c-4c27-bb8e-b69780819dc6","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":117,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"4741e321-9ed7-47f9-a600-5dd379daf263","block_type":"box","text":"the current expected compliance date.","page_number":117,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"5feebbbb-c29e-457b-836f-6d09902fa17c","block_type":"box","text":"Short Sales.","page_number":117,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"0cd623dc-8aa1-4a68-ac0b-132350b4989f","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":117,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"5a423263-938e-462a-b5bf-f7780f68635b","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":117,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"90a9f3a9-6144-4b04-82c9-10a1a0a15fa1","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":117,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"a2bb4e85-340e-4364-955f-26da34ab79e7","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":117,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"7519a4c2-44ae-4542-a2b3-08984c50f222","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":117,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"6d0f5314-3c6c-4cf6-b75b-0bde6a2a4213","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":117,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"6b88d285-e378-4bf4-af0b-e829fb7be300","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":117,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"4dad3387-4118-4e69-9316-ac901b929b37","block_type":"box","text":"securities to the lender of the securities.","page_number":117,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"3c07e085-7ce9-4870-a491-489460e2b49c","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":117,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"f219c69d-be08-4b4c-b29c-2df01b8165c6","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":117,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"c4a22643-58ba-4fff-b67c-865392b3c9d3","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":117,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"071dc3ad-66d1-42f2-b748-c03342a7e51d","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":117,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"d38dea0b-cc08-495e-ba21-91a1f4c730e8","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":117,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"5701cd98-94b8-4fb9-b5e9-e6aefdd27fbf","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":117,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"98d8eb33-08a0-407c-b264-b5ace169c425","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":117,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"f7a3808c-d64f-4703-b0c9-0a89b5f5afe0","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":117,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"db380aff-b6c5-4b54-880c-655e9cac8f73","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":117,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"2e32f994-9dc1-47d0-b59b-4fe0d28ed8b8","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":117,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"5efcc572-b336-4909-86be-e09a87574a95","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":117,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"15cc7790-a2e8-43dd-a6e2-c4236c04586c","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":117,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"75604113-13a2-4830-9801-59626a692e7e","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":117,"box":{"x":69,"y":528,"width":800,"height":12}},{"id":"422a52e7-0822-4712-a7a3-36ef0565ed5d","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":117,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"1de4cb7c-bbea-415b-bb8c-03a0dd4b7872","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":117,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"3f01a77a-5ae4-4352-9212-758651597f7a","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":117,"box":{"x":69,"y":574,"width":640,"height":11}},{"id":"3079dcc2-c76c-4157-b118-e18f74295ece","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":117,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"879fca7a-b19b-4857-826b-ce2c107ac0e8","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":117,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"9d676ef6-2e70-4273-9f7b-199b393baa95","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":117,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"0ed23c5b-b5c0-41cf-acd0-ef1ff5128e88","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"c60ae2c2-1e4c-4785-956d-5d02195caf4e","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":117,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"27ace96c-aaf2-47bd-b99e-f9baf571923b","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":117,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"16ef98f1-509c-4c80-977a-eed69b58ff42","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":117,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"b8d7c1a9-1d3d-4322-af1d-eb2ce59526bf","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":117,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"8970494b-6631-4b40-84d9-483505ff8fa0","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":117,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"0b989890-c6db-4ce1-99f1-4fee79037d8e","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":117,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"04cee733-bc38-412c-a341-92948f046f52","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":117,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"64fc5e56-ebe3-4524-8060-6a8578bbdcc4","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":117,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"55e236a6-4f46-4c85-b35e-c8a6743a8bda","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":117,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"75c60810-62c0-4ec6-bfa8-e32ecfe49e89","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":117,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"9719765c-d53d-455b-94e1-d3eb2fb7601b","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":117,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"d9b89450-43f1-42e0-8143-86bcbff834c0","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":117,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"5211c3d5-f32c-4d99-bf4c-7aa82cf91c31","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":117,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"fd1043ee-944b-490a-a875-97ced98b04c8","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":117,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"030a4c95-2adc-4fd5-9d2d-8006b6cf9d1b","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":117,"box":{"x":69,"y":876,"width":821,"height":11}},{"id":"fe068589-7be8-4a86-9e18-df67c10993d0","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":117,"box":{"x":69,"y":891,"width":768,"height":12}},{"id":"5c06cf0f-f065-4d57-92a5-282d08d9b1a2","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":117,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"8153bedd-59bc-476c-b248-a8b405ccbf29","block_type":"box","text":"II-74","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8bed3e5c-26fc-464a-aa70-98b9ec1992ec","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14f6527d-ffb4-4722-9a83-e09a34312862","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":118,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"359ed713-6d73-4f67-b459-508d9e457d40","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":118,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"7d40a420-86e0-4864-89a4-5f08d656b834","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":118,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"f78aa7e8-fb20-43fd-acb2-21b753933389","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":118,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"e0d57c11-4d67-4dc3-a056-d06a5297a67e","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":118,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"a44941e0-95b1-4de8-8810-13b06a4a0eb0","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":118,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"0056b01d-0e55-42af-bb4d-01e66deed0ec","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":118,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"d2d8c40a-3d22-4779-a6af-0988f185e428","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":118,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"21aa4020-4238-4b81-b8d2-b817ae6b6f21","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":118,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"f9b13f5a-65fb-454f-9411-786534e5833f","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":118,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"5f8c9d66-e565-4eb1-b0d3-5b2c45c76995","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":118,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"bd37ff6a-aa06-42fa-9f65-f30f9c3830db","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":118,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"bcaa7534-4ab4-4c5b-b2f6-c3ed4795415b","block_type":"box","text":"Standby Commitment Agreements.","page_number":118,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"dd0724c6-206e-418d-96cd-b7e709ac915e","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":118,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"e8576331-6232-471c-87dd-0fa869a8bdad","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":118,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"aa79a527-038b-4a46-b662-ad0bcc26c393","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":118,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"525dfa1a-6cef-4aff-a32b-69e03542d26c","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":118,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"c7e6a7ee-e958-49f6-a536-2e67bb5ad48c","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":118,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"c5db77c7-3154-42fe-8d14-a3c63912424f","block_type":"box","text":"advantageous to the Fund.","page_number":118,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"8a2bff13-cc0b-44b6-8eb3-d6e1ec90bdb8","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":118,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"f5acaf49-b641-4cfa-b96e-20c675456390","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":118,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"3670727b-44b5-4139-baf3-973f1b85b04f","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":118,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"53068f83-18ca-41af-9793-9b78a75daaa4","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":118,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"86c2fd9a-7b94-4a8e-8ecf-7630c2a211cf","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":118,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"b973c561-e698-4022-b642-2afd919565fc","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":118,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"c6f93157-3097-4f3e-8a6d-89bb1bfab306","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":118,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"0c6a1437-3ec9-4ff0-9446-fd63de22f1ca","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":118,"box":{"x":69,"y":445,"width":792,"height":11}},{"id":"e840d0ac-4062-4007-b4dd-81688cd21f1e","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":118,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"192e9aca-b98f-4593-84a6-47c11cac1ab3","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":118,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"5ce85edc-c6aa-4ce0-ad0d-52cfb3202f90","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":118,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"29012dec-e8a6-42f6-a9d1-546f007be76d","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":118,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"d2c4fc48-faf8-42c3-8688-725404955414","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":118,"box":{"x":69,"y":528,"width":815,"height":12}},{"id":"feccd277-47fa-424f-a45a-6bc90cb8b87b","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":118,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"abb2101c-be3b-434b-b29e-63b3f5f87c2a","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":118,"box":{"x":69,"y":559,"width":578,"height":11}},{"id":"52a74f34-a20a-4d8d-a3d8-d8202b8fd808","block_type":"box","text":"Stripped Securities.","page_number":118,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"98430464-0770-4f96-ad42-ef82a8b7a12e","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":118,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"fdc4ace2-fc8f-4e9b-963e-4d043c2248bf","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":118,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"60ca2b15-67c2-42a0-b700-d556802bb999","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":118,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"8451d009-2870-4744-8e2d-77587600f457","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":118,"box":{"x":70,"y":627,"width":813,"height":11}},{"id":"14953262-398f-4fdb-89b4-363c85e7e27a","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":118,"box":{"x":70,"y":642,"width":777,"height":11}},{"id":"f105d945-9706-4698-8ff1-4d8c166a04d8","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":118,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"ea62b5a5-6a7f-4661-ac61-09f79ab60d0a","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":118,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"5ac8115f-49e2-404c-8785-20011032d8ea","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":118,"box":{"x":70,"y":687,"width":837,"height":11}},{"id":"b5d08a5d-1324-4320-9b52-9ed72af18530","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":118,"box":{"x":68,"y":702,"width":823,"height":11}},{"id":"956bb717-2187-4f23-929f-6c67a77b914c","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":118,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"010d5f24-e656-47c9-9d8b-6661f6792e6f","block_type":"box","text":"Structured Notes.","page_number":118,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"556bc9ef-7d1b-45cb-93c1-fa680e61663a","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":118,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"6d0bc4a0-3311-47c1-8bae-c289108c8cc4","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":118,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"0181a2c1-da1f-480c-a127-b55d73c24434","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":118,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"d6e92308-d3ea-46df-9916-0f98e4a41af1","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":118,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"3d257da5-8974-455a-a84a-cd059aeaaf47","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":118,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"cd3a4273-8570-4911-aa9f-da3c80288d77","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":118,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"59d2f126-0f0d-4a35-bdd8-9b4aff29a3ac","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":118,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"67502020-1930-4fe0-a62f-19729ab9edf1","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":118,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"16fa4602-47ba-404d-888f-fdbeed39363e","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":118,"box":{"x":102,"y":869,"width":768,"height":11}},{"id":"fece5dda-9986-4eda-b652-a33e23e33a47","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":118,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"c1853c79-09b1-4730-90cc-44c999b1852c","block_type":"box","text":"II-75","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ab095e0-109f-4320-9a26-de88882f6e0c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a053fb36-4e17-4ed3-b190-d5028344ded5","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":119,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"f7bc3935-d93e-4ff5-a8ae-d78d48863a0e","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":119,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"da560a7e-d7f9-40c8-8866-16fdca081c81","block_type":"box","text":"the risk of loss.","page_number":119,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"f58396f0-b643-414d-b17c-ab2a11e98293","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":119,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"43bfb281-0f44-482c-96af-6264fe6d94dd","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":119,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"dc143dc6-c31b-4a51-89cf-f5220039a160","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":119,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"dcd38578-d018-49ac-a0ec-ce61d33b6cd2","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":119,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"d62d37bd-b50a-4373-90c8-c87c96892b6a","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":119,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"1617ac7a-0da6-464e-bc5d-3a30ffdd8788","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":119,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"d429e5a6-14dc-4420-90fb-4336aad4e7a0","block_type":"box","text":"Taxability Risk.","page_number":119,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"b7fe33db-cf37-4b64-89f7-57ca1d4e42b2","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":119,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"f8be888e-c439-4252-aa2b-2c67971ab7c8","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":119,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"da4a8e86-9e4a-45af-b7a6-9a017d955ed5","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":119,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"e6b68b32-7219-4b29-9515-55c8ed075859","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":119,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"672c3345-2089-42be-96de-9899ca12e14c","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":119,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"3c874a77-7c67-4566-a7a2-799eef51bab2","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":119,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"575f20c2-608a-4377-b5d2-ee393e75154d","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":119,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"78a80cd1-ad5d-41a3-9638-898f215fe20d","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":119,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"dd1b2059-6fea-4729-9ad4-9ec20e4dc302","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":119,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"a2e3ccf8-c84d-452b-bb05-9a5e96291d44","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":119,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"85386090-5d48-4799-8455-9eea905985a2","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":119,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"18ee5e20-21ee-42a0-bb7a-c882508459e9","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":119,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"e8b8439d-bb58-4a9f-8271-f918c76d18a6","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":119,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"3624e6a9-ea9e-4b80-b947-32d99aee87ee","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":119,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"e7d70f73-4490-4c2e-899f-df229a32ac2c","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":119,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"47c3d4cf-1839-4d89-92d1-a374cafa110f","block_type":"box","text":"the value of an investment in the Fund.","page_number":119,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"f9cbdce0-24d9-4193-a8d0-e18bbc751963","block_type":"box","text":"Temporary Defensive Measures.","page_number":119,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"b9ed48b5-c5ed-4db9-add9-c72b581f8a08","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":119,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"2e09d2c4-6e10-4e57-9063-6f363ab9710b","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":119,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"f2adfb88-abde-4bfd-922c-4024dde961c6","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":119,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"149d1992-03f2-452e-86bf-f24219a7c30c","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":119,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"d1c24c20-fab2-4cc3-8f66-5f6abc5e14a6","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":119,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"81dc8065-4185-46e1-b15d-81842d3067cf","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":119,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"89868dd4-af69-4d8b-9a7b-7ea2556ba77d","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":119,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"ef360fda-184c-43a9-b7b4-8208686f588d","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":119,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"67aa5404-fb47-4f55-b9d3-ebeab73ec8db","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":119,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"4ba26eef-83bb-4522-b8e9-7699fb44f71f","block_type":"box","text":"its investment objective.","page_number":119,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"2bce5659-7b0e-4457-8c3a-b3b1ecc54494","block_type":"box","text":"U.S. Government Obligations.","page_number":119,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"07011752-181a-4645-b06c-d9816252e0a7","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":119,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"6d9d3399-151f-49bf-b052-09d1b4d06ba0","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":119,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"d0970a61-2512-47a4-bb2b-44c35524d389","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":119,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"e37c5ee7-6904-4930-b249-1dbe8e5340dc","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":119,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"349012a2-9dbe-4be5-a01a-e9410fe978b2","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":119,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"e2cf4836-54eb-4c8b-8f5a-f8a44772fa56","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":119,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"137a7e60-3236-4ef4-a316-8e2f0c8fec35","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":119,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"49f8ffd0-f6ba-491f-99e2-44e91e20cece","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":119,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"c01dd94e-e0b1-4602-929f-1ba897165326","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":119,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"10431ce6-0cab-454d-ab73-f187132f6a1a","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":119,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"87318cad-ca02-42f9-b8d3-72c2dc451c5c","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":119,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"a84480e0-bbba-42e7-8ac3-400194f3f935","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":119,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"09c0bf1c-5718-4d8c-b6bb-b24deaec176f","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":119,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"d082c3f2-5837-499e-85d6-510eb53de2dc","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":119,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"56932920-add5-4d93-99be-330b09e666a3","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":119,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"349790d5-d2ea-4d50-9b77-6b531ed619bb","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":119,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"91caa000-9ef0-4ca7-b037-4ee45e85b554","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":119,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"71cd067b-7754-4427-b777-3516d1390e86","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":119,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"035dedf4-447a-41d8-b99e-f3cefd4894fb","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":119,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"011837a1-57af-46b1-84b5-05dda310594a","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":119,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"d56e96aa-88b2-432d-8ed2-4844aebf4b86","block_type":"box","text":"II-76","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d132bcb1-a36b-4779-8683-26a995ba3f4c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"839a3fdf-029d-4440-b2da-0d13b85340fc","block_type":"box","text":"U.S. Treasury Obligations.","page_number":120,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"b0ceb0fb-c0d4-4f7e-9aa8-3010df954b56","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":120,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"fe793979-30b1-4de0-85d3-d1994480c650","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":120,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"c83c4ba9-ff58-42ba-bdaa-cc6a9a2ff215","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":120,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"712759f5-2828-454c-91ce-a62aa36c04d7","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":120,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"360c02d6-5649-4367-8675-bcd76f54f3d4","block_type":"box","text":"do so.","page_number":120,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"b2e7e3e7-37c8-4784-af8c-237e5397989f","block_type":"box","text":"U.S. Treasury Rolls","page_number":120,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"884c6ce4-f7af-4896-a96b-53109c283077","block_type":"box","text":".","page_number":120,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"e89bf2d3-257f-48bd-a902-fdac79b29922","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":120,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"7cf64caf-09d3-4116-8d3b-60140994b9db","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":120,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"0f5def15-9bdb-4d36-9957-375acce3222d","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":120,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"d8c0d9a5-e7d1-4b37-af66-77e21b948a8a","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":120,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"5a8b5698-cd1a-4c19-9505-9bfac1ed0887","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":120,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"af81f330-432d-49cb-b944-a60a80068407","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":120,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"746ebcb8-4f9c-4373-b56d-a247e5cf9aba","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":120,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"4f4adf22-ceb3-47f6-8947-8ae5d87fe189","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":120,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"f7241b7c-e167-4eb2-a6e8-21c06c8df872","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":120,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"176107d6-111f-45e6-b0ed-5e46e66234de","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":120,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"31fbcd42-af66-418b-9870-1af937891fb5","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":120,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"33988780-24c0-4511-a498-1ff85dbed457","block_type":"box","text":"Utility Industries.","page_number":120,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"6f8cda43-d187-4797-8fe6-72c21b975572","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":120,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"3b7450fd-390d-4c7d-a573-89f2a89b2e21","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":120,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"af87bcee-eb01-4189-a668-9408cc4dbd9a","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":120,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"4935319c-e5d6-4caf-b2a1-5aa1ca6ebb17","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":120,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"41c2f67f-caa2-4b13-a067-bf01515c8220","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":120,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"14ebcafe-e18d-4727-a0ff-bd902179333f","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":120,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"970517af-7637-447f-ac48-40ebf41e3b5c","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":120,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"dbbf15ed-9381-4b2e-832f-9083c56e0e66","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":120,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"94038346-e17b-4780-844b-00721806e7fe","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":120,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"fe5702d1-851d-4020-9ce9-aeac52dcd563","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":120,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"544e8f65-09cb-4920-a1ae-1be4d2c0338f","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":120,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"95e877bf-ecbd-4cf7-b951-c0fcf2351474","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":120,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"a71bb1f9-492c-4404-81be-34b23f50f146","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":120,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"3d778244-20d5-470a-b507-6f2561fe7dab","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":120,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"9df9f3f9-f5cb-4239-87aa-90e270b5eda7","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":120,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"b0f0af7c-32ab-47aa-85e0-bcd46fb73c48","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":120,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"1bd39c1e-d032-4c82-ad01-08cd5b267893","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":120,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"36350e94-27cc-4f40-bfc2-3dac6ade6531","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":120,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"ca6cc029-0086-4503-a94c-e2fcfa682a6d","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":120,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"aca9a90a-28f1-4b01-9d2c-e16f1613bd1e","block_type":"box","text":"utility.","page_number":120,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"3165f817-1eca-4843-9b84-09c3fc04086e","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":120,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"89251149-243f-4b40-9d53-3033f35398e6","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":120,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"8a4e55d4-4b02-4f29-8df7-d986502234f6","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":120,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"a5b4bac4-d14f-4897-afe1-2932234bcb66","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":120,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"5760c5a8-687c-421d-81e9-7d6800eba109","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":120,"box":{"x":102,"y":687,"width":789,"height":11}},{"id":"89af78fd-9724-433f-904e-ed45eab55371","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":120,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"82baf7b1-c8ae-4226-a467-23ad5e625507","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":120,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"c8fc2d75-b195-47e1-86b3-55366547b2dd","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":120,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"9f08a7e9-d554-45ff-9562-a37c2efa7231","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":120,"box":{"x":68,"y":748,"width":781,"height":11}},{"id":"1529cfc0-f5c1-460c-852d-9a79e6ad29ed","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":120,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"72cbc4e2-e2a3-4731-b300-7e29b2fb5a3e","block_type":"box","text":"continue in the future.","page_number":120,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"6e4cfd98-7b36-4d23-8e94-bec22ebff671","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":120,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"06759a06-ec5f-4381-870f-b74ddaee9d9c","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":120,"box":{"x":69,"y":816,"width":820,"height":11}},{"id":"6024fc9d-e944-451a-a48e-d0caf90b8e16","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":120,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"6efb77d3-3526-4a82-a81c-302cf90b9dcb","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":120,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"25da2a43-5aff-4275-b966-b6d35e9903ca","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":120,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"c9dbd7af-aee0-4a33-a59f-afd181239e94","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":120,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"37739961-171b-4977-be99-ecb2e7816c6b","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":120,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"4d91e51e-c39e-4661-a9aa-e2c812a4b1b4","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":120,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"ba589f01-5206-426d-95e4-44a3c7e300be","block_type":"box","text":"II-77","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3cf92875-a632-4b3d-853e-40a64f32572f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"781eec2e-b31f-46da-9f10-aa62324c0757","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":121,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"1cb514d9-edd2-494e-bec5-966e335e0b12","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":121,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"63d9c281-a1f1-49e4-adca-b491512330d9","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":121,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"ff51a6d4-2217-4766-9d0d-a253f59cd63e","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":121,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"dbeed33b-8a8c-4765-9024-67250bf290db","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":121,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"d1c7321c-1c65-4ce3-970b-132ea615d90f","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":121,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"5690215d-499f-4c12-9505-296f4bba199b","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":121,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"373a8d83-a053-4590-99f5-356bc26556b4","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":121,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"e742bbe9-db10-4c07-982d-741049113a2c","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":121,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"cdca5e93-fb94-4c40-b54d-dc85c82b8d51","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":121,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"df8d2d6f-dd03-4d2b-868d-886da8a98d72","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":121,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"5328a643-3469-41fe-bbe7-6d3d71a148a4","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":121,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"a020d8cc-5fa0-40c0-b6de-1cd04e2b3729","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":121,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"85f693d5-8c30-4e75-bed7-557fd358159f","block_type":"box","text":"ways different from regulation in the United States.","page_number":121,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"fc3533c0-fb6e-4a52-ace4-3010ed4da65c","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":121,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"62c392d9-3cfb-45d9-bc02-7a2b596aa76e","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":121,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"1293e67e-63a9-441a-8051-0b60e667cf4f","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":121,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"89e091df-5309-4294-b73e-30a2a54016a8","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":121,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"c6492aba-e32e-4081-b09c-dea61f818a38","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":121,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"6e290b99-fbc6-485f-817e-037f96b7cc7c","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":121,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"f78375ff-11e9-474a-851b-ca7a26e6b9cf","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":121,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"0d497a67-35ad-4752-b4e8-dec660301d87","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":121,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"b738cff5-d592-4727-9990-56ed8465c1a8","block_type":"box","text":"increase.","page_number":121,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"9f7c12ee-4c60-4cb7-82d5-ede5af033f8b","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":121,"box":{"x":101,"y":415,"width":793,"height":11}},{"id":"67e718a0-a604-49a7-9acf-18d7426bad74","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":121,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"f51a12b3-f692-465d-9717-25d3c5320992","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":121,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"3c34c29e-1b3a-43e4-9e6b-5b8619f70984","block_type":"box","text":"Electric.","page_number":121,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"d53cc4a5-d191-44d4-898a-f685d4e70291","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":121,"box":{"x":163,"y":468,"width":684,"height":11}},{"id":"4f7ec371-36e1-453c-a27e-facd39cfeaf6","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":121,"box":{"x":68,"y":483,"width":793,"height":11}},{"id":"c08ba2ef-b368-487c-a499-291ad0e3544f","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":121,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"091b3b67-b3e4-4940-a08b-1de25aad0eb7","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":121,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"8b3831d9-42d4-4128-8a82-b6018918a318","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":121,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"dd7950e0-29f5-4ef6-9b2e-4c0b2aa6c8cb","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":121,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"e61bed74-7217-4575-a0ab-843288d392f3","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":121,"box":{"x":68,"y":559,"width":803,"height":11}},{"id":"128aeb97-f3de-49d2-8c18-e6fb64a021c4","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":121,"box":{"x":70,"y":574,"width":778,"height":11}},{"id":"9f383072-04b4-4d60-9854-755518ad677a","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":121,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"53f4ba53-77d8-4a43-80ab-a87cd2053a54","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":121,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"e5e002fb-92bc-47f2-92c8-f48449c735ae","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":121,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"2b95be22-e758-48a5-bb52-336cd5e940d1","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":121,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"94124ab9-0c1a-467a-b5eb-ebc10f531948","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":121,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"ffd36d3a-bce3-4daf-aa41-bf20ff0eda06","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":121,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"27215703-4b45-42b8-bbca-10c552056680","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":121,"box":{"x":70,"y":680,"width":826,"height":11}},{"id":"3ca0deea-7b56-478c-9239-3ff3b69d5907","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":121,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"967cb005-67a2-413e-9c07-5a2c20796f30","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":121,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"7444b5d0-ed7f-456c-8d58-8ce986d466ad","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":121,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"20fd184a-fe9f-4f8d-8e41-0f4f8ed48b83","block_type":"box","text":"and for decommissioning such plants.","page_number":121,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"d889eca5-98f7-42fc-9e78-543da4162969","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":121,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"3b7d2faa-3de0-4d73-bc74-81de5ae42037","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":121,"box":{"x":70,"y":778,"width":802,"height":11}},{"id":"e0af8474-40d5-44a8-be5a-91fcf4c2395f","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":121,"box":{"x":69,"y":793,"width":791,"height":11}},{"id":"bdfa1422-9964-49ed-80ca-d3fe652fd403","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":121,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"d463d64f-54cc-446c-8b2e-4e1a6523274d","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":121,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"1c544748-ab09-4327-9596-3959677a744b","block_type":"box","text":"greater predictability of cash flow.","page_number":121,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"d3095cb3-e0ec-4a6e-bc2f-314d3958c72d","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":121,"box":{"x":101,"y":861,"width":801,"height":11}},{"id":"4d87f5f0-5c7d-4d2e-969b-e688b0a3e9b9","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":121,"box":{"x":68,"y":876,"width":821,"height":11}},{"id":"9d02103f-7ad6-47c9-b058-b0e3b40a4471","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":121,"box":{"x":69,"y":891,"width":835,"height":12}},{"id":"95b4f682-a32f-44bf-a131-7f4fac80d9f9","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":121,"box":{"x":68,"y":907,"width":815,"height":11}},{"id":"949241d2-559c-4d16-bb54-76d4e44a38bc","block_type":"box","text":"II-78","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98236389-136b-48f6-8542-e3ef04bf72ec","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6e16560-dda7-4a3b-b16e-1a3ae1a8ac35","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":122,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"0aecca59-1e9c-49e7-87fd-7371b7fe04c6","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":122,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"1de3152f-46a4-4d79-914e-74844341958d","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":122,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"7ea110d1-257a-4827-b314-2844e9d99fa5","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":122,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"5271c323-46d1-4bb6-8310-410c1f119ea2","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":122,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"e3e9f6d8-db5e-4e34-b509-49827ecbfaef","block_type":"box","text":"Telecommunications.","page_number":122,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"8a4b65c7-9e79-401f-aa1f-e25ca59df4ea","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":122,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"77bc4c11-0c88-42c8-a829-66df199613ff","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":122,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"4f335c82-22b2-4564-a01c-8dc89b6b5ed4","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":122,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"0356e773-7998-409f-a634-66d66dbbd1c2","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":122,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"a8eaa293-1012-42fa-aeda-72d3706c42de","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":122,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"474010a5-63b6-46fd-ac2c-15cd7ce63220","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":122,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"96ca8c98-15ac-4e45-888d-24421f929075","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":122,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"1b63a45d-dc3c-4986-be2e-807c7e5a9cb4","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":122,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"122a9e52-d7a3-4a1a-8996-4f8731d65a08","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":122,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"2205c815-5bb3-4694-9538-91c340fe73a5","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":122,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"15e36654-f40f-42f0-95d4-ae1dabebfc6c","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":122,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"819f3441-ec60-41f9-9844-1cd5f5e63a3d","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":122,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"fa28e517-b6f6-4f1e-8e81-979ae6b55ada","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":122,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"a52ecf2c-c6b6-4a3b-8f16-727e97de2dd5","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":122,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"3e7170ad-0bed-46b2-a212-89c59e876e52","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":122,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"2ebc0a21-cb89-49ad-8bb7-cf9eb0f9ce23","block_type":"box","text":"residential, corporate and governmental customers.","page_number":122,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"4d46a0da-192a-4cb8-bcc3-a98a0e95bdab","block_type":"box","text":"Gas.","page_number":122,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"8eae30ec-e53e-4a55-9e74-facb01d96b69","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":122,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"aa6a4549-e9d7-4721-b4d1-d52b6a11ba1a","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":122,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"f8f4ae6c-3b4a-4687-9312-34849d166d8b","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":122,"box":{"x":70,"y":407,"width":756,"height":12}},{"id":"91318c81-92a8-4300-8336-6a69dbc66ed2","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":122,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"aac7c583-6fe8-4186-824b-fb5312d35851","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":122,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"8fcad462-f672-414e-a984-f07b59757db1","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":122,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"055f6814-4e73-44f6-a7b7-fa0361c09c40","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":122,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"4c2ab94f-487e-4c4b-bc68-038d08ddbe4e","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":122,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"f55bb24c-4bc6-493f-a9cd-4d4b410db817","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":122,"box":{"x":70,"y":498,"width":691,"height":11}},{"id":"5808469a-d8e6-4a3a-9f1e-c8461542f767","block_type":"box","text":"Water.","page_number":122,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"24f6a69f-f8df-493c-93bd-082d0e1d715a","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":122,"box":{"x":151,"y":521,"width":754,"height":11}},{"id":"e2b2fb32-9029-47cf-9994-6d590d3a231c","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":122,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"1581c79b-0cf5-4449-ad2e-75456a0a06be","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":122,"box":{"x":69,"y":551,"width":806,"height":11}},{"id":"326b5f65-8fab-44ae-a4f6-60aa7aaa577b","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":122,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"c8d199f6-1ec3-4b8c-b832-30c427119259","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":122,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"6063e600-0e50-4abb-ace4-bcfe204c51d5","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":122,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"3ade8f8b-89a2-4f19-9888-30b75a6e98ec","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":122,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"70b2f92e-6685-4436-bad8-b9a9d3add000","block_type":"box","text":"Utility Industries Generally.","page_number":122,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"dfb5e1a5-099f-4533-a775-295a5a70ccf9","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":122,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"80d15a06-afe4-4844-a529-2abff156e755","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":122,"box":{"x":68,"y":649,"width":837,"height":12}},{"id":"34272d2c-6fad-427d-b68e-20d0a1502ed0","block_type":"box","text":"not develop in the future.","page_number":122,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"c7d80e50-cdad-47ad-8c50-1eed0aab1ee5","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":122,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"8d8a0c1a-e6d5-426a-93e0-7d06236d6fa8","block_type":"box","text":"A Fund may purchase or sell","page_number":122,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"63f1495b-4fe2-4c88-8523-240e9e99fd05","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":122,"box":{"x":69,"y":703,"width":795,"height":10}},{"id":"07dd279e-890f-4944-a151-be524ebae040","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":122,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"982805c2-bb77-43b5-8148-b1120d45e089","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":122,"box":{"x":68,"y":732,"width":820,"height":12}},{"id":"b5afd4cf-8250-4c81-9103-4120fbac19f7","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":122,"box":{"x":68,"y":748,"width":807,"height":11}},{"id":"e12c2e3a-feeb-4011-bd44-f9862de81273","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":122,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"5e61c5da-5a89-40d9-a0e9-5993fe12acaf","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":122,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"82bca8bb-43ed-4a57-afde-d90e74be3b60","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":122,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"3bdc9b95-c3cd-43fe-b39a-74968baeebbc","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":122,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"d9ee0a2b-4d7a-416b-b3d9-a12ecbbe95e5","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":122,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"89d578e3-c587-45b3-b8ed-870d61b24f84","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":122,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"cbeb96ba-1921-4317-8fe8-0a30d3f9931d","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":122,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"cc82eaad-48c8-43d6-809e-5f1ca3ac1dfe","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":122,"box":{"x":101,"y":884,"width":780,"height":11}},{"id":"93f3416e-ac00-4cf6-a781-1a109b885ff3","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":122,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"563dab29-e31b-4201-9334-c324cf33866b","block_type":"box","text":"II-79","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"574d7f3d-1c23-4e79-a32e-c01cc68aa7b7","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2061c1b4-7666-466e-818a-1773b4695b02","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":123,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"4f438016-778e-4f0b-9581-b8b6f8ed1100","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":123,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"248feddb-dde6-4428-99a3-457f1a67de15","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":123,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"f861ff53-358e-4583-b226-e019071c71bf","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":123,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"f83e07a9-6603-4a24-991c-9e1cfea51f23","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":123,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"61288d45-4e6d-497e-b5a6-4c02f4cb72e1","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":123,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"7370804a-ebc5-41f3-84dd-e70e4045b03a","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":123,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"24dfadbd-aee8-495e-9fbe-ab656e9190be","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":123,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"863583f7-5d00-430a-b241-dcf7f28de521","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":123,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"83db103a-785b-42dd-8163-a40bf964a945","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":123,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"711d6f97-de7a-4412-95e1-9b61afef8cbe","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":123,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"bf15c116-e41e-4adf-a1e7-89f154f9007e","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":123,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"31c927c4-dd02-4b30-9980-b5c226242869","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":123,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"92fa0d78-fb91-4007-a1c5-cb6f5a5b5614","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":123,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"14fc57f2-5cde-4bf6-a897-a8631505df12","block_type":"box","text":"securities (","page_number":123,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"08ce06a2-7bd3-4c9a-a54d-ab943864e3dc","block_type":"box","text":"e.g.","page_number":123,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"46eaac55-e068-470e-998d-780ad2dd0fa6","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":123,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"8199a358-91f6-4fcb-9f2a-5a1a948225bf","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":123,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"92db2d4e-c90c-4a06-b330-e4f812417a24","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":123,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"1e3bbedd-a0aa-4954-abe4-a456b9a89d12","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":123,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"9a6b8c17-5cf4-4d9b-9053-37f7378ca3d8","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":123,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"a6b5450c-954b-4d5d-ab5d-7aab9594716e","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":123,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"9709aefb-0c14-418b-8534-01f890a23cd1","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"4226b046-ab05-4a09-8922-fde394d3ccd1","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":123,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"a726682d-b0e5-4e2a-89d6-8137290c1c79","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":123,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"02072222-5bc6-4d2d-8c48-81bbbc9e5d2b","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":123,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"1a97047e-0814-4469-94ca-f92da0e20971","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":123,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"4f4eccba-0627-4558-b2a9-29dc528c831f","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":123,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"0b0d73b9-c236-44d7-ab8f-6730a89647e1","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":123,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"8819147a-63f8-418e-aaa2-b8ecf47356c9","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":123,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"f0a7e550-9645-48e2-a12f-30161e2b473f","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":123,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"280bebde-c7c5-4d1a-be31-e0c459c9ac61","block_type":"box","text":"Yields and Ratings.","page_number":123,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"bc08100b-de1f-49f6-939c-af19c1611dd4","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":123,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"6314d2de-9f5e-4050-b96c-093007e54d29","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":123,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"6e4f608f-1015-4275-a123-7e633e98fa5e","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":123,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"d0358c5d-6bd8-4b64-8331-de056a940a8e","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":123,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"c3dc257b-214b-4737-8560-cad60008e34e","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":123,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"0ebb023b-e4aa-4ed8-8173-33bc92b8e7dc","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":123,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"5db4d516-141d-4fc6-afbc-cbb487a6172d","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":123,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"761a84d4-ca05-4b63-a68f-6b609d1b4df3","block_type":"box","text":"continue to hold the security.","page_number":123,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"89055dbf-ee16-4d82-9255-c3ca28e81de8","block_type":"box","text":"Zero Coupon Securities.","page_number":123,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"28be548a-513a-4465-acdb-960a7daf3df3","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":123,"box":{"x":283,"y":657,"width":601,"height":11}},{"id":"68b2fecc-fe56-4ec5-8b14-a1367b574119","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":123,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"5c70aff4-97e5-4c5d-b7b3-52708ea91771","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":123,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"bfaee99f-0ba7-4ab1-9dd2-da7fa9bec0bf","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":123,"box":{"x":68,"y":702,"width":814,"height":11}},{"id":"1c015f78-d60b-4da9-9139-07e19850357b","block_type":"box","text":"security.","page_number":123,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"31a0ce15-d79c-49c2-ab65-cf5453adfb18","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":123,"box":{"x":101,"y":740,"width":749,"height":11}},{"id":"fe189b1b-8ec8-4c9e-aef8-ff023a566736","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":123,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"84606aac-c76e-454a-acc2-fc42dcb08b88","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":123,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"a5a6bf8d-e8a9-4e8f-a44c-4a326b787c3f","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":123,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"b04f9f91-dc27-44ea-9129-61440ddc3073","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":123,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"ae70aad3-d46d-4bf3-83e6-46f69628c214","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":123,"box":{"x":68,"y":816,"width":824,"height":11}},{"id":"842e3968-a4ea-4fae-8e2f-e61d6ffe899f","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":123,"box":{"x":68,"y":831,"width":805,"height":11}},{"id":"d617c3b7-ceff-4166-81f2-3fd43984a35a","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":123,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"1b6d45b0-0158-4dc1-95ea-561f5f0c8184","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":123,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"8a3770cf-13c9-42c1-a4b7-d8fee1bcb9d1","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":123,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"ee96900f-0c1d-439e-94db-87a727da3b04","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":123,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"af103c1f-5928-4a97-8e2f-7d192a6c9734","block_type":"box","text":"II-80","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"89ecef84-8784-4a34-b788-bdecbab04b14","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef1aece7-6da2-4811-be25-5759c6e11cb1","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":124,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"4fae2e80-c1c5-4092-8be8-e5292976c58a","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":124,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"e55b5621-7880-41b0-9f5b-bbc1013bcb84","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":124,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"1ae305b2-f666-48c0-a1bb-3974d4814c8e","block_type":"box","text":"intervals.","page_number":124,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"e11e30b2-c2e5-4492-86ed-b863222bbb85","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":124,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"4a081019-a840-4f97-b347-78c3967c77d2","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":124,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"6732fa6a-c462-4016-afa4-7a01ceb2a3e1","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":124,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"47e1bbd4-2ca8-44a6-9a76-b4ba4e93450a","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":124,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"188c9b52-eb66-41ae-8bc7-7432906188ae","block_type":"box","text":"exposure to zero coupon securities.","page_number":124,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"907e7e37-d868-4db0-8fd2-c86782952083","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":124,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"bd10eba6-c3ce-4f8a-a5bf-4d3e60ffb041","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":124,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"193f0c13-7eea-4afd-9721-a0e36e3b7c25","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":124,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"6e511609-312c-46ef-b3c1-d293642722d7","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":124,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"e0b75183-1f90-4c61-8299-fdd35a94e568","block_type":"box","text":"Suitability. (All Funds)","page_number":124,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"6a4c1a69-d7d1-48c4-8a7c-75b936c2694e","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":124,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"7d34852b-c8fb-4cf6-b78b-a2b214cfa072","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":124,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"10da2831-e7de-4cf6-87c9-230b36f65b1b","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":124,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"4f4b22c6-d782-48fd-b502-733966a67d7e","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":124,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"33a213f7-ad49-404c-9cc1-3f16284ce244","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":124,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"d7951311-3708-4875-b53f-c92770c5173b","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":124,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"2e75b7b6-fdb8-4431-9b66-950c1dc6b245","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":124,"box":{"x":102,"y":392,"width":745,"height":11}},{"id":"8a10e68e-5a97-4678-a2cc-1ba23146fb9c","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":124,"box":{"x":68,"y":407,"width":807,"height":12}},{"id":"5984dd56-5b60-45c0-b994-9c26b8f53dcb","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":124,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"0c0fa38d-44a4-4384-9c04-7c28304fcf08","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":124,"box":{"x":102,"y":445,"width":735,"height":12}},{"id":"1ad14bf2-564a-4044-b3ac-2d35c59bad6a","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":124,"box":{"x":69,"y":460,"width":775,"height":12}},{"id":"c0d0416f-4d73-43b4-9327-a21a489e77eb","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":124,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"8f888565-39c7-4153-aa6b-b89a31daf63b","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":124,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"fb5ba81c-851d-4c5c-bd22-6313d5680df7","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":124,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"54442d8d-15c1-4f2d-8487-31f8def1a009","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":124,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"b0909f59-28e7-4d34-a0ba-052c513313ca","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":124,"box":{"x":68,"y":536,"width":802,"height":11}},{"id":"d0366568-ca17-4dc9-bdf9-b483c1435209","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":124,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"a13c6f1c-11c7-4c6f-894f-a669ae56a2a3","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":124,"box":{"x":68,"y":566,"width":819,"height":11}},{"id":"c9db126e-8e0d-4dbc-a2bc-42f6d2610a38","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":124,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"6ab45b15-cfa2-44b3-a47a-0da4beb0191a","block_type":"box","text":"(","page_number":124,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"60fc9a04-3d77-4d59-b895-a3c88ed61771","block_type":"box","text":"i.e.","page_number":124,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"85a50a04-4088-4f9e-ad54-6f8526984714","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":124,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"5cdf31df-aad0-4d3e-87e6-adaeac982a23","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":124,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"0eaea068-2a40-4928-b1da-064b9544cbbb","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":124,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"a8875d3e-c7c9-4df3-ad77-67015e331be3","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":124,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"1b759a42-7df0-406d-8bac-8cb2af3717b5","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":124,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"1b251131-4934-4bad-95c2-2c556fc4bf4f","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":124,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"62f1d0ee-f11c-47fe-a6d9-38b3b14f1ad3","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":124,"box":{"x":68,"y":687,"width":810,"height":11}},{"id":"6e82feb9-9741-4a6b-9fde-04792a02a8a2","block_type":"box","text":"regarded as the sole issuer.","page_number":124,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"5e9cbb01-38e5-4ef1-ba43-881981e90ba2","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":124,"box":{"x":102,"y":725,"width":784,"height":11}},{"id":"83dddc7d-dcb7-4a71-9326-d43197cb2eeb","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":124,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"65b43a80-db21-4b9e-99f6-2f568424d626","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":124,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"6c8be46c-5685-4d85-aa57-417ec90b31fb","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":124,"box":{"x":70,"y":770,"width":747,"height":12}},{"id":"c7a3da3c-0524-4783-a601-9302bc9d3582","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":124,"box":{"x":70,"y":785,"width":834,"height":12}},{"id":"d003332e-1d23-42f9-8b5e-7f9bf0e53533","block_type":"box","text":"75% of its total assets.","page_number":124,"box":{"x":69,"y":801,"width":165,"height":9}},{"id":"23d7f139-cd61-4ff1-84f1-4a065244cde6","block_type":"box","text":"II-81","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"68114135-cd4a-49d3-8039-4215ea7c33d1","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"491cf827-aae2-4a90-9df6-a08a0440a04c","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":125,"box":{"x":268,"y":45,"width":442,"height":10}},{"id":"9780b183-26f1-4f05-9723-ae1cf7854dc9","block_type":"box","text":"Directors and Officers","page_number":125,"box":{"x":69,"y":76,"width":159,"height":8}},{"id":"02e5e6c3-24c5-463a-a471-831edcd920fb","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":125,"box":{"x":102,"y":98,"width":733,"height":11}},{"id":"2f0c5d4e-da7b-443c-a15d-b410c3243aba","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":125,"box":{"x":69,"y":113,"width":783,"height":12}},{"id":"d3ac1890-4ee6-4449-ae66-73470ae9f980","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":125,"box":{"x":69,"y":128,"width":795,"height":12}},{"id":"2da2ba54-7c59-4fec-b053-cac65e1c4fb2","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":125,"box":{"x":69,"y":143,"width":789,"height":12}},{"id":"50d8891b-b2b6-45c3-8c5c-a332b0aca404","block_type":"box","text":"Management Arrangements","page_number":125,"box":{"x":69,"y":174,"width":202,"height":11}},{"id":"aea0af5e-c1d0-4bef-9c27-06bf0908acd5","block_type":"box","text":"Management Services.","page_number":125,"box":{"x":102,"y":197,"width":162,"height":11}},{"id":"b97b4fa7-c0a4-4160-b6f2-e10371f91119","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":125,"box":{"x":270,"y":197,"width":615,"height":11}},{"id":"e18e8d1c-e791-4c77-a4e0-7d10b5764007","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":125,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"fe07ad20-c158-4adc-8715-3b4e4950ab9e","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":125,"box":{"x":70,"y":227,"width":820,"height":11}},{"id":"8dd26601-0fb5-4fdb-a028-9e8a8309e691","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":125,"box":{"x":68,"y":242,"width":832,"height":11}},{"id":"9cbd3f1c-c803-4206-ad60-f9a49e7bdd2d","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":125,"box":{"x":70,"y":257,"width":801,"height":11}},{"id":"a04163cf-d4aa-4c94-9ffb-78e667a56146","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":125,"box":{"x":69,"y":272,"width":370,"height":11}},{"id":"c789c24c-f9d1-4e8f-a5b1-4715eb71cc85","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":125,"box":{"x":102,"y":295,"width":778,"height":11}},{"id":"d5e03aef-b88e-472b-beaf-a4774079d252","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":125,"box":{"x":70,"y":310,"width":800,"height":11}},{"id":"bf09e981-b379-46ec-80ef-30f103779bee","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":125,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"cdfababe-bac8-4833-b0fb-aa21cbfbf0a4","block_type":"box","text":"Management Fee.","page_number":125,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"025aaa6b-5dc1-460e-a24c-f55ac904a73a","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":125,"box":{"x":235,"y":348,"width":646,"height":11}},{"id":"447cde98-4dc9-42a7-bc46-32ef518bf18f","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":125,"box":{"x":68,"y":363,"width":841,"height":11}},{"id":"ad01dc83-ef72-4c0a-bdba-d3f44784c0b6","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":125,"box":{"x":69,"y":378,"width":833,"height":11}},{"id":"2d06e9ca-2ab2-40c0-ba9f-2e2519dbe7f9","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":125,"box":{"x":68,"y":393,"width":746,"height":11}},{"id":"5b4b226c-6359-4261-b840-e8d87b2f131a","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":125,"box":{"x":70,"y":408,"width":825,"height":11}},{"id":"3742cda1-14e2-4898-b264-9e674a9864bf","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":125,"box":{"x":102,"y":431,"width":774,"height":11}},{"id":"abbf1d5d-f5fe-4f50-bb7c-8ecdc503d602","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":125,"box":{"x":69,"y":446,"width":826,"height":11}},{"id":"da0091a1-f051-472b-8b5f-35331ff4741c","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":125,"box":{"x":70,"y":461,"width":820,"height":11}},{"id":"90ef6ddf-c08a-45b1-a413-20ee09dc3d40","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":125,"box":{"x":68,"y":476,"width":797,"height":11}},{"id":"0c5d1825-9702-434a-8143-1273a55cd0be","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":125,"box":{"x":70,"y":491,"width":830,"height":12}},{"id":"1aba6ec6-7c63-4001-bd20-47a13096301f","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":125,"box":{"x":69,"y":506,"width":802,"height":12}},{"id":"a48f7b2c-0725-4e49-b54d-d011f54aba50","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":125,"box":{"x":70,"y":521,"width":809,"height":12}},{"id":"61ee3d5d-9c95-4661-8318-327c2df237f5","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":125,"box":{"x":69,"y":537,"width":838,"height":11}},{"id":"be7de8f6-0687-465b-91fc-df23ac5e6593","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":125,"box":{"x":69,"y":552,"width":830,"height":11}},{"id":"46950a0e-ebba-4f8d-979a-b633df205ebc","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":125,"box":{"x":70,"y":567,"width":784,"height":11}},{"id":"07b508b7-84fc-4671-b518-7dbcdba23223","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":125,"box":{"x":69,"y":582,"width":767,"height":11}},{"id":"737243aa-cda9-47b2-8785-44d162033985","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":125,"box":{"x":69,"y":597,"width":825,"height":11}},{"id":"8acbde64-0439-4f5d-a96f-f4f2190977ba","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":125,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"75d2843a-974e-428e-bdc1-eaa69f5c6408","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":125,"box":{"x":69,"y":627,"width":794,"height":12}},{"id":"f67774ef-5b7e-482a-8676-2700b3446bc2","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays cer tain promotional","page_number":125,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"a81a7152-fd07-4e34-ad92-27756f6b5268","block_type":"box","text":"expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain expenses are financed","page_number":125,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"69bf12ea-1deb-4c41-9827-b73e51909393","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. See","page_number":125,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"1a96facd-a8a4-4894-83cd-49baaa59ad37","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":125,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"a93c2b2d-aa60-4beb-8fee-dc1f1458ed6c","block_type":"box","text":"Sub-Advisory Fee.","page_number":125,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"d4980a7a-2874-4097-bee0-07b04f81a48d","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":125,"box":{"x":232,"y":710,"width":643,"height":12}},{"id":"230bb6c3-4f2c-4bbe-a5ed-3a5fa8d4881f","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":125,"box":{"x":70,"y":726,"width":839,"height":11}},{"id":"a68b485a-ccb2-456c-94db-bad58871e087","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":125,"box":{"x":68,"y":741,"width":830,"height":11}},{"id":"ac30ac60-b9ff-490e-ae7f-44518e4f6e43","block_type":"box","text":"Organization of the Manager.","page_number":125,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"464cd822-811b-4362-8985-18740816a740","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":125,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"431f0efd-40ca-4596-bee5-5781d8b939f1","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":125,"box":{"x":70,"y":778,"width":819,"height":12}},{"id":"1efa9b51-1bf1-4cba-a414-0a1721756737","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":125,"box":{"x":70,"y":794,"width":817,"height":11}},{"id":"d837a917-34e2-4743-a213-a5bcdde86d74","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":125,"box":{"x":69,"y":809,"width":768,"height":11}},{"id":"4243ff24-5a26-4e21-bc3d-cd7ccb988eb3","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":125,"box":{"x":69,"y":824,"width":821,"height":11}},{"id":"c7362462-39f3-4236-b113-3c6fcf349b4f","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":125,"box":{"x":69,"y":839,"width":517,"height":11}},{"id":"f2d7f8a7-7022-4e33-892e-4f225bdcfd5c","block_type":"box","text":"Duration and Termination.","page_number":125,"box":{"x":102,"y":862,"width":182,"height":9}},{"id":"892cb1cd-1788-4666-a219-2a12c266da59","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":125,"box":{"x":292,"y":862,"width":613,"height":11}},{"id":"14aade22-186b-441b-b674-ebdcec9fffc2","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":125,"box":{"x":69,"y":877,"width":835,"height":11}},{"id":"52f63d63-2156-4b7a-9a48-9c53b4f6ed0e","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":125,"box":{"x":69,"y":892,"width":803,"height":11}},{"id":"5ee7b093-9ada-4751-b663-422dbaab215a","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":125,"box":{"x":69,"y":907,"width":839,"height":11}},{"id":"e2214f8c-7612-4227-8775-9a9e8b6fd5de","block_type":"box","text":"II-82","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5c69af18-bb33-469b-8d51-b741edcbce57","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbbc29a0-bdb0-4f10-a9b3-00541f01187a","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":126,"box":{"x":70,"y":45,"width":778,"height":11}},{"id":"3400703a-8ee5-43e2-b74c-1fdea6000d1e","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":126,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"2e64a6ce-2587-4244-85cf-f9c20beaed85","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":126,"box":{"x":69,"y":75,"width":388,"height":11}},{"id":"8aa51f62-33cf-4592-b345-862538ea02f7","block_type":"box","text":"Other Service Arrangements","page_number":126,"box":{"x":69,"y":105,"width":205,"height":11}},{"id":"5d537f28-5215-445b-92a0-162e9375da32","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":126,"box":{"x":101,"y":128,"width":338,"height":9}},{"id":"c4b0a052-6bf1-4eb1-aa5c-ae8b5160b440","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":126,"box":{"x":446,"y":128,"width":439,"height":11}},{"id":"30479f05-6fa3-4d90-abce-d73a55516d43","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":126,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"d5aa0770-a6ab-4507-8cb6-1a992b823a15","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":126,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"75b5b7cf-5403-4606-b9aa-585fa9a6bb6e","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":126,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"1ce6ef7b-3ff1-411c-a3c7-8437ef90aa38","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":126,"box":{"x":68,"y":188,"width":738,"height":12}},{"id":"97d37e80-fa1f-41f5-b7d4-bb901439c2f7","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":126,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"1634a13a-bf39-4379-9724-54f8d1d68479","block_type":"box","text":"that Fund’s SAI.","page_number":126,"box":{"x":68,"y":219,"width":113,"height":8}},{"id":"30a7c266-139d-4249-841d-5c991ab85d60","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":126,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"f2a5cfbe-5edf-46a1-a9dd-4dbe39ceef26","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":126,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"db635c21-4e1e-4996-a378-9b91714169e7","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":126,"box":{"x":70,"y":271,"width":809,"height":12}},{"id":"8154a0de-9b21-488a-9139-c7f925507937","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":126,"box":{"x":69,"y":286,"width":826,"height":12}},{"id":"43d4b992-8a79-4df6-8a05-12e043dd6403","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":126,"box":{"x":70,"y":302,"width":362,"height":11}},{"id":"97815cc4-c92f-40f2-add0-ea2cb73ab6ed","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":126,"box":{"x":102,"y":324,"width":390,"height":12}},{"id":"5e31e092-8fd9-4778-802b-a332fdb988cd","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":126,"box":{"x":499,"y":325,"width":364,"height":10}},{"id":"dbefaae7-86d2-41ad-b089-cfe4aff86224","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":126,"box":{"x":68,"y":339,"width":832,"height":12}},{"id":"b8b00fa8-447b-4469-8ca7-402dcf359d7f","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":126,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"9fe6dfed-a7eb-4539-8cdf-743153f0a1ec","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":126,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"4979d849-31e4-48c9-893b-23296a6532e3","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":126,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"8e6653a7-a8f0-4eb8-8dc4-ad92d5f624ac","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":126,"box":{"x":69,"y":400,"width":805,"height":11}},{"id":"6cdd66f0-c42b-4469-9954-a2d1bc728e17","block_type":"box","text":"shareholders of the Fund.","page_number":126,"box":{"x":69,"y":415,"width":181,"height":9}},{"id":"8630cb8b-840e-4c38-89ad-ebfdb5564b81","block_type":"box","text":"Transfer Agency Services.","page_number":126,"box":{"x":103,"y":438,"width":180,"height":11}},{"id":"bac7ddc3-8974-4906-9f68-cec01a9cc750","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":126,"box":{"x":291,"y":438,"width":595,"height":11}},{"id":"983784ec-023e-400f-b553-2a1339ad319f","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":126,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"e7008f43-695f-412f-b9d1-161e5b8763a4","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":126,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"718036a3-390d-4f25-ba6c-bff6b4d85f4d","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":126,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"fecdfb6f-ebb0-4410-ad6a-69b39ae5b38b","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":126,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"aab632a3-3e49-4ae4-83db-6bfc40396f33","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":126,"box":{"x":68,"y":513,"width":839,"height":12}},{"id":"4129bf1d-5d7d-4dc8-9991-bf07684d47e0","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":126,"box":{"x":70,"y":528,"width":831,"height":12}},{"id":"1c475e71-051a-4d19-876b-0a3129160b94","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":126,"box":{"x":68,"y":543,"width":813,"height":12}},{"id":"e8c8676f-0e18-48c5-935b-785ab465b9fd","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":126,"box":{"x":70,"y":559,"width":836,"height":11}},{"id":"65998a7d-80a4-4681-af19-f41af9db726a","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":126,"box":{"x":69,"y":574,"width":806,"height":11}},{"id":"4bc4ba0e-8d4e-4914-87bd-d99d81b064e4","block_type":"box","text":"class on a recordkeeping system.","page_number":126,"box":{"x":69,"y":589,"width":238,"height":11}},{"id":"88a98820-f541-4b32-8745-ff2fea47b527","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":126,"box":{"x":102,"y":612,"width":338,"height":11}},{"id":"7873f489-468f-4199-abbf-c96381f37693","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":126,"box":{"x":446,"y":612,"width":441,"height":10}},{"id":"416f2060-b3c2-4b2f-9aa6-555cd2eefbd4","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":126,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"c71f60c7-3817-4eae-90a1-ecbf68fc2873","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":126,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"948e0a0e-2406-4479-bbb6-7794e081d4f2","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":126,"box":{"x":69,"y":657,"width":627,"height":11}},{"id":"479f0ce9-51b3-48b4-8a1c-2864cf0b3c23","block_type":"box","text":"Custodian Services.","page_number":126,"box":{"x":102,"y":680,"width":141,"height":9}},{"id":"a8b31e6a-b467-4081-b6ac-96a7da1e0708","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":126,"box":{"x":249,"y":680,"width":654,"height":11}},{"id":"a0513719-8be1-4eb5-a90d-e73bfcde5b4d","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":126,"box":{"x":70,"y":695,"width":820,"height":11}},{"id":"3a485991-24e0-43fd-be26-eed210f0889c","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":126,"box":{"x":70,"y":710,"width":814,"height":11}},{"id":"d5b74791-7a70-427f-a2b7-cc02e65c3671","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":126,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"31805fae-caa5-40d6-8937-d337f8531621","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":126,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"66142027-554e-4bd4-951f-2e9ac053cdc2","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":126,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"29c46fce-0b6c-4cf0-8b39-a484d0121687","block_type":"box","text":"cer tain assets.","page_number":126,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"614e043d-92f3-47fe-8c82-5a9988445ad4","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":126,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"a826966f-4802-4695-8401-dc5f2336b87d","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":126,"box":{"x":102,"y":816,"width":803,"height":11}},{"id":"72b29274-75d9-4aea-9093-4c6d53f9b741","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":126,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"bdf7d752-2d2b-4485-a330-5a0884e32a83","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":126,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"48c51050-c63c-4f2e-91b6-f40a9340dd7e","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":126,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"337e76bd-ff64-48f6-bbf2-8717e1727eda","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":126,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"4b422bca-6024-4ad0-a895-0aee5c09c00d","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":126,"box":{"x":68,"y":891,"width":836,"height":12}},{"id":"493c08ee-7760-4fd2-bece-ca6bd7be5190","block_type":"box","text":"Fund.","page_number":126,"box":{"x":70,"y":907,"width":36,"height":8}},{"id":"9d36f51f-526c-43c3-8897-0efc920238d1","block_type":"box","text":"II-83","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d79d3fc-debd-433d-8f30-52a9542cdf3e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28997b2f-0206-4eeb-a12c-75c6c7a86bf8","block_type":"box","text":"Accounting Services.","page_number":127,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"9bb3d317-cfb1-49f6-bbb7-9f46fbf32d1f","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":127,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"2c0caa07-1e99-4f0a-99b3-cb54df6cf512","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":127,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"2bae3f7f-cc70-46d3-b621-eacd301fb058","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":127,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"51b9224a-b841-4d6a-b005-6edea47f2c4c","block_type":"box","text":"Master LLCs.","page_number":127,"box":{"x":70,"y":90,"width":91,"height":9}},{"id":"899bf0eb-66c0-4523-92ab-85d140772853","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":127,"box":{"x":102,"y":113,"width":771,"height":11}},{"id":"e17cb091-e6fe-49c7-861f-cd74d954d028","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":127,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"c6d30370-015c-4018-a15f-a550da55849d","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":127,"box":{"x":69,"y":143,"width":828,"height":11}},{"id":"bb9ba17a-34d6-4f14-8cb6-2de0f89ae3cb","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":127,"box":{"x":69,"y":158,"width":386,"height":11}},{"id":"c51698fe-bbfa-45a7-abc7-e3cc81d40a88","block_type":"box","text":"Distribution Expenses.","page_number":127,"box":{"x":102,"y":181,"width":158,"height":11}},{"id":"96ad13e4-a33e-4b49-9ebd-de5ef6e9c83e","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":127,"box":{"x":267,"y":181,"width":614,"height":11}},{"id":"fc77ab47-679d-4a6d-af1a-72de00420af2","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":127,"box":{"x":68,"y":196,"width":807,"height":11}},{"id":"ea8922aa-7e5d-4dfe-8f88-37270f0ad0e4","block_type":"box","text":"Agreements obligate the Distributor to pay cer tain expenses in connection with the offering of each class of shares of","page_number":127,"box":{"x":68,"y":211,"width":842,"height":11}},{"id":"92c28170-e823-4288-b3ce-1cfda8bde871","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic repor ts have been prepared,","page_number":127,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"17583cf0-b5d7-497e-9904-5143d1285b34","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":127,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"443aa019-5e13-4d53-9ded-b5d691c859df","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":127,"box":{"x":70,"y":256,"width":799,"height":12}},{"id":"7ccb541a-4313-4f7d-8354-f82e3bead92f","block_type":"box","text":"literature and adver tising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":127,"box":{"x":70,"y":272,"width":788,"height":11}},{"id":"94b841be-c463-4a68-a78e-6cebf31514f0","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":127,"box":{"x":68,"y":287,"width":513,"height":11}},{"id":"5227f05e-456d-4a67-a1af-f29d19301dea","block_type":"box","text":"Code of Ethics","page_number":127,"box":{"x":69,"y":317,"width":105,"height":9}},{"id":"ec341f9f-27e6-4c47-9d71-f31abea9d56d","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant to Rule","page_number":127,"box":{"x":102,"y":339,"width":780,"height":12}},{"id":"01f69156-f0e1-4762-8c90-b4d9f6b03382","block_type":"box","text":"17j-1 under the Investment Company Act. The Code of Ethics establishes procedures for personal investing and","page_number":127,"box":{"x":70,"y":355,"width":794,"height":11}},{"id":"f122a89d-ef7a-4576-b7fd-eb4a62a0516f","block_type":"box","text":"restricts cer tain transactions. Employees subject to the Code of Ethics may invest in securities for their personal","page_number":127,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"68b06f3c-1670-47a9-b89a-3c03f0663445","block_type":"box","text":"investment accounts, including securities that may be purchased or held by a Fund.","page_number":127,"box":{"x":70,"y":385,"width":593,"height":11}},{"id":"2b069692-54fb-4982-86d3-2d86e39da4cf","block_type":"box","text":"SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS","page_number":127,"box":{"x":282,"y":414,"width":413,"height":10}},{"id":"04409315-2eea-4ec4-aa7a-839d241c52be","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved Por tfolio","page_number":127,"box":{"x":101,"y":437,"width":777,"height":11}},{"id":"dc55c7b3-00d7-4092-b278-68a498ea5dad","block_type":"box","text":"Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the disclosure of each Fund’s","page_number":127,"box":{"x":70,"y":452,"width":788,"height":11}},{"id":"23bc1182-c9a5-4584-9e6c-00a39268e641","block_type":"box","text":"por tfolio securities, as applicable, and other por tfolio information. The purpose of the Policy is to ensure that","page_number":127,"box":{"x":70,"y":467,"width":778,"height":11}},{"id":"d4c9a377-a8fe-44e3-8e83-d1a1415d075d","block_type":"box","text":"(i) shareholders and prospective shareholders of the Funds have equal access to por tfolio holdings and","page_number":127,"box":{"x":69,"y":482,"width":737,"height":12}},{"id":"1ff0ab82-85d5-44bd-9ce3-d00d11db38c9","block_type":"box","text":"characteristics and (ii) third par ties (such as consultants, intermediaries and third-par ty data providers) have access","page_number":127,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"7833da63-54f0-446d-a287-69b011e5d985","block_type":"box","text":"to such information no earlier or more frequently than shareholders and prospective shareholders.","page_number":127,"box":{"x":68,"y":513,"width":701,"height":11}},{"id":"b512d0b5-d1dd-4cee-81a3-58fc22b499c7","block_type":"box","text":"Pursuant to the Policy, each Fund and the Manager may, under cer tain circumstances as set for th below, make","page_number":127,"box":{"x":102,"y":535,"width":791,"height":12}},{"id":"a649ed05-9702-49cb-8d65-aa787904662b","block_type":"box","text":"selective disclosure with respect to a Fund’s Por tfolio Characteristics (as defined below) and Por tfolio Holdings (as","page_number":127,"box":{"x":69,"y":550,"width":819,"height":12}},{"id":"900f50e0-bd71-4da6-a728-c1c0f4ac0ae0","block_type":"box","text":"defined below). The Board of Directors of each Fund and the Board of Directors of the Manager have each approved","page_number":127,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"15c88507-39e1-4863-a1ab-89abae5c9c41","block_type":"box","text":"the adoption by the Fund of the Policy, and employees of the Manager are responsible for adherence to the Policy.","page_number":127,"box":{"x":68,"y":581,"width":813,"height":11}},{"id":"f1ed6fec-937b-4e68-b5c4-491b70a7242d","block_type":"box","text":"The Board of Directors provides ongoing oversight of the Fund’s and Manager’s compliance with the Policy.","page_number":127,"box":{"x":68,"y":596,"width":761,"height":11}},{"id":"d768f634-62fb-4d12-840d-5fff731a7849","block_type":"box","text":"Notwithstanding the above, there is no assurance that the Policy will protect the Funds from the potential misuse of","page_number":127,"box":{"x":70,"y":611,"width":825,"height":11}},{"id":"2f475214-e969-4000-8280-1b24cd9ba104","block_type":"box","text":"holdings information by an individual or firms in possession of that information.","page_number":127,"box":{"x":69,"y":626,"width":565,"height":11}},{"id":"a0e0142c-cf17-45f9-ba75-01807b372be8","block_type":"box","text":"Disclosure of material non-public information (“Confidential Information”) about a Fund’s Por tfolio Holdings and/","page_number":127,"box":{"x":102,"y":649,"width":802,"height":11}},{"id":"a6656d1d-bb57-46c3-bf23-35ce66502bd9","block_type":"box","text":"or Por tfolio Characteristics is prohibited, except as provided in the Policy.","page_number":127,"box":{"x":69,"y":664,"width":520,"height":11}},{"id":"f5f396a7-fc89-4e0d-860a-bf9c86d63f08","block_type":"box","text":"Confidential Information relating to a Fund may not be distributed to persons not employed by BlackRock unless","page_number":127,"box":{"x":102,"y":686,"width":797,"height":12}},{"id":"b2ec71b9-0b91-404f-ba6f-ee831239b187","block_type":"box","text":"the Fund has a legitimate business purpose for doing so and confidentiality obligations are in effect, as appropriate.","page_number":127,"box":{"x":68,"y":702,"width":829,"height":11}},{"id":"d765dbbd-418e-4035-ae87-b5f4b1c917ec","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":725,"width":6,"height":4}},{"id":"3e0817a0-fb55-4e6e-b67f-cad9a651f537","block_type":"box","text":"Por tfolio Holdings","page_number":127,"box":{"x":102,"y":722,"width":126,"height":11}},{"id":"a51faa90-002a-480b-888b-6cfefe457013","block_type":"box","text":": “Por tfolio Holdings” are a Fund’s por tfolio securities and other instruments, and include, but","page_number":127,"box":{"x":229,"y":722,"width":671,"height":11}},{"id":"c8c2b979-b335-401d-8e25-32f75c72eb8b","block_type":"box","text":"are not limited to:","page_number":127,"box":{"x":102,"y":737,"width":125,"height":9}},{"id":"deb08117-897e-4556-9b3d-51f1f5cd3dc5","block_type":"box","text":"•","page_number":127,"box":{"x":102,"y":760,"width":6,"height":5}},{"id":"a79c1654-1839-4ae9-8694-298c9d604c49","block_type":"box","text":"for equity securities, information such as issuer name, CUSIP, ticker symbol, total shares and market value;","page_number":127,"box":{"x":134,"y":757,"width":768,"height":11}},{"id":"5001902f-cbb2-43b0-84b8-2435f3e2eb5b","block_type":"box","text":"•","page_number":127,"box":{"x":102,"y":780,"width":6,"height":5}},{"id":"2ca48094-2fc7-4833-ac81-72d7d3ceb8da","block_type":"box","text":"for fixed income securities, information such as issuer name, CUSIP, ticker symbol, coupon, maturity,","page_number":127,"box":{"x":134,"y":777,"width":720,"height":11}},{"id":"6be9f5b8-7cd2-4a88-bc88-a3a098a1ee2d","block_type":"box","text":"current face value, market value, yield, WAL, WAM, duration and convexity;","page_number":127,"box":{"x":134,"y":792,"width":529,"height":12}},{"id":"7e266ed8-36e3-4d07-84e2-abb8ba0a4ea2","block_type":"box","text":"•","page_number":127,"box":{"x":102,"y":815,"width":6,"height":5}},{"id":"b2acfbab-988c-48f1-8541-726683e3e72f","block_type":"box","text":"for all securities, information such as quantity, SEDOL and market price as of a specific date;","page_number":127,"box":{"x":134,"y":812,"width":664,"height":12}},{"id":"cb46786b-dd3e-4105-9915-8132d3994dbe","block_type":"box","text":"•","page_number":127,"box":{"x":102,"y":836,"width":6,"height":4}},{"id":"f8b5ef79-85eb-4d46-93de-1c21384fa343","block_type":"box","text":"for derivatives, indicative data including, but not limited to, pay leg, receive leg, notional amount, reset","page_number":127,"box":{"x":134,"y":833,"width":731,"height":11}},{"id":"f70d05e3-5589-495f-88b6-ecf4c5651921","block_type":"box","text":"frequency and trade counterpar ty; and","page_number":127,"box":{"x":134,"y":848,"width":271,"height":11}},{"id":"44579640-c17c-4e74-b331-f30e3fd5e2de","block_type":"box","text":"•","page_number":127,"box":{"x":102,"y":871,"width":6,"height":4}},{"id":"c2f10453-835f-45a6-9ec9-6d9960d9ae04","block_type":"box","text":"for trading strategies, specific por tfolio holdings, including the number of shares held, weightings of","page_number":127,"box":{"x":134,"y":868,"width":712,"height":11}},{"id":"d53770e4-e322-4dcd-9fda-a54d5725b061","block_type":"box","text":"par ticular holdings, trading details, pending or recent transactions and por tfolio management plans to","page_number":127,"box":{"x":135,"y":883,"width":726,"height":11}},{"id":"1de7e687-32e2-44e8-a828-30b1365ac056","block_type":"box","text":"purchase or sell par ticular securities or allocation within par ticular sectors.","page_number":127,"box":{"x":135,"y":898,"width":533,"height":11}},{"id":"640e573b-e487-43db-81e1-9e51f7cb5000","block_type":"box","text":"II-84","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1f55864-ead7-4eb8-9500-dbe4e5c9090c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a2e7343-4929-457e-a001-3e34559b6423","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"b4d217f6-0b78-40ad-974a-cfdd747ad684","block_type":"box","text":"Por tfolio Characteristics (excluding Liquidity Metrics):","page_number":128,"box":{"x":102,"y":45,"width":377,"height":11}},{"id":"92985b57-c3a0-427a-98d9-db24a2058b9a","block_type":"box","text":"“Por tfolio Characteristics” include, but are not limited to,","page_number":128,"box":{"x":486,"y":45,"width":404,"height":10}},{"id":"71fb0935-07c8-4ede-a8c2-46494bccfabd","block_type":"box","text":"sector allocation, credit quality breakdown, maturity distribution, duration and convexity measures, average credit","page_number":128,"box":{"x":102,"y":60,"width":807,"height":11}},{"id":"5b6d734e-6399-4618-b959-a30b998e672d","block_type":"box","text":"quality, average maturity, average coupon, top 10 holdings with percent of the fund held, average market","page_number":128,"box":{"x":102,"y":75,"width":745,"height":11}},{"id":"44ebe773-d0e9-4669-87e1-d21e5d64810a","block_type":"box","text":"capitalization, capitalization range, risk related information (","page_number":128,"box":{"x":101,"y":90,"width":427,"height":11}},{"id":"73a9b72b-9832-4a43-b5a9-f84955d55e07","block_type":"box","text":"e.g.","page_number":128,"box":{"x":529,"y":91,"width":25,"height":10}},{"id":"be625ccd-6fb9-4f2f-b9e9-a252d7839662","block_type":"box","text":", value at risk, standard deviation), ROE, P/E,","page_number":128,"box":{"x":557,"y":90,"width":322,"height":11}},{"id":"b3cd2f4a-f739-49e6-9eb3-7ba2407ba037","block_type":"box","text":"P/B, P/CF, P/S and EPS.","page_number":128,"box":{"x":102,"y":105,"width":177,"height":11}},{"id":"5afbcdb0-4f67-4d59-b3d1-c6b1d10aaecb","block_type":"box","text":"•","page_number":128,"box":{"x":102,"y":128,"width":6,"height":5}},{"id":"2bd53b07-091d-484a-9f0f-d8fb73af0624","block_type":"box","text":"Additional characteristics specific to money market funds include, but are not limited to, historical daily and","page_number":128,"box":{"x":134,"y":125,"width":766,"height":11}},{"id":"ce0a088f-2ff5-42d2-8cc5-011c72993c0f","block_type":"box","text":"weekly liquid assets (as defined under Rule 2a-7) and historical fund net inflows and outflows.","page_number":128,"box":{"x":134,"y":140,"width":670,"height":12}},{"id":"fd8b34ab-10a8-4bd1-ae5f-f81c240c1150","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"f334b642-7104-4853-8308-d9e40415ce4d","block_type":"box","text":"Por tfolio Characteristics — Liquidity Metrics:","page_number":128,"box":{"x":102,"y":161,"width":318,"height":11}},{"id":"dfecac58-3d67-4171-80a8-5e9b5cc95331","block_type":"box","text":"•","page_number":128,"box":{"x":102,"y":184,"width":6,"height":4}},{"id":"cc17b273-6def-4362-ba56-146e3c58fd10","block_type":"box","text":"“Liquidity Metrics” which seek to ascer tain a Fund’s liquidity profile under BlackRock’s global liquidity risk","page_number":128,"box":{"x":135,"y":181,"width":754,"height":11}},{"id":"f46b2104-36a5-421d-bf73-b3848ce4c94a","block_type":"box","text":"methodology which include, but are not limited to: (a) disclosure regarding the number of days needed to","page_number":128,"box":{"x":135,"y":196,"width":746,"height":11}},{"id":"d4653ae3-4f1f-4ba2-8d9e-8451aa5d690c","block_type":"box","text":"liquidate a por tfolio or the por tfolio’s underlying investments; and (b) the percentage of a Fund’s NAV","page_number":128,"box":{"x":135,"y":211,"width":721,"height":11}},{"id":"d50ae560-0c07-4aee-b169-03f02f79c9eb","block_type":"box","text":"invested in a par ticular liquidity tier under BlackRock’s global liquidity risk methodology.","page_number":128,"box":{"x":135,"y":226,"width":621,"height":11}},{"id":"c5766a85-33c4-4cc7-b750-b34bb6fe4263","block_type":"box","text":"•","page_number":128,"box":{"x":102,"y":249,"width":6,"height":5}},{"id":"bca0a278-95c2-4d6e-b98f-bba5ba7ed544","block_type":"box","text":"The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to SEC","page_number":128,"box":{"x":134,"y":246,"width":771,"height":11}},{"id":"cb9ca766-b60d-45cc-81b8-4c5662004224","block_type":"box","text":"Rule 22e-4 (including SEC liquidity tiering) is not permitted unless pre-approved.","page_number":128,"box":{"x":135,"y":261,"width":568,"height":12}},{"id":"d755ada5-f181-4c59-97a9-7e5ce4db241d","block_type":"box","text":"•","page_number":128,"box":{"x":102,"y":284,"width":6,"height":5}},{"id":"721a2ba2-18c2-433b-bad8-3aaa275f35c0","block_type":"box","text":"Disclosure of Liquidity Metrics pursuant to Section 3 of the Policy should be reviewed by BlackRock’s Risk","page_number":128,"box":{"x":135,"y":281,"width":755,"height":12}},{"id":"3764f04d-dc7b-426f-948b-b5fd3b563e58","block_type":"box","text":"and Quantitative Analysis Group and the relevant por tfolio management team prior to dissemination.","page_number":128,"box":{"x":134,"y":297,"width":716,"height":11}},{"id":"c31e6ca1-200c-4a8c-b853-0cd585c7a66c","block_type":"box","text":"Information that is non-material or that may be obtained from public sources (","page_number":128,"box":{"x":102,"y":319,"width":553,"height":11}},{"id":"c0107ebc-5ade-4426-b3d4-b041e639e6f1","block_type":"box","text":"i.e.","page_number":128,"box":{"x":658,"y":320,"width":20,"height":8}},{"id":"fc534597-d295-454d-8992-b5a08c2d268a","block_type":"box","text":", information that has been","page_number":128,"box":{"x":680,"y":319,"width":193,"height":11}},{"id":"a2e31214-3192-4805-887f-0b7411474b37","block_type":"box","text":"publicly disclosed via a filing with the SEC (","page_number":128,"box":{"x":70,"y":334,"width":305,"height":12}},{"id":"15141882-d0fb-4180-b786-44a49025d81e","block_type":"box","text":"e.g.","page_number":128,"box":{"x":377,"y":336,"width":25,"height":10}},{"id":"de748c52-79d2-499a-bf14-775436c667f0","block_type":"box","text":", a fund’s annual repor t and annual financial statements), through a","page_number":128,"box":{"x":404,"y":334,"width":485,"height":12}},{"id":"30745307-e71d-45bd-9715-1626f4f8b6e2","block_type":"box","text":"press release or placement on a publicly-available internet website), or information derived or calculated from such","page_number":128,"box":{"x":70,"y":349,"width":817,"height":12}},{"id":"9678faac-481a-4cc4-8654-3c7e7c356b36","block_type":"box","text":"public sources shall not be deemed Confidential Information.","page_number":128,"box":{"x":70,"y":365,"width":433,"height":11}},{"id":"961c3451-5e36-4481-b5c9-5470941794be","block_type":"box","text":"Por tfolio Holdings and Por tfolio Characteristics may be disclosed in accordance with the below schedule.","page_number":128,"box":{"x":102,"y":387,"width":747,"height":12}},{"id":"cf77d936-175f-4b27-843d-6bd4b08cb811","block_type":"box","text":"Prior to the time periods designated below, non-public portfolio holdings and portfolio characteristics may only","page_number":128,"box":{"x":102,"y":410,"width":806,"height":11}},{"id":"c52145c2-1e0f-42b8-ad22-570dce301b3b","block_type":"box","text":"be disclosed with both a non-disclosure or confidentiality agreement and Fund CCO approval.","page_number":128,"box":{"x":69,"y":425,"width":678,"height":11}},{"id":"746603b5-ba02-451f-aa86-3ceedc6e8a21","block_type":"box","text":"Thereafter, BlackRock","page_number":128,"box":{"x":753,"y":425,"width":156,"height":11}},{"id":"68e52fb3-ac11-4736-b77b-2f3b7c08749f","block_type":"box","text":"may disclose such information to shareholders, prospective shareholders, intermediaries, consultants and third-par ty","page_number":128,"box":{"x":69,"y":440,"width":838,"height":11}},{"id":"1d824e69-d7a7-4ffd-8d24-0bd4b05f825d","block_type":"box","text":"data providers. BlackRock generally discloses por tfolio holdings and other por tfolio characteristics information on the","page_number":128,"box":{"x":69,"y":455,"width":837,"height":12}},{"id":"80961317-63d1-4773-90b3-406c54f63974","block_type":"box","text":"lag times established herein on its public website.","page_number":128,"box":{"x":70,"y":471,"width":356,"height":11}},{"id":"f3305473-3315-4c38-826f-2f18300f7625","block_type":"box","text":"II-85","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"607e94b7-3eb2-4b9e-bd1c-ebd967ccbfd1","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09a34aae-0a38-484e-9cff-e19cda58422a","block_type":"box","text":"Time Periods for Portfolio Holdings","page_number":129,"box":{"x":440,"y":69,"width":254,"height":11}},{"id":"8c6ee32f-d4fa-4853-adb2-ea9099b76445","block_type":"box","text":"Funds in Scope Days After Month-End — After Which","page_number":129,"box":{"x":339,"y":91,"width":536,"height":11}},{"id":"44eb0508-3d35-4bd9-8777-f00f9cbfc0d3","block_type":"box","text":"Portfolio Holdings May be Disclosed","page_number":129,"box":{"x":609,"y":106,"width":263,"height":11}},{"id":"d4dda98c-a342-4512-aeab-0f7313334d72","block_type":"box","text":"All Open-End Mutual Funds (non-money","page_number":129,"box":{"x":231,"y":129,"width":277,"height":11}},{"id":"cdd4c03d-21d7-448c-8d5a-f16a99713435","block_type":"box","text":"market) except those noted below.","page_number":129,"box":{"x":232,"y":144,"width":243,"height":11}},{"id":"93257505-6889-4f86-9c53-2ff241fa4784","block_type":"box","text":"20 Calendar Days After Month-End","page_number":129,"box":{"x":578,"y":129,"width":244,"height":11}},{"id":"5adda06c-7ee8-429d-a834-c868280da281","block_type":"box","text":"Global Allocation funds,","page_number":129,"box":{"x":231,"y":167,"width":167,"height":10}},{"id":"9bfd3282-0f63-4002-826a-d366dad8e8bd","block_type":"box","text":"1","page_number":129,"box":{"x":400,"y":167,"width":4,"height":5}},{"id":"31d36b68-5b9b-4ddd-8dae-6123843da8fa","block_type":"box","text":"BlackRock Core","page_number":129,"box":{"x":410,"y":167,"width":110,"height":9}},{"id":"d7da4189-20c4-49a1-b205-3b66c55ddb9c","block_type":"box","text":"Bond Por tfolio of BlackRock Funds V,","page_number":129,"box":{"x":232,"y":182,"width":261,"height":10}},{"id":"f542e506-1e39-4160-90dd-5211228e855f","block_type":"box","text":"BlackRock Strategic Income Oppor tunities","page_number":129,"box":{"x":232,"y":197,"width":298,"height":11}},{"id":"34f11237-0dcd-43fe-88b8-6ff25946472e","block_type":"box","text":"Por tfolio of BlackRock Funds V, BlackRock","page_number":129,"box":{"x":232,"y":212,"width":300,"height":11}},{"id":"4ce13e28-b625-42a4-804b-bb796c25a50c","block_type":"box","text":"Strategic Global Bond Fund, Inc., BlackRock","page_number":129,"box":{"x":231,"y":227,"width":312,"height":12}},{"id":"02ebc00f-a223-40d8-93f5-4e9195994f1c","block_type":"box","text":"Total Return Fund of BlackRock Bond Fund,","page_number":129,"box":{"x":231,"y":242,"width":306,"height":11}},{"id":"a850f2af-fb2e-4deb-b167-daf25a186773","block_type":"box","text":"Inc., BlackRock Total Return V.I. Fund of","page_number":129,"box":{"x":232,"y":258,"width":283,"height":10}},{"id":"b801402e-146b-48f3-94b9-bd523e3bcc1e","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.,","page_number":129,"box":{"x":232,"y":273,"width":283,"height":10}},{"id":"8e06d1af-4a2b-439d-84e4-3d58ce11d111","block_type":"box","text":"BlackRock Unconstrained Equity Fund,","page_number":129,"box":{"x":232,"y":288,"width":270,"height":11}},{"id":"03523f6d-bb28-490e-8332-0837f6c2b8e8","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund of","page_number":129,"box":{"x":232,"y":303,"width":316,"height":11}},{"id":"c88ad2f3-2b1e-4f31-971a-663902e07241","block_type":"box","text":"BlackRock Funds IV and BlackRock Global","page_number":129,"box":{"x":232,"y":318,"width":296,"height":9}},{"id":"98c35adb-bbcd-495a-bdc2-3f5199c057b5","block_type":"box","text":"Equity Market Neutral Fund of BlackRock","page_number":129,"box":{"x":232,"y":333,"width":288,"height":11}},{"id":"a457f478-3856-4915-bc2a-93ffd26c2a19","block_type":"box","text":"Funds","page_number":129,"box":{"x":232,"y":348,"width":40,"height":9}},{"id":"b7df1621-9019-452f-8060-793e303284d2","block_type":"box","text":"SM","page_number":129,"box":{"x":274,"y":349,"width":10,"height":4}},{"id":"b989a054-0ef8-4bde-8c31-cef75b73ba49","block_type":"box","text":".","page_number":129,"box":{"x":287,"y":356,"width":1,"height":1}},{"id":"911025a2-baae-49d0-a176-7edee2bedaa5","block_type":"box","text":"60 Calendar Days After Month-End","page_number":129,"box":{"x":578,"y":167,"width":244,"height":11}},{"id":"2cb75ecd-b3cf-45c5-a145-f8491b45b021","block_type":"box","text":"1","page_number":129,"box":{"x":823,"y":167,"width":4,"height":5}},{"id":"e78c62db-0c44-4dda-8fb7-ca7ae0a94d99","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.,","page_number":129,"box":{"x":232,"y":371,"width":298,"height":11}},{"id":"47e6b2a4-93a8-4820-b194-485182cda5a6","block_type":"box","text":"BlackRock Equity Dividend Fund, BlackRock","page_number":129,"box":{"x":232,"y":386,"width":308,"height":11}},{"id":"f236712f-aa7e-42d3-ae52-78c6547cd51d","block_type":"box","text":"High Equity Income Fund of BlackRock","page_number":129,"box":{"x":232,"y":401,"width":271,"height":11}},{"id":"9c9440f9-9405-40c0-9252-9b737ffc4a0a","block_type":"box","text":"Funds","page_number":129,"box":{"x":232,"y":417,"width":40,"height":8}},{"id":"3dbc230f-d13c-4be9-9c63-9d2bf5afa586","block_type":"box","text":"SM","page_number":129,"box":{"x":274,"y":417,"width":10,"height":4}},{"id":"d9e35afc-cbf2-4196-b282-5fafb11d0ccf","block_type":"box","text":", BlackRock Large Cap Focus Growth","page_number":129,"box":{"x":286,"y":416,"width":260,"height":12}},{"id":"dcc2fb80-8c6f-4bc4-83e8-3ac3ec872c4d","block_type":"box","text":"Fund, Inc., BlackRock Large Cap Focus Value","page_number":129,"box":{"x":232,"y":432,"width":318,"height":11}},{"id":"be36961e-2280-4c06-842d-785a911be699","block_type":"box","text":"Fund, Inc., BlackRock Mid-Cap Growth Equity","page_number":129,"box":{"x":232,"y":447,"width":316,"height":11}},{"id":"9b3abfae-a6f4-4951-8958-505f1fdc370a","block_type":"box","text":"Por tfolio of BlackRock Funds","page_number":129,"box":{"x":232,"y":462,"width":203,"height":9}},{"id":"3bf33d62-6290-4049-aa93-78bb7b7ffa00","block_type":"box","text":"SM","page_number":129,"box":{"x":436,"y":462,"width":11,"height":4}},{"id":"52814b3e-c523-492a-bd71-8a9d32dbaea3","block_type":"box","text":", BlackRock","page_number":129,"box":{"x":449,"y":462,"width":81,"height":10}},{"id":"652208e9-a031-4612-9380-3b9c284b57cd","block_type":"box","text":"Mid-Cap Value Fund of BlackRock Mid-Cap","page_number":129,"box":{"x":232,"y":477,"width":297,"height":11}},{"id":"43e25247-af85-49ba-b574-925e1e66d8e4","block_type":"box","text":"Value Series, Inc.","page_number":129,"box":{"x":231,"y":492,"width":122,"height":10}},{"id":"cb788582-2473-4ee4-85c3-422d19a5c3cb","block_type":"box","text":"15 Calendar Days After Month-End","page_number":129,"box":{"x":578,"y":371,"width":244,"height":11}},{"id":"cbe5a7a7-a373-4855-8357-cb028d17f61c","block_type":"box","text":"Time Periods for Portfolio Characteristics (Excluding Liquidity Metrics (Addressed Below))","page_number":129,"box":{"x":158,"y":515,"width":661,"height":11}},{"id":"62b9c6e4-26a2-4fc1-b393-d9b5fd3eed2e","block_type":"box","text":"Funds in Scope Days After Month-End — After Which","page_number":129,"box":{"x":339,"y":537,"width":536,"height":11}},{"id":"639b4bcd-8536-4c7f-952f-4b0cedbffbe4","block_type":"box","text":"Portfolio Characteristics May be Disclosed","page_number":129,"box":{"x":585,"y":552,"width":311,"height":11}},{"id":"1863bd3a-b846-48b0-bd5d-c54868ab50ff","block_type":"box","text":"All Open-End Mutual Funds (non-money","page_number":129,"box":{"x":231,"y":575,"width":277,"height":11}},{"id":"174ab62c-803b-4b2e-8ee4-0bb0fac37b54","block_type":"box","text":"market)","page_number":129,"box":{"x":232,"y":590,"width":52,"height":11}},{"id":"2398c2cc-f789-4d97-89ef-d5e4e6994c11","block_type":"box","text":"5 Calendar Days After Month-End","page_number":129,"box":{"x":578,"y":575,"width":234,"height":11}},{"id":"d7239876-82ec-493d-afcb-b04949b42c97","block_type":"box","text":"1","page_number":129,"box":{"x":69,"y":615,"width":3,"height":4}},{"id":"444af100-9c22-4296-b79d-c51bcf3e0fd5","block_type":"box","text":"Global Allocation Exception:","page_number":129,"box":{"x":94,"y":615,"width":164,"height":9}},{"id":"ee9ddbf3-87e2-4e4c-b8f0-9e780fd41618","block_type":"box","text":"The “Global Allocation funds” include BlackRock Global Allocation Fund, Inc., BlackRock Global Allocation","page_number":129,"box":{"x":262,"y":615,"width":598,"height":9}},{"id":"df2616bd-b09c-4325-9004-dad413821004","block_type":"box","text":"Por tfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I. Fund of BlackRock Variable Series Funds, Inc. Information on","page_number":129,"box":{"x":94,"y":625,"width":784,"height":9}},{"id":"3d939b36-801b-4119-b949-dac46a546b44","block_type":"box","text":"cer tain Por tfolio Characteristics of BlackRock Global Allocation Por tfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I.","page_number":129,"box":{"x":93,"y":635,"width":795,"height":9}},{"id":"d072f930-d72f-4c9f-bafb-45917887f55b","block_type":"box","text":"Fund of BlackRock Variable Series Funds, Inc. is available, upon request, to insurance companies that use these funds as underlying","page_number":129,"box":{"x":94,"y":645,"width":757,"height":9}},{"id":"1946671d-402d-4890-aef2-13a1c9db6b30","block_type":"box","text":"investments (and to advisers and sub-advisers of funds invested in BlackRock Global Allocation Por tfolio of BlackRock Series Fund, Inc. and","page_number":129,"box":{"x":94,"y":656,"width":797,"height":8}},{"id":"76ac6306-a3da-4499-88de-fc10d00e5b8b","block_type":"box","text":"BlackRock Global Allocation V.I. Fund of BlackRock Variable Series Funds, Inc.) in their variable annuity contracts and variable life insurance","page_number":129,"box":{"x":94,"y":666,"width":793,"height":9}},{"id":"da6c050d-9257-42e0-9db2-7c3cce1587d8","block_type":"box","text":"policies on a weekly basis (or such other period as may be determined to be appropriate).","page_number":129,"box":{"x":94,"y":676,"width":511,"height":9}},{"id":"0fef7f71-ca82-4c8e-a7cc-8692a089fbdc","block_type":"box","text":"Open-End Mutual Funds and ETFs (Excluding Money Market Mutual Funds and MM ETFs)","page_number":129,"box":{"x":163,"y":694,"width":651,"height":11}},{"id":"51e9c972-8ea0-425d-b1e3-8339baa9d2ba","block_type":"box","text":"Time Periods for Portfolio Characteristics: Liquidity Metrics","page_number":129,"box":{"x":350,"y":709,"width":434,"height":11}},{"id":"21d10c8a-8140-4ef3-8cb2-5723aae33cad","block_type":"box","text":"Funds in Scope Days After Quarter-End — After Which","page_number":129,"box":{"x":339,"y":732,"width":540,"height":11}},{"id":"1f3b50b4-b971-4263-a953-c6d5b62fb9d5","block_type":"box","text":"Liquidity Metrics May be Disclosed","page_number":129,"box":{"x":613,"y":747,"width":255,"height":11}},{"id":"38948a3b-baef-4e08-9bb1-c21fbf1bacdb","block_type":"box","text":"All Open-End Mutual Funds and ETFs (non","page_number":129,"box":{"x":231,"y":770,"width":300,"height":11}},{"id":"9b041c66-c203-4ade-96bf-088f007d3cc7","block_type":"box","text":"money market).","page_number":129,"box":{"x":232,"y":785,"width":108,"height":11}},{"id":"c08c3988-45fa-4af8-970a-8a4fa398c35d","block_type":"box","text":"60 Calendar Days After Quar ter-End","page_number":129,"box":{"x":578,"y":770,"width":253,"height":11}},{"id":"0211f407-d999-446c-9c50-d8904ecdf7a6","block_type":"box","text":"If Liquidity Metrics are disclosed to one party, they must also be disclosed to all other","page_number":129,"box":{"x":232,"y":808,"width":631,"height":11}},{"id":"1a01c7e8-35a1-406d-bf53-00aa4a1b72e4","block_type":"box","text":"parties requesting the same information.","page_number":129,"box":{"x":231,"y":823,"width":298,"height":11}},{"id":"7ba2fa5d-9d51-408b-809e-088056e81fe3","block_type":"box","text":"Money Market Mutual Funds and ETFs","page_number":129,"box":{"x":340,"y":864,"width":281,"height":11}},{"id":"ea290a0c-b1d2-4766-985f-706929c67e22","block_type":"box","text":"2,3","page_number":129,"box":{"x":627,"y":864,"width":11,"height":5}},{"id":"860402ca-a5a3-4eb8-b92e-8eb8a15410be","block_type":"box","text":"Money Market ETFs will comply with the disclosure requirements under both the Money Market (Rule 2a-7) Policy and","page_number":129,"box":{"x":75,"y":879,"width":834,"height":11}},{"id":"7846c29c-261c-4591-9fad-56894965fe41","block_type":"box","text":"the ETF Rule (Rule 6c-11) Policy.","page_number":129,"box":{"x":74,"y":894,"width":229,"height":11}},{"id":"888ea01f-5f56-45c5-b4ef-7553ee9c3857","block_type":"box","text":"II-86","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4c0afc2d-4f6a-47a3-b590-95358c8d299d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e198eb3-e143-4a7c-9fc5-73c8f934b2c5","block_type":"box","text":"Time Periods","page_number":130,"box":{"x":520,"y":49,"width":94,"height":9}},{"id":"d14743aa-06eb-40e9-8fa2-435b8216246e","block_type":"box","text":"Prior to 5 Business Days After Month-End 5 Business Days After Month-End to Date of","page_number":130,"box":{"x":243,"y":72,"width":659,"height":11}},{"id":"ba800c56-e96c-4f1f-9d89-b933f25762d0","block_type":"box","text":"Public Filing","page_number":130,"box":{"x":697,"y":87,"width":88,"height":11}},{"id":"20bf0924-bbf9-425a-8c3a-f232724c1cb1","block_type":"box","text":"Portfolio","page_number":130,"box":{"x":75,"y":110,"width":61,"height":9}},{"id":"ba75c82f-7a7b-4874-9766-2624a3f4e816","block_type":"box","text":"Holdings","page_number":130,"box":{"x":75,"y":125,"width":61,"height":11}},{"id":"32c904df-371c-4fc5-8b2d-df5c65f87ee8","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":130,"box":{"x":231,"y":110,"width":297,"height":9}},{"id":"3bcf1208-1855-4048-a931-d6be812a3bb7","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":130,"box":{"x":231,"y":125,"width":310,"height":11}},{"id":"405b1af1-9b81-4ea0-9158-17f5d8e55700","block_type":"box","text":"except the following Por tfolio Holdings","page_number":130,"box":{"x":231,"y":140,"width":271,"height":11}},{"id":"9fef26fb-eef5-49fc-a51b-80902611dd0b","block_type":"box","text":"information is required to be released on the","page_number":130,"box":{"x":232,"y":155,"width":318,"height":11}},{"id":"ff93ff42-1d54-4c1b-bc17-86ff4994c648","block_type":"box","text":"website pursuant to Rule 2a-7 on a monthly","page_number":130,"box":{"x":231,"y":170,"width":311,"height":11}},{"id":"6cad7c94-09af-42ee-b9fb-d479919f8ae4","block_type":"box","text":"basis: name of issuer, category of","page_number":130,"box":{"x":231,"y":185,"width":244,"height":11}},{"id":"d3f0fada-b4d1-49d0-86ef-1ed9b9b0a0dd","block_type":"box","text":"investment, CUSIP, principal amount, maturity","page_number":130,"box":{"x":232,"y":200,"width":325,"height":11}},{"id":"c77c00d9-f48f-4af8-970d-5e35d29bab9f","block_type":"box","text":"dates, yields and value. BlackRock will","page_number":130,"box":{"x":231,"y":216,"width":273,"height":10}},{"id":"d400ecdc-dcac-4b7a-b096-410fda98e583","block_type":"box","text":"release this information on the following","page_number":130,"box":{"x":232,"y":230,"width":286,"height":12}},{"id":"74c7258c-0290-4e6a-a1a6-205bfbd0f8e2","block_type":"box","text":"timelines or on a more frequent timeline than","page_number":130,"box":{"x":231,"y":246,"width":323,"height":11}},{"id":"9bb6bc34-a97e-4928-b590-4d035974f271","block_type":"box","text":"required under Rule 2a-7:","page_number":130,"box":{"x":232,"y":261,"width":179,"height":11}},{"id":"c550ce78-87e5-4d01-814f-55d249c4b354","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":279,"width":4,"height":3}},{"id":"09df4d8e-e47b-471a-92ba-74cf22dbbcac","block_type":"box","text":"Government MMFs: Daily por tfolio holdings","page_number":130,"box":{"x":241,"y":276,"width":306,"height":11}},{"id":"540c1673-f0e0-459c-9668-5f962232e1b4","block_type":"box","text":"are released on the website on a one","page_number":130,"box":{"x":241,"y":291,"width":266,"height":9}},{"id":"2805a3f3-4ac4-4156-b1e9-63f9de76a520","block_type":"box","text":"business day lag.","page_number":130,"box":{"x":241,"y":306,"width":122,"height":11}},{"id":"f7d36f3c-37b8-44fb-bc7d-21e1c16d7f69","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":324,"width":4,"height":3}},{"id":"0d8140bb-c1da-4513-a738-b09d00fce986","block_type":"box","text":"Money Market ETFs (prime and","page_number":130,"box":{"x":242,"y":321,"width":218,"height":11}},{"id":"c2256fa4-4cb8-4b21-9c6b-905594e2431b","block_type":"box","text":"government): Daily por tfolio holdings","page_number":130,"box":{"x":240,"y":336,"width":261,"height":12}},{"id":"47d9198e-4130-4854-9f98-01543bdf8508","block_type":"box","text":"information released pursuant to ETF rule","page_number":130,"box":{"x":242,"y":351,"width":294,"height":11}},{"id":"39c0c7ad-07fa-4e49-960e-d94ea063880d","block_type":"box","text":"requirements.","page_number":130,"box":{"x":241,"y":367,"width":97,"height":10}},{"id":"09aac32d-28a7-44ee-94a3-faae1ec178bf","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":385,"width":4,"height":3}},{"id":"83c2b94c-fb2f-4cf1-a07b-5ed0c926b75f","block_type":"box","text":"Cer tain Money Market Mutual Funds and","page_number":130,"box":{"x":241,"y":382,"width":289,"height":11}},{"id":"75d8c5bb-bbb1-44f0-8e7c-d6a626f200d2","block_type":"box","text":"Money Market ETFs: Weekly schedule of","page_number":130,"box":{"x":242,"y":397,"width":285,"height":11}},{"id":"6c8b852c-f69d-4b11-8212-aaa9909e82e8","block_type":"box","text":"investments (PDF) is posted to the website","page_number":130,"box":{"x":242,"y":412,"width":304,"height":11}},{"id":"2c66cfc8-1f14-4037-81c1-c4eb0b7ccda0","block_type":"box","text":"at least one business day after week-end.","page_number":130,"box":{"x":241,"y":427,"width":296,"height":11}},{"id":"8f7e1072-b207-45e4-bdb5-09455bdf2b90","block_type":"box","text":"(The Cash business identifies those Funds.)","page_number":130,"box":{"x":241,"y":442,"width":312,"height":11}},{"id":"f940e643-d03f-4775-81c4-959f0dbd8706","block_type":"box","text":"May disclose to shareholders, prospective","page_number":130,"box":{"x":578,"y":110,"width":300,"height":11}},{"id":"b3922a35-fa2a-4c4c-9fde-773c8ca70db3","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":130,"box":{"x":578,"y":125,"width":297,"height":10}},{"id":"692140a0-b7db-4b0b-a697-fb8c0d52a3e6","block_type":"box","text":"and third par ty data providers. If Por tfolio","page_number":130,"box":{"x":578,"y":140,"width":294,"height":11}},{"id":"5635dd17-e4df-46c9-babc-2c21211d3032","block_type":"box","text":"Holdings are disclosed to one par ty, they","page_number":130,"box":{"x":578,"y":155,"width":291,"height":11}},{"id":"c2f95c87-9ce5-463a-8c11-8bcc6ee61c34","block_type":"box","text":"must also be disclosed to all other par ties","page_number":130,"box":{"x":578,"y":170,"width":302,"height":11}},{"id":"d9a07783-7a1e-462d-96ed-2d26274869b2","block_type":"box","text":"requesting the same information.","page_number":130,"box":{"x":578,"y":185,"width":236,"height":11}},{"id":"2ba14917-35bc-403c-a1ea-21d2556f8133","block_type":"box","text":"Portfolio","page_number":130,"box":{"x":75,"y":465,"width":61,"height":9}},{"id":"17a8ffde-8dd9-489d-b96e-3b933b8a3779","block_type":"box","text":"Characteristics","page_number":130,"box":{"x":74,"y":480,"width":111,"height":9}},{"id":"52a5084c-707a-4a5b-94c0-d69e354446e1","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":130,"box":{"x":231,"y":465,"width":297,"height":9}},{"id":"b8a577a5-0cbf-47cf-aae3-c67c074ed19c","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":130,"box":{"x":231,"y":480,"width":310,"height":11}},{"id":"fa620b01-db93-42c9-ba01-ac2826291fa3","block_type":"box","text":"except the following information is:","page_number":130,"box":{"x":231,"y":495,"width":247,"height":11}},{"id":"185f4157-858e-4d84-a3d2-5b1e488fba94","block_type":"box","text":"(i) required to be released on the Fund’s","page_number":130,"box":{"x":231,"y":510,"width":287,"height":11}},{"id":"8270048e-d6e5-4363-9d58-d35bf168153a","block_type":"box","text":"website daily (","page_number":130,"box":{"x":231,"y":526,"width":100,"height":10}},{"id":"0031a9ba-e082-4594-8ff8-e5a298e8867d","block_type":"box","text":"i.e.","page_number":130,"box":{"x":334,"y":526,"width":20,"height":8}},{"id":"fbb98183-8028-4888-8f4f-aff56ed5df7a","block_type":"box","text":", each Business Day as of","page_number":130,"box":{"x":356,"y":525,"width":186,"height":11}},{"id":"d29032e9-7b5e-4806-8f22-208c9dda972d","block_type":"box","text":"the end of the preceding Business Day):","page_number":130,"box":{"x":231,"y":540,"width":285,"height":12}},{"id":"06267de8-6e61-428e-be47-c1e7d17b9253","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":559,"width":4,"height":3}},{"id":"de0c7128-81bf-4c1e-ad1d-dacf3523e6df","block_type":"box","text":"Historical NAVs calculated based on market","page_number":130,"box":{"x":242,"y":556,"width":309,"height":8}},{"id":"05cd782c-2c0f-475c-9c34-d0411b84e96a","block_type":"box","text":"factors (","page_number":130,"box":{"x":240,"y":571,"width":58,"height":11}},{"id":"d5a5b2f2-db97-4ab2-b17a-7d417095d7fe","block_type":"box","text":"e.g.","page_number":130,"box":{"x":300,"y":572,"width":25,"height":10}},{"id":"836c245d-c595-44dc-bd41-f92665cba170","block_type":"box","text":", marked to market).","page_number":130,"box":{"x":328,"y":571,"width":143,"height":11}},{"id":"5786c42b-ffa0-4ec3-bc8c-015e43860e87","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":589,"width":4,"height":3}},{"id":"a56d8278-3aac-453b-8b90-870add2e857f","block_type":"box","text":"Percentage of fund assets invested in daily","page_number":130,"box":{"x":241,"y":586,"width":307,"height":11}},{"id":"6c6f2864-ac3d-476b-b76f-018c2306e16a","block_type":"box","text":"and weekly liquid assets (as defined under","page_number":130,"box":{"x":241,"y":601,"width":304,"height":11}},{"id":"d52bdb0d-77e9-40a1-aea8-38803912daa9","block_type":"box","text":"Rule 2a-7).","page_number":130,"box":{"x":242,"y":616,"width":75,"height":11}},{"id":"c2302d16-7be6-4024-afdc-ad715332f98c","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":634,"width":4,"height":3}},{"id":"667aea48-8e70-4609-90b6-543aebf53e74","block_type":"box","text":"Daily net flow information (inflows less","page_number":130,"box":{"x":242,"y":631,"width":273,"height":11}},{"id":"6b78e75e-03a5-4bbb-adeb-7a5fd63f79a1","block_type":"box","text":"outflows).","page_number":130,"box":{"x":241,"y":646,"width":67,"height":11}},{"id":"5ff8e53d-37bf-4589-8d96-6694c85d6dd2","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":664,"width":4,"height":4}},{"id":"15453b8e-73b0-47f7-9baa-5a1cfb71bd71","block_type":"box","text":"Other information as may be required by","page_number":130,"box":{"x":241,"y":661,"width":287,"height":11}},{"id":"02eebb3d-18ff-4b1b-8af8-dc062bf588c5","block_type":"box","text":"Rule 2a-7.","page_number":130,"box":{"x":242,"y":677,"width":70,"height":8}},{"id":"e11d2e11-3196-40fa-a12b-72aa1e8f10e9","block_type":"box","text":"(ii) voluntarily released on the Fund’s","page_number":130,"box":{"x":241,"y":692,"width":262,"height":11}},{"id":"cad5e208-238a-4f13-9877-bf21b4b2d0b4","block_type":"box","text":"website daily (","page_number":130,"box":{"x":240,"y":707,"width":101,"height":11}},{"id":"f93316d3-83b8-4eb3-bade-1b4150ec2bdc","block_type":"box","text":"i.e.","page_number":130,"box":{"x":343,"y":707,"width":20,"height":9}},{"id":"80b3006c-987c-4aa7-8732-09ac9d0220c5","block_type":"box","text":", each Business Day as of","page_number":130,"box":{"x":366,"y":707,"width":186,"height":11}},{"id":"15ea58c4-ee39-4b07-915d-741c185ecfbe","block_type":"box","text":"the end of the preceding Business Day):","page_number":130,"box":{"x":240,"y":722,"width":285,"height":11}},{"id":"d991055f-ac99-43df-b64c-1cc63271297e","block_type":"box","text":"•","page_number":130,"box":{"x":234,"y":740,"width":4,"height":3}},{"id":"d3914839-b440-40e7-9296-43759baea013","block_type":"box","text":"Fund SEC yields, WAM (required monthly),","page_number":130,"box":{"x":242,"y":737,"width":295,"height":11}},{"id":"efb277c6-d650-4339-bc52-2f2fc6623abf","block_type":"box","text":"WAL (required monthly), fund size and share","page_number":130,"box":{"x":240,"y":752,"width":314,"height":11}},{"id":"c93cd479-864d-48c2-ad48-a4b61fcc0c52","block_type":"box","text":"class size.","page_number":130,"box":{"x":241,"y":767,"width":73,"height":9}},{"id":"893a3087-7a53-4f2f-adb2-53c4df76deb8","block_type":"box","text":"May disclose to shareholders, prospective","page_number":130,"box":{"x":578,"y":465,"width":300,"height":11}},{"id":"54b0f827-4f08-42ce-b7d5-bacf8c0df301","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":130,"box":{"x":578,"y":480,"width":297,"height":10}},{"id":"d833b265-241a-4df5-96c9-b426c3ceecba","block_type":"box","text":"and third par ty data providers. If Por tfolio","page_number":130,"box":{"x":578,"y":495,"width":294,"height":11}},{"id":"4e84adb3-4dff-419a-a25e-1ebf439cbfaa","block_type":"box","text":"Characteristics are disclosed to one par ty,","page_number":130,"box":{"x":578,"y":510,"width":300,"height":11}},{"id":"3b04db04-c05d-4b2a-ad15-8eab1faf165b","block_type":"box","text":"they must also be disclosed to all other","page_number":130,"box":{"x":577,"y":526,"width":283,"height":10}},{"id":"96597baa-b635-4280-8ec1-c68b8f4949b1","block_type":"box","text":"par ties requesting the same information.","page_number":130,"box":{"x":578,"y":540,"width":291,"height":12}},{"id":"d8571916-eb5a-4f12-988d-ce53acbe9cff","block_type":"box","text":"2","page_number":130,"box":{"x":69,"y":785,"width":3,"height":3}},{"id":"99c0a28e-4116-4eb8-9664-d2b01f5c0cfc","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":130,"box":{"x":77,"y":785,"width":200,"height":9}},{"id":"c315b46c-3813-4180-8ecc-5270f03357e4","block_type":"box","text":". Fund’s holdings may be disclosed in accordance with the frequency for money market funds.","page_number":130,"box":{"x":278,"y":785,"width":534,"height":9}},{"id":"8a022a42-67ec-41c3-9b76-6ee9ce68cd80","block_type":"box","text":"3","page_number":130,"box":{"x":69,"y":800,"width":3,"height":3}},{"id":"0848befe-bfa0-4b71-af70-35cdbae7c44c","block_type":"box","text":"Circle Reserve Fund Exception","page_number":130,"box":{"x":76,"y":800,"width":179,"height":9}},{"id":"a77a9dc4-3dbc-48f8-a9fe-c18fc2d58cb2","block_type":"box","text":": Information on por tfolio holdings and cer tain por tfolio characteristics of the Circle Reserve Fund of BlackRock","page_number":130,"box":{"x":257,"y":800,"width":634,"height":9}},{"id":"50c4e24b-cf85-47ea-8842-f9c90fb1a34b","block_type":"box","text":"Funds","page_number":130,"box":{"x":69,"y":813,"width":33,"height":7}},{"id":"5b52a9b6-bac4-4a5f-8e31-bac91d266191","block_type":"box","text":"SM","page_number":130,"box":{"x":103,"y":813,"width":8,"height":3}},{"id":"bd201466-c5f1-4694-ba22-a1166e2b1959","block_type":"box","text":"may be made available to the shareholders of the Fund, upon request, on a more frequent basis as may be deemed appropriate by","page_number":130,"box":{"x":117,"y":812,"width":748,"height":9}},{"id":"c2e06b9a-09e3-4e17-ab09-98f90b563988","block_type":"box","text":"BlackRock from time-to-time.","page_number":130,"box":{"x":69,"y":825,"width":162,"height":7}},{"id":"faff95bb-a7dc-40ce-a009-a01a9dc75661","block_type":"box","text":"Guidelines for Confidential and Non-Material Information.","page_number":130,"box":{"x":102,"y":848,"width":404,"height":9}},{"id":"f3b88e5b-a6a7-47d3-a794-f51c3930d6e8","block_type":"box","text":"Confidential Information may be disclosed to the","page_number":130,"box":{"x":512,"y":848,"width":346,"height":12}},{"id":"34f167ef-f20f-45a9-8c5e-016e45f805b3","block_type":"box","text":"Fund’s Board of Directors and its counsel, outside counsel for the Fund, the Fund’s auditors and to cer tain third-par ty","page_number":130,"box":{"x":70,"y":863,"width":839,"height":12}},{"id":"f906e368-8636-4611-bc3d-f2f1f42467f8","block_type":"box","text":"service providers (","page_number":130,"box":{"x":69,"y":879,"width":130,"height":11}},{"id":"b6680a6a-10b2-4259-8efe-f8cc5026e1a6","block_type":"box","text":"e.g.","page_number":130,"box":{"x":201,"y":880,"width":25,"height":10}},{"id":"a1334237-1e71-4c1a-8c74-97befa3904ee","block_type":"box","text":", Fund administrator, Fund custodian, proxy voting service), securities lending borrowers,","page_number":130,"box":{"x":228,"y":879,"width":630,"height":11}},{"id":"6c0d910f-4c82-4eee-b9f6-22dffcfb1f5f","block_type":"box","text":"broker-dealers that are fund counterpar ties and shareholders and their representatives that par ticipate in applicable","page_number":130,"box":{"x":69,"y":894,"width":829,"height":11}},{"id":"87eaa23d-d209-4ec2-910a-ebaf89651e7f","block_type":"box","text":"redemptions in kind. Non-disclosure or confidentiality agreements will be in place with such service providers,","page_number":130,"box":{"x":69,"y":909,"width":781,"height":11}},{"id":"b2683d06-5889-4c6d-bbcc-3ba969b1b301","block_type":"box","text":"II-87","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"358cb81e-3a0b-4e04-98b9-331aba9194c2","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e441f10f-de3a-4eab-91e5-5f77ad0a3b0a","block_type":"box","text":"borrowers, and broker-dealers. With respect to Confidential Information, the Fund’s CCO or his or her designee may","page_number":131,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"2cdd891b-1afa-4faa-86bd-77543ac83e38","block_type":"box","text":"authorize the following, subject in the case of (ii) and (iii) to a confidentiality or non-disclosure arrangement:","page_number":131,"box":{"x":69,"y":60,"width":765,"height":11}},{"id":"499c9f1b-2ab3-44c7-b353-d2ac866b34e3","block_type":"box","text":"(i) the preparation and posting of the Fund’s Por tfolio Holdings and/or Por tfolio Characteristics to its website","page_number":131,"box":{"x":102,"y":80,"width":787,"height":11}},{"id":"9d35a2af-0839-4035-b5e2-e138921cfa91","block_type":"box","text":"on a more frequent basis than authorized above;","page_number":131,"box":{"x":131,"y":95,"width":346,"height":11}},{"id":"74fc77c0-55e5-481f-ba92-b88debd3c1ed","block_type":"box","text":"(ii) the disclosure of the Fund’s Por tfolio Holdings to third-par ty service providers not noted above; and","page_number":131,"box":{"x":102,"y":115,"width":738,"height":11}},{"id":"df88992f-ff42-4ad6-a96c-9a889821522d","block_type":"box","text":"(iii) the disclosure of the Fund’s Por tfolio Holdings and/or Por tfolio Characteristics to other par ties for legitimate","page_number":131,"box":{"x":102,"y":135,"width":804,"height":12}},{"id":"a50127df-9055-4ff1-a923-5c1c8864c046","block_type":"box","text":"business purposes.","page_number":131,"box":{"x":131,"y":151,"width":138,"height":10}},{"id":"42365c54-6300-4ec0-8600-d9429c4ff5b6","block_type":"box","text":"Fact Sheets and Repor ts","page_number":131,"box":{"x":102,"y":173,"width":177,"height":11}},{"id":"bfce5e7b-f907-491e-b742-5667ce67aadf","block_type":"box","text":"•","page_number":131,"box":{"x":102,"y":196,"width":6,"height":5}},{"id":"1b725145-a753-4c96-998a-3dd58da1e308","block_type":"box","text":"Fund Fact Sheets are available to shareholders, prospective shareholders, intermediaries and consultants","page_number":131,"box":{"x":135,"y":193,"width":756,"height":11}},{"id":"cab58b45-15af-40d4-b991-e84a1884792d","block_type":"box","text":"on a monthly or quar terly basis no earlier than the fifth calendar day after the end of a month or quar ter.","page_number":131,"box":{"x":134,"y":208,"width":744,"height":12}},{"id":"79de443b-133e-4d08-9012-b626b1a3c8e4","block_type":"box","text":"Other Information.","page_number":131,"box":{"x":102,"y":231,"width":128,"height":9}},{"id":"fb809524-e74a-4549-bd05-e279b3e6468e","block_type":"box","text":"The Policy shall also apply to other Confidential Information of a Fund such as per formance","page_number":131,"box":{"x":236,"y":231,"width":651,"height":11}},{"id":"a561e0c8-a024-49f9-afe5-3451cae2f0cc","block_type":"box","text":"attribution analyses or security-specific information (","page_number":131,"box":{"x":69,"y":246,"width":372,"height":11}},{"id":"e9a20e4e-cc18-486f-a03d-8c3ac7ec155d","block_type":"box","text":"e.g.","page_number":131,"box":{"x":442,"y":248,"width":25,"height":9}},{"id":"62c33244-a04e-4434-a613-50e00145ea20","block_type":"box","text":", information about Fund holdings where an issuer has been","page_number":131,"box":{"x":470,"y":246,"width":427,"height":11}},{"id":"63908b45-fcad-4a4e-a953-5def3c76c275","block_type":"box","text":"downgraded, been acquired or declared bankruptcy).","page_number":131,"box":{"x":69,"y":262,"width":372,"height":11}},{"id":"879a8846-ce2d-40f6-9b9f-0e4e530bcc9b","block_type":"box","text":"Data on NAVs, asset levels (by total Fund and share class), accruals, yields, capital gains, dividends and fund","page_number":131,"box":{"x":102,"y":284,"width":781,"height":11}},{"id":"35295775-44e2-4022-ad40-3a8216c13dce","block_type":"box","text":"returns (net of fees by share class) are generally available to shareholders, prospective shareholders, consultants,","page_number":131,"box":{"x":69,"y":299,"width":818,"height":11}},{"id":"b3b5a1f5-e48f-4a97-8c9e-9dce3a20f847","block_type":"box","text":"and third-par ty data providers upon request, as soon as such data is available.","page_number":131,"box":{"x":69,"y":314,"width":562,"height":11}},{"id":"5c67a39a-59e6-4241-9159-ef2bf3b6e6b3","block_type":"box","text":"Contact Information.","page_number":131,"box":{"x":102,"y":337,"width":144,"height":9}},{"id":"f95c1641-73e0-4fe5-a192-ad8b7e76cfc4","block_type":"box","text":"For information about por tfolio holdings and characteristics, BlackRock fund shareholders","page_number":131,"box":{"x":253,"y":337,"width":639,"height":11}},{"id":"311df8a6-bab5-4f3a-8070-7940531927a9","block_type":"box","text":"and prospective investors should call the number set out on the back cover of the Prospectus.","page_number":131,"box":{"x":69,"y":352,"width":672,"height":11}},{"id":"5830485f-06c1-4dc2-98a4-0113fc15738d","block_type":"box","text":"Compensation.","page_number":131,"box":{"x":102,"y":375,"width":105,"height":11}},{"id":"0842fd85-1adf-4d33-a012-eb2d175acb15","block_type":"box","text":"Neither a Fund, a service provider nor any of their affiliated persons (as that term is defined in","page_number":131,"box":{"x":215,"y":375,"width":672,"height":11}},{"id":"9d4221c1-80ef-4028-af80-827c42e9e6ce","block_type":"box","text":"the Investment Company Act) shall receive compensation in any form in connection with the disclosure of information","page_number":131,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"5328b443-13cd-4473-8c55-e1a828036b80","block_type":"box","text":"about such Fund’s Por tfolio Holdings or Por tfolio Characteristics.","page_number":131,"box":{"x":69,"y":405,"width":461,"height":11}},{"id":"b69e8e7f-c77c-4dd3-9e25-4a75d937eae9","block_type":"box","text":"Ongoing Arrangements.","page_number":131,"box":{"x":102,"y":428,"width":164,"height":11}},{"id":"d4055fa1-4254-4cdd-8086-0f3a2503ba6e","block_type":"box","text":"The Manager has entered into ongoing agreements to provide selective disclosure of","page_number":131,"box":{"x":272,"y":428,"width":605,"height":11}},{"id":"9bd16ac3-8863-49c8-a647-5c3b985243c2","block_type":"box","text":"Fund Por tfolio Holdings to the following persons or entities:","page_number":131,"box":{"x":70,"y":443,"width":420,"height":11}},{"id":"e5840a65-804e-4183-b9b3-1350255b7c74","block_type":"box","text":"1. Fund’s Board of Directors and, if necessary, independent Directors’ counsel and Fund counsel.","page_number":131,"box":{"x":70,"y":463,"width":707,"height":11}},{"id":"399990a4-4004-4f2d-b6f5-e76b2ce2f378","block_type":"box","text":"2. Fund’s Transfer Agent.","page_number":131,"box":{"x":69,"y":483,"width":190,"height":11}},{"id":"1205584b-f883-4a3f-b73f-add640de2a11","block_type":"box","text":"3. Fund’s Custodian.","page_number":131,"box":{"x":69,"y":503,"width":160,"height":9}},{"id":"7572aae2-98be-4ce1-86b0-6ca3011b70d0","block_type":"box","text":"4. Fund’s Administrator, if applicable.","page_number":131,"box":{"x":69,"y":523,"width":278,"height":11}},{"id":"40af80d4-f8b1-4f52-a837-ea32bfb03e6b","block_type":"box","text":"5. Fund’s independent registered public accounting firm.","page_number":131,"box":{"x":69,"y":543,"width":414,"height":12}},{"id":"fbffd909-ed1a-4868-a29d-c094577f240d","block_type":"box","text":"6. Fund’s accounting services provider.","page_number":131,"box":{"x":69,"y":564,"width":291,"height":11}},{"id":"1093546e-84d0-4bb4-982b-591aa0573bad","block_type":"box","text":"7. Independent rating agencies — Lipper Inc., Moody’s, Fitch.","page_number":131,"box":{"x":69,"y":584,"width":451,"height":11}},{"id":"4dd57db4-7019-407e-a3e6-702e2e9080e8","block_type":"box","text":"8. Information aggregators — S&P Global, Bloomberg, eVestments Alliance and Informa/PSN Investment Solutions.","page_number":131,"box":{"x":69,"y":604,"width":837,"height":11}},{"id":"d8336b03-7080-4e7f-85c8-a5929a966d0c","block_type":"box","text":"9. Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":131,"box":{"x":69,"y":624,"width":796,"height":11}},{"id":"6b78e385-350f-46d8-a401-978d973f5299","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":131,"box":{"x":102,"y":639,"width":690,"height":12}},{"id":"75cbdcab-a147-48d9-ae3f-40c57b1d8dfe","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":131,"box":{"x":70,"y":660,"width":573,"height":11}},{"id":"bcd51e85-163a-47e3-be08-7c6c066b53f7","block_type":"box","text":"11. Third-par ty feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":131,"box":{"x":70,"y":680,"width":827,"height":11}},{"id":"2dd0d03e-442e-4df7-bf89-eddaa9e27e85","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":131,"box":{"x":102,"y":695,"width":741,"height":11}},{"id":"b03979c6-8b5e-4525-b155-e4cc2248f997","block_type":"box","text":"providers.","page_number":131,"box":{"x":102,"y":710,"width":68,"height":11}},{"id":"178f4b66-abce-4d98-bb9a-2bb6cca6dc53","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":131,"box":{"x":70,"y":730,"width":790,"height":11}},{"id":"6e13d3e0-3f93-42dc-9ee8-952839f36245","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":131,"box":{"x":102,"y":745,"width":803,"height":11}},{"id":"4a96c3f0-00d2-44eb-ba3e-031e65d17feb","block_type":"box","text":"13. Other — Investment Company Institute, Goldman Sachs Asset Management, L.P., JPMorgan Chase Bank, N.A.,","page_number":131,"box":{"x":70,"y":765,"width":821,"height":12}},{"id":"389e3b0a-d238-4b5a-928e-50c0becd1b12","block_type":"box","text":"Mizuho Asset Management Co., Ltd., Nationwide Fund Advisors, State Street Bank and Trust Company,","page_number":131,"box":{"x":102,"y":780,"width":732,"height":12}},{"id":"58a2cf27-3d34-413b-9d82-6e21f1377369","block_type":"box","text":"Donnelley Financial Solutions, Inc. and Silicon Valley Bank.","page_number":131,"box":{"x":102,"y":796,"width":416,"height":11}},{"id":"a40335a6-c7a7-4e47-8ebb-b8692d4486f3","block_type":"box","text":"In connection with effecting redemptions in kind, the Fund or the Manager may provide information about a","page_number":131,"box":{"x":102,"y":818,"width":762,"height":11}},{"id":"0628da45-4552-4f21-a311-b421a3a4a85b","block_type":"box","text":"Fund’s por tfolio holdings, such as the securities to be delivered in connection with the redemption in kind, to a","page_number":131,"box":{"x":70,"y":833,"width":790,"height":12}},{"id":"0fc401f8-23f7-41a2-830b-d51260f195d8","block_type":"box","text":"redeeming shareholder. Typically, such shareholder will be subject to a non-disclosure agreement or other duty to","page_number":131,"box":{"x":69,"y":849,"width":806,"height":11}},{"id":"70c9b44b-3f45-4728-8ba0-3c1ce38e1baf","block_type":"box","text":"keep the information confidential.","page_number":131,"box":{"x":69,"y":863,"width":238,"height":11}},{"id":"47bde0de-ae3f-4b60-a2bf-22803f5a3830","block_type":"box","text":"With respect to each such arrangement, a Fund has a legitimate business purpose for the release of","page_number":131,"box":{"x":101,"y":886,"width":720,"height":12}},{"id":"51a4a230-3795-4ee7-a26d-163cde73efa4","block_type":"box","text":"information. The release of the information is subject to confidential treatment to prohibit the entity from sharing with","page_number":131,"box":{"x":70,"y":901,"width":836,"height":12}},{"id":"733cf76f-5542-465b-91fa-1a1f338930fb","block_type":"box","text":"II-88","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"686d5347-3c22-4575-8a65-789a88e22261","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40fdc8d0-0005-44fb-b237-1c822d4c0c09","block_type":"box","text":"an unauthorized source. The Funds, BlackRock and their affiliates do not receive any compensation or other","page_number":132,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"4e95e56e-56be-4d82-8c55-d43e28449b73","block_type":"box","text":"consideration in connection with such arrangements.","page_number":132,"box":{"x":69,"y":60,"width":375,"height":11}},{"id":"081f62f1-948f-416b-808a-ff249a5ef153","block_type":"box","text":"The Funds and the Manager may monitor, to the extent possible, the use of Confidential Information by the","page_number":132,"box":{"x":101,"y":82,"width":762,"height":12}},{"id":"e85275d0-5533-4a85-933d-745f348f8be4","block_type":"box","text":"individuals or firms to which it has been disclosed. To do so, in addition to the requirements of any applicable","page_number":132,"box":{"x":70,"y":98,"width":781,"height":11}},{"id":"4550be5f-6090-438a-ad91-f3c79136c001","block_type":"box","text":"confidentiality agreement and/or the terms and conditions of the Fund’s and Manager’s Codes of Ethics, the","page_number":132,"box":{"x":69,"y":113,"width":775,"height":11}},{"id":"767b47e3-de99-4c83-b50e-7579724902d2","block_type":"box","text":"Manager’s compliance personnel under the supervision of the Fund’s CCO, monitor the Manager’s securities trading","page_number":132,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"881990df-5e32-40d9-8cbe-b8a4d6d71953","block_type":"box","text":"desks to determine whether individuals or firms who have received Confidential Information have made any trades on","page_number":132,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"1c1ede83-08a5-4435-b35b-b5deffad9d20","block_type":"box","text":"the basis of that information. In addition, the Manager maintains an internal restricted list to prevent trading by the","page_number":132,"box":{"x":68,"y":158,"width":822,"height":11}},{"id":"1239e8cb-c454-41f8-a8cf-97ec80f16317","block_type":"box","text":"personnel of the Manager or its affiliates in securities — including securities held by a Fund — about which the","page_number":132,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"a044ffff-c267-45e7-a355-5a010ea4be75","block_type":"box","text":"Manager has Confidential Information. There can be no assurance, however, that the Fund’s policies and procedures","page_number":132,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"592f821d-f96f-44f0-adc2-24bfb5e295e0","block_type":"box","text":"with respect to the selective disclosure of Por tfolio Holdings will prevent the misuse of such information by","page_number":132,"box":{"x":68,"y":203,"width":764,"height":12}},{"id":"c0eaffe6-d578-48ad-aa19-16b43a01e9ae","block_type":"box","text":"individuals or firms that receive such information.","page_number":132,"box":{"x":70,"y":218,"width":351,"height":9}},{"id":"bb72a7d1-0085-4e01-9d41-133ddfd8f11a","block_type":"box","text":"Potential Conflicts of Interest","page_number":132,"box":{"x":69,"y":249,"width":216,"height":9}},{"id":"8f351487-e02e-4464-a6d6-b5a0def4b59d","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":132,"box":{"x":102,"y":271,"width":727,"height":11}},{"id":"817655bb-a3ed-43f5-a771-e3c2d0a12b8e","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":132,"box":{"x":69,"y":286,"width":829,"height":12}},{"id":"36c85653-8d4e-4b3a-8c1e-faf8127a729e","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":132,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"c7ee0d83-46d5-4e5a-b43c-87606bb22b31","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":132,"box":{"x":69,"y":317,"width":507,"height":11}},{"id":"65f39901-6439-405e-b45c-66b20e219e09","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":132,"box":{"x":102,"y":339,"width":731,"height":12}},{"id":"4ba5f14e-2d3e-4e5f-b684-7b9fdbb0b908","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":132,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"7f251e0f-08f5-4a66-a481-bd61a463b83b","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":132,"box":{"x":70,"y":370,"width":786,"height":11}},{"id":"509694de-e73c-4d8d-a3b8-a906df8ecdf0","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":132,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"c8293c5b-8f22-4291-acb7-121b0169b824","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":132,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"895c4217-9bca-4fcd-8e2a-ebde5188aa71","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":132,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"914a7c9b-896e-4dfe-b3dc-fecad724f2b2","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":132,"box":{"x":101,"y":438,"width":722,"height":11}},{"id":"6b641e2d-d9ab-432b-8c5a-b58fca071649","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":132,"box":{"x":69,"y":453,"width":827,"height":11}},{"id":"3e3324ba-7a10-44a5-9b9e-a6a1acd2b681","block_type":"box","text":"or sold by a Fund.","page_number":132,"box":{"x":69,"y":468,"width":125,"height":11}},{"id":"efaa5ba7-3c10-4b14-ab7f-b4cafd61874c","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":132,"box":{"x":102,"y":491,"width":762,"height":11}},{"id":"ea226e93-4b42-4337-8c4e-da60373e8f18","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":132,"box":{"x":69,"y":506,"width":806,"height":11}},{"id":"55e45cc8-529b-464c-8ade-0b0d583307d1","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":132,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"7a9b730b-72d1-4e17-9f3c-07323fd30165","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":132,"box":{"x":69,"y":536,"width":808,"height":11}},{"id":"3a6f8cf0-1bb6-424f-bab2-6091a9d5d4ce","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":132,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"e62fce15-44d4-4e04-a049-ccda51da428b","block_type":"box","text":"services provided by BlackRock","page_number":132,"box":{"x":69,"y":566,"width":224,"height":11}},{"id":"365d3e64-3d7d-4e63-9883-5cffd0b83f91","block_type":"box","text":".","page_number":132,"box":{"x":295,"y":574,"width":2,"height":1}},{"id":"722c0c88-78db-4931-8983-5e52a3f79d66","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":132,"box":{"x":304,"y":566,"width":603,"height":11}},{"id":"9fb68a5d-17f3-47a0-a7f2-48832b9bd24e","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":132,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"34b27c6c-9d55-4d1c-b166-78658d6c68d8","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":132,"box":{"x":70,"y":597,"width":835,"height":11}},{"id":"88ab1a1c-d3b4-4c56-b69d-b5f033812c81","block_type":"box","text":"a Fund invests.","page_number":132,"box":{"x":69,"y":612,"width":106,"height":9}},{"id":"8468157a-b031-4b06-a353-094db1147c21","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":132,"box":{"x":102,"y":634,"width":785,"height":11}},{"id":"ec2dbb90-1243-41a8-92b4-0be24439e717","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":132,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"29d50248-3449-4f0c-bee6-ea88c35b2522","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":132,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"7202ec62-a67a-4881-b2a3-348f5f56bab2","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":132,"box":{"x":68,"y":680,"width":652,"height":11}},{"id":"3756623f-ba10-4271-b733-ff65b017c18b","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":132,"box":{"x":102,"y":702,"width":787,"height":12}},{"id":"bb6de0e6-12d2-4fc9-8d8d-187fec46ebb2","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":132,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"32cd7ed7-529c-43d9-aad6-bdb4f70ad4ec","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":132,"box":{"x":70,"y":732,"width":816,"height":12}},{"id":"361c6094-fb6e-4174-abad-f22cc3ab5468","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":748,"width":831,"height":11}},{"id":"d3ba5c37-c741-421c-b973-c14a7fab89ed","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":763,"width":813,"height":11}},{"id":"26556c16-386f-478a-8e8b-c2e59cfba755","block_type":"box","text":"based on the information received.","page_number":132,"box":{"x":69,"y":778,"width":247,"height":9}},{"id":"869f061c-2fed-432d-8a21-8742768d5acc","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":801,"width":777,"height":11}},{"id":"6ccb5466-2b40-4ce7-aedb-312c5d03ba9e","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":816,"width":838,"height":11}},{"id":"62a0a546-d6dc-4f6f-b2c4-68144e70e06e","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":831,"width":835,"height":11}},{"id":"1f40a1a2-aed5-4f86-8779-131739388e32","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":846,"width":817,"height":11}},{"id":"08647c05-4867-4f03-a9fb-9729fa38292d","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":861,"width":823,"height":11}},{"id":"2ce560c3-cab3-43d0-93dc-c2916e5c743a","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":876,"width":803,"height":11}},{"id":"d2cafe41-f6d9-4d61-988d-1eceba231cd5","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":891,"width":827,"height":12}},{"id":"46bdd942-ae0c-4316-907d-876a1c57fbcf","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":906,"width":785,"height":11}},{"id":"dba573ca-9088-4c6d-bf64-3c2ed95f5005","block_type":"box","text":"II-89","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cb88b66-c189-46e6-a08e-b4e6b594592d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a7f7d63-dfdd-4ed1-b7eb-eb695b85f82a","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":133,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"dd430540-558d-4757-8ffd-8e56f0b27842","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":133,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"6d5e81f3-47f9-468c-8a61-f9436d7c570d","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":133,"box":{"x":68,"y":75,"width":827,"height":11}},{"id":"95442116-0dbb-47ae-9fb8-33d9fc52dc7a","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":133,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"04e553b7-dc70-4bd7-9f1e-b1d72ffe5028","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":133,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"c2f683cd-3cb2-44c7-8bce-0c5cf2cb1110","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":133,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"463484c6-71bd-484c-aed1-cef6dad54bf7","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":133,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"39045400-bf92-420d-a36a-1a61526cf557","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":133,"box":{"x":70,"y":150,"width":809,"height":12}},{"id":"b3b96050-0992-4fef-9cc6-15cfac79c695","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":133,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"df20ebb8-89cf-4ed9-88c3-cd1a7bd78f88","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":133,"box":{"x":70,"y":181,"width":797,"height":11}},{"id":"a5d61dce-9543-43e9-b1c3-7aec8892a080","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":133,"box":{"x":69,"y":196,"width":573,"height":11}},{"id":"f619e003-b92b-452a-95f2-d6c30f1bd79d","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":133,"box":{"x":102,"y":218,"width":797,"height":12}},{"id":"343cd650-84fb-4d3e-8187-307689ebea6c","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":133,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"22a066e9-96fd-480f-a77c-ceab76daee26","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":133,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"f83fe7d9-1e97-40cc-866a-e19d32c94259","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":133,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"4c04b8a3-8619-4f11-9025-44617df1b302","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":133,"box":{"x":69,"y":279,"width":803,"height":11}},{"id":"8f2cdd99-47f1-4b27-b4fe-bf0481d77af2","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":133,"box":{"x":70,"y":294,"width":783,"height":11}},{"id":"0b52057a-b7e4-4e8b-bf6b-6ea7332fd639","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":133,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"ac0a44e6-b924-44e8-a027-48ea31558551","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":133,"box":{"x":70,"y":324,"width":777,"height":11}},{"id":"cbc94cac-e523-47bb-b53d-ec9b1a8c39dd","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":133,"box":{"x":70,"y":339,"width":780,"height":12}},{"id":"4c0efccf-869d-4dd9-9984-4a27e7a7a138","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":133,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"a4ec2dba-ad70-46f8-9490-443a324152cd","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":133,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"6372863f-34b6-432c-b8aa-fe84c0d053ac","block_type":"box","text":"Funds.","page_number":133,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"33531a30-5162-4c21-8ee1-b8bdb8215fca","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":133,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"1f1ec45b-b9ff-48d7-9a24-4acae3465820","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":133,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"784120a3-21f4-4ffd-a1ab-f717214327ec","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":133,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"601fc44c-7a68-4af8-be27-ae92f626b188","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":133,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"287b9df4-572c-4610-8021-fa659374c307","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":476,"width":760,"height":11}},{"id":"94020ff4-a076-4b3e-843a-4f93b9c712c6","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":133,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"f7ad1189-e36b-4a68-a0a3-977d87b326bd","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":506,"width":836,"height":11}},{"id":"86986829-619f-4545-8647-16a11c5fb15c","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":521,"width":825,"height":11}},{"id":"7a845a55-4f1e-4ca8-88a1-399b85f64ca7","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":133,"box":{"x":68,"y":536,"width":421,"height":11}},{"id":"f97cce2d-a3a5-4dd4-bf0d-899cd2a2bfb9","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":559,"width":794,"height":11}},{"id":"d56a7f61-6e41-418b-9c26-d270f6ed3ff0","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":574,"width":817,"height":11}},{"id":"523913bd-fa1a-4672-9a24-2c645387ea78","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":589,"width":797,"height":11}},{"id":"5f58831a-a909-4ed2-b302-a481209fbb25","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":604,"width":826,"height":11}},{"id":"e0936d3e-e61e-422b-a990-de828b49b921","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":619,"width":780,"height":11}},{"id":"6edbdcbe-2068-4332-864e-9a8a65d0fce1","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":634,"width":791,"height":12}},{"id":"cc14ff30-d72b-42b3-84b8-0a6876118911","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":133,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"72c0f3e6-065c-4498-9277-daf5e42d1ccd","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":672,"width":784,"height":11}},{"id":"3bbfb9ec-dc55-459f-9517-29b3743c09ca","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":687,"width":840,"height":11}},{"id":"322365d0-b23a-4119-b0a4-8a8b7d0b226f","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":702,"width":827,"height":12}},{"id":"00d410f4-c270-46b7-962f-b1ce168cac98","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":717,"width":828,"height":12}},{"id":"924ca1a1-6b8a-425d-9cc0-3cb48f6ae8bd","block_type":"box","text":"case.","page_number":133,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"01f76c9b-1a4b-4e5b-b758-230c18cb511c","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":755,"width":791,"height":11}},{"id":"dccff7a0-1c61-4383-8eb3-6205e31e3a81","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":771,"width":824,"height":11}},{"id":"df5e7c65-8f02-427d-bdd6-39af1772bb20","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":786,"width":798,"height":11}},{"id":"9e3cc739-9a83-4c49-a8e1-170b5e6a76ec","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":801,"width":828,"height":11}},{"id":"5ec500a3-7770-4bd9-8b5e-2175e0697b83","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":816,"width":835,"height":11}},{"id":"87d0ce63-d079-4e77-aa72-bf534d7a594b","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":831,"width":767,"height":11}},{"id":"76c56070-0280-426a-a23e-d43d76c4bff1","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":853,"width":766,"height":12}},{"id":"0a0c4ac0-4b26-4a82-871c-cb59033c698d","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":869,"width":786,"height":11}},{"id":"e4728f1b-80ba-4ae1-8f50-441c40ed2070","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":884,"width":828,"height":11}},{"id":"78bbbf98-a74e-4884-a6ea-a8badd8ddc22","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":899,"width":831,"height":11}},{"id":"8f90f711-6ec5-48de-8f5e-c96266572498","block_type":"box","text":"II-90","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"03fb1615-42d2-4659-8e39-0c28496aeea0","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f70764ad-1b47-4aa2-8588-f044c1f6b93a","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":134,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"0a7ff37d-e4d3-4b2c-ad2b-6990067b52d4","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":134,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"aea7c736-6a9f-4345-b600-3258f09cf214","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":134,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"5c705690-a5c5-4cd1-a089-5ced745c2cc3","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":134,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"92208505-5263-4854-b6cb-5b7b380eb5ca","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":134,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"8345f6a4-1aaa-4cc5-9eb8-fd45d30cafea","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":134,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"dfec7cec-0543-4a94-a62d-aac6184e79fa","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":134,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"e5e75359-b6ae-4cad-b4f5-e0b1cd1b75ff","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":134,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"ac29dc3d-df3e-4345-b97c-a48b53cf3605","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":134,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"a816e815-bd32-4c79-b92c-f2c7ca0f5e85","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":134,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"d1b37c91-eea4-4b8f-92e9-b91abd05a3bf","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":134,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"b11df2fb-97a0-44b8-942b-4ecd3b5215e1","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":134,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"82f9c3a5-9f67-47db-a7ae-64975003ac0d","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":134,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"a82f6d8a-d36d-41c3-8627-e327e8a0c624","block_type":"box","text":"managing a Fund.","page_number":134,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"09a72dba-3716-4734-a3f6-9cccb28666bc","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":134,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"b7a1f60d-6c6e-4bb8-bc81-9587090f2574","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":134,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"0d899ba9-c589-4fe9-bef7-cfb61421e3ab","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":134,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"8eeab227-ac3c-42b4-a710-0c1ddc3942b5","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":134,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"94fab694-70b5-4bd8-9983-fe45d763acf2","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":134,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"183dd3f7-fbf7-4ee8-bf75-47294607c52f","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":134,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"04121a14-e00e-4cfa-902e-ec9445a5ebbd","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":134,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"f0b94164-5281-4ac1-9142-31c782775940","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":134,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"d9783eea-6f7b-4be0-8cba-ccd748221a13","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":134,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"bea5bbbc-f403-4b2f-8c53-4e13f4b3ead4","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":134,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"7630f499-fd4c-4ad6-b6df-9926d358f7a2","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":134,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"4fa6c448-a48a-45c9-970e-2d745636d4fb","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":134,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"a3de5796-5993-459b-91dd-3c046ef23089","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":134,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"b87e548d-84c0-402e-82bd-0d396cb928e9","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":134,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"38c2256c-d5cd-4c46-85c5-d1fbcba40a9c","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":134,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"83026d16-9826-484c-9fee-4a558950564c","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":521,"width":741,"height":11}},{"id":"343f6173-c749-4590-a93f-145d49b8c56c","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":536,"width":824,"height":11}},{"id":"b4cd4048-dceb-4201-9b47-13e5c8ec371b","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":551,"width":825,"height":11}},{"id":"404e4390-b1b8-4e12-909b-1ab5d6efedfb","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":566,"width":777,"height":11}},{"id":"92218d18-e4eb-4271-abbd-538f30788d0e","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":581,"width":810,"height":12}},{"id":"7b796862-9e4e-4d1c-a821-ce3a99216e51","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":597,"width":784,"height":11}},{"id":"cf94606a-dc6c-4fa6-9650-6596c43ddc14","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":612,"width":798,"height":11}},{"id":"60ba1548-a334-45ca-a55e-1a0363cefe89","block_type":"box","text":"under management for BlackRock.","page_number":134,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"863b02ce-edcf-4de1-a40f-6d16c98aa867","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":649,"width":773,"height":12}},{"id":"37a382fa-6e39-4b40-b888-5d7e6540c8d5","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":664,"width":797,"height":12}},{"id":"0ff7f53b-314a-462e-8acf-afd8c9b64089","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":680,"width":817,"height":11}},{"id":"dd126e67-73f6-4887-be1d-fbff7c0d41e9","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":695,"width":837,"height":11}},{"id":"764464a9-4077-4939-b85d-d5e32f757c7e","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":710,"width":781,"height":11}},{"id":"b8e570e2-c6be-432d-8e81-ec1c3fb2e796","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":733,"width":779,"height":11}},{"id":"5e6408ba-0ccb-4deb-b9e9-a3961592e965","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":748,"width":795,"height":11}},{"id":"c788716c-c672-4b84-a2c0-ece9ca00b348","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":763,"width":821,"height":11}},{"id":"65c31278-e1d1-427e-a496-90c15376308d","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":778,"width":802,"height":11}},{"id":"e24733b0-8ac9-4a0e-b84e-8ba6ca67d78d","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":793,"width":792,"height":11}},{"id":"27fb8023-00f9-4f76-95f4-3d59d8d0c508","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":808,"width":832,"height":11}},{"id":"2142567e-401a-4922-a094-397821254c37","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":823,"width":833,"height":11}},{"id":"25191456-6257-4d96-9ea3-a05473e4a7fb","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":838,"width":726,"height":12}},{"id":"aceec45d-3aa7-4f16-9c75-b978bf9ee550","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":861,"width":796,"height":11}},{"id":"a2949eb3-8b5e-4490-9821-1029ad5abc9b","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":876,"width":837,"height":11}},{"id":"6cb6dc22-ec5e-41db-8c9d-93a5b4e440f4","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":134,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"a482ed33-2f45-4fde-8e6e-267c576b44ca","block_type":"box","text":"II-91","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2abfd935-c37b-438f-8004-4bca9fb3008e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d2a3f2f-052f-45f6-86d8-15daea949286","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":135,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"cbdcbc2f-30b9-4c4e-bdab-3e506feff2df","block_type":"box","text":"any such fees or other amounts.","page_number":135,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"f2865291-5763-4399-a94c-ec22c6f16525","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":135,"box":{"x":101,"y":83,"width":805,"height":11}},{"id":"460e628f-02d8-4e9a-9aac-a44b0ccc410c","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":135,"box":{"x":70,"y":98,"width":768,"height":11}},{"id":"705589b0-6fcd-40a8-b309-2a5a66d9fe70","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":135,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"78828f68-1086-4247-9b94-3a7a455f1428","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":135,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"56d90695-8f61-4310-a1d4-0772a6f32984","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":135,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"1784f220-d5e1-4d7b-8618-85f89ff2a982","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":135,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"9ee8ab09-6842-44b8-9a33-9d632796aa96","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":135,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"3cf3c3a0-3141-434a-b992-8083082fc7ec","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":135,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"b54f2385-78e1-4678-a1dc-2dbd5174f0d8","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":135,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"fe76c170-4855-433b-ade0-6fc63bd769c8","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":135,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"3dba1a4c-f6c5-47df-a5a3-91ebe95b35be","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":135,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"7400ff6b-f9da-427f-806c-d62379cc9833","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":135,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"048d350e-778b-4c33-b9ba-bb1de0ca4982","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":135,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"dd634ff3-25bd-44d4-bfe9-191edf168401","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":135,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"2dfb406f-2871-4455-8f62-ac7eea7881dd","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":135,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"7c0993cd-a3bd-4aa5-8861-f4e1aed03a6a","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":135,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"0e6c9927-ecb5-41a3-a10d-f7679dd81bdd","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":135,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"2055ed77-ddcd-4b04-b078-21109fc84c5d","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":135,"box":{"x":68,"y":362,"width":820,"height":11}},{"id":"c657b19c-05a1-4964-8d1c-17f83e87925a","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":135,"box":{"x":70,"y":377,"width":806,"height":12}},{"id":"12da86da-f4cf-454c-b67a-b9d9d51fbf3f","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":135,"box":{"x":70,"y":393,"width":816,"height":11}},{"id":"510037e2-68f3-47ed-81b0-1ccc93125863","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":135,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"16b08ed4-c36e-41ba-bcb9-8fc2b4c66d59","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":135,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"c8d3cc89-b70d-46a8-a462-3bdde4ac5cd0","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":135,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"a40e147b-be31-4e2f-8753-f8a8a5209f72","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":135,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"2e46d680-9e21-4deb-aabf-76a8346f6b3e","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":135,"box":{"x":70,"y":468,"width":796,"height":11}},{"id":"2fd5798a-863f-422f-9dac-2904c36df599","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":483,"width":799,"height":11}},{"id":"d5d698ce-c902-48a0-8316-2399c4fa3409","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":135,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"d5e4349c-db6a-4eb2-917f-703ede4c72c0","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":521,"width":801,"height":11}},{"id":"ba4ab3c5-5cc4-4e01-9e23-56878dcb8178","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":536,"width":817,"height":11}},{"id":"0ccacb93-213b-461d-a843-7b30d0999ad8","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":551,"width":784,"height":11}},{"id":"1141add9-c060-40c3-85a3-a0836a237800","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":566,"width":789,"height":11}},{"id":"b3a0aea0-c614-4051-8fdb-e3eef7aaf78e","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":581,"width":783,"height":11}},{"id":"3865cd72-04a9-4ec1-b00e-ba6d23853710","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":596,"width":790,"height":12}},{"id":"bdc61973-6d4b-42bf-a726-6212b4bb819e","block_type":"box","text":"regulation.","page_number":135,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"d2018108-d35c-422f-b573-52c647c110ee","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":634,"width":777,"height":11}},{"id":"8b0fb0ff-a43b-4fbf-8df9-8cc2dd54bcab","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":649,"width":830,"height":12}},{"id":"2afa2a7c-a052-497f-a907-ab28740ab341","block_type":"box","text":"various program limits (","page_number":135,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"37ffa539-243a-4a22-ad6d-755baaffe261","block_type":"box","text":"i.e.","page_number":135,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"6ec57e8f-18f5-49cd-9b65-e065da8ab18b","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":135,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"618ba91a-911c-4b35-a8c7-1b7393b0fc70","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":680,"width":827,"height":11}},{"id":"03c5c511-e154-4bee-99c9-7ff631ff2152","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":695,"width":836,"height":11}},{"id":"193f9e56-2a88-40ed-9106-7bdf8c2f6e8d","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":710,"width":780,"height":11}},{"id":"8d593a68-dded-4634-9163-47d6ca217e01","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":725,"width":820,"height":11}},{"id":"77ae429a-2293-4690-9e2f-95b845e8f1c7","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":740,"width":834,"height":11}},{"id":"1f7af00a-682e-4eca-9e0e-1cc3c4e4c4ea","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":135,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"7f39c541-0aee-415c-8cc8-c396a7cce86c","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":778,"width":734,"height":11}},{"id":"8ab0a900-fbcb-4ef7-8512-4ed83977deb1","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":793,"width":840,"height":11}},{"id":"82dd1bd7-c831-48f7-adf5-2d8e6e508924","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":808,"width":822,"height":11}},{"id":"aa70082b-2abb-41ca-9dea-d6d952507055","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":823,"width":788,"height":12}},{"id":"3ff8fa6b-077f-4861-9272-200352eb39af","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":135,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"8bf96794-4fbd-4eac-96c0-f443793978e8","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":861,"width":763,"height":11}},{"id":"95d7e3c9-f530-43fc-ba7c-49640e091079","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":135,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"469d27c6-62f6-4ea3-9b8f-c0ca2ba6fa1d","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":135,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"e057677e-f28c-4bf1-bed0-fae499acf4c9","block_type":"box","text":"II-92","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf335ebb-1a14-4caa-8b16-71eb8302d49a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8349145f-6c96-4436-8df9-3702c0d9eaf9","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":136,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"f20f4b9a-ffd2-4def-84a7-1dcb9f3a3f22","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":136,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"26e03c4a-8e1d-4814-9f01-85f24bb046f5","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":136,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"045ed121-5297-41e0-80a7-642f4a18a9c8","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":136,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"c67fddb3-2e90-42dc-a672-cd82c8baf40f","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":136,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"3f161380-58de-47fc-a703-80eb9ecb5672","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":136,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"60ac9244-9ee4-471c-a948-4385f6bde416","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":136,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"0cd32f50-a676-4cea-92dd-25f951566c6b","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":136,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"d65a5cc1-21f0-4dbb-9bf2-fe4fbebac59b","block_type":"box","text":"than through client commissions.","page_number":136,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"ea8d0493-5b64-464d-bdf4-2d9bc8c37465","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":136,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"62061ca1-5040-482b-9bde-bbe70c88149b","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":136,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"89203ada-7007-449f-911f-8035a9dd4775","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":136,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"5b2d4b7c-6b10-45c3-bc5f-f34dddfa5a34","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":136,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"a31091b7-4cc9-40e7-9bd0-691670134aa4","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":136,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"8f9baa36-2a58-4ca5-8b51-4b8f66257931","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":136,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"0f54a519-0c76-4502-9584-5aa936572723","block_type":"box","text":"research-oriented software and other services and products.","page_number":136,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"39b90ebc-8e7a-44ed-be98-ac52be905968","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":136,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"d6ad6df6-a580-4dd3-b425-c32dad210f4b","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":136,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"7230ade4-755f-4b96-b3e3-516192d3a044","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":136,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"ad5436a7-c0ba-4ed2-b929-54c3bd9ba0b8","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":136,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"b31530ae-6811-45be-824a-d33e5c77ea31","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":136,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"60f04f66-847e-4e65-95d5-04b9725cd213","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":136,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"54f5faea-e901-413e-afd3-5838fb7a08c3","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":136,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"7054d15e-15d7-401a-9175-efc6f40ffdac","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":136,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"f2e7bfac-8c51-4b22-9ca3-e31ae5ad5ac5","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":136,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"c938b5e3-a51f-4057-b46e-9f923d146899","block_type":"box","text":"and services itself.","page_number":136,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"97ff8241-cf2c-4a3e-a215-f2275206a321","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":136,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"917127ab-22a6-4589-a143-1d3a45457764","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":136,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"b5692587-e8d2-4edb-bf39-65747dd69355","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":498,"width":833,"height":11}},{"id":"704338bb-4804-420c-abfa-d239cc0246f5","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":514,"width":836,"height":11}},{"id":"cc54e4e0-d2d0-49d9-961a-145594881cb7","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":529,"width":760,"height":11}},{"id":"9951ff1a-a3d8-4627-92c3-4a9e52eab250","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":543,"width":803,"height":12}},{"id":"4a2b4788-7b97-4044-9f05-0e81d2439fb4","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":559,"width":807,"height":11}},{"id":"50d0cd38-f24f-4491-a257-f8beba8108c2","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":574,"width":760,"height":11}},{"id":"e19d2c63-49e0-46a0-ab61-132c59d1d44e","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":597,"width":799,"height":11}},{"id":"6649ebd8-f7e8-48da-9735-0577ac0577b8","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":612,"width":767,"height":11}},{"id":"f7388509-5f0b-4fdc-bc40-2126e2e190d6","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":627,"width":794,"height":11}},{"id":"c7bce7b0-fdc9-4e5b-89c0-b32bdafe6a26","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":642,"width":825,"height":11}},{"id":"8652248f-cf36-41a0-acd9-ca4633379897","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":657,"width":821,"height":11}},{"id":"200cff56-c20a-4ea7-a4a6-aaf02b8e2812","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":672,"width":833,"height":11}},{"id":"9874bb55-396a-479e-8fe4-462db770d1ec","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":687,"width":812,"height":11}},{"id":"31581c8f-45b6-41fa-9ead-037b50f697ee","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":702,"width":809,"height":11}},{"id":"42fdd4ae-90ea-4220-8c81-50cb3b88e3d8","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":136,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"fd7d41f9-3b80-4aa0-af9f-d32a7422e1cb","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":740,"width":793,"height":11}},{"id":"d9072285-d3be-42f1-964a-1e42c79fb8d0","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":755,"width":782,"height":11}},{"id":"64e0bf9c-3246-4de5-8df2-d9e4baeba3a3","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":770,"width":710,"height":11}},{"id":"8062534b-2203-4bf4-9cb6-23706925b71d","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":793,"width":792,"height":11}},{"id":"e141d4bd-928e-4704-8107-7d0baf2b7ef0","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":808,"width":784,"height":11}},{"id":"f8196fdd-5332-4ab0-90f3-b97fa08c176f","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":823,"width":837,"height":12}},{"id":"5cf70aca-b18c-4dd1-9e96-a1af93eb4eb1","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":838,"width":835,"height":12}},{"id":"6be5d83c-4a00-458a-a4f7-2e64871ee818","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":853,"width":837,"height":11}},{"id":"5f5f951a-8c1d-48f9-bff8-da226e2b0a24","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":869,"width":795,"height":11}},{"id":"fd370dd6-60b4-4902-a74b-353b133bc18d","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":136,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"c29dfa7c-5c1d-4383-8815-292f9f87e79d","block_type":"box","text":"II-93","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e0f8354-8b46-4e79-b7cf-e530fb5f0d09","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26bfd632-2928-458a-ae79-d134efab83d2","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":137,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"4ababa14-ece4-4682-857a-13cf31b72a36","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":137,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"da946f43-0df2-4008-b7bb-b57158fbe22b","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":137,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"168aa999-f199-49c1-8db9-b1be6af5d110","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":137,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"7f620294-208e-470c-aba5-b1a77b64bf5c","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":137,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"967abef7-7509-4790-85dc-7963b619920d","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":137,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"9d8b7dbf-3e67-4924-9e9c-7718f20a5667","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":137,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"638d8623-4a42-4019-af8c-0520d15946d0","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":137,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"ea206b14-4254-4e65-b0e7-e4e30e53bee6","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":137,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"ee40363d-24c5-4af1-a266-66c8e126d77b","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":137,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"0dc74518-a49c-43ee-9d7f-1ea60713f959","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":137,"box":{"x":70,"y":203,"width":838,"height":12}},{"id":"0331b0a6-16d2-4d86-9fdf-71227a48c26e","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":137,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"4ac8310c-2513-408d-b244-5c35b928e534","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":137,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"b95a7454-79d8-4912-a458-0dd96e3136be","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":137,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"50d2701b-123b-40fe-851c-db94515ad352","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":137,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"62d8b1e5-75b3-4ebb-8ba3-db5de2c3b44c","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":137,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"764c8ed3-958f-4dc6-8825-e5584e04f395","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":137,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"6d56c01a-953f-4dc2-a316-9e338439da74","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":137,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"a606ec62-6b8e-4fc2-b01d-b4bcfc247d1f","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":137,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"19f35d83-cad4-44ec-a4ba-043c4f100cb8","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":137,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"d5577217-258b-4cc8-b624-c7a29d0eeedf","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":137,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"31c426ba-3149-4877-8f29-fcaf94b1d5d3","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":137,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"ae4a19a7-a6a9-4bbd-ab71-43832d0f9327","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":137,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"3f0c36ee-bd71-48ba-86c2-ce0c8bca6d6e","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":137,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"14c8deac-abf1-4244-8d89-2ec3e1102382","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":137,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"f750f6f7-4b31-43ca-b08f-c0f55b09980f","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":137,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"e47b234f-6f65-4beb-a1c8-48b7aa6979a7","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":137,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"cb3685c2-bb2a-4ab7-8ced-b0a4bae26e13","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":137,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"43517a76-dadd-446f-aae7-2f9faddcb04d","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":137,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"026adeb6-2c0a-4899-96d7-efabf605672c","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":506,"width":825,"height":11}},{"id":"0733c51e-32ac-4306-abba-9b51f2a8d6e8","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":521,"width":830,"height":11}},{"id":"fe9cabfb-fad1-408b-8e71-2fda14bd2aad","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":536,"width":824,"height":11}},{"id":"197dbf94-10bb-4b3c-b9ce-efef5260ee27","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":551,"width":792,"height":11}},{"id":"e71c2a30-eb60-4b29-9891-39c8d86bcfa4","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":574,"width":784,"height":11}},{"id":"773f5082-85fc-496b-90c6-4c65b2e24fa9","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":589,"width":837,"height":11}},{"id":"b14f308f-0c75-4535-8a8d-c94c5fb1f2b7","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":604,"width":803,"height":11}},{"id":"bd8abb65-b469-4815-8a50-cf99796d48f3","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":619,"width":831,"height":11}},{"id":"1f88bdef-00f5-4aae-bf35-929466c9c0c5","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":634,"width":811,"height":12}},{"id":"2753b796-c49a-4d2d-bdf0-4ac7afab12a9","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":137,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"c6c44980-2161-4910-987d-6130125f2404","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":137,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"39de055e-723d-4b27-8b10-7c7cf7cdc931","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":137,"box":{"x":68,"y":680,"width":832,"height":11}},{"id":"e73c6d02-0524-4d5d-9908-3e1747af02ed","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":137,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"776988c5-f454-4385-b844-3f796c955d95","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":137,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"537e7b83-01e4-4f17-b91e-931c44f7ca93","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":137,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"f0562ef8-5af8-4fc2-bf64-9de2ccf776f9","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":137,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"c0de9d99-6bcf-4aea-93b9-7681e498ff3d","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":755,"width":800,"height":11}},{"id":"15f441cc-1b98-4bad-99fd-8bd8cdb33ad2","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":137,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"0c0cc0b9-9281-4bdf-ae0b-64645d53ddc3","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":137,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"87061e2a-652b-4894-ad0f-0876bcf7fdeb","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":137,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"3b66a93b-cafb-46f7-9edd-6b32c0ecbf31","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":137,"box":{"x":69,"y":816,"width":765,"height":11}},{"id":"e3c1eafa-8287-4427-96cb-8d08572560af","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":137,"box":{"x":101,"y":838,"width":784,"height":11}},{"id":"5fc15a26-4031-4d6b-a9c2-e6c6988146dd","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":137,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"0b52b46b-9b5f-4b40-811b-a9de46ccaf94","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":869,"width":833,"height":11}},{"id":"5228491b-3fe7-4751-9b92-4445311236d8","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":884,"width":822,"height":11}},{"id":"0c24625b-99e2-4bc8-9d69-9e0fda9b2473","block_type":"box","text":"some additional expenses.","page_number":137,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"50b287d7-410b-4131-8de9-6986eecd23b6","block_type":"box","text":"II-94","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"13d8c01b-002f-4271-9af0-9048053908bc","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9892aeb2-b9ad-48d1-9800-644a92b24b60","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":138,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"8cb49153-2e89-482e-89e9-2bad21a8ecdc","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":138,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"9279c99d-6794-45bf-a9cb-eb0348b7ff90","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":138,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"4a19f134-6db8-434f-b202-6a1732e1c932","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":138,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"e57769f5-22ec-42bb-82f6-1883adbc18ee","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":138,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"17373c03-bbe4-4725-9f64-f84ca165d391","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":138,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"58063167-7295-466d-910b-caeac6dba207","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":138,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"77182f90-92be-4865-8fa1-44e95425e7eb","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":138,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"a7cc4dec-60db-4e1e-b336-98444828321a","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":138,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"febe10ea-f0ea-4f89-84a9-87b510f4823b","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":138,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"ffc7743f-acf2-401f-941c-e3c82cf422ac","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":138,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"60d3c42c-d6e1-497e-99c8-bd84cb0cd27e","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":138,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"5fe12a2a-5c50-4e09-bb7d-b94933e17c72","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":138,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"7ed7ddd4-b963-41b3-b5a4-1a8568823697","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":138,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"462b4b21-62f3-4851-80de-dd104aa21262","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":138,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"8059d854-206b-4bef-bcb1-0c344562a0c1","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":138,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"b97cbd57-bd26-440f-b31a-1f2bb34f62b5","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":138,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"04291228-88fc-4bf3-aa28-ca2d0398c789","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":138,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"d1186f72-1ada-4a31-8ec8-523f41bf3925","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":138,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"8c067f54-33e0-43df-a37c-89161620f23c","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":138,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"d693c530-e115-4c91-84b7-76e332e0ac6d","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":138,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"76638226-853e-44aa-9ea3-621ac2a42d46","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":138,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"f0463a42-2de5-4cda-9fe8-df75eb5d1faf","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":138,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"deaba3e3-0a00-4499-af70-fbe903880c04","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":138,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"61c659ce-3a17-475c-9282-5d7b630edbe2","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":138,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"f1a66a0a-30d8-4955-9ae6-85bbdf88cb7e","block_type":"box","text":"public information about the company (","page_number":138,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"727747ad-ea46-4127-bb94-dd78652832de","block_type":"box","text":"e.g.","page_number":138,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"04f3173a-750c-428c-8e91-8055a7f2a13c","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":138,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"07ce7428-d778-460f-a4f6-f373f0641bbd","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":138,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"31c354c2-4e04-4597-9d70-4313ba14971d","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":138,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"8d5e4521-19f9-4739-be8b-370346e950ac","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":138,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"5b4b0260-d10f-4578-beb3-e15707521e94","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":138,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"9a737799-b085-41f5-8bd4-60ef36f05dad","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":138,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"f9b64a9a-8683-479e-93e5-e1b8c48354c7","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":138,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"0fa0c1b4-41a4-406d-a5ee-7cca85d79f79","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":138,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"993ea99f-4c65-4312-a633-eb62d42d17ed","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":138,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"37ffccff-aa58-42f8-94b4-b16a589ccb3c","block_type":"box","text":"of the issuer.","page_number":138,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"031ce903-966b-462a-83bf-379d3dea9cfa","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":138,"box":{"x":102,"y":589,"width":748,"height":11}},{"id":"ce08a3fe-1e33-45fa-8c64-49e44e10d563","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":138,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"f52add7d-646a-4ff7-a192-c7558bcce51d","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":138,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"4703e9da-c554-4c33-871f-824af29478c3","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":138,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"3eae756a-e633-4119-9423-42fa2e857f87","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":649,"width":827,"height":12}},{"id":"2053dd9f-1704-4acb-adcd-edcac6f47973","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":664,"width":835,"height":12}},{"id":"52b70ba2-c589-4252-b06d-acd7710f6525","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":680,"width":797,"height":11}},{"id":"5162d032-8c5d-4bf4-9f4e-bc60ca27bdc2","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":695,"width":667,"height":11}},{"id":"b00c34ce-d563-45da-9924-548d5306f7c8","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":717,"width":794,"height":12}},{"id":"85c877c0-8fdb-42e3-a1fc-9551ad078ea9","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":138,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"9bcc08ea-8ddc-4d1f-829a-c08a1d8ccf55","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":748,"width":812,"height":11}},{"id":"6afdcda3-7af1-4a42-bde5-547d9e12d651","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":763,"width":818,"height":11}},{"id":"c8a8dbe4-d30a-450b-b690-87813531d06d","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":778,"width":830,"height":11}},{"id":"28673430-8e0a-44b8-9247-fc0e3c7f04a7","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":793,"width":835,"height":11}},{"id":"23c0e789-178f-4567-adcb-f2645023533d","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":808,"width":824,"height":11}},{"id":"63faee07-af8d-4866-a3b9-ba26aabbb852","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":138,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"33d64c71-5efd-4248-b77b-843d403af842","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":846,"width":744,"height":11}},{"id":"d6740aac-4b11-49d4-8437-5cf4bc080dc3","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":861,"width":775,"height":11}},{"id":"97ed66af-0308-4c18-a28a-b2b93d077465","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":876,"width":818,"height":11}},{"id":"9fed1c31-69ac-4826-b500-22dda9a2c321","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":891,"width":779,"height":11}},{"id":"c6c1bee1-3d7c-40be-a211-053aa48b527f","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":906,"width":771,"height":12}},{"id":"b38e22f0-10f2-48e3-a3d6-be55645cfae6","block_type":"box","text":"II-95","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1067eec-a4e0-4188-93be-46812232436d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61e1de5b-91d1-4a31-addf-e70b9d0134eb","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":139,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"a4d15d63-b525-4636-8458-201a1337809e","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":139,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"dd0fb13f-8b28-49a0-9b92-8f13d423ca9a","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":139,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"ea8eb0ac-cd08-4161-a589-772452cbd363","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":139,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"9afdad87-25c3-47fb-8d66-ecd9453084ed","block_type":"box","text":"a barrier.","page_number":139,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"78a9f5b9-f892-4825-9e08-3ee81c5adadd","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":139,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"915191b6-06cf-414f-a861-95ade246c5c5","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":139,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"7fa145e2-0f78-4970-948d-2fa6c6840117","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":139,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"03d50776-3ac9-42a0-9660-922dd3bdf01e","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":139,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"ab59ccd3-1210-4ba3-a8e6-f55a53f9395e","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":139,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"47492ea6-1dd8-4c79-a416-0d74d2f434d6","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":139,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"90987425-4a71-4b53-888a-b5bbb10f66c9","block_type":"box","text":"that operate in cer tain industries (","page_number":139,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"9bda9635-a488-4849-9495-7a094bc73877","block_type":"box","text":"e.g.","page_number":139,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"8c4c8b18-094f-4d30-b5dd-e81858a31617","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":139,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"1314b765-61a1-4b02-92b6-f8b40b46cdce","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":139,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"14096023-507d-482f-b8e2-cbf601214638","block_type":"box","text":"e.g.","page_number":139,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"562983d9-21fc-433e-8ecd-dc2941d3931a","block_type":"box","text":", with mechanisms such as poison pills","page_number":139,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"bf9ffacc-95fc-43fb-8dda-90b8f12da79a","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":139,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"5ea5d560-974d-4fc3-a1e8-2dd0e9dc6beb","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":139,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"ba124df5-e463-4345-a44f-8fb239b27195","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":139,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"812b0350-9107-4171-ae73-47395bcb16e1","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":139,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"1376d7b6-efee-4ad4-9c63-996e193ded9f","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":139,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"8571019e-2ed5-41e6-803c-a91418191404","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":139,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"6b9c03b2-106e-4478-9d29-cc3d2d1d3660","block_type":"box","text":"seek to make indirect investments (","page_number":139,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"d2c98283-66af-47b2-b2fd-0b607da3d208","block_type":"box","text":"e.g.","page_number":139,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"37775b19-d55b-4d32-9764-27c4bcb5f5f2","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":139,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"009733d6-052d-44ac-9327-c4d86c72f1b8","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":139,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"f08e9e79-5dc7-45c4-939d-294f90005416","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":139,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"ec87b53d-66b6-4231-801a-d46278103365","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":139,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"c6fcc258-cb0f-4936-babc-0e019a50ed99","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":139,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"fcc60b74-f53c-4496-9c0d-926a64887542","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":139,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"845ffc46-73f4-4b23-8302-bd31c9861db3","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":139,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"fe91e548-adeb-450d-9d59-1f1bdad71d91","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":139,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"a3cd40e0-75fd-4cd6-9a28-83c5195a151c","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":139,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"73635437-1143-407e-9ec4-2c6e81844c51","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":139,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"fb82a913-c2ac-4769-85ed-e7e899212db8","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":498,"width":818,"height":11}},{"id":"5820b2cc-d76d-458b-be2c-02db1bf81025","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":514,"width":821,"height":10}},{"id":"159a5fe7-a6b3-4dad-9088-5b29edf987d9","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":528,"width":806,"height":12}},{"id":"dd3e1e76-a18b-4a4e-bc30-166ffa675df9","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":543,"width":839,"height":12}},{"id":"6e52d551-419e-4366-8f57-e84df47980d3","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":559,"width":826,"height":11}},{"id":"b2584a84-5804-456c-bbc7-cee66b889e57","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":574,"width":807,"height":11}},{"id":"89b708f2-5641-40ac-bed4-232af306e63b","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":589,"width":830,"height":11}},{"id":"49b2649a-0bbd-401e-b556-1061a168529b","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":604,"width":765,"height":11}},{"id":"347fcefe-32a1-4556-99e5-2f0f14991df5","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":619,"width":781,"height":11}},{"id":"3184b2fd-eda5-47fe-812e-43b13bdeaa79","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":634,"width":796,"height":12}},{"id":"ff59b14d-86ce-4468-a90b-4b9242540a6e","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":649,"width":720,"height":12}},{"id":"4d32659f-519c-4609-8fb4-f3efc83d2dcf","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":672,"width":807,"height":11}},{"id":"a50c5e83-3a2b-49c7-9bdb-8188af7b7154","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":687,"width":810,"height":11}},{"id":"47aa63bc-9544-4d93-b86c-3522d0cb4dbf","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":702,"width":829,"height":12}},{"id":"4156774f-b92d-42da-8950-d4243a30983a","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":717,"width":824,"height":12}},{"id":"d6e33fef-83a4-46ad-80b0-d35e907599dc","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":732,"width":841,"height":12}},{"id":"085f7629-9a26-4e2f-9f28-cd6af67eae36","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":748,"width":770,"height":11}},{"id":"e4322bf0-da08-4443-9d34-e8a64ae96a28","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":763,"width":769,"height":11}},{"id":"34c503fb-9eb5-4da0-834f-3201ada1692e","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":778,"width":794,"height":11}},{"id":"5cf41deb-8243-4595-8b45-34804179a4ec","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":793,"width":757,"height":11}},{"id":"c29b06f1-81fe-4439-b813-a521d1408b63","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":808,"width":807,"height":11}},{"id":"682b8798-d79c-48a8-9a64-636ef5d441c6","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":823,"width":833,"height":11}},{"id":"616e8c45-9a21-4f6d-aa7d-72b4fc09c452","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":838,"width":827,"height":11}},{"id":"6080a978-0bd7-42a6-9aca-33b554baa5ff","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":853,"width":803,"height":12}},{"id":"2dea320e-ac64-4431-8378-cc1b3cc1fc21","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":869,"width":802,"height":11}},{"id":"fccc5fe6-657d-451d-b28c-84d9d9137a09","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":884,"width":826,"height":11}},{"id":"26528dd0-8641-4f0a-9b72-85b0a12e1157","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":899,"width":834,"height":11}},{"id":"79db7b4c-6607-4b34-83c7-1f4200f06306","block_type":"box","text":"II-96","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ad0aedd3-db89-47f5-9888-48be97e8b28c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c212a71-0513-4f4b-b5ff-9cd45afcbc31","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":140,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"0daaf2eb-331b-495d-9934-de0990729f75","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":140,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"1677a5ef-2ea1-445b-8801-c499d8e527eb","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":140,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"ba550a05-8607-43fc-98b2-97a8ec3722de","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":140,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"77da569e-2c4a-4905-956a-ca9de9c535e8","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":140,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"f1d93e44-5cc4-4344-8db8-62bc022d6462","block_type":"box","text":"strategy with respect to such security or asset.","page_number":140,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"84141dd8-6ddc-4ec7-93dc-eb7aca98aa8f","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":140,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"ca9607f3-69ba-4df3-90d2-75db76bbba7c","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":140,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"038d99ae-2ba1-4db7-968f-c9421430c01d","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":140,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"0f1328de-46ed-49f8-82d6-3a347205159b","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":140,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"d15e9b3c-4d95-47c0-9e77-0d0a5f4713f1","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":140,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"70c6b405-552e-482c-ae14-2bcf0dee1abb","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":140,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"81b1b1a7-35ba-4354-ac59-807b3b31e465","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":140,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"086a7a6c-abc6-422a-856c-438b110e4105","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":140,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"8c112de1-b833-4528-a1b3-121d0475f7f6","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":140,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"05b084ed-5cf0-45c1-9742-6f1e9cc130d6","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":140,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"ecc44d73-42aa-474b-89fe-0f8851093faf","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":140,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"d2eabdf8-33d6-4108-bf90-b36598c4f91c","block_type":"box","text":"e.g.","page_number":140,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"c23187a8-6d42-4e1b-a945-4b948a9dbac8","block_type":"box","text":", custodians,","page_number":140,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"1669db3f-346e-4975-aa4c-f2ef68260548","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":140,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"df4011db-eb4a-4dac-889a-6c13e2946fdd","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":140,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"8e6090d9-709d-47fa-9d8a-a675c39090e9","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":140,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"280e8eaf-9c55-4817-8b7c-60ee1a6a585f","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":140,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"7c9c6a13-99de-48fb-beb2-8aa523c7b8e0","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":140,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"ad24620b-042e-4fe3-a04e-060b9bccf806","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":140,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"be22646a-85c7-43dc-9deb-d6a31ef6f97d","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":140,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"cbcc1e04-00ef-4cdd-9448-3e535e4e0cf7","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":140,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"f7dfaaa9-ba0c-46af-b6ae-50a4dcc8461e","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":140,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"71eb17c0-8ad7-4264-a7a7-10cfb0b1c3de","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":140,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"da542f8a-c549-4f7a-b9ad-b3f731e73fbf","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":483,"width":788,"height":11}},{"id":"812200b4-ad75-4177-abeb-caf8d38c2c99","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":498,"width":795,"height":11}},{"id":"cd23ac9c-2c16-4e1a-bb65-475c001772e1","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":513,"width":835,"height":11}},{"id":"b7f018f4-34ef-445d-a0a7-8b868fea1dc3","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":140,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"5d06bf56-50db-4b7e-a090-0cd72ab011d8","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":551,"width":757,"height":11}},{"id":"9a0aeb93-8c45-47d5-b3f9-bc0bed45187f","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":566,"width":826,"height":11}},{"id":"7256c910-cccc-437a-8b4a-3071dd18325a","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":581,"width":822,"height":12}},{"id":"8f08dc8e-8214-4226-852e-fb9b28d18cb3","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":597,"width":782,"height":11}},{"id":"2dea69bf-f3a8-4872-9cc5-9c34f313671b","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":612,"width":835,"height":11}},{"id":"57b660eb-b971-418d-aa17-e04cd4b40478","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":140,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"416bc38a-8082-4168-93ff-42c9e9d7d4c8","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":649,"width":804,"height":12}},{"id":"b056cc73-0681-4eaa-b80c-f1a6c9693839","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":664,"width":840,"height":12}},{"id":"4aeef39d-3e46-4129-95a2-60a5fa04b8ee","block_type":"box","text":"provider.","page_number":140,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"bd0c883c-5365-4747-9adb-512e7d8f02c5","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":702,"width":778,"height":12}},{"id":"3dc263bc-3c3d-4945-a1b7-4e0785f6c7be","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":717,"width":831,"height":12}},{"id":"15853a61-5a66-43e5-9563-08a37740409f","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":140,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"90cb96f2-973c-43aa-9674-2843bcf843ed","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":755,"width":742,"height":11}},{"id":"03586bbc-eac8-4465-9b91-8ff377368308","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":140,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"7fc94c2a-7b28-4f94-b4d5-4fcb64be7608","block_type":"box","text":"PURCHASE OF SHARES","page_number":140,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"f199c16f-4aba-4a75-8362-1edb7161b20d","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":823,"width":800,"height":11}},{"id":"a1bd7b77-cf65-4f58-b8c1-587e6d2f99b4","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":838,"width":771,"height":11}},{"id":"5f85ac70-8fc8-41f7-835a-93127138228d","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":853,"width":822,"height":11}},{"id":"7bd9cfc7-288f-40e1-b5f0-841f068a577f","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":868,"width":809,"height":11}},{"id":"94baa878-b868-4960-a0af-b7c688b2aa34","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":883,"width":781,"height":11}},{"id":"8a2a5739-45f8-4e3b-8207-39c1fff7f78c","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":898,"width":833,"height":11}},{"id":"d323820e-e340-44f1-ae57-0b69d72f3dd0","block_type":"box","text":"II-97","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b62aa906-ed60-4b40-8b74-77437b13a333","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af94905c-5bcf-4b9e-ac23-9f7ccf47cf30","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":141,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"9bfef6d9-bb7e-41f6-a259-13dcb1be49ee","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":141,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"49e4ef86-a63b-4bf8-ad14-7030b117acc3","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":141,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"7718a161-c5ea-43e0-b510-ef19c130efa3","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":141,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"b0703583-1415-4224-b870-4c3c39d7a01f","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":141,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"6f774726-be26-43a4-bd45-d3bf9916ab9a","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":141,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"57bb8e1f-8887-4e1d-af2a-47ae45bb780c","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":141,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"81d66ce7-c312-45c5-93a0-417f28abec38","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":141,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"93449c84-4802-473c-8620-57927f6ead7c","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":141,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"940056cb-c10f-4ec4-a947-a14faddb2212","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":141,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"55a83750-43ff-4f9e-88e7-c5fcbc718a4a","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":141,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"c2274571-cf0f-4aa1-ab8f-dd49912897fd","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":141,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"55ec0319-7f3a-4f3b-a7f7-658bca637796","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":141,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"f3cb4eaa-7c0b-41cf-90c8-5c4b9fdeab5d","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":141,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"5ebcb3a0-de03-4d10-a4a7-fdb67e4d036d","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":141,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"c2c16eaf-2197-4daa-a0a7-08f58ff4d684","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":141,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"1c85f056-5639-48a5-9ef6-977c73cca871","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":141,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"5f2170f1-e85a-4026-91ab-b2dc0127b972","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":141,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"f9457ce9-edd4-4eab-b6c5-7c96c8ad0d6c","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":141,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"dff9ba76-4269-4d77-836f-b5a68c533ade","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":141,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"69a1e575-5dce-42f3-87c3-54c2216c37c8","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":141,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"d28a314f-6d2c-4f8b-839e-5d00b07acf03","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":141,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"7390e381-b3bf-4511-ab77-01e6ef86dfa7","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":141,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"71d1d212-373a-494c-bc11-3b16144c4890","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":141,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"f5638530-bc64-4577-b4ac-d8c055b6427d","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":141,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"48f97691-6f0b-441d-8c88-8af8bc6232a5","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":141,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"2d823c25-5312-4ed5-8a46-a1c1dba7ed61","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":141,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"81021ccd-1eda-467f-8fba-b563f1a1fde3","block_type":"box","text":"investment is $25.","page_number":141,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"1be0b65e-b177-44a0-9c0b-f3f8f6347653","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":491,"width":802,"height":11}},{"id":"dfc87115-609e-49c5-82e5-aaffc3fbea18","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":506,"width":833,"height":11}},{"id":"a18354fa-7f3e-4c7e-98d8-8a8f8b9a1c7d","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":521,"width":806,"height":11}},{"id":"0da5ed67-606e-4a9d-88c9-e1044a06c274","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":536,"width":751,"height":11}},{"id":"cd65dd3e-12ee-428c-ac58-f545b686b30b","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":551,"width":826,"height":11}},{"id":"a73603b0-8447-4ab1-a1d0-4d0820b50326","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":574,"width":768,"height":11}},{"id":"1af91244-e326-442c-992c-003d958cefcd","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":589,"width":807,"height":11}},{"id":"8e50e048-53f2-4023-8972-809cdf393d46","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":604,"width":836,"height":11}},{"id":"aa4fa764-d9dd-4819-bf9b-ae40fc736ba9","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":619,"width":814,"height":11}},{"id":"51bd5cc4-1cce-4c53-a553-e4c6d0474c84","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":141,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"88a65fc9-985e-4f6f-bd7c-8b0e09d001a1","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":657,"width":795,"height":11}},{"id":"dfed7393-81f8-496c-9350-2c468902f9b5","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":672,"width":813,"height":11}},{"id":"c0f42602-12d3-4e70-ada9-a2a85854acd6","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":687,"width":827,"height":11}},{"id":"4c4c77a7-a5d3-4d57-b809-18921b53baa7","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":702,"width":750,"height":12}},{"id":"939be63d-ab42-49e3-b8d3-03eeae5ad7c5","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":725,"width":776,"height":11}},{"id":"d8608285-0d98-46c2-b140-b24c1ce7835a","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":740,"width":831,"height":11}},{"id":"458d564a-86d9-4884-bbd5-1f4412538410","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":755,"width":822,"height":11}},{"id":"44c9cd20-73f3-4e22-8f3c-65bdd1fb8b1e","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":770,"width":802,"height":12}},{"id":"ab923daf-fd0f-4223-88c1-fb98addef52d","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":785,"width":839,"height":12}},{"id":"bf177e3f-d30f-41d1-91ad-1d7c5aaa99cf","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":801,"width":819,"height":11}},{"id":"14efd4bd-2642-49e7-8cb6-bd737210c1f9","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":816,"width":827,"height":11}},{"id":"91035f44-b9f7-4d4f-9c14-249c2a7aca85","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":831,"width":803,"height":11}},{"id":"73b57c27-e1e7-443f-a7e9-829912162b27","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":846,"width":788,"height":11}},{"id":"44c32b67-5b77-45b6-b457-8d1ddfa9a00f","block_type":"box","text":"adviser.","page_number":141,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"1a8aa9b8-848c-4f80-9623-b9fa1678aee4","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":884,"width":795,"height":11}},{"id":"3a1a41a0-2002-4275-a5af-b1d0462db090","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":899,"width":821,"height":11}},{"id":"9efa6724-bbc0-4733-8d52-53360b966f18","block_type":"box","text":"II-98","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6efce523-0282-4ece-b6e9-863ad7e3b26a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4bb3c783-b2af-46a1-894c-a43687cd7e2f","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":142,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"1081d5b1-969c-4e96-8fc8-6a1240def510","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":142,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"32ff7a78-092d-4f03-a032-faad0d9ab378","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":142,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"c9cdac31-f096-4f2a-adf5-2623e76d7d28","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":142,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"5abaa72d-2810-4ff8-a2d8-bebdafa32137","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":142,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"39c5d40a-9ac5-4e56-b186-c3b776192bd3","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":142,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"2e35ca3c-536e-4333-8d17-b3ae830d9441","block_type":"box","text":"also be restricted from making additional investments.","page_number":142,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"98959a06-0793-4c78-8985-d4b5f57d865e","block_type":"box","text":"In-Kind Purchases","page_number":142,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"1d680726-b484-4d4b-9c29-3539f51ca367","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":142,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"26402c07-163c-460b-ac62-7e3d596d502d","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":142,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"6a466591-4095-4c2c-ae71-e81d6d4b8344","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":142,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"21b494fd-495f-4193-b4b7-823d16a5b64b","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":142,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"585af2a3-d2c6-45d5-a9bb-953bfdbb6863","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":142,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"81546ce7-c5eb-44c9-ba69-1dc4a9b9cfe3","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":142,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"f8387164-e8d8-453b-b0e3-705037292ce3","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":142,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"d543bc37-20af-4cdb-b44f-b510a373ea04","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":142,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"53bed931-1d85-4163-942b-cefda82938e6","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":142,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"a42417a2-05e1-4072-ae77-c3a404da1224","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":142,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"4a4c62ab-e566-4e0b-ab40-8699c00a9ca5","block_type":"box","text":"has settled.","page_number":142,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"70dc5d65-4e52-4d8e-8433-637ada2fe467","block_type":"box","text":"Institutional Shares","page_number":142,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"dabd183f-f289-4827-a407-d37c24f5da96","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":142,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"8a6cd831-1d5a-40a6-ae45-abc5dcc01219","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":142,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"dc46db81-77fb-4854-9931-f02e2e07c5b0","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":142,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"190dcb4f-401a-4feb-b592-88536a74c535","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":142,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"4059af3c-4fc0-4642-9447-fa16b6ac4e98","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":142,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"20bd3c8c-94bf-4e81-b935-1c38827cade9","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":142,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"1c01dec6-5661-4465-bfef-a337df5bc368","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":142,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"200603a9-956b-4684-b175-a04f7c97605a","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":142,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"e8926c41-5202-4e26-937b-af01d5c74de5","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":142,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"7ecd5121-fd1c-4216-b855-788b2a498e70","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":491,"width":796,"height":11}},{"id":"b30e89d6-1401-4530-99d0-1a73b33449dd","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":506,"width":819,"height":11}},{"id":"dd04ba1d-24a1-46f9-8d98-c2dc577c691f","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":521,"width":840,"height":11}},{"id":"89bd17e2-f381-4401-806b-542a07a725c2","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":536,"width":833,"height":11}},{"id":"d04a32f3-54f5-4875-ac5d-3c9afd50e8c9","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":551,"width":802,"height":11}},{"id":"bbc0a29e-04a2-479f-91a3-6740ddda230e","block_type":"box","text":"these fees and conditions.","page_number":142,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"60297144-4f27-4881-b3f8-c1f5e4c38285","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":589,"width":805,"height":11}},{"id":"d4bef4c7-b079-4ef6-ac89-575c6a35347a","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":604,"width":825,"height":11}},{"id":"46ad2a12-0771-44f2-b031-dec77684d3cb","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":619,"width":817,"height":11}},{"id":"8734dcd2-4faf-43dc-8937-4e048b45ae97","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":634,"width":831,"height":12}},{"id":"fde1becb-d31b-4e70-a5a3-f6923a3a6175","block_type":"box","text":"incurred by the Fund.","page_number":142,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"48223b12-8946-4c2f-9c9b-1dd232323259","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":672,"width":774,"height":11}},{"id":"4246d21c-7ad4-4d50-bf4a-a4a950b77f37","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":687,"width":834,"height":11}},{"id":"f719af2a-fbac-4929-8df6-314d6f6887da","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":702,"width":773,"height":11}},{"id":"b4c83f32-3987-4229-8d0c-cfd7096607b1","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":717,"width":762,"height":12}},{"id":"6417bc3a-aa0c-4562-b74e-7cc8df8c1730","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":732,"width":821,"height":12}},{"id":"ce31a8b4-954b-4b00-9b84-67b675af1764","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":748,"width":819,"height":11}},{"id":"79730452-65b0-489e-8ea9-b343b3e34c09","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":142,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"ebadc133-03fe-4953-9556-86edabba5653","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":778,"width":837,"height":11}},{"id":"aa5ba3b1-f938-40a5-b788-17057b4ce3cf","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":793,"width":832,"height":11}},{"id":"d239d8d2-d6d9-4ff6-99f2-51b638000dd1","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":808,"width":815,"height":11}},{"id":"e827d631-9f16-45e0-980d-eca291200330","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":823,"width":789,"height":12}},{"id":"60e9b735-2bdb-481c-b5c3-c40d3b42f730","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":838,"width":772,"height":12}},{"id":"b2633147-92d6-4c62-b368-087590311d29","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":853,"width":822,"height":12}},{"id":"71fb430e-1878-4c65-bc30-d81df6ad1334","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":869,"width":783,"height":11}},{"id":"a1613e34-6e38-49f1-b26b-418f29967681","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":884,"width":785,"height":11}},{"id":"611fb825-e141-40d1-bd80-38714f269492","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":899,"width":838,"height":11}},{"id":"504bf50a-e5b6-4eae-b094-317ce6eb653f","block_type":"box","text":"II-99","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"026fae70-41d5-43c5-87d2-afd590dcb52c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86001bcb-13b3-4339-9183-a433c6a6c2f6","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":143,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"1a44341f-a79d-4510-96d5-a9d687e8aaa8","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":143,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"c318ee91-b8d7-41fc-9720-b123bf39a850","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":143,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"a616fb0f-e1d4-4b40-8693-7c212401da9a","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":143,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"6d37dd18-6c7c-48a6-b0ad-7095ea59288f","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":143,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"5e27fd60-2124-4039-ae80-496eea944739","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":143,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"43fc84f5-acdf-4722-9458-f5683634d38c","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":143,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"15e61b02-9191-4e38-b179-bb45eac21382","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":143,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"c07ac85c-f0bf-44bd-bc49-035643ec42ea","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":143,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"e8c5589e-0202-49b0-b4e5-01396cabb837","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":143,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"8cd7df01-d0c9-4677-8c5c-ed9db7d18ba2","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":143,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"1df7c625-b00b-4e35-95c9-fe8acd475713","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":143,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"7cd26377-ba5f-4feb-8c94-344392f7d599","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":143,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"d5f0ea8e-3eb0-41d4-90c2-c51f36248319","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":143,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"67e76685-dc73-41af-a892-5539cc64ce8f","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":143,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"ba10ce04-d098-4410-b57d-0a117b4cdd73","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":143,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"295be2a5-da74-48e4-b9a4-7709f3207416","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":143,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"430b69a2-0638-47d6-87ab-a2d9d4a616f8","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":143,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"dd7cf863-0a86-4323-8422-acb36e1e9862","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":143,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"f23a197a-5b85-4ed5-bbb6-52b4ac5dd048","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":143,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"6806d443-7760-4d0d-aa50-d4b2d99d9e67","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":143,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"6500a735-9f84-4ab8-aaea-18c74cf6e77c","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":143,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"b1cae100-c9a0-42e1-a319-def241cfd627","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":143,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"16d771da-4d67-42b6-adb0-5bef4dd3e96c","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":143,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"17296a22-626f-4405-a8aa-6c2e462b7842","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":143,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"34c6a2a8-410c-4306-bdfe-3308bbf54de2","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":143,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"d3e7cfa9-ca11-47b3-b010-3961fdfa6c00","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":143,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"8495c545-0fcd-4852-b799-07aed48a3b8e","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":143,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"9b83ebc4-e563-4397-bb95-096355c67f2f","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":491,"width":808,"height":11}},{"id":"4d2f3bc2-4fef-4055-b1ff-1a9d06f552b6","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":506,"width":834,"height":11}},{"id":"6a705c7e-e23c-4e51-b3cf-a1025bba0e1e","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":521,"width":798,"height":11}},{"id":"32c27299-c3f1-4f76-91ff-41e7035c67b4","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":536,"width":789,"height":11}},{"id":"cbc0c845-0a9d-44cb-9338-4e86f5718544","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":551,"width":805,"height":11}},{"id":"f63cc97b-8621-47dd-89eb-e3686315ea48","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":566,"width":792,"height":11}},{"id":"a82ff297-603a-411b-a660-ed9e56ddc46b","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":581,"width":826,"height":12}},{"id":"17a2dda3-36a9-4824-8e30-92f6ea40a27b","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":596,"width":802,"height":12}},{"id":"9781eb2c-9553-4bd7-9272-7f3e123677e9","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":612,"width":834,"height":11}},{"id":"cd6b8445-3ae8-4f8b-ad3c-42299a4d6c08","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":143,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"86c55371-40cf-4fe1-beca-b722156fc0d6","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":649,"width":734,"height":12}},{"id":"1768de12-6c1e-4f65-9697-e3577d74b317","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":664,"width":785,"height":11}},{"id":"ea980d40-935d-4fad-96a9-196039cef64a","block_type":"box","text":"periods indicated.","page_number":143,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"fbdafba0-acf6-48f3-8f81-9373913f6f2a","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":702,"width":806,"height":11}},{"id":"48b2743a-54e2-48b0-9a14-db5c49ac4bcb","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":718,"width":830,"height":11}},{"id":"a498109b-58b8-48f7-bd5d-661ef1584d07","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":732,"width":832,"height":12}},{"id":"ff031cf0-823e-4112-ac09-924984b0e656","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":748,"width":714,"height":11}},{"id":"166a1729-3a07-4cd8-a913-51cf376aaa19","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":143,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"b13a9f10-6bd8-44e0-a95b-4672a25f9cc8","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":801,"width":761,"height":11}},{"id":"a95b468e-ed7e-49c3-ad53-d840ae04d511","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":816,"width":800,"height":11}},{"id":"53621f81-a516-446e-becf-adb76dfb56ae","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":831,"width":812,"height":11}},{"id":"bc98b17b-8446-4e1f-b656-7cde1a998533","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":846,"width":813,"height":11}},{"id":"ccc79f4c-1269-420d-9e04-7b6f8f4b2f21","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":861,"width":578,"height":9}},{"id":"355605a2-944f-4fed-92d1-4d9b6dc03097","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":884,"width":734,"height":11}},{"id":"a9252dd9-e6c0-44d6-a364-e57009e792c5","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":899,"width":800,"height":11}},{"id":"eccd5b94-e2bf-4481-a25b-b58053635124","block_type":"box","text":"II-100","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"92e0161f-a05e-4c81-9382-2f849715a55c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23056937-5ee0-4b29-8315-ed2ec7771e0d","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"45b04eec-049f-4b73-83a4-f9d250325702","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":144,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"2564d029-2006-4602-8469-6e3cf90a5209","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"c3bc68f4-04ea-4bd0-b77d-3c59913b4229","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"f1dcf1c7-1aa3-4d52-b503-d78327480b75","block_type":"box","text":"Reduced Initial Sales Charges","page_number":144,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"e4d4b0a9-b762-456f-b526-33c01010e40f","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":144,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"4c05ce93-0cb4-4d47-b0bc-695a87a4fc02","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":144,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"5a49a14e-bb15-4545-b9d9-aa5856f79778","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":144,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"1ce24307-b24a-41bc-a84e-6ef524c81548","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":144,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"f90df2e7-1265-469f-b6db-5b0fb48cfd42","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":144,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"48c66148-b7c1-44f0-97ba-b19169538bdc","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":144,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"c1e92984-7815-471d-a61e-1a2f2907fb9e","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":144,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"4a5e2ba7-7d49-4f62-886c-855934004064","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":144,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"d508a663-e574-4831-b1ef-b592211b28d4","block_type":"box","text":"Reinvested Dividends.","page_number":144,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"03da2705-1400-4af0-b827-7695b97d4332","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":144,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"1cf4fc4e-0a5b-40a3-8d68-8c65a1ecebd8","block_type":"box","text":"reinvestment of dividends.","page_number":144,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"91460d4b-42e6-4993-8e1b-0284f561de17","block_type":"box","text":"Right of Accumulation.","page_number":144,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"ae358e9d-5b12-4879-b7e7-77defbdd05df","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":144,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"20434a5c-94a3-439a-bcc0-e92f6e4b7348","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":144,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"a0a5c4ba-3b6e-4837-9e6f-894d1040d379","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":144,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"9114f798-303a-4dad-95c8-6a81aaed1e5d","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":144,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"b54c4f26-c343-4e18-a7ac-3b4307c712af","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":144,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"14812a78-a84e-410a-adb1-98eb23c44b9e","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":144,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"ad75917e-7183-4a40-91d1-a02d093ac299","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":144,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"b8549840-4e56-4eca-a042-cc3d6bcdc542","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":144,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"5092fe97-a6aa-43b2-82de-eff0b1454709","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":144,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"c72101d3-aedd-46cd-9ee2-6d268480b98a","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":144,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"dc4b7085-8cb5-400d-a331-f2841b22229b","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":144,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"ccede6ad-3f62-42d2-b958-ee5c1b993715","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":144,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"9e97d645-2521-40be-8116-04c887dc5f80","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":491,"width":835,"height":11}},{"id":"abadfff2-ed2e-4c8c-9cb0-08dc0bcbbdbe","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":506,"width":839,"height":11}},{"id":"de1dc47d-0322-42df-aad2-324a31540be2","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":521,"width":829,"height":11}},{"id":"23e042f6-cada-48af-8049-8470acf7d03a","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":536,"width":774,"height":11}},{"id":"a4f49ec2-a6b2-4134-a460-85907c84f4d5","block_type":"box","text":"Letter of Intent.","page_number":144,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"3ef89a93-d609-4927-a843-e58c75829622","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":559,"width":681,"height":11}},{"id":"62f6f61e-e8da-4f08-81a1-e236f9f0d494","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":574,"width":820,"height":11}},{"id":"8edd3b11-c5ad-4997-98d9-a7fab14f6853","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":589,"width":792,"height":11}},{"id":"84cfcb75-4b29-48ac-a064-fb2c4aa00c8c","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":604,"width":802,"height":11}},{"id":"6a8612c3-283c-4a8f-98c9-74852d1dffcf","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":619,"width":760,"height":11}},{"id":"3c2970f8-4882-4ecf-baf4-96834fc1e391","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":634,"width":800,"height":12}},{"id":"6caabf29-4f91-425f-97c8-491e12463f5e","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":649,"width":826,"height":12}},{"id":"12e19af0-94ad-40df-96bc-34b280893574","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":664,"width":822,"height":12}},{"id":"4b7b7d60-ba55-4f45-8dd3-9459797de3b7","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":680,"width":764,"height":11}},{"id":"43ac1b31-b517-4077-923a-902d0eeabd34","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":695,"width":800,"height":11}},{"id":"b1899442-2943-496f-b2a9-dca5e5d01487","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":710,"width":838,"height":11}},{"id":"9217d41e-67f9-4991-a942-70294aab3f37","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":725,"width":835,"height":11}},{"id":"17ccbf56-6c1e-4f94-91df-b7332ba33fe8","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":740,"width":811,"height":11}},{"id":"ec7938ac-d7c9-4b55-8d84-c8e955e04aa5","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":755,"width":814,"height":11}},{"id":"6d04912c-8cb1-4548-bdb6-66e9db36695d","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":770,"width":827,"height":12}},{"id":"7d4bd0ca-eb33-4378-a826-2407cf117a21","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":785,"width":827,"height":12}},{"id":"6451d279-aa19-4550-85ae-18845ebe7e9f","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":801,"width":817,"height":11}},{"id":"780e1616-3790-4145-bdb1-9bd3444b0ed4","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":816,"width":807,"height":11}},{"id":"ca2b00ea-1571-4be5-87fd-04429acb6dbe","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":144,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"b9fa43fa-ed1b-4051-915b-5ff42da4882d","block_type":"box","text":"Placement Fees.","page_number":144,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"7d39e825-3aec-42f5-b83e-9b9426c5bd72","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":876,"width":777,"height":11}},{"id":"a8d15a6f-2e99-497a-bdda-5da9154d8436","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":891,"width":704,"height":12}},{"id":"212bc0b0-e693-4400-bce9-63f1a09b031c","block_type":"box","text":"II-101","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1d2adcf0-3b20-4e10-a44b-99785c5edd03","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c081df1a-13e1-46eb-bbb4-6e2084b17e3b","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":145,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"ff5fd9ac-8d2b-4e5d-b27d-5fb46879113e","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"3afae890-762a-41de-981b-1c500e30c078","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"a684070c-22c1-410e-b1f2-1284e8309eb3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"a1eb5f37-bbe5-42a7-a66c-67c288b63767","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"06cf579d-d4c4-4734-810e-04dfd19b9c89","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"a2dfb357-04f2-438d-b983-45c1ce356145","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"2acadfc2-d7c9-47f7-9e5b-5fa0b315eff0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":145,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"e5052f9e-9a82-4f2b-a163-9829c830d95f","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":145,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"67989ac4-3408-4262-bf85-edb77fcbf719","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":145,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"53943dcc-30fb-4a8c-a316-2022b2d941dd","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"c08be4e5-9e4c-4e92-a21c-b2f927205694","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"a51b9d48-bb50-44dd-af5c-00701ce0803d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"e05cff12-328a-47cc-9339-7844d1b2a4ff","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"3bc715e6-6f65-40e4-9104-b587e0dd9abd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"869c4268-6432-4bb6-b7f0-3baf316c854c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"f0089acb-e1fe-402c-adbf-f353073d0ac7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"53b11e10-c08f-4efb-8c61-11151c63d7ab","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":145,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"303c6019-46af-4df8-86a4-bca72be1bd1a","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":145,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"153de90c-2cb6-4baf-922c-4fbedaf96b8d","block_type":"box","text":"SM","page_number":145,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"a1dc5818-a012-4060-bd2d-38e606836863","block_type":"box","text":",","page_number":145,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"f9dc3c9b-456c-4510-9e52-54250ea8a254","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":145,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"511d7f91-a42f-4653-b424-49c73a5ea167","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":145,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"86616558-3641-44a3-8957-38dfe3648dbc","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"5abab97e-7c7b-4f50-a60b-55f39d1ad0cf","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"629a7be2-13c4-4338-818a-0d85b511a02a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"7ccf8632-f79f-49a4-b5f7-88829e4838f7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"7abb885f-8ba9-45a5-acd5-2f01a5c113b7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"b0ad89f1-408e-41cc-b313-4cfe039d1f81","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"043ed89c-9959-45f4-ac4d-a552ac446aa1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"570c695e-faf1-43dc-8613-1d0f5f93f4f8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":145,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"f8f3452a-f996-47f9-aba5-4460927a7314","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"3fec3596-0880-4904-b12c-1b71bc9cee1e","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"380ccbab-2774-4b65-9fdb-33f19608545f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"04ddc583-5f9c-4c0d-9b2c-2efb1a3d0788","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"aa9378ed-b598-4586-a009-0401ea20a53f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"bf30fe4f-2991-4f9c-9395-82392ad1823a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"ee6bb193-b739-4ce2-a366-3a369024f608","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"1d1294ed-4d00-4c5f-bec9-b29b9312e863","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":493,"width":808,"height":11}},{"id":"fb8419a0-b814-46f0-8c30-80ad3f8e8c99","block_type":"box","text":"may be up to the following amounts:","page_number":145,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"fb9addcd-4ee1-459d-bc7f-0c2bd150bd43","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"7cc00a3c-6899-430c-8900-e7ea777d7c34","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"39ff5ad6-aecc-4720-b436-cf7904540373","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"52c23ff9-28b1-49e5-abf1-8be0ef925683","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"7d54e58b-bd34-4b9a-b7f7-e443f87422b8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"18882f2e-134f-4864-a444-ce710cce7fe3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"2277bc43-e527-4aab-91eb-2e5f3bea7676","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":590,"width":768,"height":11}},{"id":"532cddb2-b2ca-4295-984b-8a3e49159088","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"0f0d6655-d32e-4be1-bcfb-c33b32e04896","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"428f9689-c844-414d-80e6-93cc8f8e918b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"83c8bfdb-26f5-47c3-a899-8c34d63103a3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"28cbb5a5-a680-47d6-aace-03731d1145c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":145,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"d813248a-6909-4898-bedd-34aabb7a2875","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"15ef72ee-28a4-4f9e-b564-48e1e3977f41","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":145,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"ed983ee5-810c-4fad-8c77-d0244d94e9cc","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":687,"width":778,"height":11}},{"id":"29b156cd-3791-4ef1-a366-11c9f6a3e1f9","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":702,"width":830,"height":12}},{"id":"fea17271-488e-44b5-a2d0-661ddb5d1a5a","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"414021b1-10e6-4f19-9784-9c5d3533e1ff","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"247abf5e-c5a3-4c9f-ba43-f80ba1847f80","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"1fceef8e-601d-4378-b7f6-08689be148ed","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"ded260b8-4540-43a5-a3ae-fb8d88882658","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"43040358-7dc3-473e-9694-85d144702e5f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"e21ce410-ab8c-48fa-8066-0b287d044b19","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"5e912882-dfb3-4437-bdc3-28078fa50718","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":799,"width":779,"height":11}},{"id":"0ea51704-3385-4008-87b4-b25b49c3f0d5","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":814,"width":780,"height":12}},{"id":"c45d846e-9975-42bc-9115-8348b19da09d","block_type":"box","text":"$250,000 and above . . . .","page_number":145,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"41cc2d85-34b5-49e6-9a1d-36a8720d21bb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"8fc20da1-c1b3-4151-8601-1fa2bb3c9b9b","block_type":"box","text":"II-102","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4c870efe-c76a-44cc-a2db-f1e837c427c1","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38a0389e-0278-4077-83b4-67f1260dd21e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"43928b42-ea25-409d-a5cf-46a2e461cc94","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":146,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"2a8567e4-8f61-4235-8e10-de76d417654a","block_type":"box","text":"the following amounts:","page_number":146,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"73d2d7f4-aabb-46af-acc0-7564903712cd","block_type":"box","text":"$100,000 and above . . . .","page_number":146,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"6d41a285-60cb-4903-a5d8-9d41bf67fa37","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"e3f3248d-47e9-4ce5-b1ef-9326b86d4e41","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"70bfccc8-44b5-445b-a7e4-281cc54eef19","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":146,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"f2529f12-c79f-4a14-a475-e98b6848f0a5","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"ecad7b86-b16e-43d2-b38d-988b237067c7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"ef6bb6df-adcd-4ed4-a71f-f2758fb7e86c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":146,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"8cd3e12a-10f2-4663-9cb2-376f87152815","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":146,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"e6f7821e-d316-4dba-8e72-a194992cee22","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":146,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"bc347321-03b9-44fa-86a8-f396edd07e58","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":146,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"47d417e1-0bf4-4ec9-9d24-b11b704e2013","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"921fee35-4fa1-4816-849d-520778fbfe80","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"89fccff2-4272-4782-805a-2199c5477131","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"00513d97-7e48-4dbf-81f3-61ae01f95026","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"6f79d286-4b94-4500-8677-4834c7929ad9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"7bcab440-5be5-4649-a52a-231556a81f52","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"e0be8416-b790-4f66-95cf-8c4eb673ed4b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"362cade8-709a-441f-bab6-dcfb22d967ba","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":146,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"9f7dc7d0-cf30-4327-83e0-6b6e08103cb5","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":146,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"0ed35514-f191-4957-8da4-63cafd680ffe","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":146,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"6c7c5406-63d4-4bd7-890b-75c9d605efcc","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"d6df6b59-bd2c-4232-ad45-e9949403f6f4","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"0d8cad60-a5c7-44ff-be21-583a4a8a0975","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"450126e6-189e-4815-bdda-0cca1fd057a6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"78b67acd-9375-4701-8b57-0ab6129147f4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"7894a046-d4af-41fa-84a3-aef9efbdfc84","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"41cc6233-dc69-4ec1-b7df-66c189463234","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"1ae9b879-fd4c-469e-9905-2a0871e29449","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":146,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"e97065a3-56c8-41f7-ac83-1b1b344e2729","block_type":"box","text":"®","page_number":146,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"313399a2-b86b-4a11-b6b8-46c52e91113b","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":146,"box":{"x":513,"y":463,"width":264,"height":10}},{"id":"9625d339-ca4b-4e15-8948-2c42236bc956","block_type":"box","text":"®","page_number":146,"box":{"x":778,"y":463,"width":6,"height":5}},{"id":"1fcf43cc-6f4f-4610-bba0-80aca11b1b7a","block_type":"box","text":"Index 2035","page_number":146,"box":{"x":791,"y":463,"width":79,"height":9}},{"id":"6f6bba37-d744-46fc-bd0d-0d495eea2216","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":478,"width":177,"height":11}},{"id":"1019821b-f39a-447a-9eab-d328338f9f4f","block_type":"box","text":"®","page_number":146,"box":{"x":249,"y":478,"width":6,"height":5}},{"id":"08aab092-1938-4924-af7f-39c0b591164c","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":478,"width":265,"height":11}},{"id":"90a88b26-03f3-4956-9ec0-15273a946b4b","block_type":"box","text":"®","page_number":146,"box":{"x":527,"y":478,"width":6,"height":5}},{"id":"f600a93a-5dcd-4af7-9845-a1fe751bdec5","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":146,"box":{"x":539,"y":478,"width":265,"height":11}},{"id":"38d45d24-7913-4755-be46-0c0326cf1adc","block_type":"box","text":"®","page_number":146,"box":{"x":805,"y":478,"width":6,"height":5}},{"id":"97f8e81c-081d-4b4d-9e6a-b5b18a88f4e3","block_type":"box","text":"Index 2050","page_number":146,"box":{"x":817,"y":478,"width":80,"height":9}},{"id":"5ae4e0c7-e357-4283-9d2d-22343c3dabae","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":493,"width":177,"height":11}},{"id":"9fbfd3bb-a822-49af-8185-d5cea09c5504","block_type":"box","text":"®","page_number":146,"box":{"x":248,"y":494,"width":6,"height":4}},{"id":"cb8059ab-86b4-4b93-973c-f561b06a4584","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":493,"width":263,"height":11}},{"id":"be18c39c-1734-42f8-afa3-dbac0c25c14c","block_type":"box","text":"®","page_number":146,"box":{"x":526,"y":494,"width":6,"height":4}},{"id":"4d102c06-2912-41cf-ac1d-d205aa3e2685","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":146,"box":{"x":538,"y":493,"width":264,"height":11}},{"id":"1426e5cd-c2ac-4297-9edd-c480a59ca787","block_type":"box","text":"®","page_number":146,"box":{"x":803,"y":494,"width":6,"height":4}},{"id":"4dd722c6-347d-49e3-9f76-4cf33db6ed5a","block_type":"box","text":"Index 2065","page_number":146,"box":{"x":815,"y":493,"width":80,"height":9}},{"id":"af108eaf-f4cd-489f-b2ac-30334a292cd1","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":508,"width":177,"height":11}},{"id":"8e488619-7a3c-49ec-a4d7-546443789c79","block_type":"box","text":"®","page_number":146,"box":{"x":248,"y":509,"width":6,"height":4}},{"id":"34dc070b-26bd-4abf-8855-19c69a29bf8f","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":146,"box":{"x":261,"y":508,"width":290,"height":9}},{"id":"5dc7a7a2-6168-430a-a67f-3c15bca5f7c2","block_type":"box","text":"®","page_number":146,"box":{"x":552,"y":509,"width":6,"height":4}},{"id":"d471c539-4506-4e64-8341-333e8aeb843e","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":146,"box":{"x":564,"y":508,"width":324,"height":11}},{"id":"6971752b-a45f-4927-bd90-9c6c619c1cce","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":523,"width":401,"height":12}},{"id":"36e04f49-d66e-43e4-8902-05b77be2cb18","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":146,"box":{"x":167,"y":550,"width":206,"height":12}},{"id":"6bb5ba24-fc7c-454c-a6c0-11911d7df95e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":380,"y":551,"width":443,"height":9}},{"id":"245ea7f0-ab85-4258-b1d1-2ac7bf935243","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":146,"box":{"x":101,"y":575,"width":657,"height":11}},{"id":"dde5dfc7-6906-46a8-95e5-0d35e0b15550","block_type":"box","text":"SM","page_number":146,"box":{"x":760,"y":575,"width":10,"height":5}},{"id":"099a6e00-e556-4ae5-a3e0-203219bdc81a","block_type":"box","text":", the placement","page_number":146,"box":{"x":773,"y":575,"width":110,"height":11}},{"id":"dd1d5189-db2d-46f1-9607-b50b8a57d7d9","block_type":"box","text":"fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":590,"width":294,"height":11}},{"id":"45b47f5d-8d81-486e-9caf-5e5807741709","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":146,"box":{"x":167,"y":617,"width":206,"height":11}},{"id":"573d1866-6ec5-4ea5-a8f5-1c30eebba5fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":380,"y":618,"width":443,"height":9}},{"id":"2aa04bb8-dfc8-4c34-ae6e-9c794ab626ed","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":642,"width":787,"height":11}},{"id":"db7b4c01-2d87-49ca-bf0f-2eb808bcbc4d","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":657,"width":808,"height":11}},{"id":"3e1472c1-23ec-4b87-a04a-c5536e11324b","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":146,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"c9971fcb-bd48-44a2-be82-c87de65b55b2","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":146,"box":{"x":102,"y":695,"width":740,"height":11}},{"id":"a4313031-26ec-4d0d-a294-da1ba0aa485f","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":146,"box":{"x":69,"y":709,"width":823,"height":12}},{"id":"ac6c7c97-40a5-40b5-ac8d-8811e4d3b180","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":146,"box":{"x":68,"y":724,"width":780,"height":12}},{"id":"3a796510-ef6a-48aa-9705-aeaa7915fcfd","block_type":"box","text":"$1 million).","page_number":146,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"abf1c993-93b9-4c2a-b92e-b47c66937423","block_type":"box","text":"Other.","page_number":146,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"7e4037d6-3793-4baa-92a1-fb8da763997c","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":146,"box":{"x":149,"y":763,"width":698,"height":11}},{"id":"869ce515-c2dc-4290-9e50-747b18b78a55","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":146,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"26e8a2d0-8f74-43b2-908f-549a999f0b81","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":146,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"cec13420-0d48-4fc9-b892-e096e3ae9317","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":146,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"65e56d9e-cd90-4ceb-b52b-95a3f8589de5","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":146,"box":{"x":68,"y":823,"width":773,"height":11}},{"id":"a9773221-671f-44df-a9ed-c13fc1a39243","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":146,"box":{"x":70,"y":839,"width":838,"height":11}},{"id":"4948a636-b81b-499f-a9e2-16804b7a38c3","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":146,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"8742fa76-6871-4427-bd74-1050b4db0f83","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":869,"width":836,"height":11}},{"id":"d3317888-2ede-43af-b1e1-49ba21da939c","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":884,"width":793,"height":11}},{"id":"ca968f7d-eae8-4c8b-af0b-1538ded18976","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":899,"width":811,"height":11}},{"id":"64516488-d40a-4cdc-82fb-98e47b824368","block_type":"box","text":"II-103","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ce4d3144-6aad-4a64-ab97-5738874c1f06","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"132ad7f5-0b0f-4007-9491-3d61c3ece147","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":147,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"2ec2fbc0-cfd3-4820-8417-5783c8597580","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":147,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"d7c9992c-5636-4511-ba55-eae3ff2d9e5a","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":147,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"61e2ef5e-d805-4d46-b507-428559b4de0b","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":147,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"018c180e-1fbf-4b7b-8d5f-ef862e3ed5b3","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":147,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"30e40c0a-f21b-4f7f-8fc2-9b580d2a7391","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":147,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"eb6105ac-f87e-49ce-a8db-9d8bbe568179","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":147,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"2b05d6b5-979d-42cf-bbee-6da6514cf284","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":147,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"d70511c9-a925-4169-96f0-6af9442a2dc9","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":147,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"ccbde3b3-6b48-432b-a978-36887745dc28","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":147,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"05788b60-e91b-463c-b1b8-b3b36936b19b","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":147,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"cc0568e2-2bc3-4d55-93b4-e4b4e408c439","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":147,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"c2677ec7-74bc-4317-b8a8-8375540ee8f0","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":147,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"db317074-80bf-479d-9967-e678d5c1f66d","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":147,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"487a08c0-6a93-431c-b106-3106819609a3","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":147,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"93d4d825-a9f0-4829-a6d5-aed15bf9ca7c","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":147,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"bb9989c4-3f56-4082-8d38-5e8a4077a067","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":147,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"b1e905c1-f5bc-4ca6-8fdc-8719e3548823","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":147,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"52072b36-9c02-43f5-a995-9512ff538e31","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":147,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"3e1ba61a-3ee9-47df-b392-5fe359d7d8f7","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":147,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"f6269bf9-11e6-4c0d-afb6-ddeb8b6e4c9f","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"3462c815-5886-4e16-bd0a-4fb9967c47d8","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":147,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"83e4e88e-2203-44c9-84c6-8e0362ec670f","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":147,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"a84d11cb-304d-439d-a9c3-c9ce420d8514","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":147,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"70fdaf2a-544c-46b5-a6fa-a1af616fedd4","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":147,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"3bdf8a8e-02b3-45a1-bde9-0cf457160fe1","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":147,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"5bf86a7c-d75b-4a36-90b7-2fec7fade08d","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":147,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"3ae56763-2c7f-4ffa-9ad7-51252460696c","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"c19eaa1b-509c-4f0d-9161-63c10d9df248","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":147,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"314063c2-261b-4e01-bb6b-b73ba7eaf722","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":147,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"e1e2987c-0296-4a4b-b91e-7def39e90619","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":147,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"833a8bb9-40bd-47b6-b7c0-97c7896551ff","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":521,"width":837,"height":11}},{"id":"f0913dee-6de2-46d3-93ef-8e779c2aea92","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":536,"width":790,"height":11}},{"id":"b52a25e4-bed8-4b88-a777-3796b510b50f","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":551,"width":736,"height":11}},{"id":"11de4c99-b9d5-46a5-9d70-d13262111f44","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":574,"width":763,"height":11}},{"id":"69cc12e6-21d6-4ed2-99d6-b6011397aefa","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":589,"width":782,"height":11}},{"id":"a26db723-1829-4b19-88cc-5a87bd24031b","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":604,"width":832,"height":11}},{"id":"ac422513-45d0-4345-ab2d-b9668e9252a1","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":618,"width":839,"height":12}},{"id":"c3a70e98-4201-4ae7-8d61-adcb1900620a","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":634,"width":817,"height":12}},{"id":"137e277c-3d19-41ab-ace3-07fef1835796","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":649,"width":811,"height":12}},{"id":"a033596e-b97b-400d-97a8-82341f7d6ce8","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":664,"width":818,"height":12}},{"id":"dedc829d-b8c7-421a-8c99-ffc72eadd712","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":680,"width":836,"height":11}},{"id":"d1d95414-fded-4bc9-b08b-9017efd93780","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":695,"width":830,"height":11}},{"id":"a8d43489-b0ed-45bb-8212-c468cc6ff0e4","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":710,"width":778,"height":11}},{"id":"4e081328-0c14-4fd6-a25e-1151da851dcb","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":147,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"d081210c-1ae5-4cf0-abf6-5b4d98730a76","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":748,"width":788,"height":11}},{"id":"53b2e535-c136-4668-ac6a-48edd6b8b16f","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":763,"width":819,"height":11}},{"id":"9335e1f4-d715-432d-9212-14606c8b8e8f","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":778,"width":820,"height":11}},{"id":"bbc4d1d3-f4b5-46ba-b864-e1139d715413","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":793,"width":837,"height":11}},{"id":"5fb99c8e-eb10-40c2-82f8-440607c1d4ef","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":808,"width":812,"height":11}},{"id":"5e4279da-3f1f-4e37-b92e-8e3cbd35277e","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":823,"width":803,"height":11}},{"id":"9d0a8043-2509-4874-bc0f-7071f0ae0f79","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":838,"width":772,"height":12}},{"id":"06ced1ba-2203-4262-805e-f9475c6faf73","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":853,"width":835,"height":12}},{"id":"1b6679f4-1319-4b81-8b68-c9e69cc128cb","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":869,"width":814,"height":11}},{"id":"07f24d7d-5074-49f6-91b3-170c256904a7","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":884,"width":772,"height":11}},{"id":"245b3a2c-37cb-4812-9d42-d9a7c6f63f89","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":899,"width":805,"height":11}},{"id":"8c607bcc-aca0-43d2-8b17-d2adfd6e7430","block_type":"box","text":"II-104","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f20897f5-6be8-493b-aa88-afd885c456e4","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ec9af19-288d-4c30-91e3-c23831beca88","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":148,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"700a6b20-0a8e-4353-a027-6cc4106dde8c","block_type":"box","text":"the absolute discretion of a Fund.","page_number":148,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"67cb51fa-3bf3-4ab5-9649-69ffdb2b2b30","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":148,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"4200a9d9-9fa2-4f8f-b5e8-fb4e3b2d2f38","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":148,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"bde6e887-c360-4cf0-9003-fcbac9f7b349","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":148,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"7b1ed5bc-e6f6-4499-811e-aafa9c5a3926","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":148,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"cb61c43d-406f-459a-9478-c40dfcfff4f1","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":148,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"1977b9be-3139-4583-9670-05b4b7d087c8","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":148,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"446c0425-1a3c-4903-942f-c5e699265ebc","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":148,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"e4d50ee9-31e2-4dbb-9df3-9cfe09fd6bf9","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":148,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"7c8bd049-9ad4-4dac-b6f3-2a0f97e68a06","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":148,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"0434db59-859c-4804-9a7f-564b10801a6d","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":148,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"079576f1-3fe8-406d-bb84-25494f6e5a12","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"c518d688-e854-4730-9e36-9314ebf34f89","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":148,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"c44a1c14-9f8a-403f-b5ea-b6e1f4f10d06","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":148,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"cbb17e41-98b6-41ff-a21a-06035c81f732","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"4236efbf-c29b-4c55-85d2-21c8ef0da9d4","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":148,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"c240e60f-ff17-43ee-8466-cc394de68227","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":148,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"86f231c2-4f24-45e2-a0fe-e6dff287ac43","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":148,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"309b94d5-5e84-46be-922e-2d52d1b81ba3","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":148,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"8a1969e0-3a1d-4d3b-83ee-cf6efdd53f4c","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":148,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"05f9968b-3203-4df2-9cfd-96f43b3f8c09","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":148,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"c2b4f107-9a05-4da4-8482-178caf01a40b","block_type":"box","text":"public or private investment company.","page_number":148,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"9f887a44-d2bd-404f-899b-9c75dd79f6a2","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":148,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"cb5c71c6-685e-446f-9695-4edc13dc259d","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":148,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"88946966-6f56-495d-b32e-f4c0666fd956","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":148,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"11ccc4b9-d4bb-40f4-a23c-0e917d946ccc","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":148,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"bd487353-a5ee-4cd5-8f3e-690bd655b7ab","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":148,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"aac63894-2f53-473a-b0c5-69a83622dd56","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":491,"width":799,"height":11}},{"id":"9be865f1-c0fc-4de1-bee8-19698b4bc56e","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":506,"width":828,"height":11}},{"id":"4384496a-d1d8-4642-837d-fae6922d9b37","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":520,"width":778,"height":12}},{"id":"04e5428b-0370-418a-a35b-0df713a681e3","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":536,"width":826,"height":11}},{"id":"bcab4897-ca6e-445b-b3fe-45c134be7384","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":148,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"de678bc0-9fd0-41f4-af20-7d5b1e82596a","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":574,"width":789,"height":11}},{"id":"fc6b9583-b96a-4fd8-b34e-414835bf7b2b","block_type":"box","text":"intermediary associated with the account.","page_number":148,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"c389a1e3-11ee-4451-a728-42d841926d28","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":612,"width":669,"height":11}},{"id":"b6039396-19f5-444b-8c16-498ca24cf683","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":634,"width":763,"height":12}},{"id":"3cb67a48-081f-419b-b1ac-89906bdcf1d4","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":649,"width":815,"height":12}},{"id":"6d4db688-b919-4848-9ed7-42c0dda1008e","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":664,"width":813,"height":12}},{"id":"e1a00a9b-3f75-4ffe-86e5-57c9022afe75","block_type":"box","text":"CDSC shares.","page_number":148,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"f39bf504-8476-49b5-bab6-d7b8376ca795","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":702,"width":804,"height":12}},{"id":"2fbc0a86-368e-4ce5-8c39-5fb9cf4e7ba5","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":717,"width":827,"height":11}},{"id":"c84480ec-8e6d-404a-a8d2-1b1c8afd702e","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":732,"width":786,"height":12}},{"id":"9d5cdffd-a89b-4be2-b55a-887fb093e51d","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":748,"width":831,"height":11}},{"id":"48f4c991-95cb-4b90-a59d-d2966ccf7baf","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":763,"width":809,"height":11}},{"id":"398e9199-24ed-4e37-b2f7-1d26fa489e22","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":778,"width":824,"height":11}},{"id":"b0d6197f-2720-4662-80bc-83ae03452c32","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":793,"width":822,"height":11}},{"id":"6eea6a04-4136-4839-b496-d5d3f0007be1","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":148,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"571669e6-6b8a-41db-847b-389f368c47ba","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":831,"width":782,"height":11}},{"id":"41932c0e-cbe0-4321-8c0f-423c53e32b22","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":846,"width":764,"height":11}},{"id":"e6fd2aa6-914d-4f1d-a2ea-75b8d52d1d28","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":861,"width":820,"height":11}},{"id":"ab71b294-9827-45be-8b78-21f330bae8e6","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":876,"width":806,"height":11}},{"id":"8c60b981-4cb5-4cbe-98c8-fe5b6cbbc950","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":891,"width":813,"height":11}},{"id":"3fc04598-2216-4f9b-ab5a-32ae41ffdeaf","block_type":"box","text":"II-105","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"31ccb004-76a1-4c57-a5f1-2f9aa061c0c7","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e5f3019-b9cd-4d90-8e22-5ddc59b2855e","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":149,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"b680f492-d8f4-4951-8813-1452713a5bc2","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"3dd579cd-891c-4f4d-becd-f350b8e82375","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":149,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"32d36aaf-5be3-4159-a5e0-5c9a5045e377","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":149,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"09c4ade3-04cb-457d-91cd-e35a767992df","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":149,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"f97d95d4-dfec-4b73-8847-59b4bacf5cbd","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":149,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"4f00e00f-4617-4b88-bc37-37827b25b13f","block_type":"box","text":"Investor A Shares.","page_number":149,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"d4c50804-bd34-44c2-8726-0b9c8d42722c","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":149,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"23f615ad-4587-43a0-bc5e-e0d239658e63","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":149,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"d91da43a-adba-4ad4-a42e-4133a16b0205","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":149,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"fbebb7b2-5852-4140-b3c7-d19c9c4ba75c","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":149,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"10d69d1d-2328-45eb-95b2-eb5f66044831","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":149,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"0feccf8e-3771-4c78-b1a2-b76bf1bf3644","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":149,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"35ee7ae1-ec2f-4d96-9cd8-47215e52cbac","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":149,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"942c872d-b523-4c4f-a923-f620c4eab085","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":149,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"78b38779-825e-47b2-a644-dfa1accbb987","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":149,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"2e2e5c57-f0ba-458b-a695-318fa90fa13e","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":149,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"c5d94990-59ab-4da8-953b-45d4ccc8d0f2","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":149,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"4abeb8e5-b5e9-4666-86ff-7d64a19a93fa","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":149,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"cae8b443-c991-42b3-83be-2161b8d8beff","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":149,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"c3db4cd7-e611-4cc6-90fd-b9267d97c731","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":149,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"b4de8848-5555-4a87-b507-6ea55aa989c9","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":149,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"692377cd-509d-4242-bf05-125bedbf04f1","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":149,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"0aa1c972-3205-4071-aae7-b7f6719dbf16","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":149,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"432d3770-404a-46ec-ac0d-22dc8be45fbd","block_type":"box","text":"“Investor C Conversions”).","page_number":149,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"dab6a80b-86c0-40b2-bd56-b79a7ed0e4a2","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":460,"width":776,"height":11}},{"id":"e602649a-c0bf-41d0-a762-361edb04d5de","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":475,"width":824,"height":11}},{"id":"3a07e189-25bd-488d-8f1a-a284dd30ac91","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":491,"width":827,"height":11}},{"id":"ccd161bf-952c-40fb-8d09-ef89b00c8499","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":506,"width":833,"height":11}},{"id":"13b4d2be-dc8f-4c6b-8b6a-4cdbd78cf01b","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":521,"width":818,"height":11}},{"id":"b250a76a-b8ce-4f63-9c44-e467cdde1960","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":536,"width":836,"height":11}},{"id":"adf6b973-ba98-451a-a9ba-1f74c221f0c7","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":149,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"6e000cfe-6b45-4ff3-a26c-ded0e9c12b3d","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":149,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"8da7b9f5-6d76-49d6-b145-f085a2a32a26","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":596,"width":804,"height":12}},{"id":"7be5e7f0-cec0-4f37-9b26-b4cd1bcfb7c4","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":612,"width":826,"height":11}},{"id":"484e809d-dd1b-4bf7-8e3b-15de03cb865c","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":627,"width":837,"height":11}},{"id":"a5809cf2-6e93-4128-bee6-fef02992684e","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":642,"width":795,"height":11}},{"id":"3b4a9bf1-2e69-4771-9e23-7e4f2596ea0c","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":657,"width":840,"height":11}},{"id":"0608dcaf-87f0-40a6-9885-63b679d16b08","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":672,"width":804,"height":11}},{"id":"203a9c6d-ff03-46d7-9314-085096ace188","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":687,"width":772,"height":11}},{"id":"42047d56-0b2c-4485-9c3b-92c6f09d1883","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":702,"width":790,"height":12}},{"id":"42f6cac7-64e2-4d39-91dc-622ea6c11213","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":717,"width":776,"height":9}},{"id":"23c2c953-e7b9-4e95-b0cf-1e043408e5a1","block_type":"box","text":"redemption.","page_number":149,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"9680ba25-5281-4ac7-bd2e-84392ea3fcd3","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":755,"width":734,"height":11}},{"id":"6f89608f-8a7b-4cef-85ea-7c53e4dc1ac0","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":770,"width":769,"height":11}},{"id":"94f4df3a-2c20-43a0-bb46-b624e83afd7d","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":149,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"ac7c24ca-cfeb-4469-901e-b7a0309f1664","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":816,"width":740,"height":11}},{"id":"63714e15-af2a-4b02-a1ea-f205800a1a9b","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":831,"width":802,"height":11}},{"id":"59587862-ad88-4331-b271-9220900a9013","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":846,"width":786,"height":11}},{"id":"24249a10-5d9e-4c1d-9298-5e9825d3f7a9","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":861,"width":797,"height":11}},{"id":"ce2c93ec-07c9-4b89-a9cb-1f0369461e18","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":876,"width":776,"height":11}},{"id":"044f8a3d-b38c-4b3e-af8f-14b45a84e39e","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":891,"width":747,"height":11}},{"id":"5ad58021-99e8-43d3-a853-a4da58e4dc83","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":906,"width":822,"height":12}},{"id":"a650df69-3c09-4144-9cfc-29b115215547","block_type":"box","text":"II-106","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7ea07c98-ccf3-408a-bd3a-0fdef5beae54","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b021e888-e0d0-446d-88b0-d328e5ab8916","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":150,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"dc97407a-0ffc-47f9-bf2d-efc4229559ef","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":150,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"eaf988a2-86d3-4e94-b19c-be3112bdfea4","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":150,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"5ed53f9b-4462-4077-8c27-47e6d4bf2726","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":150,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"493660f0-d199-4515-ae4d-8da62942e572","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":150,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"11a8472f-d871-4d27-b296-30954fa604c6","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":150,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"144e4d13-2eb2-4312-9008-5c5707cb14c2","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":150,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"74818fd2-ff01-4be9-8e6e-c75a0f82efe3","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":150,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"a4e8dfb7-d32f-4e2a-98d2-8053a4a20219","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":150,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"d3db336b-e0da-4d3f-b17f-253d7d838f20","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":150,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"4b047e03-e87f-4183-a1c7-179ab585db12","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":150,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"fe1aa3c0-a567-4111-a79e-c0c389444928","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"74019145-a814-4bb9-abda-a0c407342bf0","block_type":"box","text":"Class R Shares","page_number":150,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"ea64e175-0a20-42da-86aa-7ee70549fb47","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":150,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"df7fb183-8932-42b2-97ae-d70cdc97fcd2","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":150,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"e2d4c28b-da9c-4d6c-84c3-5aea70bb9109","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":150,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"fce624b1-85a9-48f1-97ab-37fd054ad1c3","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":150,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"32133a00-4b5f-479b-9242-10dbd8c4801d","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":150,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"feadcc60-5385-44a3-bd00-dc5bb4a61393","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":150,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"30a0c434-6f6e-445d-8b1f-fefc2fb4eccd","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":150,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"5cc1c726-653a-4d44-a11c-944865060122","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":150,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"b7fd551d-4970-40e6-b24e-c5ebd6ff4546","block_type":"box","text":"Class K Shares","page_number":150,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"81b69c10-4418-46f6-9083-a9befc591a9b","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":438,"width":797,"height":11}},{"id":"f16d3a15-430e-4ef1-8be8-0151943f35b5","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":453,"width":772,"height":11}},{"id":"cbe91c7b-9d37-4515-a314-6dfebf1aa0ee","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":468,"width":827,"height":11}},{"id":"00929ace-9ddf-4da0-a80d-3f7fbce7c6e4","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":483,"width":817,"height":11}},{"id":"427e011e-91e1-455b-a7a8-593746e05aec","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":498,"width":834,"height":11}},{"id":"3cb00211-c3b0-4d1e-818b-863ba6c694b5","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":514,"width":748,"height":10}},{"id":"8e79f7bc-bf76-403e-b324-1ef6e28b0e07","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":528,"width":828,"height":12}},{"id":"c1c9bd9b-dcf6-4afa-8482-ed5bf0a47cb4","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":543,"width":760,"height":12}},{"id":"c0f027a1-e7fe-403d-8c54-6c24013465eb","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":559,"width":823,"height":11}},{"id":"8f68e920-4be7-4753-a6fd-ff35d13dc409","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":574,"width":836,"height":11}},{"id":"b91abba6-1552-4e92-806f-61261e10b5ee","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":589,"width":814,"height":11}},{"id":"4b7ba836-9f42-4c55-96f9-8fe90b4f5c84","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":604,"width":817,"height":11}},{"id":"b096f3f1-7413-458b-bd81-e0736bbbeaa6","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":619,"width":823,"height":11}},{"id":"23c33e56-e33e-4b60-888e-83f45f1f5f42","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":634,"width":818,"height":12}},{"id":"c695bbcb-4c73-4f86-a419-5003e09e0fb0","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":649,"width":833,"height":12}},{"id":"3823ec35-1e05-4414-9077-857d9b7ac273","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":664,"width":807,"height":12}},{"id":"0b8c50d4-d5f3-47a5-9211-7f07b9af65c2","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":680,"width":817,"height":11}},{"id":"1e91d241-8884-4e44-b8f6-0f4c17d8db31","block_type":"box","text":"distribution and marketing agreement.","page_number":150,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"c8848674-f88a-4c6e-b6d1-af63081c2984","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":717,"width":734,"height":12}},{"id":"8b6d3b5c-41a5-4b95-abf8-ff159774997f","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":732,"width":817,"height":12}},{"id":"20080673-612f-4c91-b873-66e68faed8e1","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":748,"width":753,"height":11}},{"id":"d28a9d01-c825-48f2-b259-045479b3644f","block_type":"box","text":"Class G Shares","page_number":150,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"f414fc94-379e-40d0-ae7b-bdf3ff0f422a","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":801,"width":804,"height":11}},{"id":"74e0dd3b-af20-4588-800f-c77d96804d76","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":816,"width":826,"height":11}},{"id":"14032fd9-2b6b-4f26-922b-f2f106c2d9e4","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":830,"width":836,"height":12}},{"id":"e369aeb8-fb84-47a5-871d-edf51816ed4d","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":846,"width":803,"height":11}},{"id":"0404141c-f2b6-4398-969b-123d1e03d2cc","block_type":"box","text":"eligibility requirements.","page_number":150,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"20331de8-2773-47e9-9809-9597490c16bc","block_type":"box","text":"II-107","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e8c00e18-9be7-4be1-a37e-0a121ae76797","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ef6cc8e-d6c3-4aa3-928f-253909701c33","block_type":"box","text":"Service Shares","page_number":151,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"51436fef-ccaf-4df2-8eb1-55bbc08ba5c5","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":151,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"ffb2210c-75ee-49af-87a7-f96c0df682c0","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":151,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"95739ee0-0e0d-4059-b52a-39c20b975982","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":151,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"e05c9ce3-9d81-42ed-9196-fe1605c98226","block_type":"box","text":"®","page_number":151,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"1d0c294c-0b34-447a-bd42-69671d99521e","block_type":"box","text":"Fund in 1996; and","page_number":151,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"10908b72-aa02-4387-b16f-50ac25e0a792","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":151,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"cb1e5323-a4ec-4b16-aa16-47e70b38c3c7","block_type":"box","text":"SM","page_number":151,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"606dffd3-d74c-49d5-8785-669a20a203d1","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":151,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"3ff696bf-d3ff-496f-bcf4-e8d694e9bf87","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":151,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"0d548157-7d09-4eb5-8866-e28eaf3c37a0","block_type":"box","text":"BlackRock Shares","page_number":151,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"45f31332-f10d-4797-9605-990026ccfc92","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":151,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"70ec431b-40ef-44a6-9b32-9c7e2022e7a0","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":151,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"3148a60e-3cc4-40de-8b7c-3c8b95d7738d","block_type":"box","text":"fee-based programs.","page_number":151,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"a9d545b0-b8f2-4f50-b5b3-91bfd982987d","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":151,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"0b8123cb-c3b8-4908-89bd-131d75a0efbd","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":151,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"ac0cec70-1255-462f-9e0a-e3e7b98453f4","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":151,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"e8ed8b5a-559f-491d-8f1d-dad57af4b461","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":151,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"6ad2870f-6b64-4950-9f9c-7a1dd325f6e0","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":151,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"0e34c802-b4f3-4a7e-9b64-c8be28547e6c","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":151,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"5daeefc1-ac4d-40e6-b8fa-93c1c55dd71d","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":151,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"105f2b40-026e-45fd-aa36-fbc37d54fc90","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":151,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"d757d9ff-13dc-43d4-97cf-92c0b048c8ad","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":151,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"a1924deb-f850-4db7-ac02-3449be57356f","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":151,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"4b6e6d95-f865-4603-aaf7-48e1821f30d0","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":151,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"728da120-732a-415d-ac92-b3c9b993d54d","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":151,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"fc44d0dc-f2bd-4310-81d7-860d9cc33ad9","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":453,"width":727,"height":11}},{"id":"1471cf9e-a7b2-4d30-b1c8-41e3bc0c9d73","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":151,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"278d4785-9409-4c87-9b66-cc37eea3a3c9","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":483,"width":813,"height":11}},{"id":"a2a5ad01-71fd-4d8c-b05d-b722ad698e14","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":498,"width":809,"height":11}},{"id":"bd01efa7-e1de-4e72-ba53-df72d25514c2","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":513,"width":786,"height":11}},{"id":"f3474af3-68bc-489f-8d45-c42af6a3988a","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":528,"width":789,"height":12}},{"id":"dca2e987-c15d-4646-b002-651831905e62","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":151,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"59eea5d8-9e93-4cef-90d4-bce65c281b07","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":566,"width":798,"height":11}},{"id":"52a978d7-64e2-48b3-b1a9-2ced81c57414","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":581,"width":808,"height":12}},{"id":"35190a5f-63ca-40ae-a3d6-a2381e61337a","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":596,"width":776,"height":12}},{"id":"62eb6011-b3da-4714-a0a0-0894b7c45606","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":612,"width":835,"height":11}},{"id":"4d471acd-b814-4603-83ed-341e8ebe8120","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":627,"width":791,"height":11}},{"id":"753cf481-3132-440d-aee0-0925fa2f5979","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":642,"width":813,"height":11}},{"id":"dc6efabd-72cd-4d3a-ae05-4627ba370d44","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":657,"width":501,"height":11}},{"id":"90a1bd72-375f-420f-a81c-6a3d1f900b59","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":680,"width":783,"height":11}},{"id":"90ac3860-7f8d-44cb-83e2-9a60ca953fe2","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":695,"width":810,"height":11}},{"id":"0c4f86ee-4ac3-4bb3-9a07-55961706013a","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":710,"width":813,"height":11}},{"id":"b86dc6f8-9de3-401c-bb39-c47dca7a3f48","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":725,"width":836,"height":11}},{"id":"577b1c04-4306-4da7-9e83-78ab4f0a89eb","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":740,"width":805,"height":11}},{"id":"d8153d65-2f2d-4025-abd8-42ea2d365e1f","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":755,"width":832,"height":11}},{"id":"a499e570-3879-44fc-a4f9-bf350dcb489e","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":770,"width":803,"height":12}},{"id":"7a3e5ca2-86cf-4838-91c3-534919fd4f09","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":151,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"00e1cf88-39e8-49de-96f6-cf7a458e5edd","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":801,"width":798,"height":11}},{"id":"c5832231-b6fc-4e62-bb14-9a8033d65d14","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":816,"width":755,"height":11}},{"id":"66b656db-b833-4dbd-9884-000b07b206ec","block_type":"box","text":"compensation for selling different classes of shares.","page_number":151,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"98ba40c2-c913-404a-9742-dc622118225d","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":853,"width":803,"height":12}},{"id":"6d18bcb8-ed9a-451b-b33e-156ed6b240d5","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":869,"width":839,"height":11}},{"id":"8b1fbd86-7567-496c-977a-1e9596ee107f","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":884,"width":788,"height":11}},{"id":"3bdbba7e-687b-4307-af6f-4ed488ae2e3a","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":899,"width":818,"height":9}},{"id":"752b4693-0799-4012-bba4-053f8836028a","block_type":"box","text":"II-108","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5472fe5d-a8ef-4c63-ba34-781f390ff832","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4f3d495-a6f7-49d5-be3e-2bb44d59f1a7","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":152,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"555f36aa-881e-4d46-8594-86e919543067","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":152,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"a5c775cd-1abc-4fd5-bda2-3beab34a733d","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":152,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"df17e52c-13df-4bd7-8c0d-71a548f19b0b","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":152,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"bb97f996-86b1-460d-9950-73c0f86beaa6","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":152,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"431a4063-db26-45c2-a8e8-dd2837506fa6","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":152,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"fdd1ff7e-465d-4420-a0ea-18dce50865a9","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":152,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"83d6519f-3b22-47de-b660-cebb511065f4","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":152,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"919640bf-bb6d-43f1-8665-f227a10b298c","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":152,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"3b7b8643-1762-4a99-9c3d-6fb0ad5a70c8","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":152,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"d7da9446-cb04-41c2-ba4b-1aa42e2ec9e6","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":152,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"86161c40-95f1-48e4-8f70-ef8e3790b17f","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":152,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"0ae86dbb-f906-477c-a04f-d3e782055b9d","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":152,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"da6135d8-2357-4146-874b-d3f34513fda6","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":152,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"306a27a0-073d-4ccf-85bf-3aebd2248ff9","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":152,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"d6f137f3-7c91-460a-8049-14e8fd199073","block_type":"box","text":"easily accessible place.","page_number":152,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"2c8ae116-88de-4e0c-90fc-edaeffd84f4e","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":152,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"f23ff201-6d14-48bb-a059-9ae4bd42a906","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":152,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"4a204ac3-ebb6-4579-b114-0cb1b7d0f187","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":152,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"2ac53357-e231-43d5-a78b-a553f4fbffcf","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":152,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"661cbf0e-6c3d-4792-9324-07073b92665b","block_type":"box","text":"fiscal year.","page_number":152,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"31e58653-6969-472d-9b86-4ec1a66e0022","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":152,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"8dc01765-3873-4f39-bcd2-f104441b597a","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":152,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"1bfe0aa8-3e81-4f01-b183-8ed7452f6c1e","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":152,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"cef02319-58db-4826-9878-506974d95962","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":152,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"630a426a-1e22-43c1-813e-dafe1623c8ac","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":460,"width":778,"height":12}},{"id":"0d4c0400-aad3-4ef5-acb0-b9cdc2596da8","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":475,"width":840,"height":12}},{"id":"54fd12f4-6191-419d-aaf0-353a5eed9b05","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":152,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"1b7d13b3-5019-4046-913a-64bba2976f4f","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":506,"width":794,"height":11}},{"id":"0b579530-ad0a-428f-bdbc-391a1f907939","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":521,"width":839,"height":11}},{"id":"737a919e-7e98-422c-91cc-dd2672f0fd9f","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":536,"width":824,"height":11}},{"id":"8220d558-2551-45a8-897a-0646f4d26a92","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":551,"width":839,"height":11}},{"id":"1048ec29-057a-4217-bb5c-6e3311486702","block_type":"box","text":"and Class R Shares of your Fund.","page_number":152,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"aadc0181-c446-455f-8ea8-b4f01f52fcf5","block_type":"box","text":"Other Payments by the Fund","page_number":152,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"a3f489c3-f124-4205-92d0-0b55e7c8ad20","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":619,"width":800,"height":11}},{"id":"999639d4-3675-47cb-8998-ba57de52b1d5","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":634,"width":816,"height":12}},{"id":"89247776-788b-4459-ad41-3a8db991e223","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":649,"width":794,"height":12}},{"id":"de9c01e7-a74d-44bc-b6fd-56bccc402790","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":664,"width":792,"height":12}},{"id":"480ae7ba-9b3c-4aea-ac0d-4fb7028701f3","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":680,"width":841,"height":11}},{"id":"459bbb2a-bbc0-48fe-a29d-4e8bc171664f","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":695,"width":831,"height":11}},{"id":"84379beb-a4cb-4657-ac9b-ea4f57be2d26","block_type":"box","text":"of these payments may be substantial.","page_number":152,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"555fec15-d4a6-4fee-be17-9a7785d48af5","block_type":"box","text":"Additional Payments by BlackRock","page_number":152,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"625975ed-5d14-465d-ba52-a8468233ab8d","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":763,"width":803,"height":11}},{"id":"95952083-7c8d-4c48-83f7-b67f896018b4","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":778,"width":823,"height":11}},{"id":"8833ff72-bb83-4987-afe0-b749875f225e","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":793,"width":768,"height":11}},{"id":"bea3b883-5106-42c3-bc20-6fb3b5612eaf","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":808,"width":830,"height":11}},{"id":"e125d78e-9eb0-4fd6-aeb6-33aeb6000245","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":823,"width":599,"height":11}},{"id":"0e071b1f-57b7-465b-b4d6-c41146bd691e","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":846,"width":776,"height":11}},{"id":"56dc6d4e-1f54-43af-858f-ae678c271d79","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":861,"width":832,"height":11}},{"id":"3aecd98a-7645-4e51-9942-17f16ac0e51e","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":876,"width":833,"height":11}},{"id":"4dea9e5a-7086-4592-bebe-d5cbe881c40a","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":891,"width":802,"height":11}},{"id":"b940faf3-2caa-44c0-8434-4564217747cd","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":906,"width":802,"height":12}},{"id":"1e44effa-56b3-45e9-b546-3eec2cdb5e33","block_type":"box","text":"II-109","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a13f0216-d3f3-4d8f-9471-efaa2b07e2e3","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a838fe9c-ec4e-40af-a1a3-c5eb6c5aab24","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":153,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"3620a7d5-b845-42ac-95ea-71a753d51331","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":153,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"3ff9ab93-48cd-481c-8e3e-eec61739bbbf","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":153,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"8ed9f035-6dd4-4f6e-b9f0-b45d9d6674f8","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":153,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"eb0ce6bb-35b8-4139-9cbe-db0d8ce5e87d","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":153,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"0be4eb2e-8ff4-4918-9303-bba32513018b","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":153,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"9ac0de85-8396-4074-911f-9a9b4728dee3","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":153,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"20d8e7ce-657b-4948-b03b-d268408bba5c","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":153,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"e42a651d-ca9f-414b-953d-b8d31676c94b","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":153,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"b2a0f543-9df0-4e13-8d4f-166d61d31648","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":153,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"9083ab73-0929-462f-9393-45143443ba25","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":153,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"7aacf6dd-a34c-4b0b-ab4a-9b42f8cbd954","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":153,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"b1c16876-12d2-4a19-853a-6adc29b149f0","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":153,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"47f6b815-3fc3-42e6-99f8-53a112a2cafd","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":153,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"190ea9cb-04c2-486f-9dd3-a003771539f5","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":153,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"32437fec-cb84-4bc5-9d8c-d855bf7cf910","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":153,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"1dd4d05e-a889-4d3d-95ff-03e9e5ba1ea7","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":153,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"d6c66364-018f-4bea-b100-47410f2ddb67","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":153,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"8e1b9d8c-7353-4d98-8bc9-c1487a995be7","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":153,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"992efbbc-3f9c-4cad-8f53-4d7563b6764f","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":153,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"9f05814b-c5a5-4697-ad41-5001ff4c4820","block_type":"box","text":"Funds.","page_number":153,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"a9732219-00fe-4b33-bd36-a39790689a6d","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":153,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"0736d94e-f7d5-4b70-adaf-dca512a7152b","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":153,"box":{"x":101,"y":415,"width":740,"height":11}},{"id":"a797a516-2e00-4eb0-ae53-379bcb3c9fa4","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":153,"box":{"x":70,"y":430,"width":764,"height":11}},{"id":"9f164734-42fa-4813-b8e5-599a875a5452","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":153,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"3e1b474c-91e3-47bb-b35c-92e4cabed42d","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":460,"width":742,"height":12}},{"id":"3845e5dd-6a9c-4ebb-9bc3-95a26894b126","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":475,"width":820,"height":12}},{"id":"7e198b7a-cd28-4ad8-a3d5-b4ec5c55e0b8","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":491,"width":829,"height":11}},{"id":"6d277a8b-4839-477c-a6ae-4bdaaa5dc0de","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":506,"width":830,"height":11}},{"id":"f7e2c640-f9e6-47ee-a328-3bfe51d1de89","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":521,"width":803,"height":11}},{"id":"0788a1e1-5ffc-4901-a324-3c81561efb3b","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":153,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"ebde95ae-34ff-4cf5-ada4-36bde981a449","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":551,"width":823,"height":11}},{"id":"f6598d5c-056d-47d5-b240-f945ae66a7ad","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":566,"width":805,"height":11}},{"id":"c26ea0a3-b07a-47d1-b4b7-f37ebc162fa8","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":581,"width":828,"height":12}},{"id":"6d545a62-446f-4f56-bbfd-b2d74cb456da","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":153,"box":{"x":69,"y":596,"width":523,"height":12}},{"id":"0b006b44-7aac-41f0-bc1a-3a05833bd25d","block_type":"box","text":"B. Shareholder Services","page_number":153,"box":{"x":102,"y":619,"width":172,"height":9}},{"id":"4835cb9e-0ecc-413b-a9cd-b0bd9c305daa","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":642,"width":754,"height":11}},{"id":"998e2a60-cad8-44c7-861c-0577bc60080d","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":657,"width":830,"height":11}},{"id":"bf2015bc-bf97-4199-b70a-de28c9f823c7","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":672,"width":823,"height":11}},{"id":"c0692084-bb0a-4c3c-8824-e844ad1c63ed","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":687,"width":839,"height":11}},{"id":"4c9291fa-b6c9-46da-93e9-72daa2cea0b6","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":702,"width":796,"height":12}},{"id":"f9872a62-a8ac-43e7-b523-5b51d87c76b1","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":153,"box":{"x":69,"y":718,"width":837,"height":11}},{"id":"2a0ed9b9-5946-49f7-b433-bb3d8609cb19","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":732,"width":828,"height":12}},{"id":"4e122157-2c13-4ef8-a9ca-bf5d90ffdd1f","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":748,"width":827,"height":11}},{"id":"81ea41e7-ab80-4a70-b1e5-01447003835d","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":153,"box":{"x":70,"y":763,"width":328,"height":11}},{"id":"bb9ec050-3b88-4ecb-8aff-c526afd36819","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":153,"box":{"x":102,"y":786,"width":299,"height":11}},{"id":"3b894162-d4b5-4abe-ae7d-04a445e75c7e","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":808,"width":805,"height":11}},{"id":"e785b2c8-f9dd-49f7-a6a6-c6ace9670c37","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":823,"width":788,"height":12}},{"id":"1d5aa1a7-15c5-4ef4-be3d-f4b931219670","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":838,"width":821,"height":12}},{"id":"3b6f0279-4733-411a-b22f-07e7ca78c83e","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":153,"box":{"x":102,"y":861,"width":397,"height":11}},{"id":"77fc0561-ef4a-4f05-b79f-c3c3f5ec9f27","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":884,"width":774,"height":11}},{"id":"f149b4ce-01d6-4adf-926a-d4498853d552","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":899,"width":831,"height":11}},{"id":"a3a876d2-51a1-4d3c-bdb9-59d0d8dc0dee","block_type":"box","text":"II-110","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9cb06ffb-7eaf-4d60-8980-74898b4d32e9","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b18f063-1b59-41ab-8e44-888e088ee437","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":154,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"dba702ea-421a-4218-bd2c-a3c46e3948b4","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":154,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"2f01e048-850a-4e33-a1c4-92e2cee1d141","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":154,"box":{"x":70,"y":75,"width":523,"height":11}},{"id":"85ba5334-303f-454f-9280-9eeb13d0a81f","block_type":"box","text":"&Par tners","page_number":154,"box":{"x":69,"y":106,"width":71,"height":9}},{"id":"68ae3669-a4dd-40ce-99ce-da60e054a1d0","block_type":"box","text":"AccuTech Systems Corporation","page_number":154,"box":{"x":68,"y":127,"width":219,"height":11}},{"id":"f6b143ec-840f-4f29-861e-1abc5ed3a8ca","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":154,"box":{"x":68,"y":147,"width":164,"height":10}},{"id":"7ab1a74b-29e1-474b-9548-39f5167bc1e2","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":154,"box":{"x":68,"y":167,"width":207,"height":11}},{"id":"6b4985b7-8232-4326-a679-e62472f2b0ce","block_type":"box","text":"Advisor Group, Inc.","page_number":154,"box":{"x":68,"y":187,"width":133,"height":11}},{"id":"f0edf0dc-8c03-4fd0-be6e-e86a08f04b35","block_type":"box","text":"AE Wealth Management, LLC","page_number":154,"box":{"x":68,"y":207,"width":205,"height":11}},{"id":"405dcbf6-a1bc-42e6-87da-c4570e8df0a9","block_type":"box","text":"Alight Solutions LLC","page_number":154,"box":{"x":68,"y":227,"width":142,"height":12}},{"id":"923ea4c0-5fdf-48b5-9d0d-0ce8eebf7a5c","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":154,"box":{"x":68,"y":247,"width":246,"height":11}},{"id":"d3fedc9b-6584-4f05-a6e0-0c05d5774d63","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":154,"box":{"x":68,"y":268,"width":310,"height":11}},{"id":"029c039e-715b-43df-8d7a-b731f2bd728a","block_type":"box","text":"Allianz Life Insurance Company of Nor th America","page_number":154,"box":{"x":68,"y":288,"width":346,"height":11}},{"id":"9f5145b8-aca6-42d2-bb22-b89795174e8b","block_type":"box","text":"Altruist Financial LLC","page_number":154,"box":{"x":68,"y":308,"width":149,"height":9}},{"id":"3c9c7d9e-87b3-4767-8358-cfb204f584bb","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":154,"box":{"x":68,"y":328,"width":328,"height":11}},{"id":"f0435c47-e0a9-4cda-9b25-3bd078308f42","block_type":"box","text":"American General Life Insurance Company","page_number":154,"box":{"x":68,"y":348,"width":302,"height":11}},{"id":"f8751a60-267e-45c8-8a5b-55fbe010d006","block_type":"box","text":"American United Life Insurance Company","page_number":154,"box":{"x":68,"y":368,"width":293,"height":12}},{"id":"350eaaf3-6eb2-44d1-9d10-dac0a902d0e2","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":154,"box":{"x":68,"y":389,"width":298,"height":11}},{"id":"8cd2ca93-7205-436a-8165-3b097f4746fc","block_type":"box","text":"Argent Institutional Trust Company","page_number":154,"box":{"x":68,"y":409,"width":246,"height":11}},{"id":"dbccd03e-6ad0-4268-8d1a-f26aa04a9fc4","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":154,"box":{"x":68,"y":429,"width":272,"height":10}},{"id":"fd7d4ab5-43f1-471e-8e4b-dd14cbed062b","block_type":"box","text":"Ascensus, Inc.","page_number":154,"box":{"x":68,"y":449,"width":103,"height":11}},{"id":"0fda010e-c7b1-4e8a-aa3b-b7b2fd1035a2","block_type":"box","text":"Atomic Brokerage LLC","page_number":154,"box":{"x":68,"y":469,"width":156,"height":11}},{"id":"264568d2-e064-459e-8afc-e0e616e48ada","block_type":"box","text":"Avantax Investment Services, LLC","page_number":154,"box":{"x":68,"y":489,"width":241,"height":11}},{"id":"69030bb7-4659-4b86-a490-059956fb342c","block_type":"box","text":"Bancroft Capital LLC","page_number":154,"box":{"x":70,"y":509,"width":143,"height":11}},{"id":"94047b87-683d-45d9-87b4-b1598d1eea2c","block_type":"box","text":"Bank of America, N.A.","page_number":154,"box":{"x":70,"y":530,"width":153,"height":10}},{"id":"181a291f-94ec-44cc-b397-426436edc6cc","block_type":"box","text":"Bank of New York Mellon","page_number":154,"box":{"x":70,"y":550,"width":174,"height":9}},{"id":"24b8e50c-f3e2-40da-8db6-aa344051687e","block_type":"box","text":"Barclays Capital Inc.","page_number":154,"box":{"x":70,"y":570,"width":142,"height":11}},{"id":"a7622f46-fa0b-4776-b3b3-063e13d8eca2","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":154,"box":{"x":70,"y":590,"width":299,"height":11}},{"id":"fd3f5c67-18b0-4899-ae40-25bdf8b741bf","block_type":"box","text":"Benefit Trust Company","page_number":154,"box":{"x":70,"y":610,"width":160,"height":11}},{"id":"861323ba-26cc-4642-a8c2-5b67c8470af2","block_type":"box","text":"Beta Capital Securities LLC","page_number":154,"box":{"x":70,"y":631,"width":192,"height":10}},{"id":"61c0b860-dae8-4973-93aa-4d71a860c407","block_type":"box","text":"bfinance US Ltd.","page_number":154,"box":{"x":69,"y":651,"width":116,"height":9}},{"id":"2e9f0203-34da-40dc-8a3f-10529bc5dc7f","block_type":"box","text":"BlackRock Advisors, LLC","page_number":154,"box":{"x":70,"y":671,"width":172,"height":10}},{"id":"391ce9dc-1e9c-43a5-bfea-29b935d8a391","block_type":"box","text":"BMO Capital Markets Corp.","page_number":154,"box":{"x":70,"y":691,"width":191,"height":11}},{"id":"04f686ea-b45c-4433-87ae-a1070cc6161e","block_type":"box","text":"BNP Paribas","page_number":154,"box":{"x":70,"y":711,"width":86,"height":9}},{"id":"3a135ebb-7357-4783-9e1f-3e8f5996fe9a","block_type":"box","text":"BNP Paribas Investment Par tners UK Limited","page_number":154,"box":{"x":70,"y":731,"width":318,"height":9}},{"id":"67dc2b51-eaf7-4b04-a1e8-8877365df2e4","block_type":"box","text":"BNY Mellon, N.A.","page_number":154,"box":{"x":70,"y":752,"width":119,"height":10}},{"id":"ef095e15-79e3-423c-bb05-6bb2bb3bc1d4","block_type":"box","text":"BofA Securities, Inc.","page_number":154,"box":{"x":70,"y":772,"width":141,"height":10}},{"id":"1932aa2a-ae41-48f7-b9d2-f6213aad9c21","block_type":"box","text":"BOKF, N.A.","page_number":154,"box":{"x":70,"y":792,"width":74,"height":10}},{"id":"ba8263b3-9adb-4a12-aa28-7739775cad54","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":154,"box":{"x":70,"y":812,"width":259,"height":11}},{"id":"a2ba79b5-e258-49bb-ae9d-9a7a67c7a56a","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":154,"box":{"x":70,"y":832,"width":302,"height":11}},{"id":"34911b96-ba28-4305-8836-f1919e60af25","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":154,"box":{"x":70,"y":852,"width":333,"height":11}},{"id":"0370ae70-b5a8-430b-a26c-5e51ebec5318","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":154,"box":{"x":70,"y":872,"width":222,"height":9}},{"id":"2942a157-a25c-4607-a17c-8b55ab462cac","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":154,"box":{"x":69,"y":893,"width":208,"height":10}},{"id":"f66c1081-5f62-43b5-afc7-d15826bc2e46","block_type":"box","text":"Capital One, N.A.","page_number":154,"box":{"x":69,"y":913,"width":120,"height":11}},{"id":"05beb84d-45c7-4960-82e4-745604bf6744","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":154,"box":{"x":509,"y":106,"width":204,"height":9}},{"id":"bcbe5433-bb77-4285-a67d-00ae678deba9","block_type":"box","text":"Cetera Advisors LLC","page_number":154,"box":{"x":509,"y":127,"width":142,"height":9}},{"id":"e5b95d63-9d86-4e0e-b346-75131eec4c77","block_type":"box","text":"Cetera Financial Group","page_number":154,"box":{"x":509,"y":147,"width":161,"height":11}},{"id":"93e7541d-8ed2-4802-a301-55c0d459e9d6","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":154,"box":{"x":509,"y":167,"width":228,"height":11}},{"id":"637d15eb-4e29-4f9f-87a3-f88400f191a4","block_type":"box","text":"Cetera Investment Services LLC","page_number":154,"box":{"x":509,"y":187,"width":227,"height":9}},{"id":"a995de6e-6958-4d93-8311-1c77dd167954","block_type":"box","text":"CF Secured, LLC","page_number":154,"box":{"x":509,"y":207,"width":116,"height":11}},{"id":"bb958b7a-67d0-45be-8837-cb3984c0fdef","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":154,"box":{"x":509,"y":227,"width":192,"height":11}},{"id":"b2a24d2b-310d-4ab1-9d65-25a43cffe42b","block_type":"box","text":"Charles Schwab Trust Bank","page_number":154,"box":{"x":509,"y":248,"width":195,"height":8}},{"id":"561fcb65-e11a-40db-8d4e-338f0b84ef27","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":154,"box":{"x":509,"y":268,"width":237,"height":11}},{"id":"1ca7decc-5241-42ba-adf3-843d0341e723","block_type":"box","text":"CIM Investment Management, Inc.","page_number":154,"box":{"x":509,"y":288,"width":243,"height":11}},{"id":"008a715a-1c3b-4b57-8c30-9c0c09faa9cb","block_type":"box","text":"Citco Securities, LLC","page_number":154,"box":{"x":509,"y":308,"width":147,"height":10}},{"id":"d03a9f7c-2bf2-405a-ba3c-262018b18722","block_type":"box","text":"CitiBank, National Association","page_number":154,"box":{"x":509,"y":328,"width":213,"height":11}},{"id":"751c29bd-b1c0-4bf9-a7b3-fa215de3543f","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":154,"box":{"x":509,"y":348,"width":210,"height":12}},{"id":"229e8710-d993-4918-996a-19a10bb968c5","block_type":"box","text":"Citizens Bank","page_number":154,"box":{"x":509,"y":369,"width":96,"height":8}},{"id":"506759c1-52c8-4388-bf2e-50d517453034","block_type":"box","text":"Citizens Business Bank","page_number":154,"box":{"x":509,"y":389,"width":167,"height":9}},{"id":"4706c09d-e300-4991-9dcf-70d9acade3f3","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":154,"box":{"x":509,"y":409,"width":224,"height":11}},{"id":"4b84badc-7d62-48e0-b78f-ce2020e34d19","block_type":"box","text":"CMFG Life Insurance Company","page_number":154,"box":{"x":509,"y":429,"width":217,"height":11}},{"id":"576f9c48-854a-4890-9895-b8c09eb41a06","block_type":"box","text":"Comerica Bank","page_number":154,"box":{"x":509,"y":449,"width":107,"height":9}},{"id":"0dab2413-6291-4118-9140-8c1f5af23a72","block_type":"box","text":"Commonwealth Financial Network","page_number":154,"box":{"x":509,"y":469,"width":239,"height":9}},{"id":"f78a82e5-c258-448e-b67b-2d35dcf3ba7b","block_type":"box","text":"Computershare Trust Company","page_number":154,"box":{"x":509,"y":489,"width":220,"height":12}},{"id":"3f6a2bfb-5127-4fe2-839f-40abd4feb22d","block_type":"box","text":"Conduent HR Services, LLC","page_number":154,"box":{"x":509,"y":510,"width":196,"height":10}},{"id":"42e37a21-e076-440a-a8ee-05c5b6abacc9","block_type":"box","text":"Delaware Life Insurance Company","page_number":154,"box":{"x":510,"y":530,"width":240,"height":11}},{"id":"83849478-2cb6-4382-beaf-0e6264e9cb5e","block_type":"box","text":"Delaware Trust Company","page_number":154,"box":{"x":510,"y":550,"width":176,"height":11}},{"id":"6da73817-02a2-4809-bec4-6e65f18f0430","block_type":"box","text":"Deutsche Bank AG","page_number":154,"box":{"x":510,"y":570,"width":131,"height":9}},{"id":"172b4082-fb74-4c96-8283-60b17f73343b","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":154,"box":{"x":510,"y":590,"width":288,"height":11}},{"id":"4757323e-2384-42eb-9000-df74d42d5114","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":154,"box":{"x":510,"y":610,"width":232,"height":12}},{"id":"14dd8d80-bd68-43ec-a690-6f2df91b1fb4","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":154,"box":{"x":510,"y":631,"width":337,"height":10}},{"id":"617c65a6-0d3e-4e1d-bf86-435314e531dd","block_type":"box","text":"Dynasty Financial Par tners LLC","page_number":154,"box":{"x":510,"y":651,"width":218,"height":11}},{"id":"4e9a3cc8-ce98-4c6d-8f22-c08d93a59aa8","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":154,"box":{"x":510,"y":671,"width":196,"height":10}},{"id":"5dad931f-0043-4fd7-9fe6-1cfd45b69ce4","block_type":"box","text":"Empire Fidelity Investments Life Insurance Company","page_number":154,"box":{"x":510,"y":691,"width":370,"height":11}},{"id":"4736cf72-fc7b-4fd3-8f7e-9f377af582bb","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":154,"box":{"x":510,"y":711,"width":345,"height":11}},{"id":"69155747-21df-4d14-8dcc-d1ebab07d819","block_type":"box","text":"Empower Financial Services, Inc.","page_number":154,"box":{"x":510,"y":731,"width":232,"height":11}},{"id":"30a27bf0-3e23-40e0-b081-155a36f8d2cb","block_type":"box","text":"Empower Life & Annuity Insurance Company of New","page_number":154,"box":{"x":510,"y":751,"width":365,"height":12}},{"id":"207bd47c-91ae-45b8-bda3-5cd5c5544159","block_type":"box","text":"York","page_number":154,"box":{"x":509,"y":767,"width":29,"height":9}},{"id":"234ac130-b986-4f0f-9201-38080632b462","block_type":"box","text":"Empower Plan Services, LLC","page_number":154,"box":{"x":510,"y":787,"width":201,"height":11}},{"id":"9a05a5a6-0985-4e3c-8fbe-8e0155c24eba","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":154,"box":{"x":510,"y":807,"width":246,"height":11}},{"id":"035c6efc-fef9-4ee9-95bb-85cb9c795405","block_type":"box","text":"Equitable Advisors, LLC","page_number":154,"box":{"x":510,"y":827,"width":165,"height":11}},{"id":"7a84f56b-c246-4da0-8413-c2d030314130","block_type":"box","text":"Equitable Life Insurance Company","page_number":154,"box":{"x":510,"y":847,"width":240,"height":11}},{"id":"4db858df-7297-4729-9a1e-8b375f3b6b87","block_type":"box","text":"E*trade Savings Bank","page_number":154,"box":{"x":510,"y":867,"width":155,"height":12}},{"id":"905eb3d6-a168-4a3c-a238-d0c1b56d3a86","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":154,"box":{"x":510,"y":888,"width":271,"height":10}},{"id":"e98688b3-e269-4bc4-9b36-dc53adef4fe2","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":154,"box":{"x":510,"y":908,"width":222,"height":11}},{"id":"ac2d1c8a-92c6-41ae-ae1a-23638cbe012b","block_type":"box","text":"II-111","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a2950088-afcf-4c6e-9d86-128f69755c9f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18544c02-90e4-4e26-a971-4959d822c697","block_type":"box","text":"Fidelity Investments Institutional Operations Company,","page_number":155,"box":{"x":70,"y":45,"width":384,"height":11}},{"id":"30a4584a-b595-493a-8163-961c808d3d4a","block_type":"box","text":"Inc.","page_number":155,"box":{"x":70,"y":60,"width":23,"height":9}},{"id":"cc4162a5-121a-4329-81e1-3386fffa4dac","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":155,"box":{"x":70,"y":80,"width":316,"height":11}},{"id":"ac46edce-a88c-4a01-a0ff-c86cfed2dd62","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":155,"box":{"x":70,"y":100,"width":179,"height":11}},{"id":"6c557ffa-0f7c-44e2-8377-34aa613f1ade","block_type":"box","text":"First Allied Securities, Inc.","page_number":155,"box":{"x":70,"y":120,"width":182,"height":11}},{"id":"95301666-fea8-4cbd-b829-1863d3ae6833","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":155,"box":{"x":70,"y":140,"width":273,"height":12}},{"id":"89f3059d-ae13-45be-8677-e48ff9798e7f","block_type":"box","text":"First Hawaiian Bank","page_number":155,"box":{"x":70,"y":161,"width":139,"height":9}},{"id":"a284d98f-ab24-4bdb-9bf2-b0f743c1c1ab","block_type":"box","text":"First Republic Bank","page_number":155,"box":{"x":70,"y":181,"width":135,"height":11}},{"id":"817478ce-8d7f-4e69-b502-ca1e36a78a2d","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":155,"box":{"x":70,"y":201,"width":339,"height":11}},{"id":"a7fba5c5-6a03-4c4a-ae9a-9c588128776e","block_type":"box","text":"Company of New York","page_number":155,"box":{"x":69,"y":216,"width":153,"height":11}},{"id":"b7e80323-2333-4f2d-8719-9813a587083e","block_type":"box","text":"First Symetra National Life Insurance Company of New","page_number":155,"box":{"x":70,"y":236,"width":385,"height":11}},{"id":"ec1808e7-1cb4-4a78-883e-4c964893c13b","block_type":"box","text":"York","page_number":155,"box":{"x":68,"y":251,"width":30,"height":9}},{"id":"7305017d-e0ec-48a5-848b-edef203ec67f","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":155,"box":{"x":70,"y":272,"width":257,"height":11}},{"id":"0eec51fb-b789-49f7-9263-efd5c7686e6b","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":155,"box":{"x":70,"y":292,"width":287,"height":11}},{"id":"08b90757-4009-4edd-a1ab-73f2b79f4acc","block_type":"box","text":"FNEX Capital, LLC","page_number":155,"box":{"x":70,"y":312,"width":125,"height":11}},{"id":"4519553d-70e4-4cf1-9faa-1a08c50e34f3","block_type":"box","text":"Forethought Life Insurance Company","page_number":155,"box":{"x":70,"y":332,"width":259,"height":11}},{"id":"c18ba99f-3564-461b-90e3-fd9b1e7f15a4","block_type":"box","text":"FSC Securities Corporation","page_number":155,"box":{"x":70,"y":352,"width":189,"height":11}},{"id":"9a3613bf-1e26-4fe4-92fe-92261f273e74","block_type":"box","text":"Genwor th Life and Annuity Insurance Company","page_number":155,"box":{"x":69,"y":372,"width":331,"height":11}},{"id":"5faf6394-5f9c-4027-a270-1d68f34b1258","block_type":"box","text":"Genwor th Life Insurance Company of New York","page_number":155,"box":{"x":69,"y":392,"width":332,"height":12}},{"id":"f0867c19-bca0-42db-9376-3ce82491c32b","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":155,"box":{"x":69,"y":413,"width":225,"height":10}},{"id":"d2ebdce6-b02e-4b2b-803d-ab1dadac5916","block_type":"box","text":"Goldman Sachs & Co.","page_number":155,"box":{"x":69,"y":433,"width":155,"height":9}},{"id":"d447202a-ce2f-47ee-8549-9bf8f33580f0","block_type":"box","text":"Great Pacific Securities, LLC","page_number":155,"box":{"x":69,"y":453,"width":201,"height":10}},{"id":"ce004a6f-3d09-4a7f-93e6-094adc4cfecf","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":155,"box":{"x":69,"y":473,"width":273,"height":11}},{"id":"3efee571-0c6f-4a3e-9ae0-ec269d64d33e","block_type":"box","text":"Hancock Whitney Bank","page_number":155,"box":{"x":70,"y":493,"width":161,"height":11}},{"id":"e5dfe459-be4a-4f12-bd1c-fdf2c5f82735","block_type":"box","text":"Har tford Funds Management Company","page_number":155,"box":{"x":70,"y":513,"width":274,"height":12}},{"id":"f37e84c0-6853-40ee-89ef-2d7d62d39a8c","block_type":"box","text":"Har tford Securities Distribution Company, Inc.","page_number":155,"box":{"x":70,"y":533,"width":324,"height":12}},{"id":"390ca1ed-2598-4da0-80fb-e540508500aa","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":155,"box":{"x":70,"y":554,"width":206,"height":10}},{"id":"8f4aed35-cd61-418f-9915-7b50fde8e2ab","block_type":"box","text":"Hightower Securities, Inc.","page_number":155,"box":{"x":70,"y":574,"width":179,"height":11}},{"id":"90b67e60-733a-485b-9328-cbad51634f17","block_type":"box","text":"Hilltop Securities Inc.","page_number":155,"box":{"x":70,"y":594,"width":149,"height":11}},{"id":"4bd2769d-d735-42fd-b3e7-46142f2931c4","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":155,"box":{"x":70,"y":614,"width":153,"height":11}},{"id":"6f2733cc-70b2-40e2-93ff-8099f84d24e6","block_type":"box","text":"Huntington Securities, Inc.","page_number":155,"box":{"x":70,"y":634,"width":186,"height":12}},{"id":"b208d3c9-6971-49c1-8109-8985a4a5ff63","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":155,"box":{"x":70,"y":655,"width":247,"height":10}},{"id":"e0f1a70e-4ed3-40e1-83ac-45f9bd33ee6c","block_type":"box","text":"Integrity Life Insurance Company","page_number":155,"box":{"x":70,"y":675,"width":230,"height":11}},{"id":"7c792b3d-2ac6-430b-a1fa-4f3fba5dbd12","block_type":"box","text":"Interactive Brokers, LLC","page_number":155,"box":{"x":70,"y":695,"width":168,"height":10}},{"id":"04f0837f-d2ed-48d5-a2ec-0552eaee1e11","block_type":"box","text":"Investment Trust of California","page_number":155,"box":{"x":70,"y":715,"width":208,"height":9}},{"id":"9dcfc797-4845-4f85-b0f9-fd1c3a02d9c4","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":155,"box":{"x":69,"y":735,"width":292,"height":11}},{"id":"0ef7e9ed-a767-4dfa-89aa-34b83863737c","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":155,"box":{"x":69,"y":755,"width":188,"height":11}},{"id":"00e723e7-0a9f-4c88-9047-a419643de0dc","block_type":"box","text":"Jefferies LLC","page_number":155,"box":{"x":69,"y":775,"width":91,"height":9}},{"id":"668ed279-1f4b-4732-96e6-a6280f551d84","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":155,"box":{"x":69,"y":795,"width":305,"height":12}},{"id":"a8dc5707-ec14-4b4d-9468-4e44fe119283","block_type":"box","text":"Jefferson National Life Insurance Company of New York","page_number":155,"box":{"x":69,"y":816,"width":394,"height":11}},{"id":"29741716-3b9d-43ab-97ca-6288998d6112","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":155,"box":{"x":69,"y":836,"width":332,"height":11}},{"id":"e75f35e3-da18-4afe-8a5a-bffea18fab81","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":155,"box":{"x":69,"y":856,"width":362,"height":11}},{"id":"191a6d96-7dac-49b0-950d-6709c9a1af55","block_type":"box","text":"John Hancock Trust Company","page_number":155,"box":{"x":69,"y":876,"width":209,"height":11}},{"id":"c097f388-5b9c-4d60-b0c5-ae5c32d5a98c","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":155,"box":{"x":69,"y":896,"width":197,"height":12}},{"id":"2e361ecc-c5f1-463c-af93-a04495d04b4d","block_type":"box","text":"Kestra Investment Services, LLC","page_number":155,"box":{"x":510,"y":45,"width":231,"height":10}},{"id":"24bfac9e-4b9f-4e25-9e79-15905a676a20","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":155,"box":{"x":510,"y":65,"width":267,"height":11}},{"id":"f80833ef-e419-45b8-a564-bc5705dfd4f7","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":155,"box":{"x":510,"y":85,"width":278,"height":11}},{"id":"f63d0341-3628-4ca7-9073-1213390cc132","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":155,"box":{"x":510,"y":105,"width":310,"height":11}},{"id":"c7afe39e-d564-44b6-97d1-2ae7a4c117de","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":155,"box":{"x":510,"y":125,"width":288,"height":11}},{"id":"e6458299-06be-41d1-8274-bc3abf311c9e","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":155,"box":{"x":510,"y":146,"width":229,"height":8}},{"id":"5207ea20-78ef-44e6-9f27-cb43a4eb8878","block_type":"box","text":"Lombard International Life Assurance Company","page_number":155,"box":{"x":510,"y":166,"width":336,"height":11}},{"id":"1304f6b2-c3b0-4d7d-a7da-23923d360f9e","block_type":"box","text":"LPL Financial LLC","page_number":155,"box":{"x":510,"y":186,"width":122,"height":9}},{"id":"6c52be12-08b3-4819-9ff9-db4042d0987e","block_type":"box","text":"M&T Securities Inc.","page_number":155,"box":{"x":510,"y":206,"width":136,"height":9}},{"id":"d76454e7-7556-40b4-9eaf-529770c00a1e","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":155,"box":{"x":510,"y":226,"width":302,"height":11}},{"id":"112761a2-2a0e-432e-a814-b2ea6f430f2f","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":155,"box":{"x":510,"y":246,"width":338,"height":11}},{"id":"f041d3e3-31cf-4e94-be8d-7ce9c9f8187a","block_type":"box","text":"Members Life Insurance Company","page_number":155,"box":{"x":510,"y":266,"width":241,"height":12}},{"id":"ca4a8008-9839-4558-8619-d26fe1af79a0","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":155,"box":{"x":510,"y":287,"width":356,"height":11}},{"id":"9753606f-3569-4f52-8b97-b4f749bd87d2","block_type":"box","text":"Metavante Corporation","page_number":155,"box":{"x":510,"y":307,"width":160,"height":11}},{"id":"a9b8d6be-bba1-4b4d-8818-3970f9a8b988","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":155,"box":{"x":510,"y":327,"width":264,"height":11}},{"id":"e15d7eca-bd2c-47a4-85eb-b8391f2f8042","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":155,"box":{"x":510,"y":347,"width":330,"height":11}},{"id":"0e722138-2c8f-4cf9-b459-0ded86a64e4d","block_type":"box","text":"Midland Life Insurance Company","page_number":155,"box":{"x":510,"y":367,"width":231,"height":11}},{"id":"be630356-6f4a-4689-8621-443ec74869c0","block_type":"box","text":"Minnesota Life Insurance Company","page_number":155,"box":{"x":510,"y":387,"width":249,"height":11}},{"id":"e4c7be10-b0d1-438b-a308-d24720b8acbb","block_type":"box","text":"Mischler Financial Group","page_number":155,"box":{"x":510,"y":408,"width":173,"height":10}},{"id":"c095be8c-3dce-4435-9482-79c64b13880f","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":155,"box":{"x":510,"y":428,"width":189,"height":9}},{"id":"5b3d9dca-b502-4d11-86a3-57ae13d38696","block_type":"box","text":"MML Distributors, LLC","page_number":155,"box":{"x":510,"y":448,"width":157,"height":10}},{"id":"7f8993de-9ccc-4c40-bbeb-034a2a23dd0b","block_type":"box","text":"MML Investors Services, LLC","page_number":155,"box":{"x":510,"y":468,"width":206,"height":10}},{"id":"6bbd3934-e56f-41c6-a02a-11a4b7055c01","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":155,"box":{"x":510,"y":488,"width":185,"height":11}},{"id":"68a1a3a0-2f83-446b-ab5d-9ed4323659ad","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":155,"box":{"x":510,"y":508,"width":230,"height":12}},{"id":"6ffa4e72-0be2-4307-a828-6d71b5262741","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":155,"box":{"x":510,"y":529,"width":240,"height":11}},{"id":"f043b490-f9c6-4833-8f45-7ce80162bb44","block_type":"box","text":"MUFG Union Bank, National Association","page_number":155,"box":{"x":510,"y":549,"width":282,"height":10}},{"id":"7f191eea-c090-499c-b7a8-079949cb8c84","block_type":"box","text":"Nassau Life Insurance Company","page_number":155,"box":{"x":510,"y":569,"width":228,"height":11}},{"id":"085d788f-f781-40fd-a3ea-141709c85d63","block_type":"box","text":"National Financial Services LLC","page_number":155,"box":{"x":510,"y":589,"width":222,"height":9}},{"id":"3418bf0a-75ac-43b7-945b-dcaca250031a","block_type":"box","text":"National Integrity Life Insurance Company","page_number":155,"box":{"x":510,"y":609,"width":295,"height":11}},{"id":"ad6cab26-92fa-41ee-949b-b96d5054f6a1","block_type":"box","text":"National Life Insurance Company","page_number":155,"box":{"x":510,"y":629,"width":233,"height":11}},{"id":"8dd9fac7-e722-4532-bd45-1e06eacdf7b0","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":155,"box":{"x":510,"y":649,"width":245,"height":11}},{"id":"baa10540-6b01-40b3-b914-9ba72180bfb2","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":155,"box":{"x":510,"y":670,"width":234,"height":9}},{"id":"01605a7e-3c2d-4fa9-b003-f7fce1b819a3","block_type":"box","text":"Nationwide Retirement Solutions","page_number":155,"box":{"x":510,"y":690,"width":231,"height":9}},{"id":"672b1f5f-c70d-4633-ba6e-f9109cf78b6f","block_type":"box","text":"NCB Federal Savings Bank","page_number":155,"box":{"x":510,"y":710,"width":187,"height":11}},{"id":"a3e7a6a2-1eda-4c52-ac34-876af470639c","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":155,"box":{"x":510,"y":730,"width":289,"height":11}},{"id":"d9d7fa05-1002-4f8b-8d61-02bf807f6db5","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":155,"box":{"x":510,"y":750,"width":343,"height":11}},{"id":"68c53fc0-8c88-4243-a043-529283820eac","block_type":"box","text":"Newpor t Retirement Services, Inc.","page_number":155,"box":{"x":510,"y":770,"width":242,"height":11}},{"id":"d4c2edfd-ef5a-4611-b08b-c5bd0d17698f","block_type":"box","text":"Nor thbrook Bank & Trust Company","page_number":155,"box":{"x":510,"y":791,"width":247,"height":11}},{"id":"ea6dc16c-4538-4773-8570-703bcb15298a","block_type":"box","text":"Nor thern Trust Company","page_number":155,"box":{"x":510,"y":811,"width":173,"height":11}},{"id":"04e58231-bc8f-4d88-a83b-b30c6608b901","block_type":"box","text":"Nor thwestern Mutual Investment Services, LLC","page_number":155,"box":{"x":510,"y":831,"width":335,"height":10}},{"id":"c79a12da-c453-43c5-9773-d8dce0c7313f","block_type":"box","text":"Nor thwestern Mutual Life Insurance Company","page_number":155,"box":{"x":510,"y":851,"width":325,"height":11}},{"id":"4efa7be7-fbe4-40e0-b385-5b9c997ddc7e","block_type":"box","text":"NYLife Distributors LLC","page_number":155,"box":{"x":510,"y":871,"width":162,"height":9}},{"id":"74b905e4-ee5a-411b-9c4d-a1b144142bca","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":155,"box":{"x":509,"y":891,"width":173,"height":11}},{"id":"ffcbdd06-4e8f-4e07-8042-74bc9f5ce566","block_type":"box","text":"Orion Advisor Services, LLC","page_number":155,"box":{"x":509,"y":912,"width":196,"height":10}},{"id":"87395eaf-0727-409a-ae52-c901f9ff0092","block_type":"box","text":"II-112","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"18be39c6-83b6-49f3-a6da-f5a14262f2d6","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f26be56f-72b8-4b0e-a4e9-a52c5b6b56cc","block_type":"box","text":"Osaic Wealth, Inc.","page_number":156,"box":{"x":69,"y":45,"width":127,"height":10}},{"id":"8147e3d8-8409-4e0a-99f9-37d14a24fb33","block_type":"box","text":"Pacific Life & Annuity Company","page_number":156,"box":{"x":69,"y":65,"width":219,"height":11}},{"id":"0fd35b6c-2e26-4942-a397-0cac3d4d4161","block_type":"box","text":"Pacific Life Insurance Company","page_number":156,"box":{"x":69,"y":85,"width":221,"height":11}},{"id":"11ddd82a-7c43-423f-ab4f-f50e4edac414","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":156,"box":{"x":69,"y":105,"width":218,"height":11}},{"id":"f8365855-fa99-4691-85d4-892d152884ab","block_type":"box","text":"Park Avenue Securities LLC","page_number":156,"box":{"x":69,"y":125,"width":193,"height":9}},{"id":"c09a98ae-f8b0-4f25-8e7a-e0fdfa45d5a1","block_type":"box","text":"Penserra Securities LLC","page_number":156,"box":{"x":69,"y":146,"width":170,"height":8}},{"id":"756e5614-bb9d-4f39-bc6d-457c5731129e","block_type":"box","text":"Pershing LLC","page_number":156,"box":{"x":69,"y":166,"width":91,"height":11}},{"id":"ba7af557-e897-41f2-b946-26ab4018678a","block_type":"box","text":"PFPC Inc.","page_number":156,"box":{"x":69,"y":186,"width":65,"height":9}},{"id":"db4358b0-4040-4feb-aa25-5e55361b5400","block_type":"box","text":"Piper Jaffray & Co.","page_number":156,"box":{"x":69,"y":206,"width":130,"height":11}},{"id":"de450e75-f0eb-46fb-a132-934a74800315","block_type":"box","text":"PNC Bank, National Association","page_number":156,"box":{"x":69,"y":226,"width":225,"height":11}},{"id":"e57eb5cb-fa5b-4b30-a573-13c24e72356d","block_type":"box","text":"PNC Capital Markets LLC","page_number":156,"box":{"x":69,"y":246,"width":177,"height":11}},{"id":"c010377d-f653-430f-810b-28d2e5419c45","block_type":"box","text":"PNC Investments LLC","page_number":156,"box":{"x":69,"y":266,"width":152,"height":9}},{"id":"700529b7-7b91-4807-a3d0-b9e83fef5384","block_type":"box","text":"Principal Bank","page_number":156,"box":{"x":69,"y":287,"width":100,"height":10}},{"id":"44b6abb4-61da-4b9e-b11a-b20cf2bf928a","block_type":"box","text":"Principal Life Insurance Company","page_number":156,"box":{"x":69,"y":307,"width":235,"height":11}},{"id":"479157d8-5dfa-42b5-a1d5-79d380ab017b","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":156,"box":{"x":69,"y":327,"width":333,"height":11}},{"id":"35583277-8ba4-45b7-96f7-300d2399c19c","block_type":"box","text":"Protective Life Insurance Company","page_number":156,"box":{"x":69,"y":347,"width":245,"height":11}},{"id":"6234abea-921a-494b-ad74-46e4b8d1b176","block_type":"box","text":"Pruco Life Insurance Company","page_number":156,"box":{"x":69,"y":367,"width":215,"height":11}},{"id":"6ac9c569-6e23-4d02-9a8e-5bf506e9d66a","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":156,"box":{"x":69,"y":387,"width":319,"height":11}},{"id":"df0e703a-14d6-49fc-b40a-e0a3bbd14e49","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":156,"box":{"x":69,"y":408,"width":264,"height":10}},{"id":"4be0c605-48e1-4058-b4ec-847c31342534","block_type":"box","text":"Prudential Insurance Company of America","page_number":156,"box":{"x":69,"y":428,"width":296,"height":11}},{"id":"a3b15227-46f3-4561-be21-53aae048e9e6","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":156,"box":{"x":70,"y":448,"width":248,"height":11}},{"id":"ef8f722c-74ba-4255-9e95-0bccfe318986","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":156,"box":{"x":70,"y":468,"width":283,"height":11}},{"id":"20b391d4-e93e-4fee-8a4b-5f1d810ab18b","block_type":"box","text":"RBC Capital Markets, LLC","page_number":156,"box":{"x":70,"y":488,"width":181,"height":11}},{"id":"6226265f-a959-4f13-abea-7d55c8c9af09","block_type":"box","text":"Regions Bank","page_number":156,"box":{"x":70,"y":508,"width":96,"height":12}},{"id":"fa1db7f6-4b5a-4c60-bb07-5de0dd3aea2f","block_type":"box","text":"Reliance Trust Company","page_number":156,"box":{"x":70,"y":529,"width":170,"height":11}},{"id":"262fd000-d8d8-4e73-8caf-9eeab4dbfb99","block_type":"box","text":"Reliastar Life Insurance Company","page_number":156,"box":{"x":70,"y":549,"width":237,"height":11}},{"id":"bdf4d2f1-672c-495e-a485-46d2b819df07","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":156,"box":{"x":70,"y":569,"width":325,"height":11}},{"id":"55158b91-936a-4f06-afbf-11e5d0317551","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":156,"box":{"x":70,"y":589,"width":205,"height":10}},{"id":"acfe43fa-027b-49bc-9d24-ef90e0b20256","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":156,"box":{"x":70,"y":609,"width":306,"height":9}},{"id":"473b0c19-2aa9-4269-a8d4-6defe4460664","block_type":"box","text":"RiverSource Life Insurance Company","page_number":156,"box":{"x":70,"y":629,"width":259,"height":11}},{"id":"5c9abf17-1582-4c48-b20b-3c33fbef8a6d","block_type":"box","text":"SagePoint Financial, Inc.","page_number":156,"box":{"x":69,"y":649,"width":173,"height":12}},{"id":"c58fcc63-3e4f-4437-bd8e-be9c56134ae0","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":156,"box":{"x":69,"y":670,"width":260,"height":10}},{"id":"93aabcb3-f051-4502-bdc4-e62dca360581","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":156,"box":{"x":69,"y":690,"width":208,"height":11}},{"id":"f7d21e13-9fb8-434b-8873-547d2873b1cb","block_type":"box","text":"Santander Bank, N.A.","page_number":156,"box":{"x":69,"y":710,"width":151,"height":10}},{"id":"4c3772c9-8ada-4896-a7d5-20129ec546a6","block_type":"box","text":"Saturna Trust Company","page_number":156,"box":{"x":69,"y":730,"width":167,"height":11}},{"id":"3fe40849-6bac-4bf5-9125-7f875b53cdc1","block_type":"box","text":"Securities America, Inc.","page_number":156,"box":{"x":69,"y":750,"width":166,"height":11}},{"id":"968007cb-a97e-4829-b4e7-dc86e6d1f61f","block_type":"box","text":"Securities Finance Trust Company","page_number":156,"box":{"x":69,"y":770,"width":241,"height":11}},{"id":"9c779b64-535e-43eb-be80-0b0f7f2f9dcf","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":156,"box":{"x":69,"y":790,"width":287,"height":12}},{"id":"9129026e-1a79-4605-ab34-334d3a8f0b87","block_type":"box","text":"Security Financial Resources, Inc.","page_number":156,"box":{"x":69,"y":811,"width":238,"height":11}},{"id":"adf8cd2d-2991-4ca4-badf-6521d763c8ac","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":156,"box":{"x":69,"y":831,"width":305,"height":11}},{"id":"3f2c4226-e037-4d25-a03b-4894bfcc1b8b","block_type":"box","text":"SEI Private Trust Company","page_number":156,"box":{"x":69,"y":851,"width":187,"height":11}},{"id":"d27e8ddd-1fec-4944-a12a-e7272540f774","block_type":"box","text":"SG Americas Securities, LLC","page_number":156,"box":{"x":69,"y":871,"width":202,"height":11}},{"id":"346dc92a-c2e3-48b5-9a96-9a663555e530","block_type":"box","text":"Silicon Valley Bank","page_number":156,"box":{"x":69,"y":891,"width":132,"height":11}},{"id":"dbcd206d-4c52-4869-a366-6cefc143b298","block_type":"box","text":"Standard Insurance Company","page_number":156,"box":{"x":69,"y":912,"width":209,"height":11}},{"id":"161cacab-c735-44fd-a497-5d322bc67628","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":156,"box":{"x":509,"y":45,"width":355,"height":11}},{"id":"40630c72-c6a2-41c3-a64c-750b59a378ae","block_type":"box","text":"State Farm Life Insurance Company","page_number":156,"box":{"x":509,"y":65,"width":254,"height":11}},{"id":"f742a783-5157-4567-8fae-88a68156ab9f","block_type":"box","text":"State Farm VP Management Corp.","page_number":156,"box":{"x":509,"y":85,"width":240,"height":11}},{"id":"64e2e3f5-9bcb-429d-98f5-329fdc402ce0","block_type":"box","text":"State Street Bank and Trust Company","page_number":156,"box":{"x":509,"y":105,"width":269,"height":11}},{"id":"caccf2fa-728d-4abb-bd7e-d31ceed81017","block_type":"box","text":"State Street Global Markets, LLC","page_number":156,"box":{"x":509,"y":125,"width":234,"height":11}},{"id":"fc0398f7-a56a-40e1-9f6c-19f66ebab8fe","block_type":"box","text":"Stern Brothers & Co.","page_number":156,"box":{"x":509,"y":146,"width":147,"height":8}},{"id":"4b88e911-3489-4cd4-9837-a4e7e5dd6031","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":156,"box":{"x":509,"y":166,"width":291,"height":11}},{"id":"d588f0a1-8c22-4826-9a93-aaf24cf7ae2a","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":156,"box":{"x":509,"y":186,"width":232,"height":11}},{"id":"023b03ae-773e-41f8-9d01-2d339e81079d","block_type":"box","text":"SVB Asset Management","page_number":156,"box":{"x":509,"y":206,"width":171,"height":11}},{"id":"6cbce846-c026-4142-9d2b-b43f112b431e","block_type":"box","text":"Symetra Life Insurance Company","page_number":156,"box":{"x":509,"y":226,"width":234,"height":11}},{"id":"8e478082-1abc-4b60-928c-ce59269ddfac","block_type":"box","text":"Syntal Capital Par tners, LLC","page_number":156,"box":{"x":509,"y":246,"width":199,"height":11}},{"id":"71831089-8ce9-4479-8b6c-f4b7af80a1b3","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":156,"box":{"x":509,"y":266,"width":314,"height":11}},{"id":"4aa0049c-ffe7-4dc5-b304-13948331c29c","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance Company","page_number":156,"box":{"x":509,"y":286,"width":390,"height":12}},{"id":"dda8648f-1bc8-45e8-a6b2-16a4fb15514a","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":156,"box":{"x":509,"y":307,"width":302,"height":11}},{"id":"09caad33-207f-43a6-9538-1abe9d273dfd","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":156,"box":{"x":509,"y":327,"width":197,"height":11}},{"id":"ce1d961d-62d9-43a1-a782-5f95a61fd26f","block_type":"box","text":"TD Ameritrade, Inc.","page_number":156,"box":{"x":509,"y":347,"width":135,"height":10}},{"id":"fd323c1a-e3dc-46e2-9432-98c8d1c3c5e3","block_type":"box","text":"TD Prime Services (US) LLC","page_number":156,"box":{"x":509,"y":367,"width":196,"height":11}},{"id":"8b9398e7-d993-4094-8c42-93c321578f33","block_type":"box","text":"Teachers Insurance and Annuity Association of America","page_number":156,"box":{"x":509,"y":387,"width":392,"height":11}},{"id":"01b6dbab-75a6-4d27-b0c7-f932378ee64f","block_type":"box","text":"Tigress Financial Par tners, LLC","page_number":156,"box":{"x":509,"y":408,"width":220,"height":11}},{"id":"e2967523-9f48-4c77-a7df-b864c85fe7e5","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":156,"box":{"x":509,"y":428,"width":338,"height":11}},{"id":"cd51582e-aee4-45c9-82e1-2efbb5d033ae","block_type":"box","text":"Transamerica Life Insurance Company","page_number":156,"box":{"x":509,"y":448,"width":271,"height":11}},{"id":"cfdf2f98-f07e-4a94-add2-7866b82d8508","block_type":"box","text":"Treasury Brokerage","page_number":156,"box":{"x":509,"y":468,"width":137,"height":11}},{"id":"22f49850-398a-4fdd-9aa2-97596700ab0c","block_type":"box","text":"Triad Advisors, LLC","page_number":156,"box":{"x":509,"y":488,"width":134,"height":11}},{"id":"4c8e9a0e-0e07-437d-ae6e-27da0fb8bb31","block_type":"box","text":"Truist Bank","page_number":156,"box":{"x":509,"y":508,"width":80,"height":9}},{"id":"2be44435-c95c-4db6-a33a-df4995628bf2","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":156,"box":{"x":510,"y":529,"width":218,"height":10}},{"id":"36196896-9136-431d-8d58-4e86f27e1e75","block_type":"box","text":"U.S. Bank, National Association","page_number":156,"box":{"x":510,"y":549,"width":224,"height":10}},{"id":"52e0d80a-7c1a-4c9d-8d10-eb61e21b294a","block_type":"box","text":"UBATCO & Co.","page_number":156,"box":{"x":510,"y":569,"width":99,"height":9}},{"id":"37b58597-9e7c-449d-8367-56924726b7d2","block_type":"box","text":"UBS Financial Services, Inc.","page_number":156,"box":{"x":510,"y":589,"width":197,"height":10}},{"id":"c2f89667-27e3-4a1a-8510-e8745c56bc6f","block_type":"box","text":"UBS Securities LLC","page_number":156,"box":{"x":510,"y":609,"width":136,"height":9}},{"id":"0913e67a-6936-4719-bc6a-0450012c9b2f","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":156,"box":{"x":510,"y":629,"width":199,"height":11}},{"id":"02e27242-89da-47e3-af51-4ed38730f568","block_type":"box","text":"UMB Bank, National Association","page_number":156,"box":{"x":510,"y":650,"width":228,"height":10}},{"id":"8779cef8-b558-4c5d-a107-b27202d93cbf","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":156,"box":{"x":510,"y":669,"width":367,"height":12}},{"id":"90b6b1b4-0e43-41ea-9757-51d2b720be7c","block_type":"box","text":"New York","page_number":156,"box":{"x":510,"y":685,"width":63,"height":9}},{"id":"2c1f470b-fbdd-4ce6-a4d7-ac3aeddd4477","block_type":"box","text":"VALIC Retirement Services Company","page_number":156,"box":{"x":509,"y":705,"width":260,"height":11}},{"id":"fb8b2e85-6159-49d2-8639-1a3de2c56576","block_type":"box","text":"Vanguard Group, Inc.","page_number":156,"box":{"x":509,"y":725,"width":147,"height":11}},{"id":"f779cd6f-6d1d-4cbb-b5d9-ee6ef61da640","block_type":"box","text":"Vanguard Marketing Corporation","page_number":156,"box":{"x":509,"y":745,"width":227,"height":11}},{"id":"ea6daaa9-d857-490a-a948-0263969778a8","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":156,"box":{"x":509,"y":766,"width":198,"height":10}},{"id":"ad093758-f1e5-4e7d-a877-9d4164601585","block_type":"box","text":"Voya Financial Par tners, LLC","page_number":156,"box":{"x":509,"y":786,"width":201,"height":11}},{"id":"17b4e50a-43fc-450e-b4b5-e190b554e7bc","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":156,"box":{"x":509,"y":806,"width":259,"height":11}},{"id":"34e6ae87-54f8-4cc9-a082-70b175a643d9","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":156,"box":{"x":509,"y":826,"width":265,"height":11}},{"id":"984f43a3-d833-471c-acca-fdc55217601b","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":156,"box":{"x":509,"y":846,"width":238,"height":11}},{"id":"d0b6d07d-68bf-4887-86a6-3a47ecbc180e","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":156,"box":{"x":509,"y":866,"width":348,"height":11}},{"id":"5c9fd799-aac3-463b-934e-f655103b8f47","block_type":"box","text":"Waddell & Reed, Inc.","page_number":156,"box":{"x":509,"y":886,"width":147,"height":11}},{"id":"2e24be12-536f-4316-a728-604152d46e15","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":156,"box":{"x":509,"y":906,"width":182,"height":12}},{"id":"f2032e93-2c97-4e00-bed5-b8d274cbf699","block_type":"box","text":"II-113","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5b1f12cb-96a6-49f6-b414-8ce26343c255","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"849f99be-6d5c-4145-a96f-d77ff096a6ae","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":157,"box":{"x":68,"y":45,"width":313,"height":11}},{"id":"67bb3f9c-d6ff-4e17-b207-a8338e0a13c7","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":157,"box":{"x":68,"y":65,"width":161,"height":11}},{"id":"5e94bd5b-9d40-4afb-bbdc-437390cb3585","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":157,"box":{"x":68,"y":85,"width":247,"height":11}},{"id":"03e464cd-5124-403e-b7bd-af2d3536a9b6","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":157,"box":{"x":68,"y":105,"width":210,"height":11}},{"id":"f6a396f6-e90a-49fe-bfd4-1fba8ad5f560","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":157,"box":{"x":509,"y":45,"width":193,"height":11}},{"id":"b1368ab3-6464-406e-af2c-d5ac02367aaf","block_type":"box","text":"Wilmington Trust, National Association","page_number":157,"box":{"x":509,"y":65,"width":273,"height":11}},{"id":"4f9acadf-d2d1-4a6b-9244-96edd471fe67","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":157,"box":{"x":509,"y":85,"width":238,"height":11}},{"id":"ee77e818-c92c-4da5-977b-88f8f6727caf","block_type":"box","text":"ZB, National Association","page_number":157,"box":{"x":509,"y":105,"width":173,"height":11}},{"id":"7848d81d-d562-4a50-bfbd-3de8aadbd2a5","block_type":"box","text":"E. Sponsorship and Other Incentive Payments and Services","page_number":157,"box":{"x":102,"y":144,"width":423,"height":11}},{"id":"8d52393b-700e-462d-aa9b-2a3b960592f3","block_type":"box","text":"In addition to the Additional Payments described above, BlackRock may contribute to various other incentive","page_number":157,"box":{"x":102,"y":167,"width":769,"height":11}},{"id":"8176b181-e0b2-464c-a2ed-20303dd4886f","block_type":"box","text":"arrangements to promote the sale of shares, including hosting proprietary and financially sponsoring Service","page_number":157,"box":{"x":69,"y":182,"width":776,"height":11}},{"id":"8e7c6704-554a-4424-b93b-a0f88c82ec47","block_type":"box","text":"Organizations’ training and educational seminars, conferences, meetings or events. BlackRock may also pay for the","page_number":157,"box":{"x":69,"y":197,"width":824,"height":11}},{"id":"11e22154-e075-4744-9154-7ddef16eb1f5","block_type":"box","text":"travel, meal, lodging and other expenses of Service Organizations and their salespersons or other personnel in","page_number":157,"box":{"x":68,"y":212,"width":791,"height":11}},{"id":"39cbc62f-42c9-44e8-9738-e894696f04aa","block_type":"box","text":"connection with educational and sales promotional programs. This compensation is not included in, and is made in","page_number":157,"box":{"x":69,"y":228,"width":820,"height":11}},{"id":"e5699034-2a9f-41cd-be2f-d613808ac0ee","block_type":"box","text":"addition to, the Additional Payments described above. These payments may be made directly to the Service","page_number":157,"box":{"x":69,"y":243,"width":767,"height":11}},{"id":"4857084b-87d6-47ed-bf2c-b051f1fd98fb","block_type":"box","text":"Organizations or their affiliates, or to a third par ty vendor, and may vary depending upon the nature of the event or","page_number":157,"box":{"x":69,"y":258,"width":817,"height":11}},{"id":"ed143932-92ee-42b1-8d4e-6b84390eff0f","block_type":"box","text":"the relationship and are subject to applicable laws and regulations, including the rules of applicable self-regulatory","page_number":157,"box":{"x":68,"y":273,"width":819,"height":11}},{"id":"c622fb3b-e54f-49ec-b2a8-a2a094fd4afa","block_type":"box","text":"organizations, such as FINRA. BlackRock may pay Service Organizations additional types of incentive compensation","page_number":157,"box":{"x":69,"y":288,"width":823,"height":11}},{"id":"332d1425-c5f8-44bd-9ce6-217af99f6f1a","block_type":"box","text":"in the future to the extent not prohibited by applicable laws or regulations.","page_number":157,"box":{"x":70,"y":303,"width":526,"height":11}},{"id":"abe38322-5d47-4626-adea-28b6c3629ed9","block_type":"box","text":"Separately, BlackRock has developed proprietary tools, calculators and related interactive or digital content that","page_number":157,"box":{"x":102,"y":326,"width":797,"height":11}},{"id":"a3e9628f-9161-4c3c-80d1-2f376fd7d8fe","block_type":"box","text":"is made available through the www.BlackRock.com website at no additional cost to Service Organizations. BlackRock","page_number":157,"box":{"x":70,"y":341,"width":833,"height":11}},{"id":"db666f86-c92e-4228-b6c7-96d03e0b6e55","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as par t of its customary","page_number":157,"box":{"x":69,"y":356,"width":817,"height":11}},{"id":"d0afaf06-ec8c-47e3-aa63-b766ef3c691c","block_type":"box","text":"digital marketing suppor t and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":157,"box":{"x":69,"y":371,"width":815,"height":11}},{"id":"9c81a634-b730-4e6b-81b8-9012b6df2e1f","block_type":"box","text":"traded products.","page_number":157,"box":{"x":68,"y":386,"width":116,"height":11}},{"id":"f4784db1-fbe6-4eac-8d75-569511ef552f","block_type":"box","text":"F. Conflicts","page_number":157,"box":{"x":102,"y":409,"width":78,"height":9}},{"id":"f9e143bd-15a3-445a-8c51-2f1eb7b3ddcc","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":157,"box":{"x":101,"y":431,"width":710,"height":12}},{"id":"d1bf3ba6-c3d0-4ae3-9f64-5eb376c74244","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":157,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"5c556536-8fd1-4ae4-9573-179a2a8087c7","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":157,"box":{"x":69,"y":462,"width":788,"height":11}},{"id":"cea90da8-b1c1-4673-8fb9-d33d9fbc45b9","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":157,"box":{"x":68,"y":477,"width":819,"height":11}},{"id":"23e81dfd-5996-4b33-adc3-21c0da081b8c","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":157,"box":{"x":68,"y":492,"width":473,"height":11}},{"id":"78080de3-a288-427a-8460-a0c94d4138bd","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":157,"box":{"x":102,"y":515,"width":793,"height":11}},{"id":"6d03021b-e057-4a2f-b0f4-11120681ed44","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":157,"box":{"x":69,"y":530,"width":835,"height":11}},{"id":"b78a519b-a970-4295-b425-34e966166f4b","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":157,"box":{"x":68,"y":545,"width":833,"height":11}},{"id":"b540613d-125c-4542-8ddc-e97330217e7c","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":157,"box":{"x":70,"y":560,"width":830,"height":11}},{"id":"2fe8253c-4e4f-4922-abca-11a49407e885","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":157,"box":{"x":102,"y":583,"width":774,"height":11}},{"id":"8a7314a6-5fb7-4f0b-8b0e-343fed00fe12","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":157,"box":{"x":69,"y":598,"width":794,"height":11}},{"id":"3a109a23-5ee7-4b79-b4e9-c993e48238b8","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":157,"box":{"x":70,"y":613,"width":818,"height":11}},{"id":"4676ed70-6c9b-496e-b28b-27102f75463a","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":157,"box":{"x":69,"y":628,"width":836,"height":11}},{"id":"129fc986-f571-430c-837a-ad0a94d6cf55","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":157,"box":{"x":69,"y":643,"width":723,"height":11}},{"id":"0ac54eb6-feeb-4f46-ba0b-c81847271e5f","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":157,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"e6e958cb-a641-41a7-aee2-1bc6733a95f1","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":157,"box":{"x":69,"y":681,"width":760,"height":11}},{"id":"7819d1be-6322-44e2-b0c4-1c616b90721e","block_type":"box","text":"appropriate.","page_number":157,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"58f392fe-01fe-4689-9e47-f7fb05c4d411","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":157,"box":{"x":160,"y":696,"width":738,"height":11}},{"id":"db9a408b-b63e-4dce-91ca-8e37d00c6210","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":157,"box":{"x":69,"y":711,"width":795,"height":11}},{"id":"92dad3e4-f0b4-48f7-93f5-b3a70ad1d486","block_type":"box","text":"described above.","page_number":157,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"60ce83b4-e945-4737-9c25-c26cc8bf3bb2","block_type":"box","text":"REDEMPTION OF SHARES","page_number":157,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"28014288-677e-46b6-bd97-f37272b1eac9","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":157,"box":{"x":102,"y":778,"width":798,"height":12}},{"id":"56c0a5a5-0c39-4cec-971a-2c36614d6389","block_type":"box","text":"the right to redeem some or all of its shares in kind (valued in the same way as they would be valued for purposes of","page_number":157,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"ec0dcb4e-628f-4b1f-88cb-55142ed2e793","block_type":"box","text":"computing a Fund’s NAV), by delivery of securities and other assets selected from the Fund’s por tfolio holdings at the","page_number":157,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"aabdf343-74a5-468a-b050-fa23ca4a2443","block_type":"box","text":"Manager’s discretion. In kind payment means payment will be made in por tfolio securities and other assets rather","page_number":157,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"839be9d5-9c4f-4bcb-b126-e240b4035e36","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":157,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"0c841338-b70e-4cdc-800b-8863243903de","block_type":"box","text":"able to accept securities in kind, and may also be used in stressed market conditions. If this occurs, the redeeming","page_number":157,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"9fdc5e05-92a4-4893-bd56-40f3f0210825","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to conver t the securities and other assets to cash. Each","page_number":157,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"1edb0c39-556e-4876-8d40-28951dcb75b9","block_type":"box","text":"Fund has elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is","page_number":157,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"2e52ad00-4044-4b80-a0ac-3c18c8f4cb49","block_type":"box","text":"II-114","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bc9d94a2-dc61-4426-8b33-91ba565daf48","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"227c13cd-cab5-4082-94dc-5aae68f71d5b","block_type":"box","text":"obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period","page_number":158,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"06fc8060-8b4d-4fb8-b5ea-59c77b76472e","block_type":"box","text":"for any shareholder of the Fund.","page_number":158,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"d855c2e9-048a-4175-85bf-c80b5be053e6","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":158,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"1b908fdf-5c2b-4358-a32d-a26b43c1215d","block_type":"box","text":"redemption. The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":158,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"c75674b1-f3f0-4d92-9224-65c173bf16dd","block_type":"box","text":"time of purchase, depending in par t on the market value of the securities held by the Fund at such time. Except for","page_number":158,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"0d7446b8-16a6-4475-8cd5-49c27891a213","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":158,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"4359c3ef-4364-4155-9477-55047c83c6ee","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":158,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"742af380-e734-4b89-842e-52a5f10d929f","block_type":"box","text":"redemption.","page_number":158,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"8d3a6258-96c6-4167-97c0-a7d77e8bad79","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":158,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"453c07b6-a1c1-404b-be72-77a42d25c09d","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":158,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"92b34fe6-d230-44cf-b95b-657851ff71d7","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":158,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"af373158-b163-44f6-9ef6-23f51f218853","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":158,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"7006a3b0-f3ba-4d9d-8fbf-4b9345d7a3f1","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":158,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"e7f935f4-4abd-4711-bdc6-cdcfdba1b4a6","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":158,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"2f147d1a-2086-4d28-823f-40ef83604124","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":158,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"86a54cd4-297f-4dbe-af7c-f8ced4b69748","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":158,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"4187a129-32c5-4d00-aa11-16c3062d4f31","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":158,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"7f7190cb-f635-4e3d-84b7-1835183e79fd","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":158,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"a9a2657e-25f2-4094-b65c-4a35a8f9db91","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":158,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"44a9f5a6-adec-408e-86b3-f08a5afd3b9d","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":158,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"cd7f303b-1b6d-40a1-b34d-960ba474f0a1","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":158,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"a0af62e3-e552-4662-940b-96452de891f5","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":158,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"a45fece0-3296-47f1-b850-ce99fe7e808a","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":158,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"893cf7db-d1ae-4d3c-ab1a-11c9025f1e82","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":158,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"d9c0b4e0-d940-4d71-9069-6d48b5754a54","block_type":"box","text":"Redemption","page_number":158,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"497fa05a-bdd9-4065-ab3b-3d3ae2e7280a","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":158,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"9e29a85b-dad0-4c71-9572-a2130db2c093","block_type":"box","text":"Redeem by Telephone:","page_number":158,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"5453ad99-7c5b-4819-b422-82942558a2b5","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":158,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"6c3f23b6-246a-44a5-9746-53774e9fef76","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":513,"width":829,"height":12}},{"id":"eff55abf-1902-4433-b2de-70b71922e216","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":528,"width":798,"height":12}},{"id":"711cccca-4b84-4192-839c-db56d159a81f","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":543,"width":838,"height":12}},{"id":"dab0efe2-c6ef-4019-b3b2-06a8b5064b75","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":559,"width":831,"height":11}},{"id":"c988a0bf-1758-42c1-9c90-259a163e8a92","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":574,"width":822,"height":11}},{"id":"f00454bf-ff30-4e4f-ae75-1eedae373991","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":589,"width":791,"height":11}},{"id":"6f2f7ae2-8787-413d-811b-a8566cc6b66d","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":604,"width":818,"height":11}},{"id":"3936364f-c3de-41bd-aea8-25cd3aa7c02a","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":619,"width":829,"height":11}},{"id":"4802e51f-ebf2-43ee-ad09-bf015629c6fe","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":634,"width":803,"height":12}},{"id":"07099971-1d21-401e-a7eb-bf3be41e7547","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":650,"width":834,"height":11}},{"id":"ccb88fe7-458c-4dbb-b571-e17a6c9aa8ea","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":664,"width":825,"height":12}},{"id":"7f4f7e11-76af-498b-9498-a59804563adc","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":680,"width":840,"height":11}},{"id":"f8b921ac-de13-4852-a298-cf7b345ad060","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":695,"width":835,"height":11}},{"id":"6b27d39f-82c0-4655-9202-98f39629a3bb","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":710,"width":828,"height":11}},{"id":"2c3346f3-3797-411d-9d2a-34df9a085307","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":725,"width":835,"height":11}},{"id":"284dfbb4-ee36-496b-9988-3fd4e63801c0","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":158,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"0a25d718-d4de-4fb4-b2b1-73d129300374","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":763,"width":774,"height":11}},{"id":"dbff4c4b-bfa6-4785-b2bd-7282bd822f4e","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":778,"width":795,"height":11}},{"id":"cfe63478-f603-4ff7-a570-7cd50df0ca83","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":793,"width":821,"height":11}},{"id":"01869833-a0c7-4faa-8609-6a92778c97d1","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":808,"width":823,"height":11}},{"id":"eb91b057-cab3-4398-b68e-1987d0546349","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":823,"width":823,"height":11}},{"id":"2954df0b-c13c-4118-84f3-13c114609ad7","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":838,"width":809,"height":11}},{"id":"3d6eea9e-10e6-4811-bc4e-37592229b958","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":853,"width":833,"height":12}},{"id":"f04a1967-9625-4519-8adf-c2cf66b3c24d","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":869,"width":821,"height":11}},{"id":"1465babb-f106-40d3-a2f2-ab3ff7e88d49","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":884,"width":785,"height":11}},{"id":"ddf6e118-16ed-4e5d-9299-c2864422f671","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":899,"width":820,"height":11}},{"id":"62353299-ddee-419e-b2e0-0600c17806c6","block_type":"box","text":"II-115","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a44d7000-18aa-486f-aa55-441510ea8782","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8ff6834-83b0-4785-a832-6cb9cebe67b8","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":159,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"d0cbf35c-4c48-4518-aa21-59b9d8433a36","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":159,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"88611c0d-88b1-4667-b71e-5781644791cf","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":159,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"623e7599-a79c-4fab-9da8-13a095983a64","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":159,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"a65a4ee4-e5c0-450d-82a6-fba0e20b5f9f","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":159,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"c9df3813-493b-4c2f-bbc3-ea640bce384b","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":159,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"5d907027-c33f-40d8-a8ad-3efce45f93fa","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":159,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"06dcf9db-40d9-4f5f-a54e-c6ef8a3e5273","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":159,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"44580346-cb8e-44c1-8ffe-9590e808d105","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":159,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"40a3d5b1-1140-4739-9dfd-1dd07032a53a","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":159,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"6aaf3843-e811-4794-b194-61f3fa7d47c6","block_type":"box","text":"Redeem by VRU:","page_number":159,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"1a8a7d19-680a-4a5b-9f19-c79410e8e8c1","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":159,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"fee6c396-0aa8-4169-bff8-d4e54a3acca9","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":159,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"8e28a7bf-810d-4c4d-8515-05c37303ecd9","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":159,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"81c55f71-2171-4f37-858a-ceb7a8d5b00f","block_type":"box","text":"Redeem by Internet:","page_number":159,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"e270fbd3-d135-4d06-9dda-bb407fa9db93","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":159,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"ce974bcd-bc98-4e6a-8946-3dff0c44dae3","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":159,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"1b96ab66-edaf-43c7-8f56-15b8705fdb3a","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":159,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"e8082661-0af7-4c3c-856c-866f6bef853a","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":159,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"0103341f-e7ec-4242-b5c9-6bef594fb4f0","block_type":"box","text":"institutional investors.","page_number":159,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"8ab1ab90-5763-44a5-84cf-61e6f7df89b2","block_type":"box","text":"Redeem in Writing:","page_number":159,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"1ed087b4-a6b3-452d-affa-599ffd3d9103","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":159,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"afb5bca9-a343-4f46-8792-e53f334fad4a","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":159,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"d09cc35d-1276-44db-a97d-447d7c349ade","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":159,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"00b63fc4-d835-4c10-9edf-f7be020c0884","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":159,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"bf9464a7-14c0-4485-b2ee-5ed3662d0bec","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":159,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"9ef02912-e70b-438b-8e9d-84d8f7e13e0f","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":159,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"51823e80-5946-49e4-9641-07758f69e992","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":159,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"c46b93de-ffaa-4cbb-919a-89a43549e7b5","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":453,"width":817,"height":11}},{"id":"545aed7c-1409-4453-9945-f4580c1450c2","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":468,"width":836,"height":11}},{"id":"2ed3ac7a-fc66-406c-81bb-57ef55f2fb93","block_type":"box","text":"or wire to the bank account of record.","page_number":159,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"ef46b90c-af68-4714-ae7a-18e3024e82b8","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":506,"width":802,"height":11}},{"id":"dfc7857b-77ef-44f2-ac56-fe6d205e829d","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":159,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"31b1914d-97b1-4686-8aee-b20f512e8950","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":543,"width":668,"height":12}},{"id":"fb6562e5-d28a-4676-b93b-4ae011a986b3","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":566,"width":800,"height":11}},{"id":"c817ba27-c2c2-4c13-9ca9-2ae83b202d98","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":581,"width":838,"height":12}},{"id":"c7175960-6106-4ae0-afea-c4dad3728468","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":596,"width":811,"height":11}},{"id":"75eeb283-49ca-4460-a9dc-95cf33efe5d9","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":612,"width":789,"height":11}},{"id":"a1dbcfb0-d333-48b3-ace9-f8aaa73bf081","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":627,"width":775,"height":11}},{"id":"c5237dbd-f214-4c18-b741-07a88146e867","block_type":"box","text":"redeemed by the Fund.","page_number":159,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"6f93f38d-3823-479d-9d26-39b60a7e1afc","block_type":"box","text":"Note on Low Balance Accounts.","page_number":159,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"f8c04815-7b38-46c8-aae9-4686bc02a522","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":159,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"859a7d20-da2e-494f-a99c-754bb88c909e","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":679,"width":752,"height":12}},{"id":"84fef676-519a-42ed-b68d-338043743a46","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":694,"width":829,"height":12}},{"id":"0b78e623-dae9-4d8a-b678-dc3f41840f1a","block_type":"box","text":"for any reason, including market fluctuation.","page_number":159,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"bc434915-2e28-4a96-84f5-683f2a82198d","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":732,"width":775,"height":12}},{"id":"344f6bd1-bd38-4425-b1f5-90d68af84e12","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":748,"width":773,"height":11}},{"id":"8e7232a9-c5ac-4715-a6d5-bf3fa37909e1","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":762,"width":776,"height":12}},{"id":"7748d248-084b-4d10-9c8e-018715f41acb","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":778,"width":834,"height":11}},{"id":"5f0aa5d5-8645-42e2-a9a4-0796fef3d017","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":793,"width":811,"height":11}},{"id":"f6e1613c-4dae-4101-8a61-418f975c535f","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":159,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"58ed4fb0-1659-4976-aec4-0caa61a207b9","block_type":"box","text":"Redemptions in Kind:","page_number":159,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"2027eb7a-da21-4595-80df-163f134d7d44","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":159,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"ef493b52-aed3-4bff-9496-d3a03f40fcc1","block_type":"box","text":"whole or in par t by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":159,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"6e082560-d311-42c5-b53c-ab10f2336f4a","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":159,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"8788977f-fc3f-4254-b3bf-f86bd03a2960","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":159,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"14364323-a8cc-4aa4-9267-7cf1adfd36bd","block_type":"box","text":"normally be paid in cash but may be paid wholly or par tly by a distribution in kind of securities.","page_number":159,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"dbcad736-0a15-4ff1-9084-4cefc01ec17d","block_type":"box","text":"II-116","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d208a5aa-bc48-46d8-8bba-eaa8e5338770","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e71ae41-4003-4d0c-9226-809e15471495","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":160,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"c7aa1467-7bdc-4d0f-8e8a-fb2932db1b38","block_type":"box","text":"rata representation of the Fund’s por tfolio or a non-pro-rata representation of the Fund’s por tfolio depending upon","page_number":160,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"15064764-3a00-4d18-b7d1-a2c02afad5cf","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":160,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"9e62bd9d-823b-4927-9fb0-1d69fedf00ce","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":160,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"03155b41-f9de-4306-bcdd-f140ec086eb6","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":160,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"903982ca-6e27-4381-bab2-2399c00a98c5","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":160,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"2bbc0f43-ee8e-46c1-b2ef-6f9bb590f249","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":160,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"a63025ce-0e92-4aa6-b495-e13c51b5dbe9","block_type":"box","text":"retain those securities that will per form the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":160,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"9719be59-2633-4205-90c5-e0549e18ff7b","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of por tfolio holdings","page_number":160,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"0c2debc7-b923-45db-a3ac-7481a251a6d0","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":160,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"d3ffc898-278a-43ae-abb3-68653eab6c17","block_type":"box","text":"The Funds may effect redemptions in kind in an effor t to, among other considerations: (a) manage the por tfolio","page_number":160,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"59aace0f-57b3-458f-b9ec-00272e6f4b48","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":160,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"5929dea3-9b1e-4c39-a679-69da16b87063","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or por tfolio turnover. Redemptions in kind may","page_number":160,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"805b82c5-ef4d-485f-92db-3e03be3989fe","block_type":"box","text":"reduce the need for the Fund to maintain shor t-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":160,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"b7c6ea3b-6ff8-4633-8f15-a39ccf6f74f9","block_type":"box","text":"for the Fund to sell its investments at inoppor tune times, and lower Fund capital gain recognition, all of which may be","page_number":160,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"f5787e8d-595c-4b17-91b9-bdf8bac0348d","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":160,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"e8b1301f-8927-4654-91f4-e2a2607ca320","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":160,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"895989b4-fbb3-41d7-b2b2-4dbe032e7fcd","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":160,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"85f8c432-f3c2-49f2-8322-67d4477f4ddf","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":160,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"4d22f343-42e0-4b31-988e-cedaa66a1182","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s por tfolio, or a","page_number":160,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"b3de3b7f-dc80-4009-b46b-80e2e4d299a7","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":160,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"3716ad38-dfde-46a1-8d39-4a2ac6fab7c2","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":160,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"454c2934-7a55-40b7-9c4e-6d4d8d55584c","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":160,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"ff37d3e3-c446-49bf-a358-bd0792c1d58b","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":160,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"39ae9d9c-6b9e-4702-bc9a-43bf4cda22e5","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":160,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"27e85f6f-ec4d-436d-8c5b-dc2a6d16e5a9","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":160,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"9d42def9-bd1a-4e54-9d8d-4d8f13f96287","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":160,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"a5f84f0a-d9d4-4de3-92db-71e43df75c0d","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":160,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"67819213-6c30-4e9f-8f09-05702691ee92","block_type":"box","text":"institutions that par ticipate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":160,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"64a2707d-d006-46d1-8e20-52f9fb3b7d15","block_type":"box","text":"doing so. The Funds’ shor t-term trading policy shall not apply to the transactions described in this sub-section.","page_number":160,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"cccfae84-f4f5-4c1e-bfdf-d83cef47e614","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to conver t them to cash, you may pay taxes","page_number":160,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"5f9d388f-457e-4bb6-81a8-6c20afbb34c1","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":160,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"60da5fcf-6be2-4009-97c0-7d904edd88a8","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":160,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"ebe07714-473f-4a82-851f-67a8987aa230","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":160,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"a742ec33-f3e7-4f52-a08e-2d4398e58d20","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":160,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"c7e23402-3db1-4507-b9d9-8678e469a561","block_type":"box","text":"Repurchase","page_number":160,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"bb6f274d-dc1a-43d4-b013-7491436fcd5a","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":160,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"d47bc68e-8b70-460e-9113-c7cd84c151b5","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":160,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"d47d4412-eb62-4149-8721-0b2c6f5f5cdb","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":160,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"17e62642-0673-4a1a-ae23-4ba55c8cee73","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":160,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"24912a3a-94c4-470b-a89e-5ea4996dd343","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":160,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"d4d69b35-c174-498a-a65a-f69c2a7b44f7","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":160,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"e1cc8ba6-32b1-4e81-b0b0-a1dec3e85c70","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":160,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"2afccd04-c2bc-43a6-b94c-95fbf3ba3c96","block_type":"box","text":"next business day.","page_number":160,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"891d4d50-277b-44b7-9a27-0c0efe9cf0ec","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":160,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"8d088dbd-cf08-469b-82ed-daa716b39353","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":160,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"6fc129b1-1e59-47d7-b408-202e46bfb086","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":160,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"3336c52a-5212-47b5-9466-a0c00057dc22","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":160,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"9543745a-a7cf-40bb-88c4-c635d583c64a","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":160,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"5c83bb1c-8b28-48d5-94ef-be81644f9626","block_type":"box","text":"redeem shares as set out above.","page_number":160,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"15f4e0e7-3cb0-4277-8b4e-5f67af4402d4","block_type":"box","text":"II-117","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c0b08554-6a6c-4104-aa29-32f735a9d916","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7fe808d9-e98f-4c2b-842e-8772252ddaca","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":161,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"e3a0de7e-5dc1-41bf-b9fc-f87427ff9b7b","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":161,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"21e5ca0c-b45b-4552-82a5-e41fe8a5027d","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":161,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"7e473242-5bd1-4a5b-9f63-f62d2c2caf7f","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":161,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"904814f2-3900-4246-806c-ab64d8f8fa98","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":161,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"fa268a0a-d660-47bf-8984-588d564f19f7","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":161,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"64825639-9341-4076-bdf8-6f0215a8dd13","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":161,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"4ea8a374-5e7e-4467-b93d-7ea0e4108b9b","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":161,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"157f07ba-e0ad-4f92-9d2a-3cb90b71c81d","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":161,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"56d8a56b-c1b6-45a8-bd57-d1f02f79302f","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":161,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"c1740b1c-c9ca-4a9a-a8e0-8e0e32b39c14","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":161,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"9ef9ad4a-d6f1-4045-a97b-a66101b74f1a","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":161,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"38cd42e6-8235-4550-a86c-9ee0b7a2fa42","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":161,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"84f76d3d-c9d1-4b0d-9809-35d5a33a3da1","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":161,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"f50c5a15-4be4-485a-ba86-ae2f5a6b38f0","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":161,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"7f283be1-f9fe-40d2-86fa-086ba7afd6e9","block_type":"box","text":"Investment Account","page_number":161,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"a8f5e4eb-7c2c-466b-ace8-c9fc16c0e3ed","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":161,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"6c3ba6bc-1ce1-4d34-af5e-aaee6d4c379b","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":161,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"6f437eb1-7142-4253-abf5-c85dfddcc732","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":161,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"348a63b2-90f5-417d-b905-b3f94a44f9dc","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":161,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"6a801897-ba46-4aa5-aa8c-902d690e93af","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":161,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"e37e65a6-6ee5-4772-9b08-8fc50b488d8c","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":161,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"9097000d-69db-4230-8710-369da78c5544","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":161,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"8de09b36-a311-4471-8956-34bb96bb077c","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":161,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"67fa82ea-ac06-4263-b5fc-131709cf440c","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":161,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"c80e2d12-b13a-4d09-92fe-a96a4dc8b5ac","block_type":"box","text":"automatically at the Transfer Agent.","page_number":161,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"fe6917c3-66f0-4e3a-9844-4ceae8bb4734","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":161,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"9914ce19-6f49-4221-ba05-df0ebbf65ae3","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":161,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"949a24e7-8890-4b6b-9e86-e6cb1cf8092f","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":161,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"fe1b22a9-1028-4cba-865e-375dc3f6d35d","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":161,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"c3ef8575-30a9-4a86-8f76-4215551d47ff","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":161,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"96d41995-2666-4cf7-8ee3-95d261f64611","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":161,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"9ed376c9-9ae6-41bc-beb8-c81d3d49e611","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":161,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"309de8e3-150a-4773-858e-d717311cb0ee","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":161,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"647cef15-49da-4c7f-b394-c15eb4b0f057","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":161,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"b4a6b6f3-2fb3-4746-a16a-d64c424540e6","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":161,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"83d96677-20bb-4634-bcb9-e4f4ce4b258a","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":161,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"9bce4dc7-64aa-44ce-a73d-eb7799829a24","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":161,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"32e6da77-c2f9-4cd7-92f6-c5d72e3b8aec","block_type":"box","text":"issued.","page_number":161,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"fd4a30c9-ebb1-4578-a5c1-f8f6d0ce9959","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":161,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"e513c71b-3da0-4fdf-8da2-532a7dfc575b","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":161,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"ce9ff071-8a55-4231-8ead-517e7c2de24e","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":161,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"ddeab28c-e534-441c-a6aa-2eb7e8477ed0","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":161,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"c6ba0521-1366-4bb6-9d85-8fe4aa5cab0d","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":161,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"9ceaa039-367c-4bed-89ab-3edce5d892c9","block_type":"box","text":"Exchange Privilege","page_number":161,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"d2c78dee-cafe-4adc-aa95-803a851e327c","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":161,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"63bafce6-ce3b-497f-a4d8-87c8a1da98fb","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":161,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"ea8dbbef-81ea-432f-97aa-91c1f105b54d","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":161,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"2ba74885-c43f-46e8-aa34-b7d36283ce77","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":161,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"d3d5d441-2079-4b21-823e-0bd9d3ba76d5","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":161,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"b6777491-0a80-4964-8f45-530e2daca143","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":161,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"efe5bf26-b675-4e88-aa81-ccdcbba451ce","block_type":"box","text":"II-118","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"044cb590-4176-4c59-bcf9-a51da1642500","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ffb68956-074a-4529-a822-c4ddc63b42e4","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":162,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"4f9ad387-a608-4e6d-a00b-39dc40ea4340","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":162,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"9c04bb7a-5406-48fd-aa46-51cdd1441094","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":162,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"6832da71-bdb4-40ca-8148-c34f3655d5fa","block_type":"box","text":"Institutional Shares","page_number":162,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"be2f1eb6-c702-44b0-ab67-50d1302ab49f","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":162,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"ca6c9005-2c7d-44f2-ab47-a36b788f8c2f","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":162,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"4e23a946-3755-438b-b9d5-2e5d2982cdfd","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":162,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"4b5f6ad8-96c7-4db1-83f1-a6d97a82a1a2","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":162,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"eaa2ff61-14f0-457b-a179-984f6290ca40","block_type":"box","text":"for Class G Shares of other Funds.","page_number":162,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"0b78ba83-475e-485b-bca1-ec82d634d92e","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":162,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"aca50466-940f-48aa-969f-8109a3398962","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":162,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"42b47fab-7579-49ed-b2c8-15aba5d886be","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":162,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"cbf59bce-a118-410f-b04a-ff4d917f159a","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":162,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"8f917d96-9895-42d3-bd19-3bcf823ae319","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":162,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"334320ce-23c7-4e0d-8fce-caa8edc6c6d1","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":162,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"e51c9990-58a3-4615-8482-d35e4d1a954c","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":162,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"f340a012-1847-431b-99a7-7f960ceb7a51","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":162,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"9d2aa5eb-1af8-460d-800d-2c62d89da12f","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":162,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"493abdbc-49d5-4947-a102-4a9e19fb9503","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":162,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"1960e92f-c1fc-4dbf-9ae7-bd9a9112862d","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":162,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"708d2a49-80ad-4fd3-8efc-aaabbc9e4861","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":162,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"a3949936-4783-43c8-b070-8e89e55a11fd","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":162,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"80d6b01c-00aa-44c5-a433-b91b51c829f9","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":162,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"f68093f5-e469-4288-93e0-59c0757024ef","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":162,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"94d569d9-5470-4c1d-bb25-a5a242f75f6a","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":162,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"d43c1903-ce65-4ec7-9ad8-a428a50a586e","block_type":"box","text":"Exchanges of Service Shares.","page_number":162,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"ba52c6d7-bca6-47b0-bdff-beab076f1473","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":162,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"7122f557-600f-4ae4-9cc7-088e55acd16c","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":162,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"08c34acb-da59-4ce3-b87e-706c2086bda1","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":162,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"a9098b74-dc94-4edc-87d0-a173214271d1","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":162,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"efef8e6e-078b-4c69-a992-d07ddf2b87b4","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":162,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"3e44b9a4-9135-41d2-8fff-9d108693a456","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":162,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"b5c4d343-8d83-4bae-8f98-edcc80122d6f","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":162,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"667e82da-a78c-4873-bebe-58b48660dfee","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":162,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"f87aa541-b95c-490e-8307-4199f1627bfe","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":162,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"69c977cf-0080-4983-937d-f69feac109bc","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":162,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"c8bf64f8-2f10-49d3-a23b-d2c9de120e86","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":162,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"a20ff36b-ba6b-4c07-8466-7fcf9ea5149f","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":162,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"6950c333-bf02-4c51-a4da-7fb7da9cdd19","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":162,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"b0b2df13-2292-4abc-a1ee-1504b9c0fe27","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":162,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"c1442c37-2d38-4a23-b95d-96002716cbcb","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":162,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"4320b2f4-c81c-466c-9411-cb88559adf40","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":162,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"8c5a1827-8874-42e0-b112-69ed069c8a55","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":162,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"0e5e5169-5b08-4316-b5ee-a01bdd0e2c9c","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":162,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"6415bcdd-7e6a-410a-a867-1c46534419b5","block_type":"box","text":"exchange.","page_number":162,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"fc7e7718-14d8-4055-a069-c0b569aaaf83","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":162,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"d6c8adbc-6b40-43a9-9ef0-24be8c5a2691","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":162,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"51b53139-21cc-4b74-88fe-6a4a00b70cf1","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":162,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"3aec29d4-5d70-4269-a911-dcc38e746894","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":162,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"f01e0d5d-72bc-4e6b-9734-dc893b40330f","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":162,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"a8d18194-ebbe-45ea-9ce9-4fdae69e9062","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":162,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"84517ae8-4b9e-4119-8d95-17bf50381818","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":162,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"a492d601-49b8-4141-93db-c113b2b55445","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":162,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"3c29c498-4791-4f6c-ae7a-8a2707e59684","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":162,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"6d2fbd19-3741-43bb-8048-a3def2e548fe","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":162,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"632703dd-4dd7-4c2c-8100-dd7c56d0482d","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":162,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"ef00dd2c-cf72-4783-905c-2b151df6ccaa","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":162,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"ae99c1dd-2bd6-4b86-b5ad-72d9d1febec3","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":162,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"5613fc92-b395-4432-ae14-b105a098c70e","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":162,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"09f0ea23-c391-4007-ab5a-b991ab297ab7","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":162,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"f247634a-b569-4e06-bb4f-7cd524459fa1","block_type":"box","text":"II-119","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"23176c85-1bf7-4336-b03f-3d696fa2027a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5d751f4-cef6-406a-adb1-8a4aca85cda6","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":163,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"9679ba3e-bbd3-4c22-a404-27f215702227","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":163,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"a5d5c044-ed32-45ed-9304-bfe27f36f3ea","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":163,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"70ca3033-0a57-4cd9-9e76-59a04b9e251b","block_type":"box","text":"Transfer Agent in writing.","page_number":163,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"bc9df263-1f91-4739-9c3f-70327c265ae5","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":163,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"ae4b2df0-ec2c-4100-b3fe-ed0b36713281","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":163,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"0af1db7f-a9ae-40c7-a783-0cef273c58a2","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":163,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"ba8b4e4b-a566-4348-b586-94706775c61b","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":163,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"fc9fd7d7-7bcb-4146-ab8f-095e29db87f4","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":163,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"23ffcf91-d27a-4e47-9da4-b774056d5bc1","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":163,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"4fe407d7-f1d0-4773-8470-99c2a89c36de","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":163,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"184327c6-23b9-4bbd-b655-c13c676aa1a5","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":163,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"0e6479ba-40a4-4832-8554-15f47be14ee1","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":163,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"480d6f8f-cd16-47c0-8a87-4592a077b3f0","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":163,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"876a244a-40a8-4ab0-9a2d-039cc1e04c18","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":163,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"8b00f28f-5e60-41d3-b688-02012c73163f","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":163,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"4717975f-6ec0-4ab6-bf88-355644d6534e","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":163,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"390813e4-942e-403e-944a-81fe15909e95","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":163,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"73618404-cdb5-48e0-bfc9-c7072db0022c","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":163,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"d9bb8fd9-97f1-4b85-b204-1fcb06a3ce96","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":163,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"64c3037a-4138-49b4-ae55-3bfbeb6c743b","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":163,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"7e4a311a-07c7-4e6b-917e-730db7efda9f","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":163,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"e7b24577-04ce-4786-addd-f68813e34797","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":163,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"4007c48e-f4e8-43a2-8121-e4f6dfe7d606","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":163,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"44ef2ed2-4106-4822-9d01-7825c04a21ec","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":163,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"b562687f-47a5-42fd-b6c0-8daa7b8918cc","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":163,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"a325d28d-8804-4880-b25a-5d16a9cc7972","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":163,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"582a2cd7-c4b3-4251-b6a7-3fbb1914fd96","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":163,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"a835c787-6eaf-4574-a911-2c1472a057f4","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":163,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"ca35c364-616f-4a56-b9a9-7a27a1dbfdba","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":163,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"54318397-5aa0-48bc-8eee-9727af314760","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":163,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"23a43983-9d08-41d0-a01a-f8a3f4a76b53","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":163,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"f49245dc-0690-4125-83c7-efcd27ae567c","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":163,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"0a97dfcc-71df-4b76-a36b-fedba12e5e2e","block_type":"box","text":"may be distributed by the Distributor.","page_number":163,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"c320ea60-3dae-47e4-9c10-42180e0b95b1","block_type":"box","text":"Participation in Fee-Based Programs","page_number":163,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"f24f5495-9798-4b02-aacc-9324406ce772","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":163,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"3e47a385-fc62-4bdd-8087-e1c5f3bb9e08","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":163,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"3623c67c-4eb8-45da-b3a1-5319eb441b3a","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":163,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"4ec4ffe6-a252-4c40-9ef9-3e1acfc59010","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":163,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"6dff05f7-306e-4354-a2b4-774e340e45cf","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":163,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"599a9423-467b-40ab-90f1-15c9da379992","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":163,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"f0b513fc-054f-45d5-90f4-26556a452648","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":163,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"82d44fe7-d158-4a99-a1f3-943e54c1c332","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":163,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"ccb6d24b-81b8-4ac6-b059-8513b3936b63","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":163,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"af0d4870-d4d4-44f6-a363-b891fb0b2206","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":163,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"6a4fe44d-7d98-48a9-8c20-93b448ae4edd","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":163,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"6a90cb6f-cfa8-4631-b923-85d57b0217b7","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":163,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"4596b835-35ca-4b09-a494-5b687d474595","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":163,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"ca79ec33-a71c-499e-babd-e39420ea3429","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":163,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"a029c4e8-06b3-4e5a-a478-911476f1d15a","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":163,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"f5ea07c7-88a3-4d14-9082-9d5fe4088be7","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":163,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"bb1fd931-0bc6-481e-9dc5-0570d0e07c4c","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":163,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"9d6145a5-4722-4b3e-85b5-4030bf9c0227","block_type":"box","text":"II-120","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"49af86f0-08a4-4814-ae27-c53e344da218","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cfc8608-55a2-472e-81ec-33f68ab71abc","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":164,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"927cfa6d-d686-422c-b5dc-ac89c30776db","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":164,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"2629c6ed-55a2-4e1f-a4e7-ec5b52673091","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":164,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"03186c9a-1718-46d1-b9e1-56d52c21f22d","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":164,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"ca8ae21a-4070-43a4-9af9-5d08d9996bd5","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":164,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"a3043be2-39e3-4cdb-a45e-5770809e3081","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":164,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"38d6bb2b-349b-4266-9ca0-8e07b0a68e1b","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":164,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"00c1f1df-285d-4980-8a76-50f5ac745e87","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":164,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"db711bfc-6b92-4d11-ac13-c8795a863498","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":164,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"38d697bd-d29e-4012-ac36-d44e777425d6","block_type":"box","text":"information.","page_number":164,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"19eb4b8a-7441-4f1d-adad-9f04ab386418","block_type":"box","text":"Retirement and Education Savings Plans","page_number":164,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"ce9ae350-21bc-46a2-a71e-afc820659234","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":164,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"833f1e0a-a2fa-4aa2-8cad-6fe05e4f2ebe","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":164,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"06d3c93c-0788-4779-ac3e-08e6608189fc","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":164,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"b146beba-1b7f-4ae0-9f06-d0e3527e8d27","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":164,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"704bacc1-4220-4faa-9ff9-77e5d99d5379","block_type":"box","text":"your financial intermediary.","page_number":164,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"62b1360a-9ef5-42ce-a6a6-4d5071fd23f4","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":164,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"08219eb5-f725-4495-8e8f-bd16cb489552","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":164,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"c02c1ba1-30e0-4e83-bb4e-5b2d80742337","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":164,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"8bf7f4a0-3162-428b-a59c-46a4638f3d05","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":164,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"3b0ce94b-db42-4448-a50d-6b5d0ce24000","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":164,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"70dfee1b-3feb-4b4c-b55c-e6a1860705a5","block_type":"box","text":"Automatic Investment Plans","page_number":164,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"3780cbfa-43bc-4f7d-958f-968b6528e7b7","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":164,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"c46dc9f1-2136-4715-8f77-3bc5e3c758f0","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":164,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"8ca5381b-10bb-43cd-987a-52627226f0dd","block_type":"box","text":"®","page_number":164,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"fdb74053-5a65-4439-8137-b9f6a153e309","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":164,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"83b2819c-2b7f-4a20-be20-ff973f43bd01","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":164,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"0490f5a3-0961-4faa-9985-e13cdf8fd357","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":164,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"436d4484-b8e6-4d82-8a38-7b350d205c4e","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":164,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"dd677b88-0806-4069-942c-441ded656f10","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":164,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"4aba1d34-adbb-4e98-96e2-78164e114010","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":164,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"695f6a05-7cd4-4dfd-b8c8-70bdc6762b7c","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":164,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"66582434-1ecb-428d-b732-17339f3faffc","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":164,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"0b37db74-a109-4296-a5d6-c1ca2f86a789","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":164,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"edda67d9-260f-4051-b5e0-df7cc431b430","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":164,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"8442acee-18fe-4797-8e73-4418c381091d","block_type":"box","text":"Systematic Withdrawal Plans","page_number":164,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"ff265f79-9835-4ee1-a16a-bb5f7b95f086","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":164,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"06e67955-8acb-4341-b56b-c52116cc2dd2","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":164,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"221e53c6-2979-405d-89dc-38754065aa2a","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":164,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"d9b5746d-0b38-47a1-953f-415a91f78355","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":164,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"e16e2631-c30b-489b-8b91-3a20b64dc8d2","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":164,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"616505ae-975f-461d-8be9-6929a00fde93","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":164,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"9a54c0fb-8130-4901-918c-7050d67059ad","block_type":"box","text":"www.blackrock.com.","page_number":164,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"ea42708f-e220-4165-a739-4932ad892a8a","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":164,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"60037e5c-5f7a-4e03-92dd-d2f95202fba1","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":164,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"b1c12323-b1bb-4442-b63d-1ba31dbfcfc7","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":164,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"5b2e1909-fac4-490b-bb06-2a6d0b06e0c6","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":164,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"64f33af3-7db6-4b4d-9b43-7806f3afea7d","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":164,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"d267fa14-5dcb-4a1e-8348-9face30a644d","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":164,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"2d79a53c-4e8f-45a9-b32c-bd24a6003711","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":164,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"01d6912c-0d61-4f40-a3a4-900c7f64b4cd","block_type":"box","text":"II-121","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ecf7b021-9d80-43aa-b961-a6b46d6c9199","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c162ef45-5da6-44e3-8500-397ba7862c65","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":165,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"a9dc3ec3-ba4b-487b-abfd-b6493589ce3e","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":165,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"ba091fa9-e732-41f5-8795-365cc157e78d","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":165,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"1e04ee52-7f29-438a-8814-15d7b4d1f7c3","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":165,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"70036d03-cdc4-4490-976a-d9aec6397528","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":165,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"22281b28-3b8f-4150-80de-fb1dbaae1399","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":165,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"d30f1588-1e1a-489a-ad75-c313e05bb90d","block_type":"box","text":"Dividend Allocation Plan","page_number":165,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"2cfc1a31-406e-4fae-9b61-d34f0c4e4f2b","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":165,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"7271e9d1-ffd8-4c66-b9d8-d1571b0b9bca","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":165,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"73ef876f-8031-4d9f-9fb2-7ed4235f09f1","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":165,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"8107e1af-8aae-44bc-90a0-082cde84da4d","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":165,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"f53ece8a-ac5b-4308-80fa-fe17ef18c836","block_type":"box","text":"PRICING OF SHARES","page_number":165,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"f3175ce0-52e2-49e4-8aed-f3c1861113dd","block_type":"box","text":"Determination of Net Asset Value","page_number":165,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"be7f039f-1ce2-4d7c-ba4f-a993ad05adec","block_type":"box","text":"Valuation of Shares.","page_number":165,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"d97a57b4-44f3-4c57-a9ea-031ecc68dbec","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":165,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"3519e049-9879-43c6-90b1-eeca28731fea","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":165,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"2b8c7888-2f30-4518-b4fe-c5f1bf2982e4","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":165,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"8feeaa43-6e34-4ab4-8531-0b990eacd118","block_type":"box","text":"Equity Investments.","page_number":165,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"b5999f24-865e-4478-aa6e-57efddb61d39","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":165,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"83bd29e5-3b69-4c7c-8f68-e02b517bca6b","block_type":"box","text":"e.g.","page_number":165,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"fb4482da-8dbf-4660-94d2-93e97c71fa52","block_type":"box","text":", NYSE), on separate","page_number":165,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"aed4c697-e753-42a5-85e6-e5fc15a8dc24","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":165,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"afe54dc9-07c9-481f-b6e1-f0edb80f711d","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":165,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"e6c769f0-dc55-4311-8561-86dd3f0622c8","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":165,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"1208318e-5dc0-4b4b-848b-4adb74090cc8","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":165,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"04ba6a81-8c8c-4eaa-9693-626cd089ebe3","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":165,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"ba4727d2-9265-47ec-8626-fe41c3a1315e","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":165,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"38bf4283-af97-4ffb-a94d-a33dc471bcf0","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":165,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"fbbc6c75-94d1-4556-9358-7a8425b55ee4","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":165,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"53bedb64-42b3-46a3-9723-ec8a2cb09495","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":165,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"0490e1c9-cd12-4ca6-9931-fdb42767bc6c","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":165,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"5ff650c0-73ce-484e-9052-1746c558f6fa","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":165,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"e67bf2c5-47af-41c7-a417-85e370d76fe8","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":165,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"7e958ba3-d505-4065-af19-5e4eda5076ba","block_type":"box","text":"defined below).","page_number":165,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"9c3c9ba0-e9bd-463a-9471-3c3e454a4936","block_type":"box","text":"Fixed-Income Investments.","page_number":165,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"b49c56a4-1e4d-45ea-a2d6-647a236aa74a","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":165,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"3ffcd9c1-f898-4f1a-af34-7fba15d0ab32","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":165,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"83372b32-8ab1-4fae-83e4-c8dec0282ef2","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":165,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"8edf98a0-9564-482d-9e7f-5b1d6a415682","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":165,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"95d210cf-8e28-4373-81af-d321dc383e13","block_type":"box","text":"e.g.","page_number":165,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"f8c63963-6ede-496b-92a7-31a0c3dbb9cb","block_type":"box","text":", recent representative bids and offers), credit","page_number":165,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"4e62d9c4-b88a-428d-b8a0-28d419f401e0","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":165,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"eb91aed9-34c3-4757-ab12-ea43726c6a7c","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":165,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"ca2a0b4b-2028-4c13-989b-eb47ed533ca3","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":165,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"10cd62b0-1d87-4e77-abf9-dbdecc22b4c9","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":165,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"cefb5700-ccfa-42ce-a376-8ba2bc720eed","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":165,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"adb84467-4944-4109-b318-72e0e9ed0457","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":165,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"0e69f62e-c5da-418f-9719-1e52311da19c","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":165,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"73153d52-1005-4da5-96fd-ffd6e2d9d5eb","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":165,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"8c02fca3-ec53-4c01-983d-b1dc137121e6","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":165,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"79f46b08-0db6-4740-a33e-c2c5eed1a398","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":165,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"0346e264-600b-4fa0-947d-0b7a305155fa","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":165,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"915ba5ad-5761-4835-beb3-2e2555048f9a","block_type":"box","text":"attributes of the tranche.","page_number":165,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"95d651ea-73f7-47be-abc3-ad6560f003c3","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":165,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"147b2d32-1190-4c4e-b73b-d51e2a657bfa","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":165,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"11c473a3-3003-41ad-ba5d-6e56b3b4eda1","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":165,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"9fe35ebc-3988-4dd6-9a79-7238ab31aad7","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":165,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"a02ec704-bd4a-474f-854c-44be80e4349a","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":165,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"713752ba-fac2-4e6b-b1ce-487fd1b40770","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":165,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"c7e96ba6-f0cd-4cc4-8816-93d35b147e36","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":165,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"db3c038e-88da-43db-ad6c-3cf9fedd107f","block_type":"box","text":"II-122","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"85d6bb1b-44b6-4d53-8714-73f918c7e6a8","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63d9a130-9ec5-456f-bb2e-65036c39ae9e","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":166,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"cbeab4d6-dc40-4441-b864-b8c6d7238fa3","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":166,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"b2c2d6b2-62dc-4ab8-bf74-b55d882d962d","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":166,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"6147feee-ebd2-4989-92d6-7f851cc63cfb","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":166,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"34c9e54d-e2ef-4286-adf1-d2b724054b98","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":166,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"98ec7e28-3f22-4ea6-b794-398200a7ec9e","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":166,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"654f5b7c-45a7-43a7-b993-05f6e87d2b98","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":166,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"b3ff50af-c6d8-4d48-929c-1d61d14e15f8","block_type":"box","text":"Underlying Funds.","page_number":166,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"9f62edbc-fe23-40dd-b76e-1f3f32fb97c5","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":166,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"425720c6-c43e-4b6b-a397-d20a1687b9f5","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":166,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"d458c302-c5c9-4a33-9c68-d82862d8e9c6","block_type":"box","text":"at their most recent closing price.","page_number":166,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"292ca27b-7014-4e12-80ff-59e27d81f4fd","block_type":"box","text":"General Valuation Information.","page_number":166,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"2e324f60-2306-46ed-937b-29cd79079247","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":166,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"64273dc0-a1cb-49e1-b7c0-2ae06dce5d0c","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":166,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"95594e3f-92e4-43c8-8a98-6328b2dae267","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":166,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"a00cd18e-94c8-41c9-9e49-b8923e200de4","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":166,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"602c36b2-975a-4553-bced-c1ceb7c2cf06","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":166,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"dc879fca-b85b-49e6-be19-52538c6f7253","block_type":"box","text":"the revision.","page_number":166,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"ab7fb500-656f-4761-b5c4-67cb391ce328","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":166,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"b47f8db3-f1b0-4cc4-91df-525a6e9eb875","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":166,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"1a35c0ad-e873-4d94-a888-07300fcf2140","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":166,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"1b0de99d-f242-46b6-8596-f35e1cf31baa","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":166,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"3578f3b0-be3b-48b2-a6cf-87d5020a4e95","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":166,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"bf30fc49-bccf-433a-b5bb-51d85da05da7","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":166,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"09683ace-180d-4ebb-b787-ad90b645b7f7","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":166,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"5e1de731-a59a-40b1-96ca-44e031113cc1","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":166,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"f6f66339-e4e0-4a46-b032-06578307e88d","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":166,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"0ebb540c-b20f-4c4a-bbad-e46d31c9bc3b","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":166,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"80a17284-95d4-4a67-bf8c-4143647c5654","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":166,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"ac91123d-9aad-4cc0-896b-a1273692af05","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":166,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"81f06c1b-4bfc-481c-91d1-544755a089f5","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":166,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"3e9f26cc-92a8-45ec-be2b-d3db1ae9e75c","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":166,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"66cc639d-9260-472b-b620-af1ddd603b14","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":166,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"95ac199c-51ae-4f7b-8b47-8c9d002687ca","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":166,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"03a0a470-4883-477c-a292-9738535dada0","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":166,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"a1185f6b-aa0f-45b3-b00e-486074a3c153","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":166,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"8e637acc-d9e4-4a84-bf71-54ac713952c7","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":166,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"da3e8e9a-600f-4634-8623-55926361d1cb","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":166,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"e4fdbfec-670d-4582-86ef-2250436e5b55","block_type":"box","text":"Fair Value.","page_number":166,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"17bb91c7-e6c3-40df-9dc0-a7ade66c484c","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":166,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"eb66a542-ba08-40a7-83bd-3fe431cd6a90","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":166,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"cd08c31a-fb62-47a3-93a5-c3a9a09397a7","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":166,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"63a98d21-b3d2-4832-a679-aff96643c340","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":166,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"734bf375-6e10-46ed-be37-8ea72f7a21e0","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":166,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"879c681b-2ca6-4b23-bb7e-0461fdba3f76","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":166,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"beaa2428-d1ae-4ea9-8ee2-6ad3db6888ca","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":166,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"3d27a685-9073-4902-8fb4-0c8a967d5a4d","block_type":"box","text":"(","page_number":166,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"5f4dc29d-ba29-49dc-a877-3203aa486734","block_type":"box","text":"e.g.","page_number":166,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"e8c265c2-58c0-446b-b048-6224e152def0","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":166,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"0c1079cd-0304-44c5-a5d0-3bfc7a27dae4","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":166,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"faa1e39e-e3a1-4a89-8a35-6f162dc660f3","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":166,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"0399d794-7be7-4830-a87f-701b47e4badf","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":166,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"9e7f12ee-e781-44b4-9b2f-d847f88c0de7","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":166,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"ba32b532-4012-4516-870e-699868ec3b6d","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":166,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"4f6aeeee-b453-468e-a8d2-bb233c6cd352","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":166,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"bee10644-ead2-46e8-9ac8-26538d4f0c90","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":166,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"7e241242-6016-4d6e-b217-e9425567af85","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":166,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"f2353ba9-35b4-420d-ada3-dc92c025085d","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":166,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"65a614b5-27fe-4ce9-8291-7871e83bcc38","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":166,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"86995bd4-7ffc-4c39-b8e7-cf72ae59ab5b","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":166,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"18fc5e8c-a970-4582-b6cd-05507dc6ba22","block_type":"box","text":"II-123","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7d3bc6f4-2d65-4589-aaeb-5fc24eda645b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d5e0743-3bc9-4b56-a12d-0988f273c93f","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":167,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"a689596b-cac0-4b42-80c6-67582ba7086e","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":167,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7eff4976-4059-4bb8-a8a0-694f7c946c71","block_type":"box","text":"pricing time.","page_number":167,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"24bfe552-db5d-4dc8-99ed-462377fa9eb3","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":167,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"eba1592c-9b4c-4417-8d79-5d96ff35f56b","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":167,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"f9417302-1ba2-4bf7-98e6-0be7f8377ba5","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":167,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"cea1224a-f642-4768-917e-5b890f3c215d","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":167,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"e1cc7835-0d2e-4b52-99fb-9c9c846ec20a","block_type":"box","text":"assets and liabilities of the Funds.","page_number":167,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"e794ba57-92a4-4697-a215-84479b6ddd11","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":167,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"3f2a994c-63e8-4706-bc42-08c5d7fc628e","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":167,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"5bc61b47-ef82-4142-8cc0-ef2995fa6258","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":167,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"a496882f-2f3b-4099-b129-5bc407f93116","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":167,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"d9d7f527-33ba-4e31-bc03-78caa9800387","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":167,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"8fee5181-4662-4542-ba85-736e61fa3956","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":167,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"66c52ca6-0ab5-4292-8f99-0943c7431e98","block_type":"box","text":"valuation models.","page_number":167,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"dc555e54-f118-4955-9e3a-d2c49c62c5a5","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":167,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"154d20b7-fe56-4f2b-a5f2-0df8b96347a4","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":167,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"fbf9aab6-e241-4a39-b593-a033dfbade3c","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":167,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"363a88c5-c562-48b5-8804-ed82bf640248","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":167,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"54548f19-e4c9-4ec5-bec9-0be2c5d398f2","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":167,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"944e1cac-1b8c-4a61-8768-7d9de2fcb2f3","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":167,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"3edf5521-8eb8-4aee-81f4-09ecb827ffc2","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":167,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"61d6f694-d0dc-44ef-b884-f9cfe1e37536","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":167,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"3957ef99-0987-46ab-8046-6bd3644f9ae9","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":167,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"d6c220e7-e290-44a5-b10d-a779fb6ac259","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":167,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"a4c2f64e-f131-4cd2-b0d4-4107fbc2468f","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":167,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"87505b3d-c538-4965-9d53-1dc1ed6a6b38","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":167,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"2a1f2e87-2342-4bf8-a6e2-7f8ba038f374","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":167,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"9ec3cd74-7170-476a-ae57-ea25af22d248","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":167,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"139d24a4-b928-40e6-b3ac-bd7f562d7074","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":167,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"0080668e-51db-4c5b-8986-495178daba0c","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":167,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"9d4ac97a-0ab2-44dd-ba96-43e8085e9f39","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":167,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"1ef1b613-91b4-46fa-9f1b-57a96d90be23","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":167,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"ea44d938-9b3f-4da5-bbe9-256c5ef2e00c","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":167,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"e7b7d6a7-33d0-4b26-a97e-8fe312b252d2","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":167,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"1308727a-603d-40ec-be0f-9dbf184ad799","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":167,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"3bcd2d06-774f-4d8c-88ea-b8aa6bda8acc","block_type":"box","text":"par ty determination of fair market value.","page_number":167,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"87d4d29d-b991-440a-80cb-0f13346a8e10","block_type":"box","text":"Computation of Offering Price Per Share","page_number":167,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"94a2fff0-979d-4de7-b82a-fd1b63458d99","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":167,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"3952507b-e840-40fb-ab07-ae119c984af0","block_type":"box","text":"the offering price for shares of your Fund.","page_number":167,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"319f748d-c9ab-4544-acc0-0265d1f930cd","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":167,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"b6399154-977b-4067-b61a-b78c925006fd","block_type":"box","text":"Transactions in Portfolio Securities","page_number":167,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"cd7da483-43fb-4ab5-af9a-05cd9d952c06","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":167,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"9b9e8588-3e08-4da7-9e57-01b8b80a1f5e","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":167,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"29f8332f-605e-4cc6-bf0d-cffd0a813562","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":167,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"94d15b76-e4d2-44aa-a375-5530c91ff8ec","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":167,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"c4c9478c-bb2c-4ecb-abfd-d754efedacd6","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":167,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"dc1b7f40-3fdf-477f-8ab3-31c21ed2e1a5","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":167,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"6f0e5cb6-880e-4d6e-9010-b7443e6bec2c","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":167,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"5a1d4529-4198-47ec-91d6-a5e7510ce37c","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":167,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"4baae0ff-45ae-4620-9f14-6bd17a2b76f5","block_type":"box","text":"II-124","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"27e3d6fc-082c-46d0-a5c6-7509b854b8ba","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c54a8cc6-85b4-4627-996d-6e16e09ea154","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":168,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"29ab4232-8651-4102-a058-a215ec6af704","block_type":"box","text":"reasonable in relation to the services provided.","page_number":168,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"2a69f835-153c-4f17-b411-58a0808104da","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":168,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"1d9ae64d-24cd-4aa6-8941-fc69d6c2195a","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":168,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"9142264b-8fca-428b-9403-32f7637ab741","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":168,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"cfcacbec-bcf7-4a1f-a7a0-f4af2c19f975","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":168,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"d91fa934-133f-42db-b6d1-376396362670","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":168,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"defc3a4f-f86b-45b8-ae53-10770a45844e","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":168,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"93efdb11-6593-4bfb-bbaa-6da0505e0283","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":168,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"0363155e-82d1-44e3-8b71-d2a0f2293141","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":168,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"669e661f-0594-483f-9107-4ebf5cba020b","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":168,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"aefd4c57-ac94-40ba-9065-5ebe41a14477","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":168,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"bb12913a-f6aa-4580-a87c-d76003b63ed3","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":168,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"d319b768-1518-4876-b9a5-d4554d55ca58","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":168,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"dbe6c8cd-53aa-462c-9409-22431d2b6aad","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":168,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"d86e9875-c9ba-4e1c-b93a-7d46aa1d1eba","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":168,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"d8cc801c-ce8e-4dad-a5a1-2a73dc2fd47a","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":168,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"5496d545-5468-4d28-97c0-df911154f8c4","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":168,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"4ed91f02-016b-461f-a01a-58d34961b7a9","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":168,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"7137c641-54bd-4e70-88b2-8855ae8904f0","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":168,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"ce8876e1-2824-4d6b-9d9f-bdb7150c1946","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":168,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"839c6b38-37f5-48e0-b9c3-6f7aa83a9bd0","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":168,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"96442a7f-44aa-415d-998c-a3fdbf309a3b","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":168,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"3e639849-eb92-49bb-aebb-812406e9cf80","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":168,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"511760f8-a66b-4f7f-9132-6756664ecc14","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":168,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"c9f842ae-8837-4eaf-bd67-b73365bca305","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":168,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"f4b5688a-a08d-4489-aa98-855a533eae39","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":168,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"bca2e833-f127-4564-b4a5-5c9f4d6aedcd","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":168,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"1faea0f7-aac2-491f-8344-05cce753ef1c","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":168,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"ec739511-40bb-4e1c-ade8-7e90a8826d3c","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":168,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"ca829464-f3e0-44e3-b501-8aae6250d897","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":168,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"49e374dc-5b0f-436a-9398-fdba1df1c705","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":168,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"6d084625-3cd6-4e33-8887-a42ddab948a2","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":168,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"6b696597-532c-44f2-8ff4-37ac2ee34ab2","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":168,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"49ebe501-f5d0-4939-b5b0-2c41a76c5bf9","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":168,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"48959872-6285-4880-8943-26091b7b5ede","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":168,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"55e83753-93a0-48f3-9673-167366ff3524","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":168,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"7a95435f-b04d-4211-b38a-93ddcc89fc00","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":168,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"af7a91ef-0e38-46f4-bf15-b6a30c13ce14","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":168,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"49e0b69a-5843-499d-aeb9-5da1b5f79ceb","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":168,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"25d00046-e188-406d-9ae0-d49068490262","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":168,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"52f07174-c3a8-44d8-a170-7f599def81c4","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":168,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"f66d17fb-2477-430c-b779-d211ce7ad8b2","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":168,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"8dcd538b-43d9-41c2-b224-cf068e1e6200","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":168,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"1271d991-2f00-4c26-8707-6ef51180eae1","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":168,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"0d320176-2675-4308-bbff-caeec7aeef67","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":168,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"a23c1fd9-75b7-4963-bea2-b87d07b26b9c","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":168,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"0f5a1af9-6300-4a84-8712-acbb6d09372a","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":168,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"399abf30-5ef7-4fe5-b2dc-c41d901d2ee2","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":168,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"947fd706-9022-436b-8824-205d936b5154","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":168,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"883854ff-509f-4e5d-a7a8-9bb3c9ac207d","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":168,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"9fae7c6f-479b-4e53-acce-1f65b5b745af","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":168,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"a48a6f75-8dba-4446-97e3-e9fd42a7b39f","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":168,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"598aedfc-edb4-452d-8ae5-06df55a00b5e","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":168,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"db394428-c308-48ac-a7c5-b96c543eccda","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":168,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"05cf5cf1-084f-4a39-bb93-1a33b8081d18","block_type":"box","text":"II-125","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"75bfa6df-ac7b-4dfd-b96e-cbcd04f37d96","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb4ad3fb-bb90-4819-9a0d-2f7eca8196c5","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":169,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"8eb746ac-e65f-425c-93bc-acefb1eab2ea","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":169,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"f7e2977d-f6fd-4618-8e0a-bc7a167a6568","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":169,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"ccfccb7b-8cf2-4945-801b-a41a689cb2de","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":169,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"9992ee5e-9fce-49a7-9446-578952cb92ad","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":169,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"ac9bf683-0525-415b-9975-72aa7539e020","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":169,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"7184b4b8-d39f-4d39-b9d4-1794827cf61b","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":169,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"ab3341a6-0e0f-412c-b028-de38e4370e04","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":169,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"071c0ccf-fda7-49d0-8c06-ad6176890040","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":169,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"b563ca41-89fc-4b61-b64e-9464ce85b02e","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":169,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"30b28a12-37fc-4ae1-8e11-51f040a1b869","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":169,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"27e6a7fe-a41e-490b-ad99-ab0c002e1f60","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":169,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"9bfbe3e7-fdee-4232-b6b4-1a368c0d4f78","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":169,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"5953702a-6eab-4cc5-ac71-840cca91a85f","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":169,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"5c304a6f-2209-4bd4-9cf7-966f6e9e186d","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":169,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"0a77ad0c-1f67-4cf3-87ca-7efcf2323b31","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"67e1983b-6e54-4a8e-9498-853afd75704a","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":169,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"e0711c62-0b4a-48e0-9f9d-ec85daea326e","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":169,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"89e21fbc-dfca-47aa-a2ce-4a29b0eb2dc2","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":169,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"fc79633b-63d6-4945-9af7-7aedcfd457b8","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":169,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"5305ddbb-e9e1-46a8-ab04-7d66308a8342","block_type":"box","text":"brokerage.","page_number":169,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"88765d43-931c-4570-9137-bad107435447","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":169,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"9fe00884-574a-4ce2-a561-09d17eb5858a","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":169,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"8e1a4b45-465b-4641-a57b-dae90aa27a4b","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":169,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"4322d50d-cd61-460d-885f-8bd7a73349be","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":169,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"54bf616d-67f8-41ec-ba0e-ad45e3295559","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":169,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"836bdd61-2b94-48b1-a349-544423d7df83","block_type":"box","text":"Section 28(e).","page_number":169,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"317aefd0-77ef-44fe-9926-a12acb946cd4","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":169,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"613c9cb6-d2bb-4472-8aa2-3694de142669","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":169,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"09d56be9-8e11-4388-ab77-e6776af3e48c","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":169,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"102f6e8d-f7a6-4d49-831c-2bbaea4d74be","block_type":"box","text":"execute transactions for those mutual funds.","page_number":169,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"d2faf9b3-dd86-4768-a063-c5aa31395153","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":169,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"b59fc5f8-6437-4c59-b2f2-f1ebe5648310","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":169,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"6d54106d-3913-41fa-bff1-21d760c8bb80","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":169,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"e6db3e7d-081b-4cd7-aeea-86b603e22f1f","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":169,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"b46931ab-65b4-4ff2-ae0d-78bafa905024","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":169,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"16d50884-b027-4252-b219-95b8b27b37d1","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":169,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"c1d5d7c4-5077-45bb-a854-2739fdc91bd7","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":169,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"1f5929df-fc7c-45ab-b511-28cc68943b77","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":169,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"14ca133f-dace-4728-89ee-b82f63d71967","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":169,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"9c53fd96-9705-4362-a6ff-735bfd789514","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":169,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"8cbbf1a7-dd3b-4929-9751-4702a94babfd","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":169,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"70cc61ca-7442-407b-807a-f35d686b71ad","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":169,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"501d7f78-0023-4815-af96-7a59e2822f7b","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":169,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"f9dcf861-47f5-4f74-93ce-85173c3b8f37","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":169,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"14b6a96b-b0ff-46c2-8c9f-20ef994c07f4","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":169,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"d694e3d3-be09-4aaa-b2c5-07b250e4e5e2","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":169,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"15dfc1cb-8eb6-4782-9303-d1b970a02176","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":169,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"369575b4-00ad-40e0-a88d-7b6c5cabac56","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":169,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"f864563a-5463-46e1-9eb3-0a5c16c73d85","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":169,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"6aa7d418-0f6b-4ef7-b865-8c9733375d62","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":169,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"bb371ffa-ed4a-4eec-923c-144c361bc64d","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":169,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"cf2ffd5c-cbd5-4b52-a651-96d18a4ac019","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":169,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"346be7af-f512-4e6c-9755-ffb38c578ab0","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":169,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"5038ad9d-0c76-4a2c-a1f0-1205b8ab9455","block_type":"box","text":"II-126","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d78c7bb0-4597-4acc-aaa5-7877897fc6d3","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a800c8f0-160f-464a-855b-484df77c560f","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":170,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"4251f3f1-7c6c-4d0c-a4c1-331e5bad2306","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":170,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"daf6bd21-82d4-4d4c-a6ba-1855c6ea5386","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":170,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"9f642d5b-994e-41d7-93a2-c7fa6089a5d6","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":170,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"fc679d47-8af8-4c51-88fb-2befb7d0ec94","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":170,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"1448117e-29f3-441f-bd5f-d46b17b7549d","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":170,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"4e853846-5018-4b56-9ee1-285ff9a9061a","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":170,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"86a0d0f8-b81b-48dd-803c-b36e6bc03f0a","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":170,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"0fe0de75-95cf-465c-bfff-c9d4075f9fda","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":170,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"70fd788d-1367-4383-8634-ebf3c3cd1a7d","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":170,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"2a8276b0-918e-40c3-93be-5a3e806840b8","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":170,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"b338e6f3-3cb7-4d00-9b0d-b9596d88d566","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":170,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"523f2352-11d1-42e5-9069-6172489084cc","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":170,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"7d8727e7-b4a7-4974-bf82-4e7e2cb38dc8","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":170,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"084d428a-24e5-4fba-b733-bd309a3cb7e2","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":170,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"283621e9-a270-42ee-bd35-42fbae220bcd","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":170,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"e5769a93-da95-4cf5-8280-03e36239c511","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":170,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"ef1635e3-0036-41b8-8ccb-1c19db367949","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":170,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"276ce992-1a85-488c-b94b-971c4c924029","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":170,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"3f58518e-91a5-406a-acc4-502c84e08ff7","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":170,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"aabdfc7d-4ce6-4675-8722-7bde58c2152c","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":170,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"a631de45-a401-427e-8d44-b7b60326f7a7","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":170,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"34693b60-509f-4b0a-befa-1eddbc038928","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":170,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"69680d81-99b9-4a57-822e-e374cc1f2ae0","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":170,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"2996dd62-9d2f-463f-860e-c7771d606b42","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":170,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"ea1f9ef1-c77a-450b-96f1-874f93231469","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":170,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"3b7ebf28-d35f-4dc6-b372-7d6b813c5446","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":170,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"3059a254-ce60-460a-bb07-85ddd077fe20","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":170,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"df7eb099-fdff-474d-87ba-9f7e9032d4dc","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":170,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"85cd98e2-733c-424f-a05a-e314c72d6c78","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":170,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"61f3ead0-22b6-4283-b385-4610b96cad63","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":170,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"a59aa687-f80b-4299-b479-a689b4c5893c","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":170,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"6bde0e07-52be-45f0-84c3-b1ce8f6aabd9","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":170,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"66022750-c125-42bb-8357-09563d61c867","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":170,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"beed2d3c-0e44-48f3-a8d8-0c6ad2404e8a","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":170,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"4d0ee6fa-026a-4857-a73a-6ee12e8499a2","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":170,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"d69b3fa7-7741-446b-bf4a-462f9598e2b6","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":170,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"e448d88c-ff1f-4e94-97b8-6c4d2d905e00","block_type":"box","text":"accounts and compliance constraints.","page_number":170,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"8cef1b20-c9c2-425e-8f0f-e33bd6a736ea","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":170,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"50f1db4c-02ea-49c6-bc41-4af30fb8d82e","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":170,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"08f8a1a8-83f4-4831-a84f-cf2536f992fe","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":170,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"f0765a13-0d36-455b-bd88-113f8f5ce75f","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":170,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"97e4428b-ebc9-4de2-9f2a-a1fe193b3b38","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":170,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"f7a4036f-7c1b-49e1-919b-ef862277988c","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":170,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"a46327ea-79e9-4176-a61f-46d1367a6b90","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":170,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"0ce44f70-040e-45b2-b4e4-e60ee8efc632","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":170,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"9cb7c2f9-123d-4db1-b204-8c9d8e592ce8","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":170,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"01c8dcc9-9a59-4e63-984b-6d82020d8d79","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":170,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"41430be1-4b36-4c18-85f7-1011e9b60e7d","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":170,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"20977506-c9b6-4103-8b8f-528b1efb011a","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":170,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"63347d05-6ed7-42d3-b5c4-8e1fce5db4c4","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":170,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"7785841e-9d07-45ed-a34b-043ee2102e3f","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":170,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"0789be26-72a6-4163-b02d-3d90860314c6","block_type":"box","text":"clients may be used as well.","page_number":170,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"3b6c6b2c-82e0-4a84-88c5-827e48023cc6","block_type":"box","text":"II-127","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"66c90e32-8703-4617-bdfb-20bc8a0d6006","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c299029-19ee-4401-9b6f-1a71c056ff82","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":171,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"4f1f957f-bd36-4740-873d-133ca5c3f39e","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":171,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"05767bc2-1368-4081-aab2-0ed0eb5bee68","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":171,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"fcd8144f-c053-457b-bf55-064a27752b04","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":171,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"2a9179d4-1cc8-42c8-9f8b-e352aa48a2da","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":171,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"15939ba9-a8db-436f-b975-617339d270c1","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":171,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"b4908927-05cb-40a4-8333-f2190cab9735","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":171,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"4a8782b5-3851-4ba1-9e9e-fa55d1ca9f3b","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":171,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"387aad13-9e76-43f7-bd0c-69fde1fbabad","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":171,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"975992a2-4957-4a5f-937a-24b1fa5144f3","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":171,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"721d09a6-5a29-462b-a80c-e95ed712b305","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":171,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"adc71915-501c-4bde-a194-590674e66f85","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":171,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"776c0b2b-d281-44bb-9f58-61d5d01bdbbf","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":171,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"ba1f4c41-bbfb-4386-8768-e0933e32d4c0","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":171,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"f30752fd-401a-4662-8b31-7c28f218e43d","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":171,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"ecc3fac6-b321-4d4a-9efe-652eee878b8f","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":171,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"b18dfc20-d942-4184-ae99-164dee56070f","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":171,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"0d3262bf-61d5-4bc1-88ea-1d3ebe19f3a2","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":171,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"9126fe8a-25ae-412f-aad6-33a716ba0f3c","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":171,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"782dc669-a26f-44a3-967b-205c9bbfa8f1","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":171,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"f70800b5-f504-43d1-b4de-1c3bb550de32","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":171,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"a49a37c4-f82b-4cb0-84f1-51c93a4daf8c","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":171,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"f4b8ff9a-9a03-40dc-b567-21e5bc28ef7d","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":171,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"dc7ed19b-3079-485f-9649-f37c99fc071e","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":171,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"cb0eddcb-3407-4f72-bf97-cd5fcec76772","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":171,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"7785cf57-22cb-4e4c-83c2-9864b243edca","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":171,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"c2e75167-6007-4ec8-9b0a-bba310d3bc8d","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":171,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"96ad0e69-0f34-48fb-a0ba-17460f6e49b4","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":171,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"7f9fb696-335f-4ab0-91f1-d94effe98f8a","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":171,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"ff5ed803-2000-4a49-bf7e-13c9801050d3","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":171,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"8bc65036-8a84-4778-b6c6-aea0df9562c3","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":171,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"05d08f0b-57c3-4cb1-ac88-4f1689cbdb2b","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":171,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"ba5f6523-64ba-4bff-b082-c4d0ffcecb7a","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":171,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"e29a5405-179b-4b56-b7a7-c94928869b41","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":171,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"f531ad06-2406-4f63-a56d-4f9a14a83adb","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":171,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"45d6d8c1-af7c-47dc-86fa-84d796e88ac2","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":171,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"30d68b2b-3cfd-49aa-ae24-50ca62854fdc","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":171,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"2ee337ea-5d3b-4939-bdb5-21413fd1626b","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":171,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"b3e7b6a2-c18d-477a-bb16-4280274b3474","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":171,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"50aa309f-65fd-407f-bc1e-b97f1eee30b0","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":171,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"af462460-99d3-47ae-bc26-33ab483eea05","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":171,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"74d732c6-b647-4cb4-9cb8-79c1f6cc8924","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":171,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"94a69f47-0ba9-4caa-b78b-a8197a23f9c1","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":171,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"f7d9c298-a79f-4c13-88d4-c58df2bc02c0","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":171,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"2c365c9b-5375-4154-8d6f-7ee68c70c10d","block_type":"box","text":"Portfolio Turnover","page_number":171,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"648c55cf-5800-43bf-a1e6-4aaa901083c5","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":171,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"f7a1c6d0-7aa2-4142-b9e4-a3de0014abc7","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":171,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"3818314d-762a-4679-b0d0-5dab4501658a","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":171,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"d9027210-aad5-48d5-bd08-c498bedb23b0","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":171,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"245280fb-4f2b-47b1-9f48-84eb7d642a73","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":171,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"6152e795-9180-44f9-9a3f-9a0f76866c6b","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":171,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"13a6fa7d-61a6-490b-8c72-2c32633557c7","block_type":"box","text":"II-128","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6dd84a17-9543-4c0c-aef2-f7de57317366","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9460182-a96d-4baf-8e7a-6ddcface372e","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":172,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"6a9b0144-e586-4938-8150-b5103caa7015","block_type":"box","text":"Dividends","page_number":172,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"3ba7867a-fb24-4dd5-ae57-c19ff896695f","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":172,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"d9c1e97b-1fd0-485d-b8ed-6c309ea403d4","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":172,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"f991550f-5032-4a81-a332-1c823595c671","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":172,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"71bdbbec-443d-4143-a160-4ecc93658eeb","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":172,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"603837f5-305d-45aa-878b-d265c22552f0","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":172,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"f41d8cb1-cc03-4059-85aa-d213c8b3359c","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":172,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"e4401a4f-0fa8-43a7-8ad6-d5b833bec685","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":172,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"e831f61d-dbc6-49c3-afcc-786444c76d84","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":172,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"c8846e05-d097-4986-9f56-c42605ff6c53","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":172,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"1c8bc3bc-2030-4cea-a399-96dbaa004ff3","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":172,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"3c327034-39ba-429f-aa66-2da6316cfa11","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":172,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"16b64300-fc94-4e84-bff8-11378b91d953","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":172,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"973fcf1d-f0bf-40a3-bef9-4489d81fbdba","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":172,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"a1d249c4-7604-47af-af23-75bd7a9299bb","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":172,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"6467fdd4-ec02-46e4-929c-1a4be3ae7fcb","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":172,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"45253202-c8a0-4619-9549-0f78b9d13cac","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":172,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"565ad8b9-edd0-4ff5-8503-c71c0845c47b","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":172,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"8ff708ae-62f7-4fa5-85cd-a5303b61f759","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":172,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"642895b7-22c3-4ee9-8e05-7f6c27bc676b","block_type":"box","text":"Taxes","page_number":172,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"9078f324-5059-438e-9766-72395bd91bb6","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":172,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"416b4fd4-1a19-4c64-907d-7bf5ced54b1a","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":172,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"433754bf-f572-45a9-8c2a-4af3c4feaeb9","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":172,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"5b43cb21-2f05-45fb-8aae-1205e724d5cf","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":172,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"079e47e3-b022-4cdc-9708-13376e3510f6","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":172,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"edce998a-4e1d-4586-aaa4-af636742e540","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":172,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"a2338884-a3ca-4449-bcbf-3d0b4f092289","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":172,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"14465cf5-5fe7-477d-baf7-a6c13fcd23f1","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":172,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"f5d0b849-0a37-42d4-9004-05b740ea5e13","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":172,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"e870bd8d-e9f4-454f-afc5-e662ab6d9938","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":172,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"7f347dbe-d4ef-42f5-adbd-80cd7ff30872","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":172,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"b705fa0e-e174-4305-90a9-00091f35364b","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":172,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"184c3c02-bdf7-44d7-b13c-df1acfe55064","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":172,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"e1aec4a0-fdd4-4f3e-93bf-197100995849","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":172,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"6763f491-102c-44a5-ab92-7b929c42eebf","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":172,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"a72534b8-57c4-437f-8944-29ec5380d337","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":172,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"8334242b-7e21-4de5-b7a6-b97ebb337d84","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":172,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"3c478779-df55-4ebe-b352-2af269795a22","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":172,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"63653cf6-62bf-4bd0-8650-ac26cc35832c","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":172,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"53666d67-04ad-4bef-9807-7ae75a4b549d","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":172,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"65e49ae5-114d-4d51-a7a2-32d6525b4075","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":172,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"489ba029-98a7-4c7f-ba7e-26b36f4bffd0","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":172,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"ae5f8b97-de83-4873-97f6-99b91b8a614f","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":172,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"f266a539-9421-4155-a326-dcf1d9f54a74","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":172,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"e9fb5e30-eec6-45ea-80bd-bcc60e8f36ff","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":172,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"a790b421-6c46-409f-ab75-3ad6e7439aab","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":172,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"9482e06f-7f70-49b3-a36f-d0b2ca915c74","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":172,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"92690a24-702e-413f-81ec-86f647ccafbf","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":172,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"6df850e2-054e-4f4d-b7e2-62d5056d0986","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":172,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"8991e8e1-37e5-497b-bbc3-1b0ed7211b6b","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":172,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"854c4cb3-eec6-4ec4-860d-f0df05469d04","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":172,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"38f0d705-9d8f-4b09-95bd-77620a919e25","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":172,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"e53ca7e1-12f3-4991-a693-30afdc63b1d8","block_type":"box","text":"II-129","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"79164f64-2a6f-41ef-a595-7bb08ebc87f2","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d33ed5e-c3ca-42d0-9b8f-b881f8df101e","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":173,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"2af4a346-40df-4e0f-a545-4b1edd9182a7","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":173,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"0598d57e-df6f-4e23-80f5-3bb918bbec22","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":173,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"52b5919b-d6a0-4305-9701-0a1898b038a7","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":173,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"7f424f95-f7c6-46d5-a16c-c84fb64a819b","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":173,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"d0fef497-aebc-4ae1-9c3a-be40e033e1c2","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":173,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"110ab963-341d-4eb0-94dd-8c032cd5beaa","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":173,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"c6a7d805-8b3d-45d2-acae-dc1390526955","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":173,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"ffbbdec0-20a6-4294-9c98-355cf542f07f","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":173,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"6b8f10a2-7741-4f17-9daa-8552a28ca0e7","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":173,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"d90b3806-6d07-4132-813e-1d79fc0724ae","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":173,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"b644b7bb-5be5-4c92-8f10-05af06a472af","block_type":"box","text":"limitation.","page_number":173,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"bac6ed37-223a-4eca-8a48-833f03ba425e","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":173,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"a4ca6a2b-93ca-423f-8d7e-f19ffeea1a71","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":173,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"ca23953d-8146-4063-a6c6-a3dc8808abb9","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":173,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"e5ba1897-fa38-4688-988d-8fc2e001c9bf","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":173,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"8ba5fd57-0dfd-4a77-99c4-3adcf9200c30","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":173,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"df7dc520-ea74-4c26-969d-b7a95360bbb1","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":173,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"9314347a-b2dd-4e4d-829d-4569e1bd5693","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":173,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"f817d4e3-1d78-4d36-8cc8-eab6c56eb4f3","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":173,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"afb9c3ba-4df2-4ab3-8231-a00404e5d3b9","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":173,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"51bb9d4f-7304-4a5a-b92d-0221bc4602f6","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":173,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"6fada3c6-b5b6-4556-bd14-9c610d7d2ba9","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":173,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"275c54ab-49a3-44b4-903f-7e2692dc8876","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":173,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"44f2582b-49ef-4faa-a70d-1e912f4e0499","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":173,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"169d19c3-c2d0-4df1-b6e6-79eebf34e9a8","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":173,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"90422ba9-698c-4e37-85f5-b925c077b4ad","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":173,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"83646013-6ace-429a-b92f-7bd65916e3b2","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":173,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"718b96d0-fb07-429f-90ee-033a7b48ec2b","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":173,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"865143e7-83ee-4afe-9140-93104307cb41","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":173,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"3195132f-ed5d-43f3-9683-06f36e7c46f9","block_type":"box","text":"constitute “qualified dividend income.”","page_number":173,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"49b8ca6d-84af-415c-abec-010389b3daa2","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":173,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"8502947d-cdfb-4603-899b-013a23122d3a","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":173,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"390051d7-6c95-4e82-a03c-26bd09a385a5","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":173,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"a29ccdee-f919-4be5-b715-477e167c1bc5","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":173,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"d4c153fa-1150-49f4-8661-65fbc25afc0d","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":173,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"3f454fd1-7608-4fae-b948-5c79388fa47c","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":173,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"301a100a-b965-4fef-9d78-0993d140e093","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":173,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"4d4ff7b2-3972-4438-8fbb-59655a154e0a","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":173,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"1b031932-620d-4cfb-b972-b7431b3f3866","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":173,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"ed25cfd8-b9d3-4e21-a508-99173843df67","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":173,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"a080bc49-b1a1-405c-9a05-79188677e103","block_type":"box","text":"against their taxes.","page_number":173,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"70a47bb3-f80c-4f44-89f9-ac3c6f628b74","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":173,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"79c4e46c-2ef9-4f26-8783-3502201993be","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":173,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"aeeacdc2-7451-4930-8e6e-a7cae6b866a4","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":173,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"9bb2592a-c70e-4b6f-a154-ba0a576e7ddd","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":173,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"22447d35-ba97-4d4c-b2f4-cbc7c089bd92","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":173,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"bfef87f9-4280-4978-a5e9-d32d92d194bb","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":173,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"b16bd198-3181-4103-907d-c0fe4204f3ea","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":173,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"aca2e859-9bfc-49ab-9739-c868080c8d1e","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":173,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"f297eafc-06d8-445e-951e-98103a199963","block_type":"box","text":"dividends received by the shareholder.","page_number":173,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"8f3bc8c3-ab9f-4cec-a1da-8b27bd935bcf","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":173,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"4a7dbf20-5c2d-4169-af0b-f92da2bce7d5","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":173,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"635430a6-14fd-4063-8da9-8c05a0f96ac6","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":173,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"d34b39cd-4987-4f74-92e1-16eca7fe8c7b","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":173,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"1bf5d6dd-013c-4e7e-adda-751944779a95","block_type":"box","text":"II-130","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a2c021c3-ee06-4a7a-920b-b8689fb59f40","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ff42553-aeb0-4d15-8b02-7ca696353eff","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":174,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"8b583b0d-f46a-41ec-a333-a78408766659","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":174,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"12f182bb-c68d-4078-89a1-a178934555ba","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":174,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"69eeefee-3ef0-47b1-b5f6-9fcd933f4ff6","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":174,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"dd02f071-ee11-4c04-80a7-26c1a879ed20","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":174,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"d3581d49-9dc2-438c-84ae-7f79a8fd3c2a","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":174,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"49a7600a-f133-4d21-9982-3c445f34310b","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":174,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"c3a94a31-8118-4325-b198-5d58bc9e79a5","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":174,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"d0fd2a85-636a-4028-9986-33cce0df9c82","block_type":"box","text":"taxable year.","page_number":174,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"d1c4736c-82b7-4729-becd-7994af45bf3f","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":174,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"49a95ca1-5813-48ef-b61b-f45801b5fcce","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":174,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"828ed8e6-0e98-4a1e-80fe-ff387df90ea5","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":174,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"73b13489-b05b-49a5-a5b7-4866a1f610dc","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":174,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"059751a5-3c58-4b78-ba46-dfec5cc52b0e","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":174,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"68dce294-51e6-4043-99b5-ef3bac8a6c87","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":174,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"1d61ca7e-6c49-4114-93b0-2d3dc7fd0a66","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":174,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"2e02c97b-c3f2-46cb-b72a-9b599242900e","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":174,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"cbe7022e-d06b-4a4d-b33c-8ce3ed6828a6","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":174,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"57a55d55-a256-487a-86e4-4c5f1fad57f9","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":174,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"9b1859c5-7503-45fd-833a-d246958489f4","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":174,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"b0dc27dc-bb6b-4617-967c-c47e9ee4e9ab","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":174,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"4ba610f9-da78-44f4-9dab-9383dbdb262c","block_type":"box","text":"generally be treated as shor t-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":174,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"dcb69fe7-a1ee-4137-98a8-a4ad5613ec75","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than shor t-term capital loss, to the extent of any","page_number":174,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"afe13a59-9219-484b-b7a8-06856006aa2a","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":174,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"bbcc0904-cca8-49b4-870c-cfc86892ccb2","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":174,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"fa73d481-6e0f-4dd3-a53b-e181bb9adda0","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":174,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"f329d7bd-3b30-49ef-9063-e6fdd422066b","block_type":"box","text":"special tax rules that apply to their investments.","page_number":174,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"9a0b98fc-fa3a-4b68-85ba-0a7b8c58b2a4","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":174,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"66804c98-b0d0-49e2-950b-e93af5c1b17e","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":174,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"d837d1a3-4db9-40a2-a981-35aff8854cee","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":174,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"480b6764-e6ff-4729-bd27-14b3411e851a","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":174,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"ed8d78be-9e1e-43c5-98d2-ff0bd9c98373","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":174,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"9e19575b-7483-49a5-a58e-dd95cda179a9","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":174,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"8658178f-2699-4c58-8051-97dcaefb4c0c","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":174,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"310c68dc-cb4e-4bd8-a42e-9bc63f14d714","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":174,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"2f12d4ec-54b4-4bc3-8fef-0da7ad60e046","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":174,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"9eecab8f-afd5-42ae-b99c-e497838d5c83","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":174,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"00bf3d81-14be-481c-b7e7-4abb35b8e500","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":174,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"0c0c1d0d-1c1c-42db-b2a1-f3d7c9bca28b","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":174,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"a5a42a22-276b-47ec-8315-583ad3ed7475","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":174,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"62ebe744-46e0-46ec-b6a3-e42fea97f960","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":174,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"adfd3f52-e9b4-41f6-ba76-f48b032cc733","block_type":"box","text":"redemption of such shares.","page_number":174,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"a6ba8885-f372-4759-9d46-efb143419eb7","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute por tfolio securities in kind for the","page_number":174,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"2bfec649-ef0a-4b4f-abff-4a65866355d1","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":174,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"e6b4cf8e-38fa-41d9-89a1-427c3ecdf0c1","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the por tfolio securities it distributes to the redeeming","page_number":174,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"b9232475-7afc-44b6-b8ac-134588ff26c5","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":174,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"912aac93-85ae-4ae4-a302-b4d16c7ba80c","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":174,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"8db8c7aa-3cba-4ead-b93d-ad94a1f950e6","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":174,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"96532043-6533-49fc-9460-56515d080508","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":174,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"fa56900e-c493-4869-ac2a-2cbff078b629","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":174,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"b8585329-0d2b-4c4a-ad0b-649fb0873f23","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":174,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"d3f91be2-5e67-48c6-b392-66c4f87a7194","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":174,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"a840d1b4-1234-4b49-b221-74205b15af17","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":174,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"f703981d-c269-44b1-b9da-0823e7bc6cd3","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":174,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"77b8686b-9379-45b2-a8c4-68bb4789845d","block_type":"box","text":"II-131","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"34f9e5fc-e28e-460d-b38e-a5b6921db760","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1167b3f9-17df-4a12-8689-1c2e0223b01c","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":175,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"389feb83-7e41-4dc6-adfd-f0869c91c279","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":175,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"da2a8e4c-43b3-447b-80b9-72b7d0fd26e7","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":175,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"5f28d5e9-87a4-4932-a5d8-dcfe5d2703a3","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":175,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"8b7cfc53-08f4-4bf8-a95f-5ad17e187033","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":175,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"1a114155-4163-41d8-985b-281951967c2a","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":175,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"1cfe4d38-5d67-451c-a53c-2687c273cc33","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":175,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"ab48bf48-3121-4d3b-9602-2bf8e3ac5c15","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":175,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"20e0c161-08f3-43d5-9047-e3ae989b908c","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":175,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"6116f357-c373-42bc-957e-e1a1f3495fd2","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":175,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"672ee28b-b630-48cb-a196-be66881df98f","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":175,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"432dc9ba-e1c5-44c8-bbdf-279add1cdd49","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":175,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"6633f65a-cc11-42a4-98c2-4e20a113da08","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":175,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"4a0af48d-0496-4b7a-a144-43d5b93f7fbd","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":175,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"560a3dd4-ef45-4852-80e7-870a059a7f10","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":175,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"f933d11e-714d-4314-baff-8419ca2c7939","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":175,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"f75e98f6-892c-493e-807d-b5a1e0893680","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":175,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"1b169c35-9661-4521-ab09-5eeaee3e6791","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":175,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"768d5046-9528-4a23-91ea-b3ec10e2a113","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":175,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"7d3fcb86-0ed9-42b5-bacf-bfaee70ca3d2","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":175,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"52b4150c-33d2-4cce-b002-b58610b7e623","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":175,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"cad9c432-7cb1-49f4-a50e-01f6fe2b9168","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":175,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"038531c0-39e1-4226-8f34-48de4d60a46d","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":175,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"48071bff-e07f-4e0c-ae72-984c60c31e0a","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":175,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"5e67e74f-8952-47eb-abd7-6f78536518bc","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":175,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"b8bdcaaa-926b-4a57-b9c1-fe03f7b9082a","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":175,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"5894cf8a-a3dd-4fda-bc80-93b606603f2a","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":175,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"28d92437-0ff1-4345-85c1-7b5accb171c5","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":175,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"504298ab-be99-422b-b76e-b6ed9a8521c8","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":175,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"775e7c41-f425-483e-b3da-a1d8543bab71","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":175,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"e2d347d9-738d-49cf-a389-d71fd4811e33","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":175,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"52616004-8af4-4d87-af05-af2969324bee","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":175,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"42e21def-04a7-4f71-ab21-3bdf8ff2d744","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":175,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"631db554-163b-48b3-bf0f-bf2adba1f0a9","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":175,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"429dee4d-696c-4d53-abff-4b926a9c0e44","block_type":"box","text":"in subsequent taxable years.","page_number":175,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"216feec2-a823-44a3-b200-4ef63469aea6","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":175,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"02742e36-4335-4665-8da7-9adeca8eb6ad","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":175,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"167b5434-ed07-4519-81e7-023e5261bd7e","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":175,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"90d1efe1-aaf0-42dc-b7a2-9c0064fde21d","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":175,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"7840fe7c-423c-4d19-9868-763bc28e7f46","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":175,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"16caeb9e-8e82-4ff5-8eed-8f814427e3b1","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":175,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"aec2f2e7-12d7-4f0b-b316-4994e8b203f7","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":175,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"f00a91d9-a74e-499a-a42b-a0599a8e9618","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":175,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"79d358d4-7867-49fb-a523-c16ca551ed99","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":175,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"9f78abc6-c50c-4c8f-aca7-8e777ccb3fbf","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":175,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"75a57077-caad-46ce-9a2a-984b92d142ff","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":175,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"524f7603-d390-4766-9012-2ac6d6834185","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":175,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"b5be8e7e-c47e-4829-85af-342460bbd250","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":175,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"443d0530-43f5-4772-b0a7-84ca9a599ab8","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":175,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"3c42eb75-5e4f-478f-8d3a-80575e891226","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":175,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"f88942e4-973a-4ce9-83bc-a884c221c998","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":175,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"ab6c46e7-a415-46ed-8240-c59b23d2b580","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":175,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"2cc6b54d-9e43-4d72-abbb-887a0cad751c","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":175,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"6a1ce87a-b74e-4c4c-b15c-bb8f8ccf880f","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":175,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"aee5895d-17d2-4fb3-9d70-d69e0d663bb9","block_type":"box","text":"dividends under these rules.","page_number":175,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"8e61aeb7-a175-4e8a-b3b9-6c5867e0d1b4","block_type":"box","text":"II-132","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c3693d03-df7c-411f-9617-51f76fd48b5e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2dec8af-2e7a-4fd7-8c3b-0002d524836d","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":176,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"bc15278c-107c-4633-b6fb-2b7808b0fab1","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":176,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"b4d23c46-26e2-4f8a-ab5d-9f0c828a72b4","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":176,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"a20441f8-1ed2-4434-8c40-079a8a64c3c2","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":176,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"9780aea9-6929-4ec2-b00e-da4d8caab982","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":176,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"4d69a025-f260-4d4a-933b-84a70601b292","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":176,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"7503ee45-e388-4c3d-aa50-bb2893858c16","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":176,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"35c7159d-e217-414c-891b-f21ef9700419","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":176,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"2f5dee75-b7d7-4068-b9b0-edada5f4036b","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":176,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"9b366bcc-85b6-4c8b-9840-d21ec53494d0","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":176,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"7e28b29a-8447-4fc0-9080-ab3cc2187eef","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":176,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"d4e5a104-aa4f-4e05-8a05-52d11be7902b","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":176,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"722437f8-358c-4e24-b578-bb588b002bfd","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":176,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"f8cffe50-5695-458e-a151-8b0495cdf55b","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":176,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"cdeaa5f4-f0ba-42f9-bc91-a187633b7a91","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":176,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"cf5196f1-05bf-479d-ba08-cc95446f8dd0","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":176,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"f8195f1d-c164-4d3b-9b6b-f570b5bb310c","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":176,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"10f0a892-3002-46c1-b4b3-90ffee826356","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":176,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"7e80f8d4-8461-46dd-a7eb-938e55e508e8","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":176,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"468f9f3f-e677-4803-9982-d227e0ea0aae","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":176,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"d10ab64d-946f-423e-85ae-558de32318e5","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":176,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"22049c42-f807-4664-90d6-651061e23898","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":176,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"a3c7e0c3-ed5b-4d14-9025-29b795a401a0","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":176,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"0bf0f5b9-d534-42da-9353-bda4dcb21c8a","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":176,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"8ed99d1a-41d3-48a2-9564-d04a08a6fb65","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":176,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"97f24173-2954-4607-a259-91334a85ed27","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":176,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"a9f15d4d-9200-49bf-a3eb-9d8eb23aa8bc","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":176,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"751b39da-5ef7-44dd-b092-ca1a2fb8fc99","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":176,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"5891fa12-3ca2-4196-8458-6fb680a823b9","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":176,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"d662eb9c-bc15-43f2-bcb4-792bbe27bda8","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":176,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"25f8e1dd-6450-4686-9bf2-3aed418308a3","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":176,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"5619942d-e10c-48e5-ab39-46fc90c112e9","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":176,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"0e354b25-8218-4228-ada7-9e636fdd53db","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":176,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"c7d1880b-ac0f-4f98-b176-e650e2f4c2e8","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":176,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"f9a39531-13b2-4f82-bc79-23e4a7db115c","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":176,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"e0ac3750-98c0-465c-9b1f-16fbccc9147b","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":176,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"89a526eb-9427-4556-8d6c-f954c924a556","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":176,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"2bef5a04-fdeb-4718-86d3-6052dea3dfae","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":176,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"e4c3177d-0be9-4d06-8532-34594ee8cb10","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":176,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"a27e498b-c25d-4572-a399-17449b86facd","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":176,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"8855dd4d-0ab3-4cf2-8765-a7cf9ead89b4","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":176,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"ddbda32d-aaab-4f99-83dc-0a1c2eef817d","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":176,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"7adfc797-61c9-4863-97be-e4324e6c19c2","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":176,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"3f3c126c-61f8-4ef9-8b00-899787d129e9","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":176,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"ac18f916-b700-4ce1-826a-cc2d1707c962","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":176,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"e8decbed-639f-400f-82b9-c01cd9880555","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":176,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"5024dd38-f6ec-4033-8a58-a0986196db69","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":176,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"4caee00f-5c0e-45ed-9acc-e363ead5755e","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":176,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"1bfba1a2-feda-4ae3-b2b9-a4f607cf1d55","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":176,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"93ef664f-9493-4b82-9c9b-fe4e4d82b826","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":176,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"84e1a4e6-cd6e-4119-94a5-3dcdb29615a4","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":176,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"09b02a77-80d0-4dd3-afcc-75fdd6837904","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":176,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"59d7b082-c21f-4750-b0fa-41d0ad3ab78c","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":176,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"eb2711a0-548f-4251-b2ee-9fff662fd9d1","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":176,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"4e77b00f-61a2-46ce-a613-31e8b2f0f3f9","block_type":"box","text":"II-133","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e6495498-7ee9-4612-bf7a-20401af3026f","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f53e18e9-6baa-4356-b577-9dac764a6637","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":177,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"627cada8-ab3d-4060-8ae5-51f0b1c7c186","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":177,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"47220afc-859d-4a59-a8fd-0a2ad0cd3cea","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":177,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"deabc59a-3f18-4c73-88d8-8335cd6add47","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":177,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"74b55f8b-21d9-4b28-88bb-70d8a4f68c74","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":177,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"57a45be6-bf82-462f-8470-47dbb4703d41","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":177,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"8d4a318d-7ef8-49b5-9eaa-ca9fc7c9c7f1","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":177,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"e81a6d6e-bf8f-4d48-bdeb-7ac73ace9628","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":177,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"209329d0-835f-412a-8b8a-e39a9f66b7e3","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":177,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"73b80439-af93-4e62-9b38-579b77613dde","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":177,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"51adcd46-52e1-4f3c-93b8-c7a763eac99a","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":177,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"643aed0c-3d62-47aa-aec7-7632caacfa80","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":177,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"a3e15200-999b-4feb-b5d7-ac68262f1575","block_type":"box","text":"investment oppor tunities.","page_number":177,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"04ffc24c-4ff6-4610-a6c9-f418d30f86fc","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":177,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"0b47581b-2451-4df1-b701-7d65d55c0d8a","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":177,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"5ae645eb-7b1f-41eb-bc2f-28550461e6c6","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":177,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"804e6727-c17b-4684-9556-ad57465c24d9","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":177,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"62a2b9b3-9603-4906-a762-9e2d94e310e2","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":177,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"1b234379-75d2-4f6e-ae13-feb7c023d54e","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":177,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"1ff39946-93d8-41b5-b0b8-f615d2383a08","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":177,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"d4f8919b-c27c-4a5f-8e87-e59f44f86a55","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":177,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"953ac4ce-4a07-4d06-90d7-88d491836b95","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":177,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"55ba547d-35e8-4ca7-88a1-70d02e644727","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":177,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"68b5a876-f6d7-4e3f-86ad-fb2eae754432","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":177,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"d594b5a6-2d16-4d7b-8a34-9df96c7ca935","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":177,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"29c0f5c5-b4b9-4cd5-b4b2-001140967a7c","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":177,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"620d6c56-c400-436d-8b3b-ffc2eb1bd17b","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":177,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"1a7fbf39-fbbd-41be-8bac-6715f2ad4f73","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":177,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"63175cac-d325-4197-8fae-50d38d31621f","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":177,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"e277555a-35ed-4c5e-b089-c9a8afad9dfb","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":177,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"d0c9ee2a-0d8a-4781-9908-b817b835f2c7","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":177,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"f3ec0080-8fe6-43f6-bfaf-6bc07b0a199d","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":177,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"605a9203-18d7-469d-88de-f73bcd3f211f","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":177,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"a385296f-30b7-4f34-80a8-f0c3add8c0c3","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":177,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"ae76e317-e5b1-4905-9c04-b8e3e83ffa21","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":177,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"a14e3c2f-c7ec-4342-85f2-cec7a8643630","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":177,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"f951fa7d-769c-4f22-92a2-0e816b157af2","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":177,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"adb0c6ad-8403-4ebf-9636-f69c467b3784","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":177,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"1b880066-c7b1-4650-adfe-e633f6a7256e","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":177,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"a1554552-78bb-4824-9205-3efe9d3d3f33","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":177,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"556639c3-aeb8-4b5e-8cf4-cbe331aee257","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":177,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"bf0ffe6e-412d-4a73-ab3a-28b5401c0384","block_type":"box","text":"positions in its por tfolio (","page_number":177,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"d366f26a-c069-444b-b6da-de7327dcffe9","block_type":"box","text":"i.e.","page_number":177,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"53fc33c5-dc3b-4f9d-9695-79c5bef51c79","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":177,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"6a6e9155-c3db-4275-be9e-303220592ecc","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":177,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"148f8174-8495-4fbf-87c7-e00ac9785f0a","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":177,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"e2b71fe6-efc4-428b-8824-795c6e17ec93","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":177,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"df6c20c6-cdd4-4606-af90-5a2dc38cc788","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":177,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"be932c7d-3e47-4b06-b38c-ce4a81646447","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":177,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"ae3c42d4-8f67-4efc-a943-e2eef9a6a7a5","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":177,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"5d92addf-16bd-4cfe-96ec-71a207c2c831","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":177,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"c7787ed7-63cc-4ec6-b7d3-5a4ab23df559","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":177,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"055eb35d-e026-46d6-950c-3a161963a586","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":177,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"c2d7cb1e-a729-4463-82fb-c8aeb3fd1423","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":177,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"ef031646-a754-4f61-ab44-748d2b48b334","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":177,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"852703a9-9239-4283-bf3f-09ed776e3b01","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":177,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"a4034f6c-44ec-402f-8c56-f0dfdc895b89","block_type":"box","text":"II-134","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1c0fcd49-1e6b-407b-9829-8b593d630e69","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e11dd94d-e10f-4d4a-98ae-fb62d3a29958","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":178,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"bc45d6d5-cbee-4161-88e0-4df0df0c76cb","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":178,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"1765d53f-6031-49c7-8d09-21ccc66f6ecb","block_type":"box","text":"capital asset.","page_number":178,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"a59f68dd-3d92-497c-a268-fd3501fa6449","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":178,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"25432dfd-5f71-4494-bf9f-2a5477c6f700","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":178,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"87736461-4c2d-48e8-b1fc-a63e306f593c","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":178,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"7fb1084b-760b-48bb-be07-c557bcbc1882","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":178,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"8725eb2e-1f2a-4ee7-9d6a-841f3aa194ec","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":178,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"59aa1efe-9948-44fe-9420-9070ffde28ed","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":178,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"43b6bd23-a9a5-4232-af5b-68c36c1dd2bb","block_type":"box","text":"Fund were to invest otherwise.","page_number":178,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"ff0d8998-195f-4390-9003-013c164f11ef","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":178,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"c0d44025-af48-40e7-bfe6-99ea9bf2af28","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":178,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"7481f178-2f65-4777-8113-f84cc52bd99a","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":178,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"b859a01a-c3ad-4f77-b724-246ed78c837e","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":178,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"32dfa838-3043-442f-922c-14e2a43b1a53","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":178,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"dba011c6-c2b4-4e2a-8217-87124b675761","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":178,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"72cbc3af-408c-43cb-8071-d5a0361919e7","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":178,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"26bb6111-6d0a-4b79-8b42-c1df9c30e4c8","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":178,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"05cc69bd-9408-4666-a197-a276d40deb60","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":178,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"85de0839-e22d-4503-9ced-b14fc5068c42","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":178,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"244f585a-032a-4778-b2c6-0644d815b007","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":178,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"5e34d6fc-486e-43ed-b579-9760c8979986","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":178,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"dda69bd7-17e6-4633-8a1d-0be1f7f37e7e","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":178,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"f9dc852c-2d60-4062-9830-f1450a05dfcc","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":178,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"1d8398d8-5d93-49fc-a792-fc765c2dd2b8","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":178,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"30c6d1ea-5291-4092-a1d6-eb92d8fd4ef1","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":178,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"8b9627a5-f42f-472b-9c81-4e379095d55d","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":178,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"534093b9-902b-4ad1-8be2-c5f43cc88790","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":178,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"d8d68745-a129-44ef-aed3-f851bcb62009","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":178,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"0f676772-bfb9-4240-8954-ec3b5ff69803","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":178,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"5c10b8d0-532c-431c-8b93-748af3dd22b5","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":178,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"7fbfdbd3-27ca-4d55-9f40-e244652ef3b2","block_type":"box","text":"PFICs.","page_number":178,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"92e9b18b-ae58-431f-ad85-270aa567010c","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":178,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"ba7e4de1-70f0-4c7a-8bba-e95f0ec654eb","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":178,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"f2a6ef10-3d92-43cb-a826-090c1abcbc08","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":178,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"206b1606-2d1c-4fa7-a68b-8ac1f88640d4","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":178,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"f88fbc73-6594-40b5-8f1b-2c65ccadbfdd","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":178,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"772b34dd-f72b-4a91-ae46-c1ac680a7d57","block_type":"box","text":"difficult or impossible to obtain.","page_number":178,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"6a0c6ea3-67f8-4181-ba16-7ddd4a08199a","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":178,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"8ce12330-102b-4c68-9731-3d401ab07dfb","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":178,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"4eecd0eb-32c2-4e83-9337-6b2372871b53","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":178,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"44934591-1c8d-448e-877c-aa76e2b308b6","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":178,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"6bdb4fe8-4ef0-4bad-957c-d65086f5c588","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":178,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"7152b615-9383-4712-8308-b695f43a0b18","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":178,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"911a5820-3ecd-4e23-b3aa-70bc71400aa5","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":178,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"22fb135a-9c02-4258-b11a-f4312729cc61","block_type":"box","text":"Municipal Funds","page_number":178,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"d610e8df-38d1-42f8-8ba2-1e51ff804cf7","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":178,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"baced1c2-ef81-418c-98ba-d2cfbdb0d8a7","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":178,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"905afec4-9fb8-47f8-8dd2-1467ff8912d7","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":178,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"c6fd06a5-a201-447c-9e84-8ddf48a7bc6b","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":178,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"257aeb3a-9e7a-4cd2-9f02-87e5f5fa629d","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":178,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"57f20483-6170-4f05-947e-76e095314746","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":178,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"b6119f0a-1ad4-4821-a17a-e058e5cdfb29","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":178,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"f54aa80a-6d81-46c3-9580-7ee557040188","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":178,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"03bc9ff2-799d-40d3-bec9-f34f65c5e1be","block_type":"box","text":"II-135","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bb9ffcfa-9005-40d2-aea4-b5eba60e5843","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7eff1350-3772-4ffc-9785-f5fc3bb52204","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":179,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"597ef76e-706d-4ca8-a534-60db1ecbb2d9","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":179,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"bc1af6d6-2876-4815-9759-614557c8c606","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":179,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"d132c368-3ffd-459a-8b50-c3a06c079a3f","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":179,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"247e4ddf-3e4d-4b23-a6fa-8d758877077a","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":179,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"3389f02a-a4c8-4a57-bfc8-70b231185906","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":179,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"6b6bdca2-0999-4b5d-9204-8c7bc48fd7df","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":179,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"d9ef8179-42a1-4241-9870-12d287146393","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":179,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"a30cefb2-b8f9-43fe-8058-1c1a7a5d4468","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":179,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"9f1997d8-96b1-43be-8eec-a73113250d71","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":179,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"968fdb21-7f55-468f-b619-d458acb065e7","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":179,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"d0055859-45c9-4bf0-b290-5c3983dd4a3f","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":179,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"ce812fa3-03c4-43cf-8dc6-a322dcb1542b","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":179,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"a4d19b51-c6b7-49f3-a2f4-e9e75c6a37ae","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":179,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"c7097221-60a9-4d7f-bba0-a26e86025a5c","block_type":"box","text":"constitute exempt-interest dividends.","page_number":179,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"e396b69b-f0ab-4103-acc6-9593b480f9ea","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":179,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"159f0755-1ab3-4143-9c32-3877f38ed351","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":179,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"9bb67d6c-2d0d-45ba-9177-58a2dc22db4b","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":179,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"2e3fc3dd-0a1e-47fe-afd1-1a36be7aae3f","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":179,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"cd8c3636-c833-4907-92f9-847407297a98","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":179,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"c6322223-3f3f-4af5-bc1f-1996987abf46","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":179,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"93c61763-3667-4d19-9777-3dbd04d3dead","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":179,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"fc1e1bd6-6be3-4dfa-8f2f-5231eb9712d5","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":179,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"6547a1b0-d223-4499-bf4c-89a41bd23344","block_type":"box","text":"income dividends received by shareholders.","page_number":179,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"7021bc6d-6d07-41fa-8d2d-7afa4d3b2b0f","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":179,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"0e1a1073-8f38-48b2-954c-4b5c3ceb74f9","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":179,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"c929e9c2-5df7-4d85-a313-11a35f285b88","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":179,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"055b0473-881e-40b8-8409-2275d425050f","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":179,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"6d488f88-314a-487f-a9e7-d8f2b587e317","block_type":"box","text":"the accrued market discount.","page_number":179,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"ecf9e4d4-f6a9-4626-b5f6-967fedab13a6","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":179,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"2755d8d1-9541-4ded-9adc-67abc40bd5cd","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":179,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"bab1450d-c0fd-4161-8af7-a894d17d4507","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":179,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"82eff29f-b24b-4dfb-8691-8629425a867d","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":179,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"4ca574c1-adbf-4e9d-9d3e-b42dc037ec7c","block_type":"box","text":"e.g.","page_number":179,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"77924ade-7574-4994-b7e9-52ce9a6fc2b4","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":179,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"a14c5afe-8220-4162-b843-6fc0917a1c3c","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":179,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"017aa738-640a-433e-bf1f-2f7a062c50a4","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":179,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"6efee416-d0a4-4d46-aac6-a9526660ced9","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":179,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"8a6df223-c680-4140-a72c-654254c1b130","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":179,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"cd85162f-5d29-4e0b-a71d-d551277cae3b","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":179,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"c005de1a-df03-4266-8165-19b5a09a17a4","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":179,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"82c50c34-f2f8-4632-b3f7-89eb2bb45059","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":179,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"a7c686f5-b306-4b81-9ff3-116fa126684d","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":179,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"f8b70ead-3165-49bc-bd2d-aa4ac99135cd","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":179,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"24a2c36e-cf8c-4d67-8959-afd95dc14c19","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":179,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"305aa2d0-2453-4203-a2e3-7418d516e36a","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":179,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"d1b63140-21db-4c56-aa20-8d68e1c2d935","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":179,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"a4923e74-693d-4838-9333-d1a7b67448e8","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":179,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"9f69799f-0b6d-4afc-82bd-6230a08b7da7","block_type":"box","text":"within each applicable state.","page_number":179,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"9c0b7b62-ee0f-4fa2-aa86-0e1c9596186a","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":179,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"e7a96fa5-5bb6-41d7-b57f-80a92266badb","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":179,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"7a6072e1-ccee-43a6-b45f-44df2aa8b3d0","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":179,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"afc82ad4-d82f-4bbd-85fe-9eb791fb8392","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":179,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"690c988b-b95c-4b66-9ccb-f2752a941a81","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":179,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"8465ebac-0bbc-4eb0-8223-2b47b9bfe2f1","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":179,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"a922ce46-a262-4028-bc2e-c5b3b03effd8","block_type":"box","text":"II-136","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"09d3dad3-d494-40af-8e31-b0ec3441a010","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52c11af3-5f7f-473e-af2e-1d2eb146f128","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":180,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"fc2d3c18-1882-4bcf-aced-ea88e6a73978","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":180,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"cb8ed3de-a91d-438d-9f8f-884abf780a3b","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":180,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"7c4f9f80-b456-48d5-983a-df7d9da820b0","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":180,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"f5946a16-8f18-4846-8ccc-bd254cc5617d","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":180,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"2b9f8bdc-855d-481d-8310-b2168eec8d39","block_type":"box","text":"exempt from state income tax.","page_number":180,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"ff0d7c87-6409-4401-a030-e265d44ecd37","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":180,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"9ee19dd3-cdc9-417c-b9f0-d8cce4a84a85","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":180,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"531fd53f-90c1-43db-8c62-991a68cfa678","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":180,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"e6048c79-b1e0-4664-b0dd-37d5eaca3e42","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":180,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"12310590-edcb-42ad-8472-d60ae8e0c5cc","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":180,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"a21e0eb9-07fb-4ac6-b43e-d590cb3af311","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":180,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"e4e5946f-15b4-4c6e-aaaf-9b65a224d81c","block_type":"box","text":"decisions may have a retroactive effect.","page_number":180,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"0535e3d9-3ec9-4713-8dff-42bae0c6d83b","block_type":"box","text":"PERFORMANCE DATA","page_number":180,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"51d0d467-c0dc-48da-8741-9ce7372a3b62","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":180,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"ebcd691e-540c-4ad0-a449-0ad2f5f6c0dd","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":180,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"6c3200b0-598e-45b3-a104-8cf5f3c727af","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":180,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"e08fe20e-a707-4907-be86-a9158f92d9ef","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":180,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"c7998841-958c-4765-ae98-834d1147430c","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":180,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"42dbb76c-815d-4258-8402-11fff1b39e5e","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":180,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"35ee4e6a-bb73-4df7-b9be-e389ac68137d","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":180,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"95b9a1d4-20e5-421b-b96b-f5116092761b","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":180,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"b229a3ff-aea2-4a55-a273-1403191fda40","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":180,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"78590d70-8430-4509-8526-b1a5a538c524","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":180,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"7a162a0c-5b42-4cf0-bba2-bc474c7383df","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":180,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"2f61fa41-54a1-42f3-8334-6550550dfd34","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":180,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"5e685f3b-0a5b-4226-a14b-551cc39741be","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":180,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"598bbc05-fa14-4b20-a24c-019e859a0bcb","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":180,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"8762a9ee-22a0-4919-916e-0618f30fddf3","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":180,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"5d2bf2c7-dec9-4939-a516-c8388021b684","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":180,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"1a0d4d4b-9331-4dd7-8e88-3ba04535e6bb","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":180,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"2e32c8a2-b5bf-4f56-b9cf-ebad5de95234","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":180,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"8f527068-fcd0-4110-9bd2-c04ac3a25d63","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":180,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"8cd7b784-f88c-4aa0-bafe-ab7b09d82081","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":180,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"999670ed-fafe-45b6-a6b1-f6dd4e2af963","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":180,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"9f1bbab9-4efb-44de-9d37-7b3c7b6fbf2e","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":180,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"18c71fa9-e68f-4ef1-9088-d40eb9e6c168","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":180,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"6c7491bc-3793-452e-a529-d87fbb82a869","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":180,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"15766554-5419-457e-b638-9fdc96a60578","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"44ea9b52-d55f-4069-bdbc-dbe0d5a41da7","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"f112f75b-1085-4da6-9111-74b355d5bf9d","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":180,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"3d834f08-cc1e-4140-84fc-bacc689355c4","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":180,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"bef1b37c-a264-4b4d-8210-ea281256487b","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":180,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"d1ace2bd-f9fc-49ab-9aaa-865fb2995eff","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":180,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"0c21fda1-2122-49c9-8678-1442b60bb133","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":180,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"8f01bc30-1f45-4f1c-b91a-48b704284d4e","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":180,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"503b98dd-be75-408c-a71d-562129244acc","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":180,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"bd2224d3-9e21-4a3f-b212-28a0f9ed63ad","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":180,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"609bf9de-9974-4bb1-8494-a22190101c9c","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":180,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"d61aebd2-ee7f-4859-838d-5699d183d7a8","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":180,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"1e203616-b7ad-480e-b1de-0842e16341af","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":180,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"3730a421-b356-4e54-8b79-dc60931c7d11","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":180,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"b5a9a65c-88f3-4e4d-a4f4-382aa6f29fef","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":180,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"2821cd9e-18a9-4ff5-acc2-4a868b13ccf0","block_type":"box","text":"II-137","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f9637007-7974-457b-a5a3-79e801113b94","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"921f041c-ef7f-402d-870f-39abddbaf8b3","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":181,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"699e047d-9592-4a80-aa46-87747051c7b9","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":181,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"f5eb67c6-3c1b-4dc0-a2ec-2aff19291653","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":181,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"7892e3b6-5fb6-4158-bbae-f4a33285c2f0","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"c4499515-7276-4a4d-859a-ba560d628053","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":181,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"beccd1b9-1fec-424c-a2d0-380db666e44e","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":181,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"7282b969-e995-441c-b6f1-0a0180b75f3b","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":181,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"090d3bd1-96a9-4ff1-a880-0ec475da38d8","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":181,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"9c45d8ef-6f61-44ba-b806-4e8ade3ad432","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":181,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"244b128f-e0ec-40d0-90a7-6f09f97bc223","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":181,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"fd478b74-2595-4abb-ba65-a5dc2f5bcff6","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":181,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"9e3619e5-0a17-4082-9e82-78230526cbf4","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":181,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"382dc8bc-dffa-4399-b180-6d81c43f3fd2","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":181,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"8401b1d3-1be1-4a84-b1c6-3ecd7ccfec65","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":181,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"265b28db-def5-465b-a082-8b565ddcfdaf","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":181,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"40c5c489-4c8a-427f-95d3-947e6e1827ab","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":181,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"96aabc02-8814-49a4-943b-b785850789a9","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":181,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"c5253b00-eb56-4541-bbe4-7f9f5d3ee04e","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":181,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"2802cba6-efd8-4e03-a4cb-18356e920206","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":181,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"f6f3c136-5ac6-43c3-aa77-cf3eebc4f18a","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":181,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"585e9260-d551-477d-9753-a55ad78b079c","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":181,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"7edb6e88-80b9-40f4-941d-5ad91d9ea0fa","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":181,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"7a75c038-7ae6-473c-8f1d-2a6d63f24b79","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":181,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"4818450f-783d-4843-82b6-95829eab7fbd","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":181,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"36498145-ca50-4d8b-8a8c-85165ec2fe45","block_type":"box","text":"less than their original cost.","page_number":181,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"5df59877-bb1a-4a7b-8578-2e852dda7580","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":181,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"2135164c-0550-4f67-8775-acd46cb0397a","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":181,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"4d8cd755-ed8e-4635-b509-fc02d1d4755d","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":181,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"4d163bc4-53dc-460b-b4cf-a9a8bf98a4ab","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":181,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"c9a032aa-03e4-414f-9cad-8f13d0e04c06","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":181,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"543ede00-aa89-486f-b4b3-eff298caac5a","block_type":"box","text":"lower amount of expenses is deducted.","page_number":181,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"f3476a37-2910-4dbf-8986-1a2403e9485e","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":181,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"77246ab5-b06f-491d-a633-d9ff4514cae0","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":181,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"1c9b4a70-330d-42ed-aaf2-0e3f31d46f63","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":181,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"67acf253-b986-4413-a247-29f039a7f9d7","block_type":"box","text":"Money Magazine, U.S.","page_number":181,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"bbcc7703-7b76-46cb-b562-f6a6917f118c","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":181,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"b996a478-4365-414b-9dcd-6f70bfc27929","block_type":"box","text":"or other industry publications. When","page_number":181,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"4a21c446-1873-45f7-b71e-527048e84d43","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":181,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"a82e91c9-c469-421f-be19-9659446c1554","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":181,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"0a3e7791-0ae8-4a3f-b0e9-b5ae07f2fb6a","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":181,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"277376fc-c2dc-4dca-9706-65bdfea8dadc","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":181,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"4be12db6-b840-4f44-b489-1b76499518f5","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":181,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"bbfc16e6-ad01-4bee-bf62-73ce28a081d8","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":181,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"4630b995-73c3-46cd-abfc-3855ffd5dafa","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":181,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"f75518bd-817a-48b1-a702-cb131695fc90","block_type":"box","text":"developed by Fund management.","page_number":181,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"91c28fda-8fd9-48ac-9952-5583c46ae76f","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":181,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"b1362a27-04ad-4c1c-894e-5813cf205db0","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":181,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"f666991e-d67b-4f5a-8149-dacaf155a2cf","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":181,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"1f94d25e-d6d5-4b0e-bb57-0117ac35ba19","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":181,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"7bdd28e0-9ddb-47e5-90ae-9ec9da28cb4d","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":181,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"4e54c068-43dd-481f-8ad9-fec722522d0c","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":181,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"3353fe1d-875c-4cb0-9c9a-f20b8eff3dad","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":181,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"952dbea0-fd49-468e-b6b4-c139663429f6","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":181,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"1cb36522-14b8-44e3-b306-7c2961b61fe4","block_type":"box","text":"II-138","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3be521e7-b2b6-44b2-984d-947622d7d32a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec1bf0dc-1309-45fa-96da-01b17caf8f7d","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":182,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"9abdccd2-5aca-4ea0-b04b-56a2a35e4c4e","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":182,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"2814e8c1-cf44-455c-a0a3-1a82d3eb74e5","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":182,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"1421580d-a869-48d1-a22b-70f3467cc29d","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":182,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"1e78e6e3-53cf-4dd4-8e60-fd7fec5933bd","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":182,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"84f6abf9-f5b4-4047-83e0-94052f0991a3","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":182,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"deca5951-4ae5-40f5-b629-6b6b6d4494ff","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":182,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"e91a10ba-8e62-4c33-9426-d7c1d4433ab5","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":182,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"4707c06d-b57e-400f-92cf-2e098886d50d","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":182,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"0a425f8e-70ca-4762-bf75-02a37c0b23e9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"626d81fd-7fc2-44f0-8511-94d6a44f55dd","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":182,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"96c7d606-a9cc-4563-8d81-fdf0375a8bab","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":182,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"c73a44ac-1007-431d-a08f-94770d9169b6","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":182,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"ecbad108-bc41-4f86-bd36-a24f56b06bf2","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":182,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"12868fad-01ce-4832-9ee6-197db6ad24f7","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":182,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"a1a14b8c-6473-43e6-81ac-f24ff566d0a1","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"6401d991-d548-4f35-ab3d-e409f5dcc70f","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":182,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"109069a0-d3d3-44bd-890f-d1e4dd64b220","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":182,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"3d022c68-025e-489e-a804-b06d4a1ef398","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":182,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"6ab17dcf-07f4-484d-bfb3-26e81352fc84","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":182,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"d29e424c-87c9-480f-b0b6-7556fccf7de2","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":182,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"aa969a7e-51d5-411b-852d-35d6df0f3fb4","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":182,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"38b34a53-b704-4d45-b075-e46b616bdc01","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":182,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"255dd38d-d80d-4df7-a517-716c8403a468","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":182,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"17cdb473-04bc-4afa-967a-4782ec01d00e","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":182,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"0e04086c-42ad-4568-86d7-29883cb558a1","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":182,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"5ef2d0f3-2976-4bc0-96c5-636556133c7a","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":182,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"2ddc0cc7-a65e-4694-8df3-7c6882ddfd7f","block_type":"box","text":"GENERAL INFORMATION","page_number":182,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"69aad3ed-e8f4-4f6b-9ad7-54db28683c47","block_type":"box","text":"Description of Shares","page_number":182,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"81079c4a-4128-4b93-9175-cfb520860494","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":182,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"0bbde0d4-d516-4142-8124-99a5347c6101","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":182,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"1c4f1073-6e0b-4d3d-b8a9-c2b37510263e","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":182,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"41b984ef-1293-429b-ace1-f447f134a8e7","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":182,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"a2df6482-aacd-4242-a594-22b6dffef90b","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":182,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"a4a97ccf-7611-4a1a-bec9-99a629a294dd","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":182,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"d782e482-8c46-4121-8528-bb13021f4479","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":182,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"fb737bb2-6d19-491b-9ac1-7c99d8b27fd8","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":182,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"d59505e8-e17f-49d6-932b-787b2138e614","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":182,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"9568aaf4-f794-404d-a268-3a345fddef78","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":182,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"8fa0e465-46ee-4e29-8ef6-5ced73293b66","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":182,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"503ad44a-a7cd-4b29-84c7-c57589e0c241","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":182,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"c3460ca5-30af-4baf-a6f7-5231f9074783","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":182,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"c7a0467f-6fe4-4cc6-9d8e-c9f68998e7f2","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":182,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"77525e45-3f99-463c-b842-f71085dbe313","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":182,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"4a87ae50-656b-40d3-ab8f-607d285a3d00","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":182,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"84c591ba-2154-4c3d-b858-88e756c82ce4","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":182,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"db1b88e1-cc50-49cc-9c71-64fc4015fa59","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":182,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"169089b7-efec-4115-a9e9-ea7b1032cd05","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":182,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"784c06fd-9170-4c1f-be16-598025005506","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":182,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"93c42c11-5d5b-478b-9704-c73c21c39035","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":182,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"641e7bfd-8170-4c1b-bfd1-89234aca07e6","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":182,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"e90a36ab-32d0-4d61-9639-ce67033e21ae","block_type":"box","text":"II-139","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1e9c35af-1a0d-4eca-8925-2a9e51f0fcdf","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4a23de8-17c9-48fb-b890-27c9c968c19d","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":183,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"afd62d78-c15f-4bd2-8df3-66e05f50aca8","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":183,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"4059b442-18ef-43f1-ab55-7a13a14133b8","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":183,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"0e7e2c35-4fee-4fae-a00a-a9aa7ee298de","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":183,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"a7df7e9f-76f5-4c8b-b6ba-fe24fa098621","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":183,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"a10dae88-70e5-41b4-895d-157f027539f0","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":183,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"45768335-5a01-4bad-8146-2232a9ffb190","block_type":"box","text":"Additional Information","page_number":183,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"219a7ef4-703e-4e30-a92f-61e8ba6a69b2","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":183,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"225a69d2-ab86-4183-bad5-d2e3af2f4d89","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":183,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"5383aadc-2fb6-46c8-b1ca-0eb6f9e18243","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":183,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"d975362d-8a4c-4986-9279-21122956f1db","block_type":"box","text":"such name to any other company.","page_number":183,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"70398ab3-0111-4472-919d-89d3067474c0","block_type":"box","text":"II-140","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"266f9cb7-d3b9-4a4e-902f-993930db0be8","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2b2942e-47bd-4dab-89f8-4d0580a703cd","block_type":"box","text":"APPENDIX A","page_number":184,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"0704e78c-8ead-4731-b848-e11d7569cf20","block_type":"box","text":"Description of Bond Ratings","page_number":184,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"e7724251-d8cc-4012-8e63-8707ab99188c","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":184,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"098d92ac-f52a-4839-b73a-4aebb904d033","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":184,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"a67e8cb9-e62d-4ba4-92c6-bb3af300180a","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":184,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"57ba61f3-d34c-411d-910e-9e50797a8f03","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":184,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"25646596-5a13-4d16-b464-c3d803fda4bb","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":184,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"b96201ef-b767-4468-b9fc-564848eab149","block_type":"box","text":"NRSROs may rate specific investments (","page_number":184,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"997f0cb2-563d-4a3e-b7e7-8fbfc7dbef27","block_type":"box","text":"e.g.","page_number":184,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"a0ba5c1f-7e70-4d2a-b97d-311c77bab43a","block_type":"box","text":", bonds), issuers (","page_number":184,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"5ff9c9df-c599-4d62-8a6e-71962a831160","block_type":"box","text":"e.g.","page_number":184,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"760d4491-3ea5-4eaf-b2a0-0885f333a5ec","block_type":"box","text":", corporations, governments and financial","page_number":184,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"bdb35133-4a0e-40ac-a824-8c7686e4c955","block_type":"box","text":"institutions) and/or programs (","page_number":184,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"c20a774d-becb-42c8-a3b3-8f5fa9b21858","block_type":"box","text":"e.g.","page_number":184,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"16ffb438-0dc4-4e75-b4b2-f461a73aa72f","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":184,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"5ffd3f3d-2e65-452a-a0a5-50f420274705","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":184,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"ab6cdb53-81ca-4171-a72b-ab848fe6b7f4","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":184,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"df76913e-7aa5-4d84-9466-ba79d3eb6315","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":184,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"6ef623c9-6a73-4a8f-b12d-bc2aaaebdbd7","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":184,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"a5f3f66d-27f0-476b-957b-972597c23ddc","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":184,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"5be253f7-18c3-4e25-88a7-d03cb8677995","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":184,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"6e568d1c-4fb9-4186-b803-130be98cd15b","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":184,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"8edefe8d-dc0a-4d70-8175-c7557671eb8b","block_type":"box","text":"security (","page_number":184,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"d020a016-4b16-43d4-adba-5c975a80f97b","block_type":"box","text":"e.g.","page_number":184,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"6bd4e47d-918f-415a-951b-090f125af7ed","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":184,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"177cb54b-9c4a-4b19-8af7-3e275f821898","block_type":"box","text":"highest of the multiple ratings.","page_number":184,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"91d8c60a-1adc-4e9f-a4d3-14b77bac6c6e","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":184,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"e52a9b93-7565-4484-b7a7-798e42b43cff","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":184,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"e3e36c35-8ee6-4d59-ab5e-982f6efdddf7","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":184,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"52999515-c303-4942-9216-11de5ae70a55","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":184,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"0432d3f6-fe20-4e56-8aee-80003959bf2a","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":184,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"02e3b9b7-6c1f-4bf4-991e-2ed245aa9444","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":184,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"9eee0f9c-d195-4cfd-8295-5b86301003a8","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":184,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"5391a2f7-02af-4eb0-91a8-694a536ee792","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":184,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"655c2724-3f06-4643-9872-6e9d896eac7f","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":184,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"dd920e0c-1290-4977-81ab-07b91305e1b8","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":184,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"7d72d71f-6c91-412a-8404-859c12ec5e22","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":184,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"4d31cef9-d27b-49d8-afd5-c5dce5189615","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":184,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"1bcf2f2d-0ede-455d-ba84-cebdffce1e85","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":184,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"3a8bd457-ee6f-4964-974f-13a5e08fe37f","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":184,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"8284f094-5e3f-4e4d-ad7a-596758173e95","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":184,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"d016a91b-db1a-4c98-a079-541862d221b0","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":184,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"2e1a935e-30a1-4638-be81-e703e5e76a3a","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":184,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"ebb5a532-f214-4b80-be54-1907b6393086","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":184,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"763c1807-bcca-46eb-8b81-98d260eff400","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":184,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"f51d67e4-3798-4764-8a67-c2ba785a779c","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":184,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"b0bc0d8b-4f07-4a34-892b-85fce709a4ff","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":184,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"3e10a0ab-8031-43a8-8bd0-ba2af819f41d","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":184,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"5294b1a4-2ccc-43e1-ace6-eadf8234f610","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":184,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"dad5fd8d-93f6-4cc9-a416-b138ab465349","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":184,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"b811f04d-f326-4fc1-985c-b980d58f7ff7","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":184,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"0cd92dcf-41ce-428b-b6a0-34bf1e05bffb","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":184,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"0fba8915-6017-4b25-a65d-c576dd60c751","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":184,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"42677aff-12ed-4584-8b59-5ef582b7c938","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":184,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"21962bf3-8d9d-49e6-84ca-56b869fc5e47","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":184,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"c921d826-3bcf-4f14-b95d-98ec77cd22a8","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":184,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"8736af4c-037b-494a-ae63-8dcf0136dce1","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":184,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"7ea61ba2-a829-42b4-881a-12a58ff9a67b","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":184,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"122198e4-941b-46e7-ad3b-abb1c56ba84e","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":184,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"c9da718a-6ce1-46b3-b1c4-3697d805331e","block_type":"box","text":"upon standard sources of variation (","page_number":184,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"18b1f1c0-4f6f-4a4d-ab1d-0dc3997288eb","block_type":"box","text":"e.g.","page_number":184,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"b9fad3ca-a083-41cd-8e4b-6262e20d19fe","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":184,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"bffd6845-8571-4148-a28e-ce23995a784f","block_type":"box","text":"A-1","page_number":184,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"925bf030-e69a-486d-8c06-64eaf7a0d377","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e3867c4-25bd-49bf-9eaa-14986d2b5fd7","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":185,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"c25057f0-6063-47a3-b780-3eeb6eb66bdf","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":185,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"67936123-d531-4ffe-911a-969676cd94fb","block_type":"box","text":"e.g.","page_number":185,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"44fe361b-8be3-4666-bba7-4ef902645a5b","block_type":"box","text":", equity indexed), absent","page_number":185,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"bedfbd5d-c998-4625-b32e-e645ffc41bdb","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":185,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"57a29ed5-a56a-4739-be5d-87fc9890e332","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":185,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"4092fe36-65f3-4b70-a86a-514289085caa","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":185,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"1e05dbbb-b21d-4164-b8fa-765550a34c9e","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":185,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"ed4a5533-e4ef-4a75-b43b-260096d321e6","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":185,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"48165ee0-c133-4c88-b0d2-ac2f0d03ea1e","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":185,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"598f634b-b5bd-4c39-9f21-bcfdf3279054","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":185,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"7623faa9-ec84-4ac4-8e5c-2a1f2beb3610","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":185,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"2ed22aa1-eec6-4e02-b80e-2f4357a6bdf2","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":185,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"4af97a44-40dd-41c0-9d88-ccba6120c9cd","block_type":"box","text":"i.e.","page_number":185,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"0707e5f5-2b03-4c29-9e31-e74f8ca8a83f","block_type":"box","text":", ratings on nonfinancial","page_number":185,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"ae1f87aa-97ca-400e-8f50-ad63d8779695","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":185,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"d79d9a85-3984-4374-b903-a11289e25ec8","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":185,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"9b9866eb-4c46-4dd8-b39a-020f7b5e3610","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":185,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"e16dd857-f4e6-4e86-82de-f947320ab5c5","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":185,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"88bdf36a-dbd9-46e9-8579-ef9058a8fc70","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":185,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"01275d65-937b-4931-9810-f5799910d948","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":185,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"8d7ae769-a96b-4bc2-91fd-f41c881c4fd2","block_type":"box","text":"of time.","page_number":185,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"9aec5dc4-7a7f-4eda-9cdb-d92eee7b48f0","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":185,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"3eb4077f-9798-404e-993b-cbf937fd5f34","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":185,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"8fc518d9-5fd4-4b8a-b502-db51f501a31b","block_type":"box","text":"risk.","page_number":185,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"434d147c-badb-41b7-be56-3ee702ddcb06","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":185,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"1a93e7d1-688e-4341-a155-a049b716f1c7","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":185,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"a8ce1bf8-89c3-4ea4-a202-cf204a921c69","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":185,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"ab070eae-13d1-407b-872a-cb3e27b4c8e7","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":185,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"d7c8a0cb-256a-463d-9b5a-f62700ea64cb","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":185,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"3b20494a-ee78-495f-9d97-d940b0ec14b1","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":185,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"1e94b083-3378-4f11-8ba8-0d28aa6cff99","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":185,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"10a3cc72-9a56-4618-90eb-1aaddd46cee8","block_type":"box","text":"credit risk.","page_number":185,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"a3cb3f1d-4f36-422c-8b58-f1ffc79a76d4","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":185,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"c96092ad-89f3-413e-8843-ec3cbca4b455","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":185,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"5258950b-810e-4042-9634-e3de148e4c53","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":185,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"c29ff283-ba51-4ddf-acda-dbc59b7d1970","block_type":"box","text":"of principal or interest.","page_number":185,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"0ad36517-c1a7-4b7d-aa42-ac4eb70af561","block_type":"box","text":"Note:","page_number":185,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"05f36d29-45fe-43fb-b396-4cd18ab5903f","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":185,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"e564d84f-20d3-4eaf-8811-4c3be24baa78","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":185,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"cb09dfb3-d78a-4ddd-bf91-340f2bf07577","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":185,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"1a02cd5e-f529-4056-9ba1-5dbe4aeaab58","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":185,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"3e3d39f5-5260-4ed9-9254-408eec88a4ad","block_type":"box","text":"companies, and securities firms.","page_number":185,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"1fbccd5b-54d2-4ad0-8a23-fa47a47b9180","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":185,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"4b2f334a-3e78-4532-a0c5-9dca3f884e9b","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":185,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"5dd64333-8b69-4069-871c-fb747b60ad65","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":185,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"3a6382f8-1954-4d43-9b3f-fc2b936b013d","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":185,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"295eb325-03d7-49fd-b1a2-663069b1c1e0","block_type":"box","text":"that security.","page_number":185,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"f206c43e-db32-415d-86e6-3cebc47b6bb4","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":185,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"7cd22e2f-027a-4e4c-bdc1-b673613ed5ae","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"60067c99-be3d-46be-9f65-de39b2a596be","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"1e4d0911-f87f-4d53-8074-319f9879db46","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"6118c634-8c28-4646-a02d-aaf9d115b3fa","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":185,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"21bba387-e8bf-4ffe-80bf-1f3501bb5405","block_type":"box","text":"categories.","page_number":185,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"f6fe5c8d-f176-410f-a761-56c669177db6","block_type":"box","text":"A-2","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"cf2a88af-b796-42a8-ac0a-008da89cfd81","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6030c6f2-f582-4742-b01a-985a2fd61675","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":186,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"0b66953f-0ec2-4f49-8900-1063ee1256e3","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":186,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"4c518a32-d80c-472b-9e0d-0a0f7a74e650","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":186,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"cbb2d86a-c3a1-4aa3-bd2d-272241f3cf8c","block_type":"box","text":"an issuer’s self-liquidity.","page_number":186,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"fd38b175-5eaf-4d21-98cb-045855fa8d4c","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":186,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"c93689d9-cb11-4ad6-a612-a53d2645a579","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":186,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"c2a58f9d-9e46-4d99-adb8-8e7c3a2c0d08","block_type":"box","text":"MIG Ratings","page_number":186,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"8a1cd2b4-b3de-4b82-a1bf-ef0be1f21eef","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":186,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"da6a19a2-49e0-45b2-8f90-82ee36e586a5","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":186,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"9d643de0-32b8-465b-8a82-c9da5d0be7fc","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":186,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"3c82a82f-6c6d-440f-a4f3-ba343cebdef8","block_type":"box","text":"MIG Scale","page_number":186,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"acb1c3fd-5507-438d-ab31-9cb73098cc4a","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":186,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"cac14cf8-607d-4282-8272-8bd7d9a2be2c","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":186,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"3fa64b97-8106-4e08-9621-d719227d5441","block_type":"box","text":"refinancing.","page_number":186,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"b511e57f-6bcf-4d05-b2a2-de2421f46cef","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":186,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"b7c5d432-31d9-4a64-89f0-f69004818ac1","block_type":"box","text":"large as in the preceding group.","page_number":186,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"53cb3115-a327-462d-98a2-b8225ed97489","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":186,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"e90c0286-56d0-49be-bed7-c877a8ee4d79","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":186,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"141849a0-682e-456c-a695-f6ba6c6ce7d4","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":186,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"6b70607d-4981-4f08-812d-079c10a276cd","block_type":"box","text":"lack sufficient margins of protection.","page_number":186,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"49efcb32-b9e1-4c6b-b236-1815b53d7647","block_type":"box","text":"VMIG Ratings","page_number":186,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"2ea1591c-689a-4afc-822b-8686cdf1c694","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":186,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"c7422967-87ac-45f5-a836-1032eb788e61","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":186,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"2692eaee-4899-40e2-b0bb-7d7ba6560e18","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":186,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"8d0c7106-1698-474f-af15-ed34656f0158","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":186,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"52bdc569-c375-4f8b-a6db-3f93e76567f7","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":186,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"33931472-acab-4460-a661-1e82a8c40046","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":186,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"d82f2be6-42c1-48c1-8187-de554804d891","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":186,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"fa0935c4-de9b-4b88-a988-8e4c86daf5f5","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":186,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"903354eb-8efb-41c3-be2d-6ee504731e12","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":186,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"011e143f-3592-4d3d-9a71-b715573880a7","block_type":"box","text":"grade.","page_number":186,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"a404e78b-ed82-44f9-995a-d32690355dc7","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":186,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"9f58c9ac-ea21-4770-9ff0-54fa28a58a63","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":186,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"69658206-2c2e-4082-88d7-1d6d32e6aa9a","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":186,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"930c5f91-ed35-4bcc-8654-643009292f32","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":186,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"380f83ca-074a-45c3-b6b7-ba363e66aea4","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":186,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"d5522313-c5ca-4902-80c6-61460257122a","block_type":"box","text":"liquidity of the corporate obligor.","page_number":186,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"601d2b93-6a82-46ad-90e0-ec5c0807ff44","block_type":"box","text":"VMIG Scale","page_number":186,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"d7aa74be-36f4-4b5a-aafa-471ef4060e53","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":186,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"1eaeedde-2ba6-4eec-9462-836e33f288ae","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"1de4b9cf-2642-40dd-bedb-81256c021320","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":186,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"a2dca550-5544-4295-b362-de331a8f28c3","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"01388640-ba50-4efb-aaf0-101d66e635c9","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":186,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"6bb71bf2-8164-43c6-be51-f1091aa9b030","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"69ae0f83-50f7-473d-ad03-dd4e58f47615","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":186,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"d8ba350f-3226-4de1-8ca8-8133941d7019","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":186,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"d3f40975-2fc1-4877-bc32-636651ecc548","block_type":"box","text":"may lack the structural or legal protections.","page_number":186,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"7b5b6d76-d221-48a6-80a5-0b221568c645","block_type":"box","text":"A-3","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"0c1e0006-8e79-48a5-a0bc-d5e192b6b511","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f188bf05-1ddc-4e89-bb93-1f79722774b2","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":187,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"7b5e04d1-23ff-48d7-9b5f-a4445f0617a1","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":187,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"fd92e8e5-5191-4d4d-933d-2fb37bc4d020","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":187,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"e67f06b6-2c57-4fca-be53-14c5cfda7d17","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":187,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"0ab7e877-3a21-4205-9f1f-d180de77185e","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":187,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"d475e8dd-bf7a-4f33-8f0d-55bec9c9e752","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":187,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"4e55e0b9-ffd6-4dc7-b3fe-f203fc970ef2","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":187,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"3d959a27-32fa-49db-ae86-8cec8df1cfa0","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":187,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"b9902103-fd29-4b04-982f-a4f7078d82cc","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":187,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"13ffb625-6b6a-4389-a263-2038a2e90b07","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":187,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"c2ca7ce1-ca0d-4436-90a1-5f98428cba15","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":187,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"4f7a339b-b860-4df7-a082-a76e21357489","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":187,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"3418108a-3e19-49f1-a8ff-958894dba971","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":187,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"8b78751d-cece-4097-87e9-266a7b37c991","block_type":"box","text":"from these guidelines based on market practices.","page_number":187,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"651a1fa0-3850-4b32-bb18-119408a7f8f1","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":187,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"31793350-7209-4dd7-8e56-274e04a77c29","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"de3cb191-9e31-4c1d-817e-97ffd075305b","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":187,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"0b75f942-dc41-43b5-b377-ba61f33400c6","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":187,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"6ef05d7f-6c20-4369-8a70-30ea43a28640","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"04345d3f-50f1-4749-8a15-20449234fe78","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":187,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"ad1eff4f-d797-4d05-8f9f-1721c217bbb2","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"836676e7-5c74-4104-bcaa-b3f18e926700","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":187,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"fe657368-a455-456f-95dd-ee9a9f2c49d1","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":187,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"d1b509e9-f5cc-4e35-90c9-53d02fa7b160","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":187,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"b1745c6a-3e6f-4065-82f3-24c1a897f298","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":187,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"1c7ce6cc-6711-4232-89d1-e71da922bf76","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":187,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"ac073c30-ab2a-438c-9bc3-c652d4c1e140","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":187,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"2a2e04ac-74fe-4770-b500-f8103a0f764f","block_type":"box","text":"obligations.)","page_number":187,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"2fea6660-3f4f-4317-b7a0-cc2c60f0f9a4","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":187,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"a2b76723-b3a2-4c9c-98f7-43bb618a8f02","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":187,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"5bc7d4d1-0c88-4b29-a685-fc0c826d13e4","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":187,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"6e3711d7-ad31-46ae-b131-714b85d6b5a7","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":187,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"56a68b8b-df81-4646-a0d7-5e02c076fd20","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":187,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"8dfb3d3d-18f2-4ad1-9406-7dbb3743aada","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":187,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"3b973244-0b57-4e3c-851b-de90057bfc3b","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":187,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"80b7a5a4-10ad-484d-8751-7ad5c6f99311","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":187,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"6c6af7bf-25f5-4778-89e6-f4adde8dfc7f","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":187,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"9d420549-abc5-4078-aeb5-a688c1572b73","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":187,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"3e29cff1-9f3d-4bc7-a00c-dd2f298f39ef","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"297d28fb-6ab6-472a-b356-dfc0c2a281d5","block_type":"box","text":"BB,","page_number":187,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"ad368fea-12cb-4ca6-a83a-28124839ed77","block_type":"box","text":"B,","page_number":187,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"b4b92f1c-f767-4938-a03f-316e24ec157d","block_type":"box","text":"CCC,","page_number":187,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"93958d8a-11ca-4c60-937c-18271b1ccf99","block_type":"box","text":"CC,","page_number":187,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"438ea799-d36d-4101-9ad8-a4a2aeaee395","block_type":"box","text":"and C","page_number":187,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"ed9fba23-c520-4a8b-a2e7-a0b45a200277","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":187,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"0a3beca7-274c-444c-bd27-55b92720bd73","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":187,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"2f0ce15a-38d7-4651-b755-46e451e3dd13","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":187,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"ce2ebba7-181a-4e83-b958-34048cf39c19","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":187,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"82e45f76-40d6-4327-840b-524e230b89f3","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":187,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"45b82e12-9e4b-4da8-ae30-c5f95276deb3","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":187,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"5d40ba13-9ad8-4eeb-b8bf-7aa70704c078","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":187,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"6111a54e-11f8-4092-a522-92ac5d9043dd","block_type":"box","text":"on the obligation.","page_number":187,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"2a20e6b2-51bd-4004-9dc8-3a3b9ccce3f2","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":187,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"ea40b4f1-37ca-4018-8a0a-ffae7079fc2d","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":187,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"5c14e677-b602-4f4f-b9a9-b9b87c5d334f","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":187,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"cfe33d98-7d4f-43ce-af38-d20859d67584","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"f3e194aa-dbff-46fb-a6d4-ca011cd15fb8","block_type":"box","text":"A-4","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"3ffbffa7-c21b-4a48-8b1a-698cc8c687d7","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff89a889-931a-47e9-901d-128e34f80c25","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":188,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"f76ff046-fe9b-4ed6-8056-34e96d601d84","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":188,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"233f49c3-a646-40ea-b5d1-e069dd51f7e7","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":188,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"2e4b7278-f8a4-44b3-88a3-cfd1aed8a166","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"aeb9afa5-012f-4c3e-b336-740c958d09bb","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":188,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"184352cf-6189-466a-9360-48877b5d51db","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":188,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"ba1e3580-7728-413f-8e0c-90713d2e0c00","block_type":"box","text":"anticipated time to default.","page_number":188,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"e841c616-a372-40d2-9320-bc226bb81d52","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":188,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"5e99b9d9-bfcf-4e27-8fb5-3455d5bb0ced","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":188,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"a421b431-87f3-4697-aeea-c03997c4f6ff","block_type":"box","text":"higher.","page_number":188,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"33c605b8-6147-4c97-a120-2c90493bc4e8","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":188,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"c6a4c826-73a1-4d7a-8074-53ba7443a9d0","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":188,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"0fc2983a-cc15-405c-9054-aa23141b7d23","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":188,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"1cd6f875-e0fd-4b4e-9a40-8f98ba08a690","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":188,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"1d4c7981-181d-4157-8eba-71eaa3ccb573","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":188,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"67a74c76-7232-4b1c-bc1b-7da45ff9e989","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":188,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"e89ed036-5206-4de5-89f8-82f69d5a42f3","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":188,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"778cdfd1-cc81-449e-9db0-47e5d4598380","block_type":"box","text":"restructuring.","page_number":188,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"d98e5575-55ef-401a-bca6-abca99d225c0","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":188,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"70b9d740-e8b1-4ff3-b849-6ec1b6527fb1","block_type":"box","text":"standing within the rating categories.","page_number":188,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"14d1c1eb-05dc-477b-90d5-fbe24d33a1d5","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":188,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"2c63a54a-50d8-48c5-9929-e487c52c983a","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":188,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"eaab8329-5ae8-4001-967d-74f5a742e3b1","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":188,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"e1c066cb-bd4c-43eb-bd73-8ca1bd867a5b","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":188,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"1fdc87c2-a1c8-4533-b56e-ba9e8dd0b0b4","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":188,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"f68de0ca-2d94-42ef-a0cd-21a38161ec72","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":188,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"cb1a651a-3f27-4417-ae59-e843b8ee060b","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":188,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"a72d3f00-a256-413d-a490-b747a10d48e5","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":188,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"8d66121a-35ef-4149-855f-7aa6fa0b5b3c","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":188,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"625099a9-0055-40dc-9f71-5b0c583e89bf","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":188,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"4df6b5eb-3ae8-4502-91f2-820a1b8d2c46","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"db327ee0-ac90-415f-a661-d02b5887c08f","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":188,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"daf110cc-b1e4-4554-973b-8f414d209acd","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":188,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"465f05fe-5cdd-49e3-ba77-53bc3ccfa7e6","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":188,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"c228d2e9-8fc5-42e3-abeb-f1a73dc95ba5","block_type":"box","text":"financial commitments.","page_number":188,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"26f5fb7f-0a35-41b8-b515-79ab3e8ccad5","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":188,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"63ec319e-bfb4-44d6-958f-6852c40a921b","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":188,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"bd4fd23d-51b2-4c83-bb59-7a3edfe47ca0","block_type":"box","text":"commitments on the obligation.","page_number":188,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"5e2514ac-2b5b-4a35-b56b-121b02d2e544","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":188,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"15a7c8c2-ef4d-47bc-b1fa-4fcdf4b4d487","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":188,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"05091ee3-dc13-4f75-b1c9-ca225d695372","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":188,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"adf9667a-6bfc-4709-bfcd-a2578e76cce5","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":188,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"1b545af3-2684-41ce-82a7-7819147144a1","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":188,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"264b9da8-c0f0-450a-89ea-7c5e5f1355e3","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":188,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"bd78a5dd-065e-4486-8924-0ed230819318","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":188,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"47320442-218c-4e8f-933d-7f05fa481412","block_type":"box","text":"debt restructuring.","page_number":188,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"54a480e7-d8e9-47c4-8029-b6d9a1169c68","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":188,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"41ff1124-197c-411a-816c-3f3f71175a2a","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":188,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"4128129b-345e-4b26-9a9c-dbbd814b9382","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":188,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"1865bdaa-6b95-40bc-847d-628677ccf864","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":188,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"18db4df2-0637-4bee-a7c4-d703d478fc32","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":188,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"ae947ac9-762d-4894-953a-9b10ebc3405d","block_type":"box","text":"A-5","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"4637fd67-4426-4d9b-aa8e-18973ff5c2c6","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12498424-55fc-49ab-a857-e791f842accb","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"07fe551b-8930-451b-832c-47a1401ac8c8","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":189,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"7bd74f40-b42f-42c6-826e-7f27a51ecfd1","block_type":"box","text":"as a note; and","page_number":189,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"c9695a2c-8d21-479e-8d5b-aa070dbfac2f","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"445d21ad-c72e-4e14-8546-65380f9d77c9","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":189,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"ffb6d163-e701-445e-91b4-4a55c178586f","block_type":"box","text":"treated as a note.","page_number":189,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"becacdc2-d082-42ea-96d6-3aeea95c96a1","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":189,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"f4e9d800-ea3f-4a4c-9f51-85213d4b0a2f","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":189,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"f24bf2a9-a534-4bec-bccb-278df5aa372b","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":189,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"5732addf-1411-480a-9d32-a166bc1a20e8","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":189,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"1cc4d531-cb60-4f91-8e8f-c011f38852cf","block_type":"box","text":"economic changes over the term of the notes.","page_number":189,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"f7df4ffd-6f50-46b5-be0f-8637114b65d8","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":189,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"63760429-2e5b-41aa-b92e-e213104f54dc","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":189,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"a7f2463e-dd01-4dec-96ba-3af452df7212","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":189,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"a095f03e-81d1-4cb2-bfe5-470fac56cc3b","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":189,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"70c213ca-769e-46b5-a996-15b361425138","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":189,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"d8d27e73-1fae-4cf0-a5c5-85974befee20","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":189,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"5fc5ff9d-1c54-413d-b98b-21708d848c34","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":189,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"0ee0089b-56fb-49e6-9bfd-50c2888541cf","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":189,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"7af07a11-dd74-4f7a-9179-99ff4bdbe54c","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":189,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"f19b9a6d-d725-4312-bac2-9054873fa5c9","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":189,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"162f8134-f0f1-4df1-b06a-db2ada1c87d8","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":189,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"cc492566-4ebb-405c-bf2c-4346ef34e539","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":189,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"045dc106-5aac-47f3-acf5-54b2d353a63f","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":189,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"3addbdfa-6064-4e92-b32c-f305c4481dbc","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":189,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"e1052294-8ca8-4f93-8465-dfdbbcffe717","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":189,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"c241c3aa-a943-4926-b808-4066a5af8a3d","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":189,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"2f679a8f-1112-416e-a2a5-54c22dc8afee","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":189,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"222c264d-08bf-4f7d-9d60-0cf2f4850692","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":189,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"07c6d965-60ee-4163-85e2-8fd952b2dfc9","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":189,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"e2060bdf-55aa-47e4-a775-bbbb4bd37133","block_type":"box","text":"receivables or other financial assets.","page_number":189,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"00271bd1-0711-4c1d-a7a5-cb3733d1449c","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":189,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"26e2a7ee-c193-40dc-8565-2121c4e1bda2","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":189,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"7b559a34-063d-40f5-9bff-4f379baf61a1","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":189,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"dfd7ad4b-58ff-43ea-b478-502b54edd1cf","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":189,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"d6b9b5e7-af9a-406f-acdd-7856acef3952","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":189,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"9a66ff15-3c7e-4a37-973e-b9b8aed432ad","block_type":"box","text":"occurred.","page_number":189,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"d78e971a-4ca4-4641-96e1-531386e4b4a9","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":189,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"ad544a67-b976-4d45-9991-39a68e9b3d7e","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":189,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"75770396-1776-4b10-80b1-6dda6b995b44","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":189,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"f4a4453d-a4e5-4871-80e0-c76f1295036d","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":189,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"4b6a470e-3979-4b59-83a6-77204b4041b6","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":189,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"2bf9f2d8-211e-459e-8c43-2bcf169f45bd","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":189,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"94e80067-4a9e-4f74-b7c6-204d0bcfafa4","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":189,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"79b11ff8-38fe-4da3-b403-0e63b7086781","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":189,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"0d90503e-cb61-494f-9d15-dfdfa916ccb1","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":189,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"ffca11db-924c-418e-aae7-1616adee55e2","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":189,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"7975d728-9593-413a-8975-1ca5ed4a9595","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":189,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"f34f6ae0-808c-4a54-8739-c04f36f17503","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":189,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"907a7828-5a36-4837-b7f7-ae66b67f0789","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":189,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"1ebf5b14-a62c-4638-9acc-6535d68700c0","block_type":"box","text":"i.e.","page_number":189,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"3e4d5335-bb7a-4694-8190-a528866ad419","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":189,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"f0f12883-a107-442c-b0a9-11713cf95a21","block_type":"box","text":"the obligation’s documentation).","page_number":189,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"4c45f374-7d36-483c-b4d8-17e047789008","block_type":"box","text":"A-6","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b9f3dc81-50ac-468d-8ad7-2b941c3f4f5d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6652f5ae-4395-4b18-becc-add7f96e1ae5","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":190,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"729ef379-f4cd-46a7-97e5-21682284cf5d","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":190,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"869df4b7-e668-4e5e-9030-21045125aa60","block_type":"box","text":"agents in the form of a rating letter.","page_number":190,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"49a16a46-17d1-4431-9578-8ab5038af5d8","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":190,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"e1476865-3b50-4b49-b03b-b144803d5f02","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":190,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"647e98bc-f5d3-4fc6-be13-7c58ddc83c5f","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":190,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"abc9313c-d204-4b69-8f01-ce1f3e488aa7","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":190,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"7e4b3665-fd00-4af2-b010-08821424356c","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":190,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"e3d03322-077a-40df-84ef-6e4d47fe0751","block_type":"box","text":"e.g.","page_number":190,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"91bffef8-b0a6-4983-a61e-49c5a25c00d0","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":190,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"60ed0259-084c-49b3-94b8-8cf8db639010","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":190,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"928ae820-54a6-4fd9-bc63-215253553960","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":190,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"acb836a8-b10a-486b-afa8-ba1a8b4f6843","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":190,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"79f84457-758e-4572-b7b6-36b9ffd30a64","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":190,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"3a61e0ac-096f-4727-b979-e3f8b02f82eb","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":190,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"78be6907-3fb4-43d7-ad7c-0d1455f6bcaf","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":190,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"483fbff4-f10a-4d90-9d42-1d12dc5c09ed","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":190,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"a6287178-8b1f-4ed3-b154-c7532ee31b38","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":190,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"f4095eda-80d7-4f15-8280-a82288de9ba3","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":190,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"283bc089-5169-4bbe-b3cc-9e833eca0cdf","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":190,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"a9e330a1-471d-4626-9224-221a5504b825","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":190,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"4f0d912d-b6bf-4884-b362-0d5443511c5a","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":190,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"882547e5-58f7-402a-9fc2-c14712737912","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":190,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"033ca882-25f8-4d85-a43c-5f6acea04929","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":190,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"b4c557a6-012a-425b-9fe6-9f3c079cadd6","block_type":"box","text":"Ratings.","page_number":190,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"d10d7c51-9cbf-45d6-b297-83b874c26030","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":190,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"5af001e9-dad8-4281-993b-09c102256cc4","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":190,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"0fe64a71-9520-44fc-a7f7-9f5c4e1394ad","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":190,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"c9e111a7-0bed-4616-9617-1d1f1430943a","block_type":"box","text":"obligation ratings.","page_number":190,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"c5eadf1e-1e3b-4f31-85ed-17706c192610","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":190,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"9ed7d8c1-d19c-4a41-ba22-0d70191a721e","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":190,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"fa30d5a2-e6ed-43da-bfe1-0faa9d3aa47d","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":190,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"ae8a2d13-c083-497b-94c9-1d70d3fa7c15","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":190,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"9d27bffa-a862-4741-afcd-79b682374584","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":190,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"0bd23d8d-3526-40f3-b9af-c902087a26ae","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":190,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"af9552b4-dc24-40e4-9b45-2fc67879cc8e","block_type":"box","text":"to foreseeable events.","page_number":190,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"c889d139-8661-4e82-b42d-7e998ef9aa47","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":190,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"c059ad57-f29e-432a-a70c-0390ceb53c57","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":190,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"ef04b566-67ea-4ca9-97fa-ee83626ea3da","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":190,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"7396c9de-75bc-4f0b-8869-6a222d3ddae8","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":190,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"d2053a49-aba3-4723-8207-abfb49b9385a","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":190,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"b99b834b-d761-4948-9771-143242cadfcb","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":190,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"640f36b6-b032-4089-93e8-39c399db2b67","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":190,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"66914cf4-e75a-4507-afde-2c02c5169dfa","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":190,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"bf735b38-ff64-4753-acf6-61c9eb222b6a","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":190,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"37f43463-4e36-4ddb-825a-c6ea1d255dfb","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":190,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"502ff7a1-10c7-4ab5-8474-02dced7c0504","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":190,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"a327a0ce-26d1-4798-a1c2-7a43c034a3f3","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":190,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"f94379ef-be46-487a-b612-109c8f4735ed","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":190,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"3ac294f8-12be-4e9e-85a5-8d9e141b5c07","block_type":"box","text":"possibility.","page_number":190,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"171ad23a-2a19-4086-a9d1-8c8b32686125","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":190,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"3fb8bcc1-abb5-4fd9-b444-b04ad21713dc","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":190,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"2f8b3961-b1ed-477e-a5f0-4f086939d6d7","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":190,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"16d8c064-8ea5-4b77-908e-a999f6080acf","block_type":"box","text":"A-7","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"6bfecf67-2dab-4b02-a155-39e7667bd010","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d847ba26-97d1-4332-87fa-2092f04fe05b","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":191,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"50948319-2afb-4fef-b7a6-ca676464f0ec","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":191,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"f6ce8043-6f9d-42bc-8952-2dbd81ef96b1","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":191,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"b2fe00b0-03de-4a7f-8eed-9b994c3a5642","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":191,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"273d3816-fd50-4b7e-a82c-262259c987a9","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":191,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"a30a45c0-14ee-4250-8275-3abc000f9979","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":191,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"cc3ba8e5-6342-4c38-a6e3-0398379c31ec","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":191,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"8745faf5-edb6-4da0-b787-f86e3b30ed90","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":191,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"0d38a401-363d-4aa4-98a6-c9d247ddfeb3","block_type":"box","text":"relative status within major rating categories.","page_number":191,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"2ad222c9-0eee-4225-ba21-7dc546995f64","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":191,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"255196de-49bd-446f-827c-2aeec321ef25","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":191,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"77e0572a-1239-4aeb-a2b7-6d886d3cbb69","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":191,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"f5969c32-aa41-4a28-a90f-475b81bc1220","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":191,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"42724ba4-db97-4cf2-a79c-cb39b61d15e3","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":191,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"b63e11dc-52ea-4b54-972d-42ad8b4c9158","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":191,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"fe307706-e66f-4cb4-b0d5-61cff869a550","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":191,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"3900d571-bf00-4399-8479-b69f94738c5b","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":191,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"e4950dbe-bd5b-4b3e-878d-f0dc2134ba10","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":191,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"0737eac8-dffe-4cfc-bb15-d122357d8694","block_type":"box","text":"finance markets.","page_number":191,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"a8321ce0-9d3f-493f-b771-c146c4405206","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":191,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"8e97f001-984c-4abf-8721-27b820024191","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":191,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"fde6efe2-b82b-4ba2-bd69-000d9f985853","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":191,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"e5a0f356-6d7c-4e3b-a996-89a68d0509e1","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":191,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"5955db6d-ad99-4752-8049-579a99a63ef9","block_type":"box","text":"commitments.","page_number":191,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"b855efd2-de00-4e65-8619-897e45fcec10","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":191,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"2abfdd6c-ac84-4947-a897-e2d21d3e7cca","block_type":"box","text":"adequate.","page_number":191,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"a9f4b6c6-a28a-44e6-b911-a5e0bd36acf2","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":191,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"1b24b8c5-90ab-441d-a3c5-bd57c1f55158","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":191,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"c843ad89-afec-4863-9ec2-7c54b98a8c34","block_type":"box","text":"economic conditions.","page_number":191,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"f7b3e448-ed01-460e-8614-6e4fc11f1a31","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":191,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"f993e263-cccf-4e5b-b0b6-f7e934522b82","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":191,"box":{"x":70,"y":588,"width":749,"height":11}},{"id":"5fce1f0b-6022-4629-a6bf-ace3502dfd20","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":191,"box":{"x":196,"y":603,"width":714,"height":11}},{"id":"16f9365b-68d5-43d1-a0b8-b599de1e4a0e","block_type":"box","text":"ratings only.","page_number":191,"box":{"x":197,"y":618,"width":83,"height":11}},{"id":"47258fac-373f-44d6-a1e8-3e6a6396a842","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":191,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"9143e00a-e90d-4733-b7c7-176238ef046f","block_type":"box","text":"obligation.","page_number":191,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"28cb32eb-a344-460f-9cea-819f23ce78c6","block_type":"box","text":"A-8","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"2e1241c2-9114-47e1-ba89-c619649a7fb1","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f7e1426-99f0-46e4-a291-ce2bb1135ef6","block_type":"box","text":"APPENDIX B","page_number":192,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"edcde2d2-dd26-4392-af09-f5524ad06fef","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":192,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"381ba778-28f5-4c95-abb5-f67f5504f5c7","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":192,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"f9f6512e-3328-4284-96bc-7029620d447c","block_type":"box","text":"Effective Date: January 1, 2025","page_number":192,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"297b5bbb-4bfe-471f-9893-ced0cd8d5de8","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":192,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"38474e11-8734-4b1e-b125-95f1ff306afb","block_type":"box","text":"□","page_number":192,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"5390cd1e-ebab-4329-b268-f5d9fc160c08","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":192,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"6ab9d68b-f4ec-48a8-8f1f-cd5819ffd0cf","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":192,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"2659e0d6-265e-43be-b774-ac55f560d263","block_type":"box","text":"□","page_number":192,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"f02c8720-aa13-4fcb-8d02-40e76e0fe220","block_type":"box","text":"Money Market Funds","page_number":192,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"ba2b58bb-a242-4288-b5d4-0dc9454bc98c","block_type":"box","text":"□","page_number":192,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"f4cc165f-579e-4d52-b3c7-d93bd1edd2b8","block_type":"box","text":"Closed-End Funds","page_number":192,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"b417ee10-a6b9-4aab-9fda-21105d29478f","block_type":"box","text":"□","page_number":192,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"89272f9e-132a-420b-af74-c627117f6665","block_type":"box","text":"Other","page_number":192,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"e0290b4d-8ead-4323-8e63-a4c75529d1c8","block_type":"box","text":"Objective and Scope","page_number":192,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"48e0c0d4-a745-423b-b419-1b3349ef1f5d","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":192,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"66325ce5-95e9-411a-993f-535ebda0b9b4","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":192,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"f30c2d0f-b611-4d6b-8731-0f342cd5635a","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":192,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"3bd35153-90a3-43a2-9921-997ae5f34dde","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":192,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"b78379cd-93d6-41fd-9e45-f936a4593d09","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":192,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"e98af8b1-d5da-467f-b44e-1dfd3380604a","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":192,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"5afda9e9-35c2-4e19-8107-eae1eb1f5f79","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":192,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"a81109c8-e75d-4c29-8b6c-32a8425589bd","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":192,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"b66192f5-10e3-4cb1-8e69-20dddce29e5d","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":192,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"c048e112-469e-4358-b20e-fc89a4d6ef59","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":192,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"357e836f-9ae1-406c-a8b5-c6f8f7d0f8f8","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":192,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"de80ab6a-5ab8-4338-9dea-ba3b6f44a568","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":192,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"b75e8da8-0227-4782-b3b7-453b2636e3e3","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":192,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"fcdb2c5e-c3d2-4460-94e6-56c071823430","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":192,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"10b69362-a280-49e0-a5b6-ac9af5914672","block_type":"box","text":"Conflicts Management","page_number":192,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"394872e6-d4a3-4a68-a020-976819d42f51","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":192,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"cf97dc3c-51bb-43d0-8cc5-98b5bb3e878f","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":192,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"b02c70cf-a06d-4bf6-aaee-b665ab750bf4","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":192,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"e4cb3265-7865-4522-a42e-95b737637665","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":192,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"27d5cb89-85c3-4952-a67c-60be65e216b6","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":192,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"f026cad6-e4f6-4ff9-a11f-336db3a35540","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":192,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"bb006d88-5ad0-464d-b46e-deff3e398622","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":192,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"f692c3b1-ee9f-4367-acc3-704754126a6e","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":192,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"3f8a513c-f130-42c7-85e7-5d4a730fed0f","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":192,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"bcdda408-062c-4ea9-81d0-23ba33b873b5","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":192,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"58b61e12-bacf-4e52-abd9-6a358b403316","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":192,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"516d3e32-2306-470b-96d3-6dd06d68d93b","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":192,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"7c4edc4b-646f-4c84-b0ce-51c1f32bde07","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":192,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"e135eb25-9cfa-4b25-a3c0-9cea1c532bad","block_type":"box","text":"connection with proxy voting.","page_number":192,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"546de66c-7d82-4b77-bdfe-9df6b40d2062","block_type":"box","text":"Reports to the Board","page_number":192,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"1ba26992-2bce-4b14-b449-f4d563702b00","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":192,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"7ecaee1d-8690-475f-a146-df2261b5e765","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":192,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"1904a731-86c9-495e-abba-0b9df704de08","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":192,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"025cb2f9-7ba9-4e1b-b97e-fc9925da475f","block_type":"box","text":"changes to conflicts management practices, that have not previously been repor ted.","page_number":192,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"89bc9da4-c3de-4683-806c-7bb6e89fd43a","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":192,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"63e37513-6f41-45df-a005-311af1f4d1e0","block_type":"box","text":"BlackRock","page_number":192,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"08960312-a632-40b1-8ee7-3b4d145c042e","block_type":"box","text":"Public Page 1 of 2","page_number":192,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"c2cbf4e4-84c8-4753-ba01-7b0935d09267","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25c2cc33-3617-4381-a1f2-527cf37685c3","block_type":"box","text":"Appendix A","page_number":193,"box":{"x":101,"y":75,"width":82,"height":11}},{"id":"00616eb7-3ef4-40b9-9819-b67d2145578a","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":193,"box":{"x":135,"y":98,"width":347,"height":9}},{"id":"0e753680-7df6-4ad7-bef8-d025552f3644","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":193,"box":{"x":135,"y":120,"width":413,"height":9}},{"id":"38fb9cb0-fd9a-4d24-87f3-ba5808f55dcf","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":193,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"95a96c16-fb13-4832-a7c9-a142579806bb","block_type":"box","text":"BlackRock","page_number":193,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"a8866531-7d0f-4701-a6e2-7d15ce2a7a72","block_type":"box","text":"Public Page 2 of 2","page_number":193,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"95a8199c-96c7-40df-8eb0-6ecbabeb3494","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31c8c7a5-620f-42a6-baa2-81f837399447","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":194,"box":{"x":334,"y":45,"width":311,"height":11}},{"id":"d894598d-3a56-4b1f-aab9-b69dfe8b4a4a","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":194,"box":{"x":337,"y":67,"width":304,"height":11}},{"id":"6d2ddf2a-c6a0-4c5c-92aa-19fe91562511","block_type":"box","text":"Effective as of January 2026","page_number":194,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"4a04597d-9ad8-49da-bab7-ae5e6c63a2e0","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e58621d0-2e89-4065-9683-b029c47bba17","block_type":"box","text":"TABLE OF CONTENTS","page_number":195,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"51306f62-35b7-485b-8ae7-d743bf82e914","block_type":"box","text":"Page","page_number":195,"box":{"x":876,"y":65,"width":28,"height":9}},{"id":"2af165b4-291a-4bfd-ba9d-fd020a45dd99","block_type":"box","text":"OVERVIEW","page_number":195,"box":{"x":74,"y":84,"width":79,"height":9}},{"id":"59cc2e60-3561-42f1-bfd7-d5f705e54dab","block_type":"box","text":"....................................................................................... 3","page_number":195,"box":{"x":161,"y":84,"width":743,"height":9}},{"id":"6d85834d-78d5-4967-8b8c-3d86533d6a34","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":195,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"9e964fdf-c918-497c-80db-1bcb9d4da08d","block_type":"box","text":".................................................................... 4","page_number":195,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"a4f1824c-fd4b-442f-b1c7-2aff2c32a231","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":195,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"0652b4af-b58c-4f1e-b19c-2f052131f985","block_type":"box","text":"............................................. 4","page_number":195,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"3dc60e3e-099d-471d-b02a-2b4bf017ddce","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":195,"box":{"x":74,"y":134,"width":451,"height":10}},{"id":"d86123c1-9693-4e8e-97ab-7568b0f21f04","block_type":"box","text":".......................................... 4","page_number":195,"box":{"x":528,"y":134,"width":376,"height":8}},{"id":"494ffbbf-d799-4a35-aa6e-d8b4e32744ca","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":195,"box":{"x":74,"y":150,"width":433,"height":9}},{"id":"4e09e511-aef4-4952-afb6-71b5720d5b56","block_type":"box","text":"............................................ 5","page_number":195,"box":{"x":512,"y":150,"width":392,"height":9}},{"id":"826686c3-bd7c-49e7-8141-4f81dfb7d7b6","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":195,"box":{"x":74,"y":166,"width":178,"height":9}},{"id":"4f092dfc-02da-45e3-96cd-32efe3aa9c5f","block_type":"box","text":"........................................................................... 6","page_number":195,"box":{"x":259,"y":166,"width":645,"height":9}},{"id":"aa46e7d1-170f-4724-a9b8-f20180ab7c95","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":195,"box":{"x":74,"y":183,"width":207,"height":9}},{"id":"28c27af1-a38d-4344-9cae-8d51e461a517","block_type":"box","text":"....................................................................... 8","page_number":195,"box":{"x":292,"y":183,"width":612,"height":9}},{"id":"14b1824d-65cb-49f7-9161-833d6b154e56","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":195,"box":{"x":74,"y":199,"width":325,"height":9}},{"id":"0c6f092b-652a-462d-aabf-100ca874320c","block_type":"box","text":"......................................................... 9","page_number":195,"box":{"x":406,"y":199,"width":498,"height":9}},{"id":"c64d6581-df24-4216-84df-ddd0e04f2a2d","block_type":"box","text":"CAPITAL STRUCTURE","page_number":195,"box":{"x":74,"y":215,"width":156,"height":9}},{"id":"86f3aee5-a882-43ae-9ef5-d6014891b0f3","block_type":"box","text":".............................................................................. 9","page_number":195,"box":{"x":234,"y":215,"width":670,"height":9}},{"id":"6e04d9c7-c092-4358-874f-928195de8ecd","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":195,"box":{"x":73,"y":232,"width":315,"height":9}},{"id":"6f9dee01-5dac-4a01-9812-b5f457d81235","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":195,"box":{"x":398,"y":232,"width":506,"height":9}},{"id":"49e86e5d-f99c-4039-bd79-46ea49001a56","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":195,"box":{"x":74,"y":248,"width":430,"height":11}},{"id":"f6c09aa7-c7c6-4139-b486-cdd1a9a79815","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":195,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"1e10a6bf-4c89-4d59-87bd-f2f15116d6de","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":195,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"22fd4287-3b06-4251-911a-ddef3f79cce0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":195,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"2eec203b-68d7-4015-af95-aadcaa163781","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":195,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"88712958-243e-4182-9847-f8316acbf883","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":195,"box":{"x":283,"y":281,"width":621,"height":9}},{"id":"b796b829-1222-4f05-b993-d3dca3543f18","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":195,"box":{"x":74,"y":297,"width":259,"height":9}},{"id":"4b81369f-ffff-4d70-a9dc-af0b86dea431","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":195,"box":{"x":340,"y":297,"width":564,"height":9}},{"id":"3734ae3b-eb33-489a-a63d-31760a0af053","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":195,"box":{"x":74,"y":314,"width":489,"height":9}},{"id":"183f8536-0141-40a4-8c2f-6948aee2a25d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":195,"box":{"x":569,"y":314,"width":335,"height":8}},{"id":"0b374730-1520-45a9-8d0d-7e65b44a1b34","block_type":"box","text":"KEY STAKEHOLDERS","page_number":195,"box":{"x":74,"y":330,"width":151,"height":9}},{"id":"f1212641-7513-4b10-b3ed-fe482db228b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":195,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"69751662-53c9-4395-9e95-04e6e2cf09b7","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":195,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"aa9345d9-7c67-4dff-9523-d027b04fcd29","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":195,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"e47eca74-3d69-4e51-8829-0fe6f31bbea0","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR","page_number":195,"box":{"x":73,"y":363,"width":771,"height":9}},{"id":"9b5d5f15-6eb8-46f6-931f-a03e807f18c2","block_type":"box","text":"NON-INDEX EQUITY INVESTMENT STRATEGIES","page_number":195,"box":{"x":74,"y":378,"width":339,"height":11}},{"id":"9618bc06-c6f6-407b-9b05-03e65f2745d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16","page_number":195,"box":{"x":422,"y":378,"width":482,"height":9}},{"id":"3cc2fa04-3305-40eb-951e-0b6bdbe14f9a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":195,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"33e2b700-42f0-439a-9f4c-ae55ff33b5bd","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"74c13f7f-1a6d-46f1-ac5e-3e3bdd0bea33","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b03f212f-9879-4b74-9bf3-665803090dec","block_type":"box","text":"OVERVIEW","page_number":196,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"3b45f666-08e4-40dc-ac19-019d233d1ff2","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":196,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"3fef65f9-0136-40b2-b2e5-ef84274c24b9","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":196,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"dfc1225e-48bf-4b9c-be58-dd2982436200","block_type":"box","text":"issuers.","page_number":196,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"32f09c7d-fc84-4dab-9dbc-64cd5400fb92","block_type":"box","text":"1","page_number":196,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"9b3e623c-a77c-4c0e-aca6-d58041ee0862","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index equity","page_number":196,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"f7697008-6bbf-4a86-91ac-e55eb22c3431","block_type":"box","text":"2","page_number":196,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"c6923a46-c4dc-49b6-aaac-b642083120e8","block_type":"box","text":", providing exper tise","page_number":196,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"b1958dbb-e225-43ce-9c00-0f1698726738","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":196,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"5c3c103a-d69a-4076-9385-3f34dcb1f324","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":196,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"3c8d09ed-992a-440b-a9de-8e37879bb0b8","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":196,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"ca8725d6-3d60-4992-a52c-391a2a3722a0","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":196,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"15dc0678-16cb-4358-b0a8-16e135241138","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":196,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"35e79d42-c830-435c-ae2b-0cbafe673a6e","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":196,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"58dcf3de-0963-462a-be09-61896cf35af7","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":196,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"bbc83822-149c-41aa-97ef-b0e85aca0d4d","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":196,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"6524b9a4-c79b-4d3c-9387-50e5e3ed79ed","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":196,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"95ec736c-c20b-498b-bd47-5db02079ccca","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":196,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"c78cfa89-c80c-4530-b40c-3dd573eb421d","block_type":"box","text":"1","page_number":196,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"391d0ef4-7368-4b58-99d1-1efcca485e5a","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":196,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"dd5093e2-590a-428a-ae78-9974460d96cf","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":196,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"a77fe77b-992f-4b23-9014-22907dd144ab","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":196,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"0d71e961-1c1f-409d-9a1f-0574a889d28b","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":196,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"82284b27-0ff0-423d-bf7f-10bf895a5e70","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":196,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"33d1dee3-c385-4958-98f9-1bfeeadeda36","block_type":"box","text":"2","page_number":196,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"6f74cf10-d72c-4ef6-a86d-14575ca75402","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":196,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"ea119b2c-67cc-4020-a20e-27b54fef6583","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":196,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"abfd8e3f-a744-4211-a3c3-c9d50b45e3a3","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":196,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"3566ab03-50fd-4c81-889a-35a2b9e88153","block_type":"box","text":"policies.","page_number":196,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"3d24f132-dea5-46e4-8b56-af630c65f1be","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0c299804-344f-4793-a3d2-29b84db5082c","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2b139a6f-9a0a-436c-9355-ba6684815763","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83bca4eb-5658-4764-b072-07b5d7440e5a","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":197,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"5c44b3c6-ce34-4b16-87b1-a5753edea086","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":197,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"de99e4ed-8dd6-45a1-9715-194f68927396","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":197,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"a26986bf-aced-4595-957b-dd17c57326cf","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":197,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"a45b4c5f-8d29-4016-8fff-e1e0b0e2930a","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":197,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"7b880495-55da-4157-a011-93604990202f","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":197,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"15df1175-658f-45c7-921b-fdfe81f4d567","block_type":"box","text":"this work with research, data and analytics.","page_number":197,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"bef0d42e-cceb-463a-969b-726c062bce1a","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":197,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"460f13df-690b-42c4-9605-267f288bab95","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":197,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"14f9b94b-b7f6-4ef8-a051-625e7e6e3d5b","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":197,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"8b637c44-6758-49d2-ab62-5f689ac3bc50","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":197,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"08a8ac6d-e2a9-4047-b392-22265fd1e232","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":197,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"a3835e3a-2c4c-4d33-a294-c8f9d2b66c42","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":197,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"4646f113-332f-4047-831d-1b9aac5deb28","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":197,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"57161175-9103-4bdc-a98d-e9f08872bab1","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":197,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"a76cf7a2-72d4-4fc9-9b36-38f8d3c6803d","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":197,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"e7eb7472-a230-4030-8ddc-b3eb87fd1742","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":197,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"bd9d9741-73e3-4e87-b87f-537577831a9f","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":197,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"da92c5c4-dc47-427b-bc40-5ae72b5f9db8","block_type":"box","text":"shareholder meetings.","page_number":197,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"e93b55dc-57e7-420a-b1d1-0874e47064a7","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":197,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"387f8ddd-6d09-436e-89a4-d5a88cba725d","block_type":"box","text":"investing.","page_number":197,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"fb7af6e5-9877-41c6-b503-585a21467dbf","block_type":"box","text":"3","page_number":197,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"a735e3ec-cc40-4e4a-a294-ef1645c0c283","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":197,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"44c917bd-58be-4cb8-ba1b-a9efd3401ab3","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":197,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"ea3918e0-a292-443c-b786-ab535e31aa42","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":197,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"f2c00f2b-ea6d-4792-9621-d2695bfbe04d","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":197,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"318348e4-800f-47b4-b43a-51156fda69f3","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":197,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"104a5163-cc68-4755-aa85-a9f67c0dc246","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":197,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"ec1ec353-08da-42e3-b32f-5cd1456eac48","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":197,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"77087ce6-45de-4d9c-8dec-7a0eb3b19277","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":197,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"9605c36d-721f-4ea3-8b5f-074b2b938615","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":197,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"bb7c122a-44a8-45e1-bd39-3be1b5c14099","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":197,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"525f4ece-f22e-47c0-bb7c-20cde1705c84","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":197,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"d7e3a9b1-b876-4845-9e09-f30c76c00114","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":197,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"f0624b2a-e5a0-4284-af1b-94f03b1d98ee","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":197,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"d7c058c5-2c2d-4dc7-9cab-b8d5e63a339a","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":197,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"eeb23585-35c8-452d-b9d8-674ea906c38f","block_type":"box","text":"management teams and board directors","page_number":197,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"0d6ca1a1-0d75-42b5-b345-80b12501e59a","block_type":"box","text":"4","page_number":197,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"efb5ed5a-791d-45f0-ba68-40bc889f1bf6","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":197,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"02aaf3b8-3cbe-4dd8-84c1-5bf754b8db84","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":197,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"ebf5950e-e156-4334-be29-973eba1e93d8","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":197,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"5d09faeb-e2d2-4dad-8c04-4b87d4387067","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":197,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"eaacc21a-2418-42f4-ab33-0adb5e606e04","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":197,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"68bed85a-89a5-4938-9f36-cd468989a146","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":197,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"b601c088-0708-4506-9988-4c158509b7e1","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":197,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"782fdb69-b1ff-4f50-9333-9a168cd13b1f","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":197,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"a2d4c2e9-1c23-4ee9-96fc-cc4d1d1a115d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":197,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"ea164027-418a-473a-8ccb-5c8edf91831c","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":197,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"8fe19644-6b82-4768-abcf-2ada7ed61ce4","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":197,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"e43127c5-7eaf-415c-9e49-e6e1b4e71139","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":197,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"c2b63450-d936-478e-802e-836cf3d61ee0","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":197,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"cd23f3cd-50fb-4b5a-88ef-558472cb5ed5","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":197,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"8021331b-09ac-4c89-b00e-480c73f3c466","block_type":"box","text":"3","page_number":197,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"c9729e96-2a65-422c-aeec-59258075bfff","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":197,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"39813207-6ba3-408a-bcaf-a8354ca9d24b","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":197,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"f090209d-1fb6-4207-b92f-1d9d747e378d","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":197,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"cd5098e4-6d66-45fd-a8e2-72a018fae70f","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":197,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"bced9f2e-3ea3-4239-8976-efa0a9ecb405","block_type":"box","text":"4","page_number":197,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"7103b44c-33ac-4d49-8056-3457df865200","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":197,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"0eebb064-2c89-47ad-9ec9-8721e303408b","block_type":"box","text":"boards and their members, where relevant.","page_number":197,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"b6e04317-7bb2-493c-8484-a62d45a3fa50","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7beba9c9-f1e9-42e0-a00b-f31abb336d1c","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a18af237-825e-462d-8fdf-d6700b55d56e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa47b57d-84ec-4098-964d-a3f5f20b5ef7","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":198,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"d0500920-9134-464b-9149-280123d52e46","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":198,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"cfefed3f-e5d2-46be-a816-11311ca5fa0f","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":198,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"d54d4a83-ac59-4394-ad68-ff2a4fe5ed9b","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":198,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"7de90cff-90e5-4df4-9103-6d6f236ec3dc","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":198,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"308be32e-16ba-458c-9911-8a89e230b99a","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":198,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"3dc5fa5e-6650-4ec8-8a39-6689dfc2c7b0","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":198,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"fa871923-02bf-4d58-8c93-85765696a32e","block_type":"box","text":"5","page_number":198,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"81fa0f55-95b9-4078-a17e-878a8b2b9351","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":198,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"5a764f37-71a4-4d47-ba96-a4f36b6e5cd7","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":198,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"8dcb4f44-5248-4f45-8d55-d6b4e15c8079","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":198,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"a84e89a3-b8b1-4039-91c5-2ddcb5b2a20a","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":198,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"3ba30d6e-f64b-40f4-b2e1-a98c3f089ee1","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":198,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"f7b0c3ed-642b-4cd0-95d9-cfe5c7f3709d","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":198,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"50c46695-d227-49b0-8738-55a2f1cf1283","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":198,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"b5147ada-df1e-471e-acf8-b2d9563c72a2","block_type":"box","text":"5","page_number":198,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"3d77f9ce-79e4-4873-9995-d2bd8f2c7cda","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":198,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"cb57b400-60a4-4a9d-bcd1-819a3df3f44e","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":198,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"cb64b407-b5c4-4c6f-9b48-3bcb04e319a5","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":198,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"e22b36f5-8631-4f71-ad44-13df4a43332f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"103b75cc-ee6e-4c48-a3a0-ea5b49bb24c5","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1b8b5a7b-5c71-4461-83c1-9ac1372eca81","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2339320c-5dee-4904-b53a-9c634e9e8836","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":199,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"f97909b9-cbdc-49bd-a527-7ad8eaa75623","block_type":"box","text":"Roles and responsibilities","page_number":199,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"02fa1c54-0303-45d8-9354-b54510375cad","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":199,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"5987c5f2-772b-41d0-934f-e8c559efe51d","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":199,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"82280416-0714-4d59-9cdb-1516fe9d3c2a","block_type":"box","text":"6","page_number":199,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"8e9341a8-8976-4b37-afd5-3c565fbc1852","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":199,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"fecba147-935e-4f24-bcdc-e3b4c99f85b6","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":199,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"167b91fa-b4e8-4424-b8f6-f675dd9004ab","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":199,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"179bfef9-9deb-4468-a601-ffbe21b5d3be","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":199,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"2850de4d-488a-4382-9e4f-fcdf63a3ac9a","block_type":"box","text":"per formance over time.","page_number":199,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"7bc5c9b3-3543-4983-aeb8-d7def9ae564e","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":199,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"f52f659d-af53-46bc-bac1-dc208d36a71f","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":199,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"e9f14607-46ad-488a-89e3-43d16d92d037","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":199,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"1ea7e3e2-a2bd-4258-ab0e-727ab37fdaad","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":199,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"79a65aa4-b2ff-4cbb-a92c-a82bdd2695fe","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":199,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"b7e2c681-af04-43e0-9f3f-6e891c6dd275","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":199,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"2b1e2074-f808-47b5-8dfa-c34b8cc7dbde","block_type":"box","text":"Composition and effectiveness","page_number":199,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"c13c056f-34b0-4394-8bd8-d35d2d4710f0","block_type":"box","text":"Appointment process","page_number":199,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"f6e8a1f0-63ed-47e4-a02d-354894c15132","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":199,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"2c062cb8-0fa5-49e5-9b22-8b66757581eb","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":199,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"2d9f14e6-0ccb-46cc-8443-95d98755770e","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":199,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"cd70d31f-bf84-4928-aaf3-4ba5856f3687","block_type":"box","text":"e.g.","page_number":199,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"3e7cecb8-7fc1-4f2a-b0d7-d7c6a4f5c1de","block_type":"box","text":", sector, maturity, geographic","page_number":199,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"6bc1b86e-3069-465f-b96e-ab08ce3c053a","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":199,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"d73e6694-16e4-4aee-afd0-9d5005d56d09","block_type":"box","text":"e.g.","page_number":199,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"16aae0c3-7d4e-4065-906a-e17fed4f3b73","block_type":"box","text":", financial exper tise, industry track record). To","page_number":199,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"c716bdab-2979-4c18-bdae-a92938c770be","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":199,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"bc95f0c8-829d-4522-b0c5-52ee7bb93c81","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":199,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"4eed8c98-84a9-4c6b-ba16-6299b4b2be20","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":199,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"a581fa8b-55bb-4829-8ab9-bb949bcf641e","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":199,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"4aec3fd3-4fa7-4c62-b3ab-305952df48d0","block_type":"box","text":"and local market requirements.","page_number":199,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"1e38c3e9-45de-4848-978f-94fa9cff90eb","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":199,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"c6c14b09-daaa-4599-9673-3308dda85ef6","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":199,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"ec71f6f3-e656-4259-8123-bacc266b0acc","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":199,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"73f27b41-1804-4c27-a7d2-0f2939db795a","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":199,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"f09b8d80-a826-477e-81b5-49fae8fa0e05","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":199,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"bdbd80a7-1f69-467e-adc1-922574f7bb85","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":199,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"47d2cbcb-1fd9-4568-ba80-c87b4f4bd3ae","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":199,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"603ca4c1-9231-4871-9525-bb7fbdee66d4","block_type":"box","text":"Independence","page_number":199,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"521a5a09-beda-434b-b5be-787197a037b6","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":199,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"6c79fdd5-405f-4565-a8aa-30cecc89d437","block_type":"box","text":"e.g.","page_number":199,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"9576926f-e539-4876-aa5e-53d19ec58f89","block_type":"box","text":", government or","page_number":199,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"7fe5683c-b2eb-4182-879f-82ae449eb77b","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":199,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"7a1029d7-cc56-4ca8-b0b8-b7120d69f718","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":199,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"34f6ab06-0d56-4f6e-9e71-1beea932a1a6","block_type":"box","text":"conflicts of interest or undue influence.","page_number":199,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"266d230d-26be-4482-a19f-089e9d3f8a98","block_type":"box","text":"7","page_number":199,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"5d80a91a-edad-4bc5-9754-95dcd0851466","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":199,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"fa796904-c130-448d-b5bc-d3ff8bc370ba","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":199,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"e7123636-5ff3-4ad6-b882-cc991d97a68d","block_type":"box","text":"independence should meet those local requirements.","page_number":199,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"1efc1c1a-5e0b-41f1-bc5c-7c98f6acac26","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":199,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"6accf4b9-5f47-4605-b804-86767d8cbafa","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":199,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"2aa84a4b-d1c3-444c-a253-159cceeee397","block_type":"box","text":"composition if this is a perennial issue.","page_number":199,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"f2160b62-452f-4407-beb4-4b82d98277e2","block_type":"box","text":"6","page_number":199,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"dfa42907-1942-43ee-9866-b23da5f97143","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":199,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"2c124f35-3ad8-45b0-a498-b921b6eab8a0","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":199,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"6fb42390-674d-409c-8a5d-36b85a29e2f4","block_type":"box","text":"7","page_number":199,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"e21391f2-eaed-4b19-9cf5-c44d3708b8bb","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":199,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"bc17381c-9a16-43cb-bee4-7411cd5f9d33","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":199,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"2fd609a5-d1d9-4ddd-b710-04e369e1f0c5","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":199,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"600c0d8a-7962-440a-aaa2-dd52a4e3b04f","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":199,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"13decdd8-8833-46bd-b196-0895b7516ab1","block_type":"box","text":"of the company and shareholders.","page_number":199,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"8d94f1e7-3f1f-4413-af68-85af78eaf359","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"24a30315-b1f6-4aeb-a3fd-1df21764fce3","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5d855d81-b9cb-41c8-a071-3eda31648eab","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d68906fc-bd67-4849-bf2c-967d00c9725a","block_type":"box","text":"Independent board leadership","page_number":200,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"2187065a-4e34-4e07-b3c7-f5ba76c3cf01","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":200,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"42befdcf-2219-460d-828c-667124740dfa","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":200,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"6f969deb-f8b5-46ec-a234-eda1ebf7dbb6","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":200,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"f12d07c4-7073-4a9f-9aec-943bb4130229","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":200,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"a48074b0-2072-42da-bfa3-0a0031772463","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":200,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"83cc478d-d4b1-4865-b952-bb69d140af46","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":200,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"4b994df4-54f0-4614-bf53-672ca564f957","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":200,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"87fe85a8-047b-4c1c-9701-7cf695d0c88f","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":200,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"f258d7df-b2ab-4d00-86f5-948b2cd8c9de","block_type":"box","text":"how it serves the interests of shareholders.","page_number":200,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"8fac0865-0e8d-4de4-8580-9221812a1a20","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":200,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"b9ab8a56-4dbe-4762-bab3-94dc3135ffb9","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":200,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"1664a818-0e09-4697-b6f0-d6f47f80de9e","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":200,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"d84d7187-2dda-4213-877d-d6f802e99ee4","block_type":"box","text":"Tenure and succession","page_number":200,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"70635bb1-e2db-494b-8291-ab9bf2be9afd","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":200,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"7c885247-131b-4a94-8aec-ddde6e3b6027","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":200,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"b790cbce-91e9-4994-8e08-a8fe27673e8d","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":200,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"243cfd0a-633b-4599-8964-956e152ad346","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":200,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"dd2fb1ea-faf6-4f30-b30f-1ed203cf6d16","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":200,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"a45ab239-3d87-4211-b584-9a3dab1a64b8","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":200,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"fc268fda-23c2-433d-a2c4-96e4398c7a69","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":200,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"56b43c72-3272-447b-8b79-482d98f144e8","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":200,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"343d008c-3e4e-4774-8c0a-5ce1c21513b6","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":200,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"6fe380eb-208b-45fd-9fae-cfc771906ddf","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":200,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"03b6b40d-ec3c-4f96-a860-ae433fd4de37","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":200,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"1dd7f662-fb70-4b7f-9be6-61bbbc88cebf","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":200,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"f8f7bc5a-286b-4a1d-ba80-3daca8834a8c","block_type":"box","text":"for their continued service is not evident.","page_number":200,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"7f65e848-63f9-42f6-8587-f63032217d70","block_type":"box","text":"Capacity","page_number":200,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"d1bcca59-5b8e-4358-a56d-e3554b6fb63a","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":200,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"c00ec891-0905-45f4-8a53-da0d0d93f7fe","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":200,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"d954d488-316e-4e5e-82ac-c49634d7d1ee","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":200,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"5545f623-851c-4e20-bde0-8e19c45be9a7","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":200,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"c8504c42-851a-4762-87b6-02b60454daee","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":200,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"3b1f6d93-facd-4232-be36-7be582f81b3e","block_type":"box","text":"determinations across markets.","page_number":200,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"a3ea2b42-126d-49b1-9670-024fc7016b9e","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":200,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"692dd357-86b5-428e-be0e-3403bb7889ee","block_type":"box","text":"their duties to the board and company.","page_number":200,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"fa059f29-da5f-47cb-8029-0cd1180fbcad","block_type":"box","text":"Director elections","page_number":200,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"34ca7b65-939c-449c-9ae0-9b9ff7da127f","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":200,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"ddbc4eed-9c12-47d8-a4c7-01b306b3c024","block_type":"box","text":"structure","page_number":200,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"d4df0c94-4ae1-4b30-8182-236958ceface","block_type":"box","text":"8","page_number":200,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"94d81515-49de-49cb-a682-6451a7f0f0fe","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":200,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"e0f9df9f-aa4f-4d22-aafb-c124abfbd361","block_type":"box","text":"basis of its business model (","page_number":200,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"68083395-99d2-410f-944c-99fa09b23a8d","block_type":"box","text":"e.g.","page_number":200,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"2c349d39-52d1-47cd-b49e-903cbe70362f","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":200,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"922f8507-8ff6-478c-8400-8083ac9a8372","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":200,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"91acd86b-e67a-4318-9dbc-73b5892aaec4","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":200,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"07a156a0-db9e-49fc-bd60-d6ce68593ea3","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":200,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"faefe5fa-6199-47f4-9ed1-8e86ba613ec6","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":200,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"94f1400c-9ed6-4d0d-abb4-f9fa46d23461","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":200,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"35828aae-f987-46e6-a5dc-b504970d5991","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":200,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"8446133c-5a48-4863-8d12-521a2fabda29","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":200,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"092bc3db-a8ba-4ecd-9a6a-e9721687def1","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":200,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"e9a6e2e3-6f92-474b-b2c5-77b97798cacd","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":200,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"8b75be9b-1c31-41b2-958a-d29b1378eb2f","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":200,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"58fce8d6-6466-481c-ad84-3f33540a826f","block_type":"box","text":"8","page_number":200,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"823edd7f-8837-4c42-9af9-b4f4800bb10e","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":200,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"71aa399e-4f4c-4126-a95c-09b10e3dcb87","block_type":"box","text":"directors stands for election in any one year.","page_number":200,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"6547cf12-03d6-4ce4-81c1-6f26381a4d05","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3c2229b7-c6c3-4cd4-a60a-fcc8d3dc6a8f","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0db29445-ffef-48fb-a479-699c7f3cf81c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3284ff3-da7a-4bc8-b69d-5fe4b9a386a8","block_type":"box","text":"Committees","page_number":201,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"964bfc32-1e65-422a-9e43-73607abc162c","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":201,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"3836bd6a-2828-4bf5-8ae8-275f5439d8cf","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":201,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"edfa0b9a-6ee5-4a6e-8234-3727d4dbf830","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":201,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"1fa597ad-46b0-4b71-8888-307da2747bc4","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":201,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"f0c77e5a-80d1-4845-a9e1-c789aa648c4c","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":201,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"e19676b0-3b10-4fbe-b406-a2ab98f062c2","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":201,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"9046c3a0-a019-46ba-a059-f57222017fa6","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":201,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"e13238a7-cf24-4c80-ad3c-15c19cbecc7b","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":201,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"c05429a7-0433-4c47-80a7-8894bb214548","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"99739a4a-fca5-4f74-bb21-45ee0ec03fe3","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":201,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"09d2a4f7-9bf0-41d2-b3b1-c3a45c63edf7","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":201,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"38bbf555-a1b2-47c7-be3a-46e8e299fec6","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":201,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"f194f021-7709-4988-a6ad-a80219ca0288","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"737a15d0-bb92-45f6-bbcd-117d85373515","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":201,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"843f5556-ae2f-422f-af0e-65d842139b8b","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":201,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"93b91de4-b9b8-4cd9-ace6-5772530ef3cd","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":201,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"7b61d126-f174-4c13-8dc0-71d9e6d8c648","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":201,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"4771957e-28a3-411f-a0ed-29d8d2518326","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"9224e3f8-12db-4aa8-844b-597ac99c791b","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":201,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"30ef69a5-e062-4d73-87ae-6c081936fe38","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":201,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"35310fa0-10a9-4669-8bd6-9932c63c650a","block_type":"box","text":"firm-wide compensation policies.","page_number":201,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"de101c9c-9898-4e1a-8ddd-61e9f323c04b","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":201,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"0640eb58-6bf2-400f-886a-1bfa98ae634d","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":201,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"90e26da9-6c33-4214-95c7-947d1eb47386","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":201,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"8e7bbb9c-187e-4fe4-967c-04a7f5ca8cb8","block_type":"box","text":"Board and director evaluation","page_number":201,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"8b442b3f-d370-494d-8c20-aca19a7dec4c","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":201,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"7d7ad436-43f8-41da-a2a7-d67972aebcdb","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":201,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"6ac14450-bfca-44d6-8f0f-21abecb67122","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":201,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"fe6da4dc-d1bc-448e-b4da-c9ff60ef8896","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":201,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"fafa5d15-261e-4d42-8a24-e783a9a96fdc","block_type":"box","text":"a result.","page_number":201,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"31bb365e-9f78-4ce3-8c4a-874398dc7283","block_type":"box","text":"Access to independent advice","page_number":201,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"133dd582-e4dc-41b8-a650-86a438c39897","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":201,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"39890c84-221a-4914-a359-1240d5ab48ba","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":201,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"11f5bc04-7361-42c7-869e-9b5e788e63b2","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":201,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"310b4b0f-dad7-4fdc-9463-729325bc058d","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":201,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"dd933dfc-d58c-42ec-ba48-a106cd790593","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":201,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"1f808105-4049-4a01-ab48-ad8e50e63db7","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":201,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"be40624a-70ee-4954-928f-c29bb41aad9a","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":201,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"4fecbd14-5e68-47bc-a86d-9ae917dd5442","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":201,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"9390ee96-b602-4401-940d-8668f85d5014","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":201,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"4210c44d-8de9-4861-9dba-b90ce26ca2bf","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":201,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"fd12881c-d390-4082-97ad-f397f35ba4b7","block_type":"box","text":"per formance.","page_number":201,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"ca9b6c54-586c-47a9-8dd6-eb443277ba24","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":201,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"d303f9e9-ec75-4238-9477-5dc51149c812","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":201,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"6bea19d1-f25d-459a-9fb5-e57aab0eb995","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":201,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"04d4de99-57fa-4cc9-a6f1-468fe3cfe590","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":201,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"e8722325-2e4f-4865-a53c-df3227d61b7c","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":201,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"b3d409b1-bb68-4fb4-b192-fcb8b6723f3a","block_type":"box","text":"recruit and motivate.","page_number":201,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"8bf63f78-78fa-436c-bb7e-83be90aa877a","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":201,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"cf983002-5459-4e90-b7fe-32ed51edc0d6","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":201,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"ce5671fc-79b4-4ecc-8190-ec5f92c701ed","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":201,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"53a195d2-3ee0-4c79-a66f-fec18692c25d","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":201,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"c22a2743-6d16-4863-b056-38f1352b807e","block_type":"box","text":"arrangements include:","page_number":201,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"c05d9a88-53fe-4a19-af32-84d956ca9e8a","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"2b38d915-fff1-4e45-8b13-2c3900c36c5e","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":201,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"7d7d8546-e67f-45ee-85bc-0f54669dd221","block_type":"box","text":"the company’s size, sector and market.","page_number":201,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"f78031d3-e83e-42f0-9b4c-04a11479f61d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"25efbc6c-253b-43ac-80f5-37d7648f5d2a","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"3eca5bb2-a7e5-49a7-9f70-5c6700f4f96a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eef84ea6-6e84-49f3-9a5f-cfb73c8d307f","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"52956582-3191-4c87-ae5c-e68b66461408","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":202,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"8f88bf50-027f-44f9-a7f3-5e940b21dbf6","block_type":"box","text":"strategic objectives.","page_number":202,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"492a76b9-de9b-4f56-95d1-f1b172dc996b","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"3df2c20b-9f4e-42c2-a5a6-f5c814eca5bf","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":202,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"8c9aa059-f0b3-467d-8b25-0f3e40779150","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"3f0e171a-23b9-4ed3-a0cc-e68ab0bddecc","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":202,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"ee12ef8f-5932-458e-95de-b309c97332bc","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":202,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"6bb132d4-3e00-4da4-8870-a5cc5a3dfd53","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"f737e5ad-439a-46dd-bec1-cc98b064137a","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":202,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"9ed037dd-4314-460c-b821-f9cabd8bf7a3","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"1fab135c-e8f3-49dd-bcd9-5a84698735d9","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":202,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"1f94af38-4a3a-4b9f-baf0-9a6a49d759c0","block_type":"box","text":"transparently.","page_number":202,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"d995157a-2970-4513-8dd8-c87be298abda","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"0d6a138e-2503-4e29-8f61-81389acc2130","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":202,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"c8e0a5ce-091b-473f-a4ce-06a757e1f2af","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":202,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"6c6a5ca9-fc0f-4dcf-807d-aa1a4c3048f9","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"255f044f-8d4e-40a4-9294-202b15f74e5e","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":202,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"49411044-b1a4-4888-8c57-56558137da2d","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"76d38a68-5052-44eb-8cc6-f3b6c5380455","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":202,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"d3698d55-0747-439b-b762-ded468488142","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":202,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"129b68ca-513f-49ce-bada-d4ca44ee7e99","block_type":"box","text":"misconduct.","page_number":202,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"b6b46b4c-053f-480e-8242-69d62c810b0d","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"f886af39-cf03-4d3a-99a0-1d607865de1e","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":202,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"832899d4-3f43-4d5c-bbf4-e4ef127c87f6","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":202,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"08ca8757-674c-494e-b351-216acf46acab","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":202,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"c8b31f26-02e6-4bcc-bcce-fffa8bc70fa1","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":202,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"50827176-4b44-4ac1-91a7-ca4bbae02c80","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":202,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"3f19fbc6-e769-477b-a892-ee1ff659d8c6","block_type":"box","text":"committee, or the most senior independent director.","page_number":202,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"1bb5b788-17cd-43d8-8c3c-56e01769a638","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":202,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"c917f9a1-735f-43bd-98e7-9ff5743295a6","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":202,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"d5af0c0c-8a89-4d68-9439-8b89a0947bd4","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":202,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"91290fd1-afed-4177-98fe-5c68142e36dc","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":202,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"aa68f35a-3c4f-4cd6-8282-6316ff96d582","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":202,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"bb264aff-6947-43bd-89f3-af5f53932cc7","block_type":"box","text":"CAPITAL STRUCTURE","page_number":202,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"d5c471dd-b6a2-4124-878f-341a70e12d60","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":202,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"c5f1a820-c7c7-454c-8e15-97ba74641d30","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":202,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"41610df6-cab5-4e5c-b3c4-995f0c91773f","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":202,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"15043c3e-6706-4fc9-9258-834bfafd9a4d","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":202,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"20cf24c6-2a2d-4249-9fd4-0de3fe2f6029","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":202,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"1f609de1-b514-4fc0-a13b-4e4ce0828f53","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":202,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"a5d0f724-7940-4e0c-a954-62449b0e5b48","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":202,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"fbcafd92-2e49-43eb-9ca8-fe14bd005c4c","block_type":"box","text":"Share issuance","page_number":202,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"294b592e-d513-458c-8ce6-4a75d06496e0","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":202,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"d40f5a73-adc1-4c25-9f13-cd0d2b5903a2","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":202,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"2ee32423-a65f-4b0b-a914-63eac34b9957","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":202,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"9dff2aae-a68e-4c98-9da2-d45344fffdef","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":202,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"e965a920-5764-4846-b636-744ef8be11fa","block_type":"box","text":"market environment.","page_number":202,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"c9705443-4055-4bac-bbe2-cd3d81ee2a12","block_type":"box","text":"Share buybacks","page_number":202,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"550770f9-165a-469f-b1ba-f5a0f3e56538","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":202,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"a3f85a69-d435-41a0-af60-05156304a2d4","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":202,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"d03b686f-e06c-4e98-ae5d-cc41a7d2a245","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":202,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"b1778433-c00a-47c6-937f-57c78c823a3b","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":202,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"2840ee51-5e33-49d8-ba3c-c8ea8b82a653","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":202,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"5aa02152-016b-4963-8d2a-96a4bff9b8a8","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":202,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"3eb9ac79-0b73-4b88-a256-8bd5a787c2ba","block_type":"box","text":"of the company and the market environment.","page_number":202,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"518efc53-cc53-4a78-b773-7e2f4a5667e0","block_type":"box","text":"Dividends","page_number":202,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"1a5e86d2-a662-4ca7-9237-6d65466d6a61","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":202,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"1ce880b3-a641-4139-96af-f9a48a1d244d","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":202,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"4ef0d3a2-1e71-4170-a393-273019841365","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5d180887-87f1-4d84-b9c6-e3c84e2142f6","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d7e96aa8-9a06-43e8-96a4-b561d794624e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c3074285-78c6-4c40-bf6f-5a7d5b69b6a5","block_type":"box","text":"Differentiated voting rights","page_number":203,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"dbff69b0-0627-4ab4-8115-77ae3563e2ee","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":203,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"e9659fc0-c27e-436b-92e0-b21a0d4f15e8","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":203,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"02c62964-9d5b-404a-b6c7-a24fe2c5ccf3","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":203,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"f81a594c-83f5-49cc-8808-a51887970fbf","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":203,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"1a9b8362-9d33-49c4-a539-56bb2dd0a26f","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":203,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"4098a25a-471a-40c5-83a7-79f0757f5c56","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":203,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"86c4d066-d402-4c43-827c-d1aaf2527d5e","block_type":"box","text":"analyses of proposals.","page_number":203,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"6c5f0569-2475-4caa-8d74-8df25ca222d9","block_type":"box","text":"Mergers and acquisitions","page_number":203,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"ee784491-2393-41a9-8a11-e6d5593689e3","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":203,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"e679914f-e49c-42ad-b7c3-c24ce02b6853","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":203,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"c1fb6299-fa0e-4051-a2cc-c1f826248d0a","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":203,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"afd8a165-8ce4-4417-82bc-08eabb174d5d","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":203,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"b716c05b-7993-4679-8f9f-a277af8aa440","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":203,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"127dd00b-e2a0-4832-82f8-f20078812854","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":203,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"087ff2e0-abee-44a6-8899-62b844ce10b4","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":203,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"3abefc3a-d0e2-4d53-b00d-08ab478eb48d","block_type":"box","text":"Anti-takeover defenses","page_number":203,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"b8eaf53e-88ee-4a8f-a92b-87fd44523818","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":203,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"06f0bcb0-1c87-4a90-84f6-f8650f36dec7","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":203,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"c233dea8-915e-40f8-90c2-b1e08fc803bc","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":203,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"5db0f6bb-69ce-4480-988b-4d079df15b04","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":203,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"02a40c53-f489-444f-8f25-41805ab732ee","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":203,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"3ef479fa-aceb-4586-940e-68919c79ce50","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":203,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"3c1cac8a-5936-49d1-b555-4c2058593ddf","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":203,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"81780dc1-6d8e-4481-b265-e20ca02c3e88","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":203,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"43facbad-b28d-4be6-be64-a642c400643e","block_type":"box","text":"Shareholder activism","page_number":203,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"c3a859a2-2626-4352-bce0-45c87037630a","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":203,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"cdf10d3a-a15a-4931-81c4-9ac357f47850","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":203,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"85873656-3ea1-48a3-9095-1f808aba810b","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":203,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"14d51e54-e3bd-4f0a-97b8-9208bdd3b7aa","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":203,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"cb830f42-efa0-4c0e-9cf6-f3f571f5fa0e","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":203,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"51b10a15-ba09-4f18-9989-9e4380ddd4ce","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":203,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"12cd01c4-f2a5-44f7-a74b-38aa2a798806","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":203,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"78b5b0df-914d-4f52-aec5-2c5457786539","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":203,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"bd8bd269-a514-4760-9cd4-f7fb90627fb3","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":203,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"fc5fa476-f441-4e83-98e0-b6c8a58246d5","block_type":"box","text":"protecting shareholders’ interests.","page_number":203,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"f282ad07-21e9-4275-9cac-bc30d9b85196","block_type":"box","text":"Significant shareholders and related party transactions","page_number":203,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"5b478365-70ea-465f-8dff-463b73f45b43","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":203,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"695c4ee2-83bc-476b-93cb-523d6b282cfe","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":203,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"d7bda0a7-ab79-4488-b55c-2670fe95ad3a","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":203,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"05fd300f-7475-4f0e-9899-86ef8fe128c6","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":203,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"ddd4c0c5-6ac7-45ff-b986-328299bb5097","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":203,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"d6ef23e7-f7e3-4eaf-ad9c-0d914e946cd5","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":203,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"09b84e29-4410-4dda-b871-949cb109b46a","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":203,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"240f34b8-9b29-4b57-af72-67c00f96f712","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":203,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"752d2ad7-4271-4302-a049-8cf2ec5b2f49","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":203,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"7208fb65-2ea3-481e-94df-d2141133a020","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":203,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"24edb623-d585-46e5-a9a7-9fda2ff79288","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":203,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"f9e6a755-4aec-4eae-a2bb-2ef8701473b5","block_type":"box","text":"audit.","page_number":203,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"64e7fe69-e222-41b9-a57f-351a15b9dcf3","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":203,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"b0a5ff41-26d8-441c-afc3-ac4034a868f5","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":203,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"25a3302e-66eb-42f0-9095-600d2d78b030","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":203,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"2d37c40a-46da-46d8-931d-8f0d17a5a27f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3282a0df-90a2-4770-96af-96afea602053","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c2d8eca3-73e7-4724-81d3-a39b78029887","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc21b698-4821-42b8-baaa-eaf55165b231","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":204,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"ea05dac3-4784-43e7-9750-08ccaa79e17c","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":204,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"1683357f-5fc4-4d51-bfcd-d124d2ea3461","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":204,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"2f99381c-b26c-48bd-88f2-385dcb27a35d","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":204,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"74d4645c-d369-40ee-b905-0ef75bef709b","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":204,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"45655b41-1619-4d1a-a245-14377861bd29","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":204,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"5842994d-0296-43ee-adce-d7cd0149b148","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":204,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"ac90aa76-0547-4cfe-a4f4-334729bdbca6","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":204,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"1f08f306-85e6-49fb-88a2-f6363efdcfb6","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":204,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"c7a2f0cc-6bcd-4897-8982-4a40dc55aaee","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":204,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"89219036-41ac-4f53-9737-e3c826fa20cb","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":204,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"9dea8de1-e962-4eab-a8c5-43f3c79e03c4","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":204,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"ff436b26-ac1a-4450-b1a7-fa3d19166009","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":204,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"0d60564b-2183-498c-b751-a7e1b543fb52","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":204,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"2a1a37b9-e278-4744-8ad4-44cc01b9e015","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":204,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"3072c120-9381-40d4-8047-5f78abd96721","block_type":"box","text":"9","page_number":204,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"8eac90c5-22c6-4434-b5a1-4ba69a20185c","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":204,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"76c94fd6-bb75-4b4c-82ea-bc65a3f2c24e","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":204,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"47b8f99d-6ab5-42e0-8628-80cf1fe09941","block_type":"box","text":"standards specified by policy makers.","page_number":204,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"357ab8fe-da02-4fd9-89f6-5dcd24231a7e","block_type":"box","text":"10","page_number":204,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"ebe9d54d-7e02-4cb6-920b-697386a9752e","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":204,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"1b937111-f5ff-48a8-8a3b-a4d8ed69bc51","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":204,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"33765a08-ecfe-42e9-9957-adcc24804368","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":204,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"e125e4e8-90e8-4efd-8c53-89ba8b7c21d5","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":204,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"940ccb5a-31b8-4175-accc-ffcc8aecf50f","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":204,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"cf94cc3b-767e-4af3-be67-ef28978f56e4","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":204,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"d4158c2f-4b34-48bd-b55e-7cbab157d6bb","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":204,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"20356a3f-0146-4201-858d-ec373f4a600b","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":204,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"997c1c81-6620-495d-88ee-6729875da2dd","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":204,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"76258d9f-4a3d-4113-9802-17288f5c9eab","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":204,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"9c2fa60c-0e33-4884-9f83-62d941e755dc","block_type":"box","text":"remained independent.","page_number":204,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"55f062b2-0151-4863-8675-eaa40944a77f","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":204,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"1238101b-fe1b-44f2-89eb-940b48c28358","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":204,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"ff67ce97-500e-48a8-8775-1b018893b392","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":204,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"04d87bda-9c15-49b5-80e6-1b36347d9cfd","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":204,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"d438bc21-3dd6-4510-81e4-a21f1cc124ce","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":204,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"5e8ebb18-0717-4b72-9494-d27db49a96bf","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":204,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"18f07390-b123-45a3-b1f4-e75f9b37c72f","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":204,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"e850f766-8fa5-4de8-a5f4-d16b7a161982","block_type":"box","text":"General shareholder meetings","page_number":204,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"95510281-3bd9-482a-90c7-e21425b7518e","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":204,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"777b31b2-4383-4456-be15-443e6bdda6f5","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":204,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"be79b204-aeff-4e47-a295-5fdb5350e1a7","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":204,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"aff52103-e090-469e-8e2e-1861ea4ed719","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":204,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"9cf0a6f2-e763-464a-bf0d-033f27cd4553","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":204,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"c62f3930-04b8-4478-afea-6057182b22b8","block_type":"box","text":"an in-person meeting.","page_number":204,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"4ab446ad-ee01-4ad2-87e1-56e93914b887","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":204,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"3a826146-3202-4ce8-8e8c-9faaa18115d7","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":204,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"4d97c161-3dea-461b-9c91-f359eb20eabc","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":204,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"3edbd740-e8fb-4ba5-8442-f42c4768c84c","block_type":"box","text":"par ticipation.","page_number":204,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"1f3fba47-6da0-46cf-89b2-43b1e7167990","block_type":"box","text":"9","page_number":204,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"ce446b88-1fd9-461a-80c4-dde9467af8e1","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":204,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"85d6c283-8e66-469d-8800-1c9e295f466b","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":204,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"81bf725f-4423-4178-908c-d7e4404bb8a8","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":204,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"d404bf1c-e53f-4070-b65c-2d55fec1284c","block_type":"box","text":"Disclosures.”","page_number":204,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"02a6d4da-647d-4f99-bcea-33cf344543db","block_type":"box","text":"10","page_number":204,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"b0603c07-96ee-40fd-a1da-2c2fa5056471","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":204,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"a8042d08-659c-4519-b086-ee18afdeee0a","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":204,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"c9340939-7e02-4847-a088-2f1deb7726ab","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":204,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"8a699840-d697-480b-b458-80da03a070c4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"569b062a-dd0e-4826-96d3-1a5895bfedfc","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"029eb5c1-8cdb-4d2e-9b9b-7be65e4ab986","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90ae48b1-54b4-43e1-a3a2-1e6c216c4d03","block_type":"box","text":"Bylaw amendments","page_number":205,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"3332d3ae-a403-4d64-91a0-6c5658dc975b","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":205,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"c9cbbfed-d5d0-4e89-bf2d-597e10cd9fe0","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":205,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"0629d382-fff2-4cbe-972c-f5d291b9e747","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":205,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"305be73a-5993-474b-b44d-c4169d401be0","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":205,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"026ca8f1-030a-42d1-a4d8-80b21e5db320","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":205,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"7b9eb0d5-954d-49cb-963c-fec8caf8686b","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"b864dcd2-5efc-4a43-86e1-bddf4e0abfcb","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":205,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"69121282-7728-4ac2-861b-bf7f79ee66ec","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":205,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"19894b5b-ca65-4408-995d-1acfa3abec00","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"c6bfd488-da58-45a5-bb75-980b575c419c","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":205,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"145cad08-24d2-4311-a3de-472911947ed6","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":205,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"e0dbc876-3e7e-4724-bed9-779210b6ca8c","block_type":"box","text":"nomination process.","page_number":205,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"ea16760e-e45d-4bf8-914d-cb6fad5c4f74","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":205,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"e526b931-e3e0-4e19-a574-2e4fdc8ada8c","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":205,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"d230046b-c137-4a1d-ab27-f0d91ceb92bb","block_type":"box","text":"Change of domicile","page_number":205,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"1ef20675-5213-450d-8da3-fc4412817843","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":205,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"47e74f7f-36b3-4b1b-8fa1-72cadb84132a","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":205,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"9bb4ce6c-08ad-4207-9a4d-facb1661e746","block_type":"box","text":"immaterial.","page_number":205,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"544d30cb-3f71-4669-8895-553454b9d92e","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":205,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"09bb5af6-8e03-4655-b7a0-b9f62c92cc3e","block_type":"box","text":"with our clients’ financial interests.","page_number":205,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"4fd65e84-32e6-47cd-bd5c-0980c40e5bb0","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":205,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"38b3f5be-d035-4f51-8486-0f7effe03c26","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":205,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"f5c3f7f5-a2d2-434b-a5e9-41405948c262","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":205,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"392f39b7-e17f-4d0b-9d3c-e9ae9c943302","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":205,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"9c771522-7931-4224-a4f1-f566ff4efec9","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":205,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"8ee9ce4c-415e-49df-8285-a09afd0ea22e","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":205,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"e8b0573f-c66f-49ab-8fcb-8e679aef07e7","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":205,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"1bfbacb9-a145-4414-847c-fc43aaa54495","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":205,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"dd695f06-f5f6-445c-87ee-9ca2dabf31f7","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":205,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"a182ec51-2a32-4a97-8fda-8bfd0683a35f","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":205,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"c9259527-625e-4bd9-9a01-d6802cbd288e","block_type":"box","text":"relevant to a company’s business.","page_number":205,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"1975674c-4f14-4a12-aa97-6377f5575ce0","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":205,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"949ffd08-7586-4e48-bea9-ec2f70776f90","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":205,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"2e31c0a1-c4e2-4de2-9a94-a2c0f48d1998","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":205,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"8332a0ca-4463-4f4e-bcef-6d1540c760d5","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":205,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"7268ab3d-3b92-4465-bdef-30738485ab40","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":205,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"79d1d300-1068-4a90-8d28-75822aa5409b","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":205,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"707c80ba-1613-453f-8ed4-c255aaba1f86","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":205,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"ddaec178-bccb-4fae-b68c-243f3aa1b9e4","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":205,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"c65897c5-335d-4085-91a2-d609f5a20bbf","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":205,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"51155c01-7de1-4195-a732-9e349a34f8b3","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":205,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"b6b65617-bd3e-473c-a7c6-e07b45042569","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":205,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"2d38856c-1b0b-49f6-9660-d1b4cb749fb9","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":205,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"40793c26-aa0e-4c42-b4b4-2af7c3870b35","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":205,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"fed6136a-7f84-4de8-8e24-74fc117acf99","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":205,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"c080fd9d-626d-4586-acf1-530eef79ffe1","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":205,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"1653f677-ac2e-4208-bf02-c50145a89b8b","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":205,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"6132a89f-9c6c-4c89-94a0-5afb9a5d0640","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":205,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"d699e168-eec0-4a08-acee-e607515ca846","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":205,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"4a35f501-762d-4c77-8a27-1d00cc313f36","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":205,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"200cb306-551a-4096-9571-637e1a92fefc","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":205,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"cc805d67-6d33-4b66-9ca2-9353e19b29de","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a181cb33-cc1b-4c1b-86bc-8238ddd5e694","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b51b0638-5e47-4dd1-86f5-3544b29b3c0b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5cdd33c2-e48f-4c60-8cbe-e24d2b487cbf","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":206,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"34c152d1-5bc8-4447-980b-b1f00b133d96","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":206,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"8bd10925-ec2a-4013-8ece-edfbc69604d6","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":206,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"ce1ac2c5-f4d4-4a81-915b-209a52824101","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":206,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"db12bffe-a613-4bb5-bf27-72e3a8e4f119","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":206,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"31541d47-bdd0-4d77-8fdc-e88d3b97f87e","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":206,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"9b785c3f-e775-4635-99d2-47e24c506846","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":206,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"717165e9-9b22-4c82-9f68-d88eadf3bcbb","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":206,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"67ac6c6b-fc16-416b-b754-54898e515747","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c72f5a91-f6a6-49ba-9428-10fb1b290393","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"058ac687-70ff-49e3-b138-15c023ef84cc","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e761bb63-29e0-4f08-8a17-f4b62890ea30","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":207,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"f18b6363-ba99-41c3-bb38-a1a71f754841","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":207,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"bef1e882-3da4-46ac-9cde-dfc375037235","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":207,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"e03fee58-7011-486b-b19f-b3062a75a793","block_type":"box","text":"11","page_number":207,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"3a5a7cdf-265a-4cc1-a121-a34e51927e13","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":207,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"1cebc265-a8e7-4b7b-8420-efabc4281f8c","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":207,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"0984df67-36ad-41de-a68a-3a7455f187ca","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":207,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"fd1d5842-ad72-4c0c-a74a-422e30298cc7","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":207,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"fc67ac0e-5a4b-4298-91fa-afd74a6f79bf","block_type":"box","text":"regulatory requirements.","page_number":207,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"63540fc0-f237-455b-9598-b4d30fb86a41","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":207,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"832e0afb-60ac-4fb3-9a5b-2271f01f21f4","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":207,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"e69359f3-42a8-453b-93e2-2c7e979bc1f5","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":207,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"716a5d61-f580-4d21-9549-8d050439769b","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":207,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"1de688e6-d5f5-48aa-bf14-bcfb32b730d7","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":207,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"941ea015-f4cf-4884-b7aa-3c982b3818a2","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":207,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"993a2ea9-40e4-4892-ad03-40c6d21e19b2","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":207,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"b19a6788-ba2e-4d07-8c47-ddf33825e1ff","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":207,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"1342c54c-a38d-48f9-bb26-65e2bae6c05d","block_type":"box","text":"returns.","page_number":207,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"ad02f82d-2c84-479d-913b-4b08e6e76907","block_type":"box","text":"KEY STAKEHOLDERS","page_number":207,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"3a44d4b3-c9e1-4f7d-b503-5124578f294c","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":207,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"291bf6fd-9235-4692-99ac-f1f23e67b231","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":207,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"926d6f93-30f1-4dc3-b8ba-d679f97b8190","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":207,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"e067848c-3a32-4909-b3d2-f3150f4f36e9","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":207,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"6f01dad0-7be7-4947-b7cb-a86a79d454d4","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":207,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"6dbe417d-fac4-4f50-ac45-7f471a5faf91","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":207,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"3e95f157-a33f-41b6-b26f-fcb3f1ca7fc4","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":207,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"1ebe5180-3f47-43a3-ba10-3cbd624b15ae","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":207,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"9e19c419-0acc-44fb-a0e3-4d58d982ae23","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":207,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"8e806205-06db-424d-979f-28caa69ca188","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":207,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"f6775c57-b60b-4801-8ba5-d6f4fdc6eb97","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":207,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"596513e3-ef32-4b5d-a1f3-796d0ca94a36","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":207,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"d3b24efe-a780-4c7a-abfe-ee72cea52f9e","block_type":"box","text":"i.e.","page_number":207,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"ab3f384c-3835-4acc-9a85-708cf3155cc7","block_type":"box","text":", one in which global","page_number":207,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"2360de02-ddab-4192-804b-cea24cb4ebfc","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":207,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"95aaef1f-2870-4c95-80b6-12fc43862eb1","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":207,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"cbe49515-639d-436f-9ece-ce1cc20690d8","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":207,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"f5c27b63-d634-4cfa-84a4-5d9cb22254b1","block_type":"box","text":"client.","page_number":207,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"ed7fa4f7-d483-4d09-93d1-55dd268d780b","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":207,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"b9093e44-c0b3-48b4-863b-d90b54f3bb84","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":207,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"877eeeee-83c1-44b3-87db-1a88832cb8a5","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":207,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"7b179e15-df00-45b3-9dfe-020a8b050541","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":207,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"ff08ef62-6e96-47d7-a259-e9b7964f1d19","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":207,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"aae4ce26-3370-42e4-b45b-a89eb403c181","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":207,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"f0162fee-9084-42ef-9958-f95a0c35f1ed","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":207,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"24f34a22-93cf-41de-908e-36d5e5dcd180","block_type":"box","text":"1 and 2 emissions.","page_number":207,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"0bebc365-d134-4d72-be8e-c4f7dc8c6722","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":207,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"1c6fcdf9-d1ee-44dc-9415-fe463b221bb7","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":207,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"31e750a6-3b49-449e-888f-2e88b443fc4a","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":207,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"b74d84f5-58ac-49aa-ad49-f02892bd5487","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":207,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"446cb5a6-2cad-40cc-8819-f808b1ec3ed4","block_type":"box","text":"11","page_number":207,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"e1aef3b9-a7ca-4b16-b10c-7d58dcc14fa7","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":207,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"7432d32d-b9a8-4837-bb5c-f9da0e86222f","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":207,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"4fd7fbd3-a46f-4e01-84a1-3e4360fa3b7c","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":207,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"35eb1441-d454-4eb6-a843-c0b0a572cf32","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":207,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"42a032d3-06a2-422e-ae32-7a8df882592b","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":207,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"a1a00d17-be51-49bb-80f0-7bd915987d11","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":207,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"6c77e247-85b8-477c-8aef-0a3a21bc28f7","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":207,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"48205425-f48e-44a2-a9a8-1f5e01d61d68","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":207,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"c579acb3-cc23-40aa-839b-b0af1ce711d0","block_type":"box","text":"sound governance framework.","page_number":207,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"b0c96fa3-b66b-43f2-972a-1c6fbfecc973","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cd11a8cd-e26b-4bc2-bee4-8411faf551be","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2cf576dd-f8a7-4a19-a811-9356497800b6","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6aa35198-a218-498d-ba78-27fe1f24b9f0","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":208,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"ab69bf3b-25e4-47a1-a4a1-d386af8a4870","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":208,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"37620cf2-c854-4642-a9e8-d3690c0d8f41","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":208,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"e6f6a21c-facc-491c-8773-b664ecf3bf88","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":208,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"f4537e4d-3961-4921-b3b0-64bb378a75aa","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":208,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"e1e96cd7-c177-4cb7-b5ab-2bf880d09cb7","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":208,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"ca822873-b133-465c-b4dd-46bc096024ec","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"47b37dcf-343a-4280-b0eb-9a0ea63bea6b","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"0cb06f63-59b6-4646-8cc7-701572e39f16","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5fc59e9-eaf0-4f50-b91d-5958c9b69953","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":209,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"37a0f068-dd62-46c6-8742-0ff0bc5f1802","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":209,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"c5942ca5-0846-4345-8970-77990e0ec216","block_type":"box","text":"Oversight","page_number":209,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"2f745029-5b50-49a5-b40e-9f8d8496214b","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":209,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"a9cb84a7-e661-4d89-a25b-803ffbb76698","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":209,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"0ba910ed-e37b-4c7c-8336-b3ec1e68bea6","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":209,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"2dfe8e0b-c17b-4ded-8683-f4afe5b3d01e","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":209,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"2ed37168-a3e0-4ad1-9cc2-c1449b7d5247","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":209,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"07a79516-4fd5-44ff-93db-2bf34824cf44","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":209,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"c4769164-8cc4-428f-b580-139d1c9611a5","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":209,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"c72319ae-6ca9-4343-827b-06f4a3b873bd","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":209,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"6d97bc1e-1b12-414b-bcf1-9b6f9c20e8f5","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":209,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"27315388-03d5-4df3-80c0-9c2eca773aae","block_type":"box","text":"relevant active equity investors.","page_number":209,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"0b188af6-8a69-4c0b-a536-e1fce2719a36","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":209,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"9ad13d84-a1f3-42ed-a69c-83b1d119524d","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"7bca2b38-01e9-4c8a-b9c7-c651a7364332","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":209,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"afd8447b-8565-4627-933f-7185316121fc","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":209,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"a09189da-7465-485d-93da-d2b64db98a14","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":209,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"5b1fa57f-7c4e-40ab-8d21-8de982b7202e","block_type":"box","text":"third-par ty vote services providers” below).","page_number":209,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"306eeb78-5bbe-45af-9944-d3b642c1e9bf","block_type":"box","text":"Voting guidelines and vote execution","page_number":209,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"9886f014-4612-4ee5-9e01-ef54e3599711","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":209,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"f16aec65-3c67-48a0-bcf0-23b0dc52985b","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":209,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"5b3c921b-edc9-4e74-8d70-9bde4218717a","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":209,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"aa9dc00d-f6fe-4209-8440-badb0a381546","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":209,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"90a8adb8-c52f-438a-8b74-df0cd34a63f9","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":209,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"29b68e9d-7a5b-4c5d-bdcc-7cec7ea212a9","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":209,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"976871a7-5ebf-4d36-894d-a9e80815b9ff","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":209,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"ca95ba78-9a62-4c43-8d30-cab5b07b5058","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":209,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"12713b45-e331-4313-b532-3e8f2c034130","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":209,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"c5a02521-d556-4e39-9331-6223ad80f6ba","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":209,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"e2757079-38c5-4f89-baea-2157b55b8a54","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":209,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"c85f9fa4-60f8-4be0-bd80-536b530f69fe","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":209,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"57020f3b-d8be-4360-9bde-62d600464870","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":209,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"68f05336-acb3-4d1b-9aaa-5289c774c284","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":209,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"1b951573-4365-4526-a328-26b44177e1ed","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":209,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"f209f13c-93bc-458e-884f-a445f958ed95","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":209,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"724d328c-fe64-4858-b5f5-4a31f83171de","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":209,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"2cc78c56-8cdc-4e9c-8068-c06408c3db29","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":209,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"26a37d72-67ab-426c-b7dd-b19db19ad22e","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":209,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"04457fcb-068c-471b-9e36-b161d64bb25e","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":209,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"c9626f81-4b96-4d54-8d22-4e969ac520a4","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":209,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"ae7940b2-7af6-4b0b-a8f4-7de63132b584","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":209,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"cfebff30-a184-4a74-9c3a-8c2ec62da120","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":209,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"875816f7-c601-402c-befd-3b3bfe6d2a76","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":209,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"ee77f151-3ed1-4fcd-b1e6-d6ec75ad5013","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":209,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"1aaf41d6-b00a-4dd1-8cae-a7b18d331eb0","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":209,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"f14289ea-501e-49a3-b2ca-df6c60c9006a","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":209,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"57f9e44b-bfc0-421c-9512-d0ebeeafd39a","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":209,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"3104cd6f-f052-4ca4-afee-73574bf6d10c","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":209,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"f19d7ac4-10d6-430a-ada6-01a83cc6e9aa","block_type":"box","text":"Voting Choice","page_number":209,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"4e09decd-b19c-4320-9d11-d94e274b3227","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":209,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"ab6896c8-6de4-4455-bd99-4c2e7712141a","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":209,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"8f8a7409-51d3-4d69-8174-92227083dc25","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"46d068e7-7b55-461b-8d58-ffaeec6d92c7","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"de0b76a9-e902-4937-8213-fc84f1ee9e06","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9bb2722c-7783-4c2e-80f1-28e31cab210d","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":210,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"9ff3cbaa-f79b-45b3-b2f4-315920822ad0","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":210,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"54a9b768-e3b4-4040-b758-bebaead974d5","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":210,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"9d7d4408-5345-4767-9ca6-cbe88895508a","block_type":"box","text":"strategies.","page_number":210,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"481fb400-f43f-48a0-8cf1-e076f7f0ce13","block_type":"box","text":"12","page_number":210,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"db603a6a-9954-43e1-b3a4-74d0de3709e0","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":210,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"d6bdee27-ff79-48c5-b289-f61d2abf4469","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":210,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"3f51fffe-a97b-46fb-bad6-298f43fa593c","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":210,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"fd455dbf-f2c1-4398-aad7-f49c267675bb","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":210,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"2e71f84d-fba5-446e-982c-66f1bf670deb","block_type":"box","text":"13","page_number":210,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"b0d88133-a863-4f8f-9945-b86b9b1fbe4b","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":210,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"e74db140-cfbe-4aa3-a7e3-e5617f683225","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":210,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"234e4d01-92e2-48ea-ade4-7d10908f6d32","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":210,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"dd10a6c7-7c7f-4f4b-ac9b-73e9a2e813b5","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":210,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"17e3d054-a91d-465a-9f71-a841cc969f32","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":210,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"e76e44a5-649e-4844-bd37-09b0bd1593b0","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":210,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"f5326baa-859d-4380-a2c4-3274eb19ab99","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":210,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"df3ef00f-b232-460a-8313-b5c9f7c6d312","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":210,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"6e715ddd-3e48-4706-a89e-ced2bcf32d1f","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":210,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"d5ec9ddc-93e3-457b-8422-a6b9694554f1","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":210,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"ccc57615-b20d-4f60-8479-30cfe73033e2","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":210,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"92173f41-7b25-4002-8f60-da172272da29","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":210,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"969c405c-93f6-47f4-9e52-934ffaece77f","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":210,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"e93478fe-bfb6-4250-9cbc-efc1cf0f20df","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":210,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"446ce3f2-a6d9-4916-9e6d-69e15e68539f","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":210,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"14640110-5bf1-4177-8114-8062ff2f6339","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":210,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"efba3a4f-b0b9-4fb6-b44d-e71b773e08f0","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":210,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"bed456b4-d0f7-442a-89bc-de79f7af0924","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":210,"box":{"x":70,"y":439,"width":760,"height":11}},{"id":"ef94108a-ec18-425c-9c88-c519bf76b01b","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":210,"box":{"x":69,"y":454,"width":824,"height":11}},{"id":"92d928ba-8fea-4079-8142-d26f3f937cbf","block_type":"box","text":"policies.","page_number":210,"box":{"x":70,"y":469,"width":56,"height":11}},{"id":"7544ae3d-a5c4-4893-880a-915f1feb7c02","block_type":"box","text":"Conflicts management policies and procedures","page_number":210,"box":{"x":69,"y":491,"width":342,"height":11}},{"id":"92f3da15-9d2a-4deb-982d-f2b0263a4a99","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting activity.","page_number":210,"box":{"x":102,"y":510,"width":801,"height":11}},{"id":"e229bb50-eedb-4dc5-8887-9fff75a241f5","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":210,"box":{"x":69,"y":525,"width":809,"height":11}},{"id":"48ac378c-9d23-4bb2-8a90-6470dd9dfb13","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":210,"box":{"x":69,"y":539,"width":831,"height":12}},{"id":"7a1f76b4-dccc-4903-a696-e7c571fb42d1","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":210,"box":{"x":68,"y":554,"width":598,"height":12}},{"id":"26e0600e-0397-45e4-b18a-b76ffa036ddb","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":575,"width":6,"height":4}},{"id":"86bfb9e0-1825-4ef3-80c0-be24c062e3d4","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":210,"box":{"x":102,"y":572,"width":660,"height":11}},{"id":"277ce930-4b70-4870-a59f-3014f575dd66","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":592,"width":6,"height":5}},{"id":"1bb09c14-b58b-477b-baa0-5d530956c615","block_type":"box","text":"BlackRock business par tners or third par ties who may be issuers of securities or proponents of shareholder","page_number":210,"box":{"x":102,"y":589,"width":772,"height":11}},{"id":"b7a82a37-abcf-47e7-8afc-d1326bcea1d4","block_type":"box","text":"resolutions","page_number":210,"box":{"x":102,"y":604,"width":78,"height":9}},{"id":"605303e2-2da3-453d-af0d-11a176efeca8","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":624,"width":6,"height":5}},{"id":"18bc5ffe-6367-4e83-adbd-2068507cd943","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":210,"box":{"x":102,"y":621,"width":766,"height":12}},{"id":"c6241b62-c187-4f74-9d21-7444c023566d","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":642,"width":6,"height":4}},{"id":"1c532f84-94bc-4b09-8090-60033ee68546","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":210,"box":{"x":102,"y":639,"width":767,"height":11}},{"id":"2d58fe80-f8b3-49f5-8daf-51680bc51cfe","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":659,"width":6,"height":5}},{"id":"54d5cd69-8dca-4e4c-9c88-af4081e8631b","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":210,"box":{"x":102,"y":656,"width":698,"height":11}},{"id":"9d36cb0d-7856-4faf-be90-77c8eebcc3fd","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":676,"width":6,"height":5}},{"id":"7f36731c-812f-4e67-84e6-61f9e38c68d1","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":210,"box":{"x":102,"y":673,"width":789,"height":11}},{"id":"450ea163-d542-436f-b55c-1077751410f9","block_type":"box","text":"managed by BlackRock","page_number":210,"box":{"x":102,"y":689,"width":163,"height":11}},{"id":"176042ef-c607-4504-94f7-83fdc8db199b","block_type":"box","text":"BlackRock has taken cer tain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":210,"box":{"x":102,"y":707,"width":785,"height":11}},{"id":"e3c16f7f-f2bd-4ef8-81f2-9392999e0156","block_type":"box","text":"following:","page_number":210,"box":{"x":68,"y":722,"width":66,"height":11}},{"id":"f11637f3-5c7c-49ee-accc-ed48807c6f9f","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":742,"width":6,"height":5}},{"id":"c134a693-f411-4fed-8eb2-8a5bc8c99f71","block_type":"box","text":"Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the","page_number":210,"box":{"x":101,"y":739,"width":741,"height":11}},{"id":"ab8126df-cc72-4cc2-a799-7d7b6d589a41","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":210,"box":{"x":101,"y":754,"width":383,"height":11}},{"id":"0dd10dab-1cb9-4951-8147-2a85337a205d","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":774,"width":6,"height":5}},{"id":"64027104-ee43-4f3f-9e76-a86e90f797ab","block_type":"box","text":"Established a repor ting structure that separates BAIS from employees with sales, vendor management, or","page_number":210,"box":{"x":102,"y":771,"width":757,"height":12}},{"id":"a8ef17f5-05e1-4391-b786-885df01e8ace","block_type":"box","text":"business par tnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":210,"box":{"x":102,"y":787,"width":802,"height":11}},{"id":"aa56e130-d74c-45d0-a244-f5923b42ec55","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":210,"box":{"x":101,"y":801,"width":794,"height":11}},{"id":"94cf1a8c-04b4-4810-ad9b-5f2353a4b677","block_type":"box","text":"relationship with such par ties. Clients or business par tners are not given preferential treatment or differentiated","page_number":210,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"e10e8a82-6cdb-4535-9acd-1c654f56fca9","block_type":"box","text":"access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":210,"box":{"x":102,"y":831,"width":762,"height":11}},{"id":"dc7309fd-a2ed-4de1-a8b1-9c2d6cb829c1","block_type":"box","text":"12","page_number":210,"box":{"x":69,"y":861,"width":9,"height":4}},{"id":"a1c38921-e531-4e9b-82f1-29a453dbc00d","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-par ty proxy advisers the","page_number":210,"box":{"x":83,"y":860,"width":814,"height":11}},{"id":"25b9e819-db56-4184-93ab-1502f1067b44","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":210,"box":{"x":70,"y":875,"width":838,"height":12}},{"id":"f19a976c-0380-467d-8a91-53c37f8390ed","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":210,"box":{"x":68,"y":891,"width":354,"height":11}},{"id":"4de04884-edb7-4804-95a8-b0e95b78b0e4","block_type":"box","text":"13","page_number":210,"box":{"x":69,"y":908,"width":9,"height":5}},{"id":"a32cce32-ffc9-430c-be4d-7278064f0b85","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":210,"box":{"x":84,"y":908,"width":820,"height":11}},{"id":"3d8d59ef-980c-4ae1-b053-53e10e2af839","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cfb92e87-9387-4928-a33c-006d6b93550d","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"22d46716-f7c4-459c-b5bf-6be148f16f4a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09533074-b466-4416-b9aa-2e14560d00b1","block_type":"box","text":"information to make a more informed voting decision or to better understand a company’s perspectives on","page_number":211,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"4a48a88b-7e19-4678-822e-44607f59f9b3","block_type":"box","text":"financially material risks and oppor tunities. Within the normal course of business, BAIS may engage directly with","page_number":211,"box":{"x":101,"y":59,"width":802,"height":12}},{"id":"d5386ec1-ae6a-4a80-b038-3d3b87fadcd6","block_type":"box","text":"BlackRock clients, business par tners and/or third par ties, and/or with employees with sales, vendor","page_number":211,"box":{"x":102,"y":75,"width":719,"height":11}},{"id":"5794bbad-2fe5-4f48-bccd-2513c88fb9dd","block_type":"box","text":"management, or business par tnership roles, in discussions regarding our approach to stewardship, general","page_number":211,"box":{"x":102,"y":89,"width":766,"height":12}},{"id":"6a12a87a-28c5-4010-9a8b-fcd2b1a3c4b8","block_type":"box","text":"corporate governance matters, client repor ting needs, and/or to otherwise ensure that proxy-related client","page_number":211,"box":{"x":101,"y":104,"width":758,"height":11}},{"id":"ea3de909-b894-45cb-b360-85f52d3bc861","block_type":"box","text":"service levels are met","page_number":211,"box":{"x":102,"y":119,"width":157,"height":9}},{"id":"399546b1-60c1-4428-bf0c-f6f640124bb1","block_type":"box","text":"•","page_number":211,"box":{"x":69,"y":139,"width":6,"height":5}},{"id":"02b0ca32-25d2-4d4d-837d-4156cb773a19","block_type":"box","text":"Determined to engage, in cer tain instances, an independent third-par ty voting service provider to make proxy","page_number":211,"box":{"x":102,"y":137,"width":777,"height":11}},{"id":"38b19f5e-6ed5-448f-a5db-e03344dd9f00","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid perceived or potential conflicts of interest, to satisfy","page_number":211,"box":{"x":101,"y":151,"width":779,"height":11}},{"id":"b1f6781d-60fd-4bf9-822d-eca1222b70fc","block_type":"box","text":"regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the","page_number":211,"box":{"x":102,"y":166,"width":738,"height":11}},{"id":"04a8fad0-0ada-4064-9c6b-11e8de2cc071","block_type":"box","text":"independent third-par ty voting service provider provides BlackRock with recommendations, in accordance with","page_number":211,"box":{"x":102,"y":181,"width":782,"height":11}},{"id":"8dff0907-0b17-4957-91c7-00b186ba616e","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-par ty voting service","page_number":211,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"ed4ba2ad-582c-4d89-a19a-83aeb9c4733e","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":211,"box":{"x":102,"y":211,"width":765,"height":11}},{"id":"2f6999ba-8417-4a77-b46e-628f1617734a","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-par ty voting service provider to make proxy voting","page_number":211,"box":{"x":102,"y":226,"width":797,"height":11}},{"id":"09c1e21e-8a6b-4bf4-a7ad-975640e2d3c8","block_type":"box","text":"recommendations for cer tain perceived or potential conflicts of interest, including:","page_number":211,"box":{"x":102,"y":240,"width":584,"height":12}},{"id":"f53f62ac-505f-4141-a975-9c46f337d750","block_type":"box","text":"•","page_number":211,"box":{"x":102,"y":261,"width":6,"height":4}},{"id":"141ae760-99f0-40b5-a76c-cdd35accf81e","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":211,"box":{"x":135,"y":258,"width":570,"height":11}},{"id":"8eca14d9-542e-4f5e-adcf-9e3153512d1b","block_type":"box","text":"•","page_number":211,"box":{"x":102,"y":278,"width":6,"height":5}},{"id":"aaef7835-5b9d-4855-a9b7-e759677f0289","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":211,"box":{"x":135,"y":275,"width":748,"height":11}},{"id":"a21b5abd-8953-45ff-9db1-a431495b12da","block_type":"box","text":"the board of directors","page_number":211,"box":{"x":134,"y":290,"width":153,"height":9}},{"id":"561b9049-c33f-4815-afcb-42b6c1aaf3da","block_type":"box","text":"•","page_number":211,"box":{"x":102,"y":310,"width":6,"height":5}},{"id":"e30aeaca-350e-4895-8a41-51a5c30148b4","block_type":"box","text":"public companies that are the subject of cer tain transactions involving BlackRock Funds","page_number":211,"box":{"x":135,"y":307,"width":626,"height":12}},{"id":"43ae20ee-95fd-43c7-ad5a-92eb7e00b98f","block_type":"box","text":"•","page_number":211,"box":{"x":102,"y":328,"width":6,"height":4}},{"id":"51464421-32e2-4cf0-b679-eed3c511fd89","block_type":"box","text":"public companies that are joint venture par tners with BlackRock, and","page_number":211,"box":{"x":135,"y":325,"width":490,"height":11}},{"id":"1e291871-88c1-47a6-9ceb-21f914c938fb","block_type":"box","text":"•","page_number":211,"box":{"x":102,"y":345,"width":6,"height":5}},{"id":"26afebfb-de07-4ccb-b8e5-5550a859f269","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":211,"box":{"x":135,"y":342,"width":740,"height":11}},{"id":"746b063f-48b3-448b-8658-752c421fa7a9","block_type":"box","text":"par ty voting service provider","page_number":211,"box":{"x":135,"y":357,"width":200,"height":11}},{"id":"7497bf3a-7fe2-42ec-937a-7a3a3db6da83","block_type":"box","text":"In selecting an independent third-par ty voting service provider, we assess several characteristics, including but","page_number":211,"box":{"x":102,"y":376,"width":790,"height":11}},{"id":"64f10ce4-bf14-4875-9e9f-852193a9e5ff","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":211,"box":{"x":69,"y":391,"width":834,"height":11}},{"id":"1d0b8972-1f2c-47cc-a8f8-9a10dfdb591b","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":211,"box":{"x":69,"y":405,"width":806,"height":12}},{"id":"f748d569-a667-4953-9d0f-9f66097d205e","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":211,"box":{"x":69,"y":420,"width":813,"height":12}},{"id":"1ae083b4-ebfe-4f2f-a3da-28ff08a3337b","block_type":"box","text":"third-par ty voting service provider, in par t to mitigate potential or perceived conflicts of interest at a single voting","page_number":211,"box":{"x":68,"y":435,"width":804,"height":11}},{"id":"a70e0824-1fb1-4438-b0db-6aa649de69b8","block_type":"box","text":"service provider.","page_number":211,"box":{"x":69,"y":450,"width":115,"height":11}},{"id":"592420a3-e4a9-4e31-80f6-2924fde7342b","block_type":"box","text":"Securities lending","page_number":211,"box":{"x":68,"y":473,"width":131,"height":11}},{"id":"1be35f4b-cf01-47cf-8e47-2e246312598f","block_type":"box","text":"If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well","page_number":211,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"4889ebf0-6eac-4b29-884d-93a6ebee2ae3","block_type":"box","text":"regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns","page_number":211,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"9ccfe410-288b-47c3-8b0d-c4ac3574cc79","block_type":"box","text":"which in turn may allow fund providers to offset fund expenses.","page_number":211,"box":{"x":68,"y":521,"width":452,"height":11}},{"id":"b0810880-2ae1-437a-b909-897167e0cea7","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":211,"box":{"x":101,"y":540,"width":779,"height":11}},{"id":"eaa66f94-6414-49e1-837e-57f07aa01bda","block_type":"box","text":"loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset","page_number":211,"box":{"x":70,"y":554,"width":816,"height":12}},{"id":"1b81b0c3-1e71-466c-b63e-2b331b544c96","block_type":"box","text":"manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of","page_number":211,"box":{"x":69,"y":569,"width":836,"height":11}},{"id":"ec308309-2652-48c4-b067-2c37b70572da","block_type":"box","text":"cases, the decision to recall securities on loan as par t of BlackRock’s securities lending program in order to vote is","page_number":211,"box":{"x":69,"y":584,"width":824,"height":11}},{"id":"2d7c9eef-08d1-40f8-9899-124d5ad66814","block_type":"box","text":"based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending","page_number":211,"box":{"x":69,"y":599,"width":823,"height":11}},{"id":"5b93a7e7-9962-45c3-991d-f56caa327367","block_type":"box","text":"revenue alongside the potential long-term financial value to clients of voting those securities (based on the","page_number":211,"box":{"x":69,"y":614,"width":761,"height":11}},{"id":"cfcca23a-b554-4e65-a8c6-e0d19b76e31a","block_type":"box","text":"information available at the time of recall consideration). BAIS works with active por tfolio managers, as well as","page_number":211,"box":{"x":70,"y":629,"width":789,"height":11}},{"id":"ed6432c1-3ee7-40d3-8c9d-5579824d305f","block_type":"box","text":"colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":211,"box":{"x":69,"y":643,"width":821,"height":12}},{"id":"833e73fb-1257-48a4-b61d-9755c903541f","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":211,"box":{"x":102,"y":662,"width":770,"height":11}},{"id":"5972c19b-fd54-43bb-9cd2-99f01e2d5987","block_type":"box","text":"shares would not warrant recalling securities on loan. However, in cer tain instances, BlackRock may determine, in","page_number":211,"box":{"x":69,"y":677,"width":813,"height":11}},{"id":"b5e06362-0630-426a-a968-15d82dbbc767","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue","page_number":211,"box":{"x":69,"y":692,"width":825,"height":11}},{"id":"f1d30fd5-3a24-4095-a959-55a48aee6bc2","block_type":"box","text":"loss to clients and would therefore recall shares to be voted in those instances.","page_number":211,"box":{"x":70,"y":707,"width":568,"height":9}},{"id":"7ed14cd8-52cb-491c-8e18-df049c687e58","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":211,"box":{"x":102,"y":725,"width":790,"height":12}},{"id":"919dd064-62e9-48ef-ad53-6d87edcad8a8","block_type":"box","text":"and may modify it as necessary.","page_number":211,"box":{"x":69,"y":740,"width":228,"height":11}},{"id":"3e1591c4-49c8-4831-8a35-997b1b88aef5","block_type":"box","text":"Reporting and vote transparency","page_number":211,"box":{"x":69,"y":763,"width":239,"height":11}},{"id":"810a9282-83f3-475e-8616-d98c17683e9a","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":211,"box":{"x":102,"y":781,"width":788,"height":11}},{"id":"712df7b1-42aa-4cd7-a8e9-68120e612dbb","block_type":"box","text":"our engagement and voting policies and activities through direct communication and disclosure on our website.","page_number":211,"box":{"x":69,"y":796,"width":791,"height":11}},{"id":"caa1bfad-fff2-4843-8868-8399e75eebc0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"99ec76e1-986c-4176-8227-841b58cfa4dc","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"dfd9aec3-23af-457d-bb11-749c7fe7f1be","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57526a62-50a1-4d58-989c-7554d4c87e79","block_type":"box","text":"Want to know more?","page_number":212,"box":{"x":68,"y":762,"width":152,"height":8}},{"id":"3b19834f-f1e4-472b-af1b-a97c101515ff","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":212,"box":{"x":69,"y":791,"width":510,"height":13}},{"id":"9bb9a295-b6c7-4bfb-ac71-f29700c66cd6","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this information is","page_number":212,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"97a1f01b-12a4-4c7c-9020-c5e1ba44590c","block_type":"box","text":"at the sole discretion of the reader.","page_number":212,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"2b9189ef-359d-49b0-baa5-c15a4445a53d","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":212,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"a51712e9-a9fb-43ea-a16b-9030bedcad2d","block_type":"box","text":"©","page_number":212,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"d8462437-872d-4e06-9519-84d3c2a775d6","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":212,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"1320d564-997b-4f52-a0bc-06fe2cf40852","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":212,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"893c2d58-f202-4346-ba43-cfa804d21121","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"649be857-1ccd-4f19-9d22-5cc15327b42e","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d9eb5e38-4519-4e72-9713-c223c4e93d7b","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2217a7c0-a85e-4abb-bca9-39f599e9e0b0","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":213,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"57d36868-f480-4d9c-9d82-1298091ed378","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":213,"box":{"x":247,"y":90,"width":486,"height":11}},{"id":"f52f3446-c062-416d-ac76-d1e95baf1abf","block_type":"box","text":"Effective Date: January 1, 2025","page_number":213,"box":{"x":376,"y":105,"width":227,"height":11}},{"id":"0606d5c9-5ade-46b0-b7c8-3118c476d530","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":213,"box":{"x":231,"y":128,"width":515,"height":11}},{"id":"e4ba1e2f-d1df-4911-aa44-de9c47c82805","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":213,"box":{"x":306,"y":151,"width":388,"height":11}},{"id":"9d16801d-fcc2-4778-a8d9-6e64ea75cbe4","block_type":"box","text":"□","page_number":213,"box":{"x":184,"y":173,"width":14,"height":11}},{"id":"d5c06c51-5536-4f59-9684-c3cbae5a848c","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":213,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"4d98e2e6-c26c-494e-8c9a-1b731ca8d005","block_type":"box","text":"□","page_number":213,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"80e25d24-bfcb-4a21-a7f8-9c8ed6b4a066","block_type":"box","text":"Money Market Funds","page_number":213,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"2ebee9e2-4d93-4115-bd16-f70351b7f25e","block_type":"box","text":"□","page_number":213,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"896c2048-fd42-46e2-bbb1-1e9a887cbd5b","block_type":"box","text":"Closed-End Funds","page_number":213,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"7849fa0d-8cdb-4de7-855b-6093bb63f525","block_type":"box","text":"□","page_number":213,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"9028c8be-80d2-4498-b4b1-64ac3fc90398","block_type":"box","text":"Other","page_number":213,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"e4c5b5e9-f3b9-49a8-bc75-3e4bc55acec0","block_type":"box","text":"Objective and Scope","page_number":213,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"5d9d6f13-f4ff-4ca8-b14b-ec784334610e","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":213,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"afdccefc-8fb2-40d9-856d-f10582d88f34","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":213,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"440fa562-7294-42d2-87d4-1f4f508366e1","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":213,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"2eef17f1-4efc-4a91-8fc6-53d2f02c6187","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":213,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"f155d8f2-5354-4282-a377-386346460ef0","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":213,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"0c0c6d2d-2ee1-44fc-9580-2a66c4ccec1b","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":213,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"1a28281b-a4d2-434a-9b9e-9634acee06bf","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":213,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"6a1d11ba-a7cb-481f-bd6e-caffa3b05dcf","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":213,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"4385733d-c300-435c-9365-c40bb4ee23d0","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":213,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"d3812c92-bf74-460f-bf48-408579eb26af","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":213,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"a1979a67-ed62-4cbf-b574-53128fcf27c2","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":213,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"88a802e6-1422-4283-aef3-20337d69bcd3","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":213,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"e16fa286-c63e-4a5d-b6c5-363b2dcc748e","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":213,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"8e14a871-dfa2-4dc5-b4ad-5ec638d2d7aa","block_type":"box","text":"Appendix A.","page_number":213,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"b1626ae9-3667-465a-a363-d1fb8079423c","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":213,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"11562ce2-83f5-484f-b3e7-562fa3550191","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":213,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"25179043-d173-4fa4-9396-6407d2df9069","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":213,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"039887a4-17df-40df-99db-e4619ac85b17","block_type":"box","text":"Conflicts Management","page_number":213,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"5a71f82a-280c-4776-9fec-86f264433dd0","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":213,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"70273041-64c3-4ee2-a6cb-0f90c51744e8","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":213,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"ad52cac3-8051-4a7a-9433-437ab010b209","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":213,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"cb6195dc-0dba-4596-8e09-5d06dd19c717","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":213,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"fdfa0c8e-860e-4be4-817b-a895ad1267e4","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":213,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"d6c1f4b9-7e05-428d-b661-c2396b9c2e3e","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":213,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"42eddd53-243c-4495-9b8f-33b8629e6f17","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":213,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"ebe5521d-a041-4576-bac8-a88a42c6abc8","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":213,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"20541a54-7b1e-4105-a927-cfb4217d2a4d","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":213,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"4c20be25-aee6-4dd8-8978-e51b7977c89a","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":213,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"cbb29a98-c77a-4990-96cc-965c55b7ff25","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":213,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"665856f5-7b99-4c11-a466-5b8e0ee5b051","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":213,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"d21e5dd5-7a13-4450-9110-e119130f4872","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":213,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"b4ee368f-c5c0-495c-93b9-e5624560bea6","block_type":"box","text":"connection with proxy voting.","page_number":213,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"9e5986d0-75d2-4191-bf15-026486fccd37","block_type":"box","text":"Reports to the Board","page_number":213,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"eb5537d8-e1d4-43c3-accc-152129f2a44e","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":213,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"6ea846fd-b7e0-4a02-8c36-8c1d1ed08e4e","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":213,"box":{"x":102,"y":822,"width":794,"height":11}},{"id":"adf67223-12da-44d0-8d7c-775e55299d5f","block_type":"box","text":"were in accordance with the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines,","page_number":213,"box":{"x":101,"y":837,"width":802,"height":11}},{"id":"f4479833-249c-40a4-9124-c1ae0382e89c","block_type":"box","text":"as applicable (2) any material changes to the Guidelines and the BlackRock Climate and Decarbonization","page_number":213,"box":{"x":102,"y":852,"width":747,"height":11}},{"id":"a17c4d18-2acb-4841-bd9c-a37bfe0d71af","block_type":"box","text":"Stewardship Guidelines, including material changes to conflicts management practices, that have not previously","page_number":213,"box":{"x":102,"y":866,"width":798,"height":12}},{"id":"4279a289-090f-4874-9240-ee1dc9da2b05","block_type":"box","text":"been repor ted.","page_number":213,"box":{"x":102,"y":882,"width":104,"height":10}},{"id":"ec6cd56e-6017-47b6-a995-1a1be76328c7","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":213,"box":{"x":651,"y":45,"width":259,"height":11}},{"id":"403d2ad6-e65d-4a54-b67a-f176342fd601","block_type":"box","text":"BlackRock","page_number":213,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"a81242e3-c759-4fe5-badc-675eab28f614","block_type":"box","text":"Public Page 1 of 2","page_number":213,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"666a38bb-6c7f-4b06-ac84-0d9379785000","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db26caf9-408c-421d-9362-a9fd993f7122","block_type":"box","text":"Appendix A","page_number":214,"box":{"x":101,"y":75,"width":82,"height":11}},{"id":"6d715ce5-d5ca-44e9-bc08-a42d32402cd5","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":214,"box":{"x":135,"y":98,"width":389,"height":9}},{"id":"58ee8c30-1641-47a0-98e1-47a16b1494ee","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":214,"box":{"x":135,"y":120,"width":274,"height":9}},{"id":"77090a4a-867e-42a5-9625-a1da90edbfc3","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":214,"box":{"x":135,"y":143,"width":261,"height":9}},{"id":"ebd922e0-ab7c-40f1-a475-141578312e53","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":214,"box":{"x":135,"y":166,"width":268,"height":9}},{"id":"cf6a1d81-2cd4-4af7-b5e7-b7e8c840d93b","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":214,"box":{"x":135,"y":188,"width":250,"height":9}},{"id":"e11e621e-be91-4364-ab35-a0d46d5e5ce0","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":214,"box":{"x":135,"y":211,"width":257,"height":9}},{"id":"2fdba411-f6bd-4734-b551-605636d3fb04","block_type":"box","text":"iShares MSCI ACWI Low Carbon Target ETF","page_number":214,"box":{"x":135,"y":234,"width":304,"height":11}},{"id":"74811f5d-e243-4949-8615-4e2ee004679c","block_type":"box","text":"iShares MSCI KLD 400 Social ETF","page_number":214,"box":{"x":135,"y":256,"width":242,"height":9}},{"id":"9d4ae188-a7f2-4ccf-95a2-65f222d9e5f9","block_type":"box","text":"iShares MSCI USA ESG Select ETF","page_number":214,"box":{"x":135,"y":279,"width":245,"height":9}},{"id":"7ce3d5bc-9091-44c4-90e1-655143bad971","block_type":"box","text":"iShares Paris-Aligned Climate MSCI USA ETF","page_number":214,"box":{"x":135,"y":302,"width":315,"height":11}},{"id":"7b32e007-5ceb-4655-8abc-9be5db0fca83","block_type":"box","text":"iShares Paris-Aligned Climate MSCI World ex USA ETF","page_number":214,"box":{"x":135,"y":324,"width":380,"height":12}},{"id":"0d6a5c11-4e2f-4c1f-ab4f-5dfac195c921","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":214,"box":{"x":651,"y":45,"width":259,"height":11}},{"id":"c9a83025-52dd-4f21-8103-70d6861e0e43","block_type":"box","text":"BlackRock","page_number":214,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"6591b3f1-e5b4-4cf2-888d-46abde7ddebe","block_type":"box","text":"Public Page 2 of 2","page_number":214,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"095138a6-3a12-477e-a52c-fdfc823c9dce","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"82258116-304e-4c6e-8135-65432621c3d2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":215,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"1183120a-a487-4413-ba29-8dcf7e042786","block_type":"box","text":"Global Principles for Benchmark Policies","page_number":215,"box":{"x":341,"y":67,"width":296,"height":11}},{"id":"15ce8123-a7c9-46dc-89d6-761d8537b526","block_type":"box","text":"Effective as of January 2026","page_number":215,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"91ce9fd0-1cca-453c-9fe4-a1dff2bdc6d4","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86991326-54ad-4697-8ec9-fc0d7a6efe7e","block_type":"box","text":"TABLE OF CONTENTS","page_number":216,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"81c82e94-8fa2-45b1-b0fe-ae7c6c1b94ec","block_type":"box","text":"Page","page_number":216,"box":{"x":876,"y":65,"width":28,"height":9}},{"id":"1068d3ae-e342-4814-98a8-d060a20038b7","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":74,"y":84,"width":451,"height":9}},{"id":"da9f92c6-c03d-46ad-a342-9ebf2aa7c6ae","block_type":"box","text":".......................................... 3","page_number":216,"box":{"x":528,"y":84,"width":376,"height":9}},{"id":"12ad5713-aec5-4ad6-86ef-5edceb3290dd","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":74,"y":101,"width":337,"height":9}},{"id":"718a26da-a3ff-41af-ac1d-b3681c8f85a0","block_type":"box","text":"........................................................ 3","page_number":216,"box":{"x":414,"y":101,"width":490,"height":9}},{"id":"3b1510f8-04e2-4429-b948-85b5fc4bb13d","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":216,"box":{"x":74,"y":117,"width":197,"height":9}},{"id":"500f73b6-83a8-42c2-9338-f49ea69a7eb5","block_type":"box","text":"......................................................................... 4","page_number":216,"box":{"x":275,"y":117,"width":629,"height":9}},{"id":"a4a79ed7-58b8-4d2d-b2d9-c1bf457005fc","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":216,"box":{"x":74,"y":134,"width":190,"height":8}},{"id":"caf26e5d-2940-4349-801c-b682088f1f8e","block_type":"box","text":".......................................................................... 5","page_number":216,"box":{"x":267,"y":134,"width":637,"height":8}},{"id":"06b26926-fa8f-4ccf-a19d-c939f68f112d","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":216,"box":{"x":73,"y":150,"width":294,"height":9}},{"id":"7c85765c-a9ad-4c98-8bce-d0859168ee88","block_type":"box","text":"............................................................. 7","page_number":216,"box":{"x":373,"y":150,"width":531,"height":9}},{"id":"20708124-98e8-4a9f-af48-aa11d2334106","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":216,"box":{"x":74,"y":166,"width":728,"height":11}},{"id":"879e9489-84fe-4bb9-ba59-4a804b0044e7","block_type":"box","text":"........ 7","page_number":216,"box":{"x":805,"y":166,"width":99,"height":9}},{"id":"b59b7ab5-6fba-4615-b6e7-236f235e45e4","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":216,"box":{"x":74,"y":183,"width":322,"height":9}},{"id":"cfd27752-15e5-4803-b26e-1134c7a5452c","block_type":"box","text":"......................................................... 8","page_number":216,"box":{"x":406,"y":183,"width":498,"height":9}},{"id":"c9936809-3358-4630-ab85-7956ab968454","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":216,"box":{"x":73,"y":199,"width":595,"height":9}},{"id":"a069a6c2-c199-4300-b1b4-034dd396e424","block_type":"box","text":"........................ 9","page_number":216,"box":{"x":675,"y":199,"width":229,"height":9}},{"id":"6b555e44-000e-4339-aa83-dedd30616a96","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":216,"box":{"x":73,"y":215,"width":207,"height":9}},{"id":"069061bf-c0ce-49f1-8ff9-7e171cc95abb","block_type":"box","text":"........................................................................ 9","page_number":216,"box":{"x":283,"y":215,"width":621,"height":9}},{"id":"ce16c013-c670-446e-8106-ab8fafb750d1","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":216,"box":{"x":74,"y":232,"width":484,"height":9}},{"id":"72f9e452-631c-44b7-b40f-a0ed1b23f186","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":216,"box":{"x":561,"y":232,"width":343,"height":9}},{"id":"b72a643d-5be5-4881-8485-f3353db0386a","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":216,"box":{"x":74,"y":248,"width":553,"height":9}},{"id":"af1a3aa1-1bfa-4a1d-943b-af07a263b91a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":216,"box":{"x":634,"y":248,"width":270,"height":9}},{"id":"c6422912-d3a4-4597-9857-a7395e8df44d","block_type":"box","text":"VOTING CHOICE","page_number":216,"box":{"x":73,"y":265,"width":118,"height":8}},{"id":"357e116b-8848-44fd-bd88-3d69924e176a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":216,"box":{"x":194,"y":265,"width":710,"height":8}},{"id":"2477f31c-c23b-4876-999c-3554a991b983","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":216,"box":{"x":74,"y":295,"width":293,"height":9}},{"id":"4c14da88-33d3-47c9-b018-adc91a4debd7","block_type":"box","text":".............................................................","page_number":216,"box":{"x":373,"y":302,"width":491,"height":2}},{"id":"e6392592-e174-49bb-95e2-d64baa599165","block_type":"box","text":"14","page_number":216,"box":{"x":886,"y":281,"width":18,"height":9}},{"id":"2725eb43-8469-4437-bf46-4c859e01bf9a","block_type":"box","text":"The purpose of this document is to provide an overarching explanation of BlackRock’s global approach to our","page_number":216,"box":{"x":75,"y":341,"width":778,"height":12}},{"id":"2852afa7-5309-4886-a889-c647290f60f4","block_type":"box","text":"responsibilities as a shareholder on behalf of our clients, the principles that guide our dialogue with","page_number":216,"box":{"x":74,"y":355,"width":711,"height":11}},{"id":"118c340a-7542-49a2-ad5d-68dcefabf541","block_type":"box","text":"companies, and our commitments to clients in terms of our own governance and transparency.","page_number":216,"box":{"x":74,"y":369,"width":674,"height":11}},{"id":"541c7c22-3c29-485b-98e2-2022350961ec","block_type":"box","text":"BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"43b041d9-e7db-4354-8fa1-dec402b14336","block_type":"box","text":"Global Principles | 2","page_number":216,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"9e1b0806-6923-48e1-818d-cb342e3e5d46","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de89198a-40b0-4e48-8f06-f7598214e65d","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":217,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"5329fcc3-5156-4e34-b776-33f95d31d20f","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":217,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"bb5a8669-19f0-4766-a6b1-9be2a8b8ac41","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. BlackRock offers a","page_number":217,"box":{"x":70,"y":82,"width":806,"height":12}},{"id":"929bd322-675b-4760-a13f-2c9f8048bb39","block_type":"box","text":"range of proxy voting policies to reflect clients’ individual investment choices and goals.","page_number":217,"box":{"x":69,"y":98,"width":624,"height":11}},{"id":"cbbb3f1f-f1c4-4fc9-925c-8018accfa497","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets","page_number":217,"box":{"x":102,"y":120,"width":781,"height":11}},{"id":"449c89ad-69ac-4cf9-b784-792a4ba27845","block_type":"box","text":"invested in index equity strategies. BIS takes a long-term approach in our stewardship effor ts, reflecting the","page_number":217,"box":{"x":70,"y":135,"width":769,"height":12}},{"id":"b3611ea8-3bb7-496e-bdfd-7c815d19733f","block_type":"box","text":"investment horizons of the majority of our clients. BIS does this through:","page_number":217,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"71223f8f-f6af-415e-af8a-2a96b329e788","block_type":"box","text":"1. Engaging with the boards and management of companies","page_number":217,"box":{"x":69,"y":171,"width":451,"height":11}},{"id":"e89129ef-90d0-434b-b8e5-8bb5fbc87bae","block_type":"box","text":"in which clients are invested to deepen our","page_number":217,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"39b3f20f-74f8-4310-9cd3-a507cc74b5d8","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":217,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"801e2254-1ab8-4687-94f5-7899c78b3ae9","block_type":"box","text":"oppor tunities over time, and to help inform our voting on behalf of clients.","page_number":217,"box":{"x":102,"y":201,"width":526,"height":11}},{"id":"e81063df-e4bf-44ff-a907-cd42ba9f7f7d","block_type":"box","text":"1","page_number":217,"box":{"x":630,"y":201,"width":4,"height":5}},{"id":"2c1dbe1d-419f-48f7-9a8c-ae9808a932a8","block_type":"box","text":"2. Voting at shareholder meetings","page_number":217,"box":{"x":69,"y":221,"width":260,"height":11}},{"id":"4c87576e-3e2a-4388-9809-a6f1933ebe6d","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":217,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"c2112cbd-1dfc-4c6c-bc52-7ed708fd3f71","block_type":"box","text":"to vote on their behalf.","page_number":217,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"10526013-a08e-41ac-9e1b-7e6c80a0ff2d","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":217,"box":{"x":69,"y":256,"width":388,"height":11}},{"id":"c77de6a2-8965-455b-9918-17d935650547","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":217,"box":{"x":462,"y":257,"width":412,"height":10}},{"id":"2c934ac0-7b17-4b22-bb6c-2264e334b3c0","block_type":"box","text":"clients’ investments.","page_number":217,"box":{"x":101,"y":272,"width":147,"height":8}},{"id":"12798c81-3f58-49d3-929f-1d6512f28f71","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":217,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"55804570-5830-451f-b842-5e24ed03f817","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":217,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"8096bce8-372b-439d-aafb-e661c0fe02db","block_type":"box","text":"publications on our website and direct client communications.","page_number":217,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"de6540f7-4fd2-4cad-818b-6e64fe06749f","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":217,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"7632e0e0-875b-42d2-ab47-b71069fcce5a","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":217,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"16fad0dc-ead5-4c0f-afcd-138bb108073d","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":217,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"cd99460b-9f67-489a-913e-eef4b4ee7e4e","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":217,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"903b6567-ca7c-44f5-9e79-19f9a22a519b","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":217,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"4df5c7e8-f733-4107-92eb-5a480387c651","block_type":"box","text":"2","page_number":217,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"02eea651-59a5-4b77-974f-a7cf2aedf743","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":217,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"f962ac4e-7e6c-4fbb-ab06-15402d9491ae","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain global","page_number":217,"box":{"x":102,"y":443,"width":751,"height":11}},{"id":"cf5f7c00-9d86-4296-bc0d-d64769fc2fab","block_type":"box","text":"principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing","page_number":217,"box":{"x":70,"y":458,"width":824,"height":11}},{"id":"9ba250ba-5629-4197-a43e-e7fc9a677213","block_type":"box","text":"the unique characteristics of the different markets where companies operate.","page_number":217,"box":{"x":68,"y":473,"width":553,"height":11}},{"id":"392b4404-5539-42b3-9857-0461128c3e57","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":217,"box":{"x":102,"y":496,"width":802,"height":11}},{"id":"5db588dc-272f-4cd1-b2b5-8aba63ca02fb","block_type":"box","text":"minority shareholders in public companies, BlackRock does not direct a company’s strategy or its implementation,","page_number":217,"box":{"x":69,"y":511,"width":813,"height":11}},{"id":"62db6d25-ea11-48bc-8ec6-ee6d0974875d","block_type":"box","text":"nor how they should manage material business risks. Our role, on behalf of clients as long-term investors, is to better","page_number":217,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"53442cd0-5906-4fc4-b629-e0b2453dd60e","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on oppor tunities to help protect and","page_number":217,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"0ee335bb-3a55-4065-a98e-be043e0e6730","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":217,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"a1c9594a-ba0e-4171-be30-b675b9d3388a","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":217,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"87ef537d-3405-4481-a26f-6873b80fafad","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":217,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"733ff09c-5e58-40f5-8695-958d542f9498","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":217,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"48d3135e-9322-4624-bc48-dfcab8e9c3e2","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":217,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"7890bf25-d850-48d2-8557-95f85a7583c3","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. Our stewardship","page_number":217,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"71984e50-9777-44f1-acca-d54497b56992","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":217,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"6a76eea5-9ebf-4715-a116-23a21e831622","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":217,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"998e58c9-a34d-4a21-afcf-8518606fbfe2","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":217,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"4a94b2b6-9160-4cf6-9852-b0d71b2e86a3","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":217,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"5b9e4402-906c-496c-b829-f356b81ef473","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":217,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"30998ba0-39d6-4c62-98f6-b01ae5e19b2d","block_type":"box","text":"oppor tunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":217,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"5c047662-10bd-4557-90e4-86e143f11503","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":217,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"a128c4bf-64de-4648-b99e-eefd446b6cb6","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":217,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"93ce0808-43f5-4a51-aa65-b65b468a6fb0","block_type":"box","text":"1","page_number":217,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"24f9a551-0178-48a1-b5dc-7115600b1642","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":217,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"0e729868-bd57-4f55-b875-1ec7324712d6","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":217,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"fe041723-fe5f-4549-896c-505e3c594799","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":217,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"8fa0b604-2e52-41f8-b916-a0f958eedb6c","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":217,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"b16948ec-4cd1-4c13-9cb5-ab96ad7ed2a7","block_type":"box","text":"2","page_number":217,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"1712fdd7-3dc1-46fd-9da0-2e6834f9f7e3","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":217,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"3c045334-c824-4641-aedf-85d51797b4f6","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":217,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"632dffa1-2c22-468e-b280-ea87abbaa010","block_type":"box","text":"material business risk or oppor tunity.","page_number":217,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"13eebc3a-c10a-474b-9700-c6903b2f465c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1d6a1e8a-7172-4304-9afd-79714433be51","block_type":"box","text":"Global Principles | 3","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f3d14963-ae3d-45c2-8e8b-24e6b25bc7c5","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bece19f4-b591-49fc-9192-5d23075e6f75","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":218,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"813cab4a-7693-4ac4-81a0-f7e0feab2bc1","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":218,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"b24efbd9-48e5-4749-bdd5-7968efab8f5b","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":218,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"8d0ae96d-de0f-48d6-a4f6-462a37b05645","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":218,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"3a21efb7-e565-4987-b560-d8e658a43605","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":218,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"e5111c58-2910-464d-a1b3-81b6521446f0","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":218,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"985e0acf-19e2-47f3-892b-99b734ba1e12","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":218,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"501ebc79-c4a8-4735-995e-cbccfc2e2b19","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":218,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"7498a63f-6ccd-40e4-9463-9925c801d61b","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":218,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"a8ca081a-dfc9-4ce1-84fd-e7359d869337","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":218,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"513d7694-4169-413b-acc0-5bb050e0570c","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":218,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"135bd5c6-99f9-4a09-a2a2-a9d0f7ee3fb8","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":218,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"0637a834-2c6e-47a2-9ce1-71bbdeb597af","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":218,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"9aa8e3ca-42b0-4399-b945-396c9dfd28d9","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":218,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"d86409cf-6d9c-4023-aedf-6b2fb4ab94ec","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":218,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"5c08a30a-2006-41a8-9a3a-7c578002b480","block_type":"box","text":"3","page_number":218,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"c766334d-a548-44bf-8ae1-d7623be901e8","block_type":"box","text":"For example, in","page_number":218,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"32f6d1c5-6a59-4b3a-93a4-65dd43299f92","block_type":"box","text":"most markets, shareholders have the right to:","page_number":218,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"96f6e082-e14b-47fd-b7c4-7118cfbce857","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"b995743f-b56d-42fe-8a21-8867687ca9cc","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":218,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"03b2deac-e87d-4920-a52d-d90d9187cab4","block_type":"box","text":"char ter or bylaws.","page_number":218,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"e7518b33-62e5-4735-b40d-f11259542567","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"90ecf74f-6141-4742-af50-c8725d339b69","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":218,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"90b9122c-7193-4d39-a7a3-0dbc8f432407","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":218,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"7a3deb68-16f9-43ea-ba27-533bd3007315","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"5daddf3a-fbf7-4085-ac45-a5fe7def8c85","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":218,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"7c64da7a-67dc-4c14-9f4a-40ceab16583b","block_type":"box","text":"are material — to make informed decisions.","page_number":218,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"b9ede20f-947c-4ae8-ab46-aaca8d90cd9c","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":218,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"f44d262d-7496-4ce4-9294-fa8c8fd270c5","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":218,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"1a114da5-b426-42a7-9e7b-383ea2472d45","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":218,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"e9dbaa48-7e25-4cd7-8f93-f421d9d15d47","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":218,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"87e990cd-14c6-4440-8522-6d70be723b69","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"c22b04ae-896a-4e90-b650-7d7b1b9a3206","block_type":"box","text":"Boards and directors","page_number":218,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"de2e4eda-9747-45bf-bab3-eb99653b2477","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"136f75d3-5e03-492c-a68b-9f1daf0d72bb","block_type":"box","text":"Auditors and audit-related issues","page_number":218,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"5bab9e6b-1379-4dff-9a95-081843ed37bc","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"5e38a705-d925-40fc-9c72-1bc3eb65958b","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":218,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"8fdb4ce5-4749-459b-b03f-4247a33d04c8","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"839b2934-4a4a-44da-87dc-53f03b1608f0","block_type":"box","text":"Executive compensation","page_number":218,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"2b9609c3-b712-40e7-aee1-a0f7ac667899","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"157cc82a-fcf9-457f-ab85-0303c68f72be","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":218,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"9947bedb-5e9c-4c6b-afc4-e4807a5cd38a","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"d3f296ad-824c-45de-9509-9837093df149","block_type":"box","text":"Shareholder proposals","page_number":218,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"2a738149-369c-403c-8983-68f6b1d497cb","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":218,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"28b45200-9e60-40ba-adfc-adc9e14a5cb4","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":218,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"a0312924-7390-4fe0-9d26-30261472b924","block_type":"box","text":"which companies operate.","page_number":218,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"c3541c59-20d4-4bed-93d7-7f76f2082cb0","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":218,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"d0744800-675a-4b3e-9674-39e27cde9171","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":218,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"20927f87-4b75-4e01-b930-1ff09b5036d4","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":218,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"23405cc6-d784-4c4a-8949-a4fc2ddd9d39","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":218,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"840dac0d-85b2-4ddd-9229-11e637e042c2","block_type":"box","text":"4","page_number":218,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"976fcd32-1b52-4351-985f-7a7ddf4890d8","block_type":"box","text":"3","page_number":218,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"f0beb590-1eda-4189-b370-1349247cb9b3","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":218,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"91058f4d-0b30-4757-b402-864d866baa42","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":218,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"dec9b2d7-934d-4c06-880b-eb0dc91ff80c","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":218,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"97652dde-4348-41a0-829a-4e9f481576d1","block_type":"box","text":"4","page_number":218,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"d40298b2-8a45-4e08-91fa-4d3905b1f7d6","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":218,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"c8291914-ad58-4293-85aa-e20a14a306cd","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":218,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"3b54077a-b881-4361-9f3a-46a9ed618b1f","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":218,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"10a6c1b2-f3cd-46c3-a48f-46298da861ba","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":218,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"eaa72806-3ad9-4813-bf3c-bb93508b75ab","block_type":"box","text":"guidelines.","page_number":218,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"4adc1b44-c8b6-42ee-b458-f0480cd65d50","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2e974f3c-20b5-45ed-9b92-fd7f8c80ec31","block_type":"box","text":"Global Principles | 4","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"e6839979-066b-4db9-b564-b86726c71765","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e1c3336-e66e-44cb-926f-4fd4fc02a4d8","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":219,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"e9c320e0-cd8c-424f-b97f-973c31cc16de","block_type":"box","text":"Oversight role of the board","page_number":219,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"a36dbf56-acf5-43ac-84ae-9c1d545e83eb","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":219,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"0f89ec3b-d233-46ee-b201-5e066f70e4dd","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":219,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"b38ce969-d948-42fd-90df-52cf5c8bc4cc","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":219,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"0d16cd4c-73c1-46ab-8c12-77e8e86314d1","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":219,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"e5b6a5cb-7687-4057-978e-faeb100349f0","block_type":"box","text":"long-term financial per formance.","page_number":219,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"20d67e4f-18b4-46a7-ac00-e8c7cef0ebe1","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":219,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"0431f74a-f4ac-4bfc-b5b8-408a5d58ba66","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":219,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"99050c40-8279-407a-b773-325ae2948322","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":219,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"0ea894a8-7a16-420d-ac41-d22321778cd1","block_type":"box","text":"the business environment in which a company is operating.","page_number":219,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"55c6e57c-ca70-48be-bac3-3d1b930ff157","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":219,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"e8d8ccf0-0c4d-41d1-817f-7d3394e5115d","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":219,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"a9984f82-8351-465c-bbab-0d2911f83278","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":219,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"52e3ac88-0928-4814-8560-0dad3c5c762d","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":219,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"62f15d60-7532-420b-8c6d-2db5e9e404da","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":219,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"8e910c51-93c0-4cfb-9848-23f1763f90f1","block_type":"box","text":"mitigating such risks.","page_number":219,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"918d0775-baaa-4870-9815-6ea52fc8803a","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":219,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"fcd2cbad-7711-449a-bde6-2c162ce8e2bb","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":219,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"579915cd-970b-49eb-a1ce-8c0ca5104df3","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":219,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"ce243bd6-77ee-4304-8a33-45dda59977e6","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":219,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"82bec14a-82b5-4e2a-8c92-57b8f67876d4","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":219,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"bb286837-8778-4492-802e-21070b63ff27","block_type":"box","text":"strategy.","page_number":219,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"a1ba3a8b-777e-4df8-9dd2-ae456cf5489a","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":219,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"ec6232a9-6a7c-4b9c-89aa-c13de5d471f1","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":219,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"43d08e05-4bd9-4ca1-9dbb-c2cd68c1cc9a","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":219,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"7d24bad7-554a-4961-b641-f30503756aa3","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":219,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"f32faa82-bb3f-4091-aadc-71c30b75304c","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":219,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"ab2a5840-1ba6-4687-9488-1c666d9f8cda","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":219,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"a2b8632e-6760-458f-8501-d53b3b64ff7c","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":219,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"25cc974c-dec2-4ca6-b204-14161f19fc4a","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":219,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"3be81892-fc5c-4a47-9149-721fe6c15b05","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":219,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"67e007cb-e158-49df-9b8c-b267926eaba8","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":219,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"aafb1e32-0876-4644-a841-1bf7dfb0554b","block_type":"box","text":"Regular accountability through director elections","page_number":219,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"387047f7-b27a-4854-a9ea-a3bab46d3f98","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":219,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"3e067c52-154f-493b-887e-7121e8baac3a","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":219,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"7959182e-5183-475b-959c-1e2809c60576","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":219,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"08de3960-17a8-4c84-901f-4fe2bdf0bd02","block_type":"box","text":"5","page_number":219,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"2f8f1cec-6466-4d16-833f-832f822fe495","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":219,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"386be711-71fb-45be-8f57-56f02a9a1422","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":219,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"a6df9375-bfda-4af8-b53b-1fabf5058baf","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":219,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"3754945a-59b6-48a1-bfd1-0609f3a58668","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":219,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"5397ad85-e6af-4ac9-99d5-c61080d243cd","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":219,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"e2eb7c9f-10e2-48c2-9028-e5d83e6d32b6","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":219,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"ec0756d0-d8c6-43ad-81ca-b13dcaf3b251","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":219,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"db878533-2595-4b8f-97c0-70c4980e67b3","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":219,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"33e2b909-edfb-40df-a7c3-6f36885fedf0","block_type":"box","text":"5","page_number":219,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"a46a4c94-405e-4628-8b14-f788d9a7a90b","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":219,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"e16a3c6d-8261-41f7-97ae-3ba753599efe","block_type":"box","text":"market regulation or voluntary best practice.","page_number":219,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"4097bca1-1201-4dac-9793-808de44e1bd2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"48e05ad8-3a71-4700-bfc4-74e9400020ae","block_type":"box","text":"Global Principles | 5","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"120b746e-fe4e-4503-8d40-7011d3c44754","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0806b85a-7958-4983-8d2a-ef7f9cdc532f","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":220,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"b66aa8e0-79b4-4bca-bfb1-2fae5b6c6ea8","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":220,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"6da25c8c-dc15-4ad2-afd6-d2a4294f0cfc","block_type":"box","text":"recently.","page_number":220,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"308baa20-69f2-4721-b4e0-57b75be35ac3","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":220,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"b5a26b16-e34a-49ec-9cb0-5376f845b3b7","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":220,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"fbafdc22-ecca-4ae2-8c00-452bf7c3f189","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":220,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"eecae627-12f4-4621-979d-9021fd52438e","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":220,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"7e185dd6-8684-42f1-aec8-620f4a83d891","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":220,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"0a2bf99d-e5d8-48e5-83be-88b0c2a666a5","block_type":"box","text":"Director independence","page_number":220,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"80886331-60a9-43bb-a4d2-b42d3b08a2f0","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":220,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"f7265cc3-cacc-424f-be81-6ef150fdc7d0","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":220,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"0f43c18a-2333-4a03-bde5-878ccdeb6d48","block_type":"box","text":"6","page_number":220,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"f6d86d23-4cc7-4137-b20f-38cf35f3f5e5","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":220,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"e22dce90-35c0-40ba-b947-2c079c96da6c","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":220,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"94723a22-5af7-47ab-8347-c26777bc9b63","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":220,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"dc078048-f571-4d81-9b3d-580e95a82b4c","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":220,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"3d65b13e-3192-4eb1-b20c-1775033af2af","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":220,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"f7fe34d5-1216-4305-9d13-49c326625fb6","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"c8c81dd2-d4fa-49c3-9024-34d831d980fe","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":220,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"06edd5d1-bbf3-4613-a0b9-b0edcb4a5bf5","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"399aa6fa-312e-48ad-b2f4-a227cd11d80d","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":220,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"64afade5-3656-40e1-9950-1adf0637d335","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"df59a8a3-8488-462a-a42d-1138cfe5d16b","block_type":"box","text":"Interlocking directorates","page_number":220,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"79f1d145-be4e-4661-b297-1b5f647fee84","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"44a98e3e-eb0f-478e-ae16-b2ef02eeeb37","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":220,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"4b7f22f0-2f9e-4dc6-8512-ba770dbef6ad","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":220,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"4e22088c-cbc9-4bf2-9f7d-4c7ad8f1c8ac","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":220,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"8ace0e79-32e1-410c-9b14-9e9a0faaa048","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":220,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"38256658-7732-4abe-827e-18bcdcb07724","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":220,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"32c1ee3c-183c-4274-b655-a7d50593200c","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":220,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"db165b12-475f-4fac-b94f-8f82fbf71e55","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":220,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"55f0b545-4b3e-449e-a0e2-8d49c2319840","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":220,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"0fb05226-71ae-4943-98ab-90308d7325b4","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":220,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"db25201f-2af9-4c9c-a5a3-4fdc0f4ccd49","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":220,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"8fa4d648-58ec-445f-9d76-ac01d4bb1883","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":220,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"69ae5cea-1c29-4fb7-9897-d3cb080c376c","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":220,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"31dd49f9-0020-4ade-b745-4809b390036b","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":220,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"84e33350-93c1-47db-92e6-178e0df37f2b","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":220,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"76e100c6-0d01-44ed-b8fd-82ed0203ea65","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":220,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"79723a3b-49f1-4ac2-9105-0acff00f5858","block_type":"box","text":"Sufficient capacity","page_number":220,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"c430e541-5a90-4e62-aeb4-3d9153ac1449","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":220,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"d00950b6-8f29-4590-9b3f-d2d253d582a1","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":220,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"097b4443-dc75-422e-90b5-4807550b3c18","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":220,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"a9ee837e-f144-4024-8448-0bcc39eb91b7","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":220,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"e63d76e3-f78c-45a3-a6b9-05b43556003e","block_type":"box","text":"Board composition","page_number":220,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"3533f8a4-65db-4a41-973a-6c894714eb43","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":220,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"64acd3b0-dffc-4402-86e6-019392c567b7","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":220,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"a28022eb-4403-4728-9ee7-f9fb8d315e81","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":220,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"a5784039-467d-4d03-9575-d83f068920cc","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":220,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"5fd62e7b-e097-48b1-b44a-388acad885a6","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":220,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"ac4af559-aceb-44f1-8847-a1c355147d9c","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":220,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"900d14c0-9212-4a34-a109-1a2e7ad2fba7","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":220,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"de34f096-d2f1-46d3-ab7c-f6dc0204a5a0","block_type":"box","text":"6","page_number":220,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"2b452e63-e25b-4276-88db-17447cc1134b","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":220,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"65040c63-c89f-4548-af72-c58209b508d3","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":220,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"8b65478c-46d6-42cf-83c5-370198142df0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c3471507-515c-4b1d-a815-4d63f3304fd0","block_type":"box","text":"Global Principles | 6","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c63723e8-2359-43e5-af1c-307dde6b7021","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07bf7df1-19c4-43d0-bd60-61574b24d75c","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":221,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"f0d3a2c0-b70b-42f6-970f-651fe5666ee0","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":221,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"83bd7402-29b1-4423-930e-93e7ed7976c7","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":221,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"1246b76d-e146-45ff-aee9-69f50ca93b9c","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":221,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"77ac67f7-b7c9-41fc-b3b9-3f98f3d7970b","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":221,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"8e652a6c-62c0-4b6f-a625-7aeaa2d146d7","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":221,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"f8464a33-3e02-484e-af3c-b112228d18d7","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":221,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"0fd80865-bdb3-4d0d-b83c-8e638fe2f8b6","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":221,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"7a0fe337-01a3-4bcc-943b-a5efccde0b83","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":221,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"77cfebd7-d5e6-4f56-98ab-707b040b8356","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":221,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"f0289586-8345-4c3f-b0aa-027ba7a965ad","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":221,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"2fc6cd65-0d58-4a23-95cd-02b2313d1d8d","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":221,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"8169f4ca-f1a7-447c-a57f-fe7d7e193878","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":221,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"b55471db-7cd6-404c-919e-7d58a23b4cc1","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":221,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"99fcb1a2-d825-46fa-87ee-3d6a82304931","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":221,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"59adb303-b089-4143-9d2a-2f1abecae971","block_type":"box","text":"systems.","page_number":221,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"69c9c3c8-3912-48bf-8eb2-483947ebcdc3","block_type":"box","text":"7","page_number":221,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"a79054ed-c5b8-4592-9ce2-9feaccf4afa4","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":221,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"b3459efc-a659-4ba5-969c-1b6630c1d4d7","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":221,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"21dc3ccc-733a-4c92-8e6a-c719ce1a97be","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":221,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"d17623d6-f221-423f-a1f8-30cfc4f1ee48","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":221,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"0729efc8-21db-4896-b0c5-e6f096add323","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":221,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"672fce22-9e26-464e-bed7-c8fb351cbcde","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":221,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"bbd17e89-6531-46b4-bf57-3e7c3da823a2","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":221,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"77d7f941-abb8-4ed3-9584-20024d595b29","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":221,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"bff6ed2f-0eed-427c-bd50-2046e440de34","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":221,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"8f22e007-2bf2-4188-951a-2aac919528c8","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":221,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"90f5ff00-561b-43b7-b1e3-e93e03c984e9","block_type":"box","text":"or internal audit function.","page_number":221,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"efab7f5d-e603-4093-8653-a9407c63b47f","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":221,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"9b564058-56fb-49a9-a9a7-1871bb60eced","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":221,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"a3e87035-9c65-4fd9-b3cb-83cb8011e745","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":221,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"a98e10ec-9f1a-4a41-ba83-24422e1fc6a9","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":221,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"69feaf55-4ab0-4900-8a07-13e7c1a48fed","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":221,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"123b8f28-4cd3-4956-9db6-52f3005ddc7e","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":221,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"26c3b42c-c07c-49ac-aef6-4cb090afe8ea","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":221,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"1fc30a13-d0ab-460f-a3cd-cc5bb92e653c","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":221,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"17dc0b38-35ef-41f1-b45f-ebdd2a3f89d3","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":221,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"23398bb2-27a4-486d-be2d-85b1f1a9d47d","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":221,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"7b0afb18-897f-4342-853b-d9d1363583ef","block_type":"box","text":"risk.","page_number":221,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"2b5ec5db-aa9e-46f8-a1cb-4bcc377ce164","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":221,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"cfd5df1d-8378-4af6-a57b-966c5874ec7f","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":221,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"5490d670-85ad-4ef3-b4fc-3f9164cba263","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":221,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"aff8fe83-e606-4de5-bfc8-6c18e6cf85ba","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":221,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"4c1e1481-2241-47a4-bcde-e523ee029b11","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":221,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"7862b519-ae81-448b-b9f2-09ade9cb89fa","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":221,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"981c111d-7916-419b-9fed-1295f7686a79","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":221,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"73e869db-8626-4489-b8fe-8830af2e6a28","block_type":"box","text":"7","page_number":221,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"c5a4ed6d-d9ef-4ce6-9292-2321fbb5d16a","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":221,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"b1b9e632-d1d9-41d7-8b24-e94b2de9e539","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":221,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"978dc195-8f68-44f1-b2c0-8a3ffc77765b","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":221,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"3ba2622f-60a1-421f-a638-6396623d0c1e","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":221,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"42bb5cf9-f8f2-45ea-b5ae-b20d4db9eb19","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":221,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"ce52e980-4f84-4479-a864-f40f40b083c3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"09f60670-d0fe-4a3a-aa86-3a4f4100ff62","block_type":"box","text":"Global Principles | 7","page_number":221,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"e7f064fe-11fc-495e-be8a-b996e2117096","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56d95bb8-7b4a-4b5d-8481-ec57872bf3e5","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":222,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"b4a4102a-ed3a-41ef-a94b-a4f4ab2f2a49","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":222,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"5f6ae643-59e0-4825-b9c0-e3f8c0d9a9b9","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":222,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"57dd5e29-82ab-42ce-b3c6-766f2963bbf0","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":222,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"8c17f158-8ed5-4afe-bfbd-0f3c7a2c3a6e","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":222,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"14483f29-f174-448a-ba83-3d11e2f848ed","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":222,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"10a3a508-0588-42c6-9ab6-f78bd786589f","block_type":"box","text":"minimizing costs to shareholders.","page_number":222,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"83c56f24-b2b7-4eb2-b045-26f5b8663b3a","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":222,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"c73ea531-1023-4d6a-a9f3-1322d6a26894","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":222,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"68cec8a2-a5c4-4d23-9af3-85b885c146a4","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":222,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"aa8841fe-2be7-45a8-bbb5-132b20f59f4b","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":222,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"9994bb9b-2732-4166-a355-8ecba0bb2e2c","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":222,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"07c4752a-5df3-4916-a745-78cfb8ee0cac","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":222,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"1445ecd7-d396-4772-ab57-cebe3874f1ae","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":222,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"533253db-3efd-469a-a918-559e5723b86c","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":222,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"2d982f32-fc86-406e-919f-7bd6cae8a3d7","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":222,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"5ba9a015-d176-4517-9f65-1e1252c5696b","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":222,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"7c67a417-44bd-4b14-b894-dafaf69430e6","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":222,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"b83a0fd3-d961-4287-859a-c14e114a5220","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":222,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"c47afe5b-21b6-444e-9104-1a94200ec51a","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":222,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"5f484ab0-0d8f-44ed-825c-39e7541cbc77","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":222,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"c198cdae-fbf6-4671-930f-60f8d6039f95","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":222,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"bc48873f-9655-48cb-ba18-5aba414f3b70","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":222,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"3af7f61d-063b-4aa8-9e86-dae3c4dff8cd","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":222,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"24bb29e3-40a4-4294-b22a-813fc59e6a8a","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":222,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"a055539a-6f7d-4def-b227-fa6eef815cd1","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":222,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"73acd0b6-0abb-41c7-8153-29c5588977ce","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":222,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"63132a6a-3a60-4ce7-8685-2bd07a77a96d","block_type":"box","text":"ownership.","page_number":222,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"10e54eb2-fbf7-4fd1-934b-677cd45dbf6d","block_type":"box","text":"8","page_number":222,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"a606a5ec-38ac-4ce9-a9f8-934239bbf632","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":222,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"e0a4a90e-56b4-4f87-87c1-9ec8c5a4aa36","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":222,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"e079f640-cfff-4a93-8257-6ad3ddb9a93c","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":222,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"731cee4a-d21d-4dad-8183-66532dbdc658","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":222,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"cbd26ddd-d9ff-4d03-851e-e965acea2d5f","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":222,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"0c0bb831-f9ed-4388-94d1-4e7c72af2034","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":222,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"8751a7ac-049f-409b-a16d-5d2a918a093a","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":222,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"b3a3ee17-5d42-4a58-9241-86cf0a2dca44","block_type":"box","text":"results over a period of years.","page_number":222,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"bca90c0d-89a5-4fbd-a892-56f9f9b11b28","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":222,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"b88a8385-b4e5-44aa-ad48-89dfd94ce0dc","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":222,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"a0574ffb-67c1-49df-ba18-c9abf91da3c2","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":222,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"25899f06-f97b-4caf-b81d-c274e793dcc6","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":222,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"52180fce-6a20-4dda-8e3a-897379e1dc47","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":222,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"e91daf8f-f059-441e-9b53-157f5426b836","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":222,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"d8f4f588-8e62-4597-985f-f7f9a3ebdc53","block_type":"box","text":"executive compensation strategies.","page_number":222,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"5e744f96-db37-4965-afd5-e0addce01fa0","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":222,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"b8291263-e2b3-4ed9-8067-31c1d1bd8c7a","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":222,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"eb1267c7-de18-4917-8387-c3eacf2161d4","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":222,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"cc8a4ef5-d95c-454a-8874-f3673d370fd0","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":222,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"8f25ab54-bfbb-4a42-ac04-e5d89c11951a","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":222,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"e93a5f20-5c74-47f5-ac19-b64e43fe4543","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":222,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"1da072ea-078b-47ba-9c5f-fd673e07dcd2","block_type":"box","text":"8","page_number":222,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"f85b2f06-6d24-45d9-aeb1-fce49e374dac","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":222,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"993c20e0-4e87-4242-92a7-0c3f0ccf3580","block_type":"box","text":"different markets.","page_number":222,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"61195a0d-7faf-4162-9d99-0bc86f122cd9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ff2dcf6e-b3e0-4adf-a79a-aeb6da88057e","block_type":"box","text":"Global Principles | 8","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"02b90a59-853d-4f61-9ed1-5957cdee004c","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58cd9bac-fa7a-4c7e-9d9a-622896308bba","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":223,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"440498d8-29e0-4351-a25c-7dc601546e96","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":223,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"687b2cd3-fbf4-48b9-a0ab-eb90897ef439","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":223,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"8855f83d-ca53-40e2-b578-cb3c3040cc41","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":223,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"0fc8215b-00d2-4fb1-b085-1b85b34fc088","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":223,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"bb1f1340-c3a8-44b7-bad2-af946c4a2192","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":223,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"1c12fa17-3588-49f7-80f9-650933fc72eb","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"2f283562-19e2-48d3-be5b-b092e1fe1e15","block_type":"box","text":"whom they are charged with overseeing.","page_number":223,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"138ef876-2c1a-4bf4-b03d-ce7932fea28c","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":223,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"eedf41e0-6115-4c38-a67a-455babc4db05","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":223,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"611cda66-f39a-4318-a7ec-4501f950342a","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":223,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"25eee8a8-4377-450c-b008-9544db074abd","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":223,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"46c259c7-6ec7-4104-9b4b-e691f1eb52db","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":223,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"6d407002-0677-4b8c-9c8c-dc3d3f587bc7","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":223,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"a279084d-bdc3-4534-a1a9-128ab713ce03","block_type":"box","text":"structures.","page_number":223,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"7fa1621e-277e-49b5-b791-89fa81cb4d3f","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":223,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"4afc0be0-ca91-4463-a70e-44e28d039c56","block_type":"box","text":"Corporate form","page_number":223,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"21d72c65-bb5e-45e4-83b9-666d079eb3bf","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":223,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"e2075a13-2290-41e6-809b-45830712a1a2","block_type":"box","text":"the company’s purpose and business model.","page_number":223,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"b207b2bd-39b2-4c98-87d1-04f3104427a0","block_type":"box","text":"9","page_number":223,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"163239be-2f66-4de6-aeb1-76bde3f49458","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":223,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"02bb1d37-4415-4012-bb78-0aeda15dcdfe","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":223,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"63617c36-7987-4a8e-b1d3-21b18a4d1339","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":223,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"534d979a-7ea8-4e37-954f-92203642c8c5","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":223,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"6cb50659-c051-46a3-97c1-6cb0c016465e","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":223,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"0544b914-a8f3-45fe-82a4-9060c32f204e","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":223,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"0cac4c06-abc5-4372-9f83-fc637bd89b9b","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":223,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"bb799e57-8724-4a3c-aa96-c03d26a13417","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":223,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"afdcec1a-65eb-4e0c-a29b-2eec62db4247","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":223,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"a19177ec-2011-4d6f-9217-00eebcdec663","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":223,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"d7ddf138-ef22-4cad-9d75-3c22e2c69d78","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":223,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"363a3bf3-832e-41a3-b716-2c5bc9869dbb","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":223,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"e45bb908-aad2-4edd-9d12-214ce530f89e","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":223,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"d57eac39-2751-498d-a1a6-e49e227edb8c","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":223,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"5ebe5b07-3fed-4941-81e0-d750c853e948","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":223,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"c35e1952-f20f-4dee-b341-2849978f25cd","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":223,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"3877525e-b22b-4463-9244-ad1e6a21f530","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":223,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"e94c843c-5cf0-499e-8b2f-27ab9da09bba","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":223,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"9ea3d3ec-84d5-4d6a-9b62-dd424e7574e5","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":223,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"d72a8b33-5dca-4e68-bab3-3aba0f7e9e85","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":223,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"7f46c6ed-ff00-4b97-a80c-fd66ced117fb","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":223,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"b4d2bfa1-f3b0-417b-a911-a56126d60d96","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":223,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"968f157f-faa1-4f58-9496-eedec8ee9bb6","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":223,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"de0c1554-448c-45b6-8adf-9b76d29c8fde","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":223,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"56092b10-a5a1-40b3-aa2c-db139ad2b27c","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":223,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"46284bb1-e0a3-4d71-bde1-4e30b97824b9","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":223,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"487e4ef9-1be8-47bd-bdb8-0ee161c40c29","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":223,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"9dc38a59-e455-4efe-a7cf-230939654122","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":223,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"8c73d103-113a-4ca3-ab8c-31817c59b46e","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":223,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"2dee5b31-d49d-4933-a175-fbb0ec2112f9","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":223,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"0c3e6b1f-3c08-4be2-a4cc-1d3bb7e8d246","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":223,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"1b6b6dd8-dd9f-4221-be49-549a7ed4067e","block_type":"box","text":"9","page_number":223,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"3f3951de-a7bb-4349-a2e1-6674e548d1cc","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":223,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"c8c3991c-3a86-4277-afa7-bb98a8c6a41e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1f638c63-8e08-4571-b7c4-dee87837b5b8","block_type":"box","text":"Global Principles | 9","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"0fc43ae0-93d5-458a-934e-124018d74575","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"668e52c0-fe64-404e-a0fc-56312cb5c8d2","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":224,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"1f543697-4606-4905-9146-e7ddc08d135c","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":224,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"1d47a18f-7436-4b43-a5e5-8143cba74a94","block_type":"box","text":"long-term financial interests.","page_number":224,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"c55be7a1-7cd6-4757-b19b-d8cb7e67dece","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":224,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"2def1fa8-f696-47d0-8c0a-cd5305e5115f","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":224,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"2653daf5-671d-4ec1-84d4-0f60124cbcda","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":224,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"f51ab018-61f4-4380-8595-aadfce01ebb6","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":224,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"eed6df82-56d3-47d4-8a1d-4f04a5b49d6b","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":224,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"b6278fe9-2668-43e7-a3b3-6f19ec3261e9","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":224,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"8d7bfbd0-b195-4293-a181-2311a3a17787","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":224,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"068b58b0-541b-4368-a274-4cadb8729a39","block_type":"box","text":"term financial value creation.","page_number":224,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"45136166-2881-4918-96cd-10e01c5007b2","block_type":"box","text":"10","page_number":224,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"3b97a509-801a-4832-a397-12055f7a60da","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":224,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"fe6aa691-7f42-4b83-bcb4-9079305ea4ec","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":224,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"527ca3ea-95af-469b-9add-68d3e8e546e4","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":224,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"67458fe6-9a99-4ad1-afbb-d0a4188818ad","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":224,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"31a5ea33-4e75-4ddb-8304-3cfc1e9bcfa1","block_type":"box","text":"industry-specific metrics.","page_number":224,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"e1fd84b9-b6d6-4319-9bcf-5f90c0c04ec9","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":224,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"66ebe863-d5c8-4078-aad8-cfb628898925","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":224,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"29c4eada-2d22-472d-9d56-f26a83fc0245","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":224,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"dc0945e4-64e1-42d0-b4e9-d1fc3cd8c804","block_type":"box","text":"11","page_number":224,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"94b1daf4-1b3d-4b27-9689-4133b608e648","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":224,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"8487723f-4ace-4ee1-9712-75f5dea5019e","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":224,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"8d071945-f02b-4b98-be8a-d5c997f3b62b","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":224,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"76046be7-436e-4421-bfad-152e690074f9","block_type":"box","text":"specific.","page_number":224,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"b4bae41d-7cf1-4180-b9c4-69537b4e3de5","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":224,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"32bf0c91-6459-4c01-9dbf-f0cb9775a3e5","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":224,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"07988963-c554-49e7-b743-ea4e6195b41e","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":224,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"06ad42f4-6932-4ea9-bfa5-256f40c59e27","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":224,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"1d60884d-5ca3-44bb-a284-5e2c136277d4","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":224,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"8c6d292b-9b9b-4442-87f8-1d5127345bba","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":224,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"10dfc2d8-4a69-400a-b025-e608ba239c1b","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":224,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"ff118189-2810-479b-880c-a5cd95407eeb","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":224,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"b057df1d-58f2-4225-889a-86b4ac270180","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":224,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"7a89a5e6-2c0e-49ee-97c9-3dc73322f59c","block_type":"box","text":"10","page_number":224,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"ba1cacb7-0e3c-4ab9-b577-04fe34158437","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":224,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"c5a60590-86fd-4ffb-9ccf-0868701a4b51","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":224,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"faa9f04d-10b4-436c-9dfa-0da9f88c8aba","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":224,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"503f476f-72cb-47ff-a5bf-2ed7300f0a81","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":224,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"975256a6-7c47-40ab-bc12-55444b803312","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":224,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"deae565b-644a-4301-941b-dc712bfee45d","block_type":"box","text":"11","page_number":224,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"eb0d0528-6eba-489d-93df-95de3ece0c7c","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":224,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"7ed5e0c6-7ede-49d7-a007-aca6a84028b4","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":224,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"a6420ce9-b799-43fe-a301-cae01ea03e7f","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":224,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"7eaec2a4-5334-4758-b968-ccfb556eb838","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":224,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"03375eca-b8f1-4eb0-ab3a-92aa65edab5f","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":224,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"6f8ac207-dce4-4002-ae88-65b2bf75ef18","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":224,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"5dde8ff3-879a-4669-aee8-b3b09f567c45","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"bb993be5-1983-4521-9cc4-ef14a9f9f2f4","block_type":"box","text":"Global Principles | 10","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"bb864bfb-2408-4b79-8575-71df8a7a04b6","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b486d0a-7416-422b-9d97-5919380dac42","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":225,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"fba687e6-942c-458f-a90f-d6f9dbeab79e","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":225,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"a48982ff-3168-4fc9-8ab1-f18cbf570287","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":225,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"3f4190ea-cca2-4433-a8bb-c3bbc592f844","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":225,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"5a156a4a-68b1-4e6f-a612-fe4e7f7fe4e6","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":225,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"85af637f-5ed0-4290-b305-570eac0de6ce","block_type":"box","text":"12, 13","page_number":225,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"75c388d1-19d2-48d9-b6c3-9f6f121bb126","block_type":"box","text":"From company disclosures and","page_number":225,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"cf50a102-c845-46e2-9e99-353bbf0e7cd6","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":225,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"5a4826cf-29c7-47bd-a965-e3f67ae16523","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":225,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"415fa4a4-10bb-44b2-904b-36c2cdc54da4","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":225,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"f9d0270d-6c86-4407-a632-d89a9ec85c26","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":225,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"dda5557e-c44f-4094-bbf2-6b33e20fd045","block_type":"box","text":"viewed as best practice in the market.","page_number":225,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"69238114-56d4-47dc-9804-85932829f036","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":225,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"6d94c929-38e8-400e-9dae-441d2af58f31","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":225,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"119b1ff2-4b6b-43a2-a65e-ca4c695a73f4","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":225,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"b5638ae1-e3cd-4681-b078-1f68a61e99f6","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":225,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"49831686-1558-4eec-93b8-75a2f28bf1fb","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":225,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"0ee0accd-3ad3-4c94-b40f-23e7a128d6f0","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":225,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"c7f3d9e1-a7e8-444b-8ac6-fecec668d1f9","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":225,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"e15335ad-64e4-4725-97d2-6226a67f6c43","block_type":"box","text":"interests of their investors.","page_number":225,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"51a34bc2-92d5-480e-98b5-d9706f46c737","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":225,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"e767acad-b7f5-46dd-88f4-70ae510d7082","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":225,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"dd46509a-fe69-4b78-aebf-496be82147e9","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":225,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"8b63fb90-b40b-4a10-b36b-c5ac651b8f87","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":225,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"6ad8d6c1-ddc3-42c6-a13d-275526be31f5","block_type":"box","text":"good-faith basis as methodology develops.","page_number":225,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"469be4f4-2364-40fa-b27e-863a8db6a188","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":225,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"10a98514-00fa-49f0-b987-c55d6546c5b5","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":225,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"21dc1e59-9793-4119-8c8d-dec2341bd2d8","block_type":"box","text":"generate long-term financial returns.","page_number":225,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"c5dc7bef-debf-45c1-a2b7-a2117d6ed1d5","block_type":"box","text":"14","page_number":225,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"d7547c58-76e6-4ac9-b32b-7a3909c70687","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":225,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"278d7447-f9ce-4f7b-8771-eb1b578d3c57","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":225,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"e2510140-bb08-4f7d-b7b8-1d6942f5cdda","block_type":"box","text":"15","page_number":225,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"8be65f24-2d8d-450f-aed6-a0642ec05f41","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":225,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"8c6e0e1a-b792-438a-a9ad-780039145411","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":225,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"a101030a-6981-49a8-9cb3-6706dfb4d957","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":225,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"32559ace-d35f-49d5-a808-38d638c2f2fb","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":225,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"e5f57800-9a2f-4dc1-9992-4c18d8949ccc","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":225,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"6a770acd-0e4d-451c-bc89-e9458bd6a775","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":225,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"dcf0b5f8-09bf-457d-b5c9-6f9c6a288f59","block_type":"box","text":"12","page_number":225,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"e07717bb-61e2-4d1e-8b5d-c72b3bee230a","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":225,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"557532a3-ba23-4fbb-ae95-4151f5fd5d11","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":225,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"36a183cd-89ee-4024-863d-91be062487cf","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":225,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"6ffc54d5-553e-4a28-8acd-db4389335d20","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":225,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"0e97ec9b-56af-48fa-bdce-73c2998e84f0","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":225,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"22cc6247-9c35-4788-98af-a45e9f0167e8","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":225,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"f8da27ed-9064-4f31-b367-d04afc57f407","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":225,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"9e2201d5-16ee-41a3-b83f-5d5f4037f18d","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":225,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"9b667e6e-994a-413c-a67f-d5112487638b","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"2b12e868-15e4-41cf-9161-365e3972616a","block_type":"box","text":"13","page_number":225,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"b98dd416-a175-48bb-951b-01f23d0a5d1b","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":225,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"f7bbdeef-c563-4361-8050-def01d974a25","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"315498d5-cd26-4c64-90b3-543d40c6aa72","block_type":"box","text":"14","page_number":225,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"aef903a7-50c0-48c7-9e5d-317084e65369","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":225,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"0650fc7a-cfb8-4f07-bf6f-ea216515276c","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"d0e7840e-2cff-4e16-ad19-57e17304da20","block_type":"box","text":"15","page_number":225,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"a8ffd55a-4666-4f71-a055-f4b08e7233af","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":225,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"8a1ff25d-b3f1-4799-b4e4-3922c5dd8373","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":225,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"33d4fdf2-35d8-42d7-a469-5e945d2c34e1","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":225,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"8e0611de-d7ed-4492-82e7-ce84c71cea4f","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":225,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"3beadbb3-09b2-451d-999f-9003435c7067","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"25c65c7e-5685-488c-850c-0b81d90fc280","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"821419c7-ab75-4332-8a0d-d2b6b292776d","block_type":"box","text":"Global Principles | 11","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"928f0120-8bfd-4851-8f11-6f475e7858a6","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"124fdb0e-0749-458d-838a-ecf5e78a1b47","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":226,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"0c6ac1e2-3242-4066-bd6e-ffbd333dd121","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":226,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"a12d0a16-7ea8-4634-a549-14ad04929733","block_type":"box","text":"16","page_number":226,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"80c01769-efe9-4e16-a66b-21eae944ed89","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":226,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"f0392e97-ba08-4c08-a124-f59d9fd2ead1","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":226,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"0cd2cc01-4da9-456a-85d0-74e0f43dfa8e","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":226,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"35c7d453-aab2-4cdc-91a8-1644b751c998","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":226,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"a6597f97-7721-4224-80b5-5b682805da7f","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":226,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"a2a17f78-3447-43b1-99f2-78a652ca022b","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":226,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"54743857-cc02-4449-a103-4c7a863ece30","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":226,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"0288ba06-8677-43ce-a18a-73d86989e45b","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":226,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"7ec574d6-15fe-4365-8d26-aab293266ebd","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":226,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"0ca482d7-e6af-4c34-803f-708583da4c14","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":226,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"f4c3bd16-1af4-46dd-8e0a-b9a3ba489ee4","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":226,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"1954048e-a329-4b2a-9081-6630b3131a62","block_type":"box","text":"impacts.","page_number":226,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"ba05cb76-f9c0-42c9-bfe0-3021ecec2488","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":226,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"9f8f2ae7-d44e-4f8d-8247-67a74cad35cb","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":226,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"0c3ba9a3-3c44-4ded-a1a2-7de8cee3951e","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":226,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"68593f1e-722d-4d03-b6bb-6bbe08c158d5","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":226,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"d6bda8d3-60b4-4b03-ba82-6716fc80c4c9","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":226,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"87698480-d74f-46c4-9e62-efb9f936a39e","block_type":"box","text":"clients at the global and regional level.","page_number":226,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"51ab370d-45b9-4b37-a0fd-353dc8c72bb0","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":226,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"784244bb-c539-4e6f-925b-bd00685e6ccd","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":226,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"b7f1a38f-589a-461c-ba9f-8c14efbd7d6d","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":226,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"9c890529-5a76-4d1b-881e-f42c63e5ddf3","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":226,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"45c63cde-a1e1-435d-9e02-b8b782c16abd","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":226,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"1085edad-4964-4ab3-84b8-193e1314285f","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":226,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"0f3b44d3-feab-4e80-83eb-ae0b9e3a882b","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":226,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"585573ee-fc83-4d1d-ad63-4aaebfdb2e87","block_type":"box","text":"are independent from the investment stewardship function.","page_number":226,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"315d0350-160a-418d-8308-caf0fef58fa5","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":226,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"c872894c-757c-4524-a463-2bd0549bc427","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":226,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"26bc0b0c-7d04-4246-8b81-7278ea27d597","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":226,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"de9a18d9-f206-41be-94e8-6a8ade68e220","block_type":"box","text":"VOTE EXECUTION","page_number":226,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"66666985-ec90-4d96-a61c-799846a26101","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":226,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"bfb88bed-a458-415e-9bd2-89f21483f979","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":226,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"cac7d812-7769-4adf-bec2-f273055f8f71","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":226,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"7d76b43e-3f5b-45f0-b07e-ae8c2d6e9365","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":226,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"5566110c-7ff5-4612-911f-79db1decb02a","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":226,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"4629752b-f227-453f-a0ce-d402d4c4776b","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":226,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"f3684cb3-741e-4669-bf8a-7493f22165ac","block_type":"box","text":"management policies and procedures,” below).","page_number":226,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"e99e4751-40a0-400c-a0f0-fb585a3c211b","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":226,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"c09f4a77-f487-4f4a-8890-62b02a90d3ff","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":226,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"db76d749-051f-42e5-9954-94f63a3575db","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":226,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"96d85e5b-9c94-477a-95fd-26d2c0c625b1","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":226,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"d9f6ef11-0361-454e-a0e8-d337a2bae196","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":226,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"31dbbcd8-7535-4203-9186-5cde53b88d2b","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":226,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"62aa7125-302a-4e5e-85b8-102508154429","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":226,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"528c4623-062d-4725-ae10-869b53aa7c09","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":226,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"8477340d-9ef1-4bac-9d26-35635153b4e3","block_type":"box","text":"16","page_number":226,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"24c92bae-af41-429d-9ef4-b586777b4fae","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":226,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"78d7ef22-0c22-415a-9c6a-a461e1291caa","block_type":"box","text":"December 2025.","page_number":226,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"b417fa94-874f-4a1c-b4ef-0675352c2834","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a31834c4-83c1-4ba1-8fee-7c6186dd2e42","block_type":"box","text":"Global Principles | 12","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"24f87397-1b6f-4722-ad10-e1cecb63279a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f555c48-5db3-46f9-beb2-c85ed98d5e12","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":227,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"5cf4a443-edff-4bc7-9b47-b169efb373aa","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":227,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"e668c85f-2eff-43ad-af82-dccbf864a896","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":227,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"cee958d9-dcaa-471a-8044-b5133f80e736","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":227,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"7f1c4000-5aa5-4e19-898f-8b642354afd7","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":227,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"e35ed1f3-9b89-4227-850e-2ba901746772","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":227,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"07af1479-c981-424e-a19d-ec42dc17deea","block_type":"box","text":"enterprise-level vendor management activities.","page_number":227,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"e64d941d-644d-44b7-b614-33efa2fd79d1","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":227,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"093b74a3-88e4-4a33-be22-a91aab56d170","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":227,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"ee06d245-2c26-4c1e-8a20-2dee47931c43","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":227,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"dd7ebc7c-f4e6-4fbd-92e2-22cf221d1081","block_type":"box","text":"BlackRock employees.","page_number":227,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"99090499-4674-47cd-9741-506d97fe2b56","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":227,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"01a5212c-aac0-4e7d-ac0f-9591cddf29a5","block_type":"box","text":"SECURITIES LENDING","page_number":227,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"815a6f6c-ec85-4492-a60e-1deb670fde6f","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":227,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"a083b6d1-2af5-46f8-8961-e096043c349d","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":227,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"21038029-d46b-43fc-a8b2-e4bffbef0ab0","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":227,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"15c8e4b8-49ae-401f-b8c7-d3076e363a4f","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":227,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"6b28e18b-0b38-447c-b614-992f96f89d79","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":227,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"d59ce846-8d75-4a66-92b4-0736e617953f","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":227,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"c5b14e56-96f7-427c-89a9-3918e58d4ab0","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":227,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"0608ce3c-acbb-425d-a135-817c09a16f1f","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":227,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"329a2cd8-1783-43c2-b38b-b73a0d671216","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":227,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"3a8ea66f-2ded-4c3a-a573-361a5c46a957","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":227,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"e0d5148c-ef12-4bbb-9d42-9f9c2a8a58cc","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":227,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"1bd26357-56b4-4ba0-8fa1-ee71f18429ac","block_type":"box","text":"of recall consideration).","page_number":227,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"76648511-2b17-45a5-a0fd-3c08ef506849","block_type":"box","text":"17","page_number":227,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"6f0a9d31-84a6-43e6-9d65-828fadb64ea7","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":227,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"e6e30932-d26d-48b0-9075-4314e81775fb","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":227,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"17a9d0b1-8979-49e1-a9f3-3512355b3da8","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":227,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"31b2d6bd-fa6f-42ec-8e59-e1fb811724cd","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":227,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"b4eed06b-6ba9-475d-9a58-004a7f9d959c","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":227,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"433eeb93-6181-460c-b314-133638913615","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":227,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"c40ca3c2-7e82-404d-8524-af7f0c22508e","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":227,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"c842cb6e-b124-4498-a8b2-11604d40a320","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":227,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"a07e8f2c-b515-451b-b9f5-90ef6e4a2024","block_type":"box","text":"and may modify it as necessary.","page_number":227,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"9dcba95d-1c74-4023-8d9e-16597a0af141","block_type":"box","text":"VOTING CHOICE","page_number":227,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"c00fb5b0-58f6-41ba-afe3-693efe53ae54","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":227,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"f177c115-b3a6-4dd8-969f-c99578961fca","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":227,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"068145c4-9568-4339-abad-965ea07415e7","block_type":"box","text":"18","page_number":227,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"e3113487-f91e-4e25-837f-7321018ba6af","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":227,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"fdaca6bb-681f-4108-959d-0f7426fb900d","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":227,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"143ed509-9145-45c9-8fb9-5d0211446dc0","block_type":"box","text":"17","page_number":227,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"423ad906-ac31-4ec1-8aba-a228ead83cf7","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":227,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"cc999723-3070-468f-8dfd-9ded40078b15","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":227,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"b97fd919-8462-48ac-b71f-29e1e57fce13","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":227,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"efbaea78-fc1d-4194-9dd2-7e7822308156","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":227,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"1621e8a6-9b76-4e2c-b809-4a315fcb33e9","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":227,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"eb8c27ac-6068-4228-98b1-9d6df000fdea","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":227,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"c9cb6351-42a8-457f-b3c4-03b0e082b5a5","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":227,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"803052df-4ad4-42b0-93a5-b06e192e39a5","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":227,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"df720ab3-ec54-45c1-8d5b-f4147b0d5fa6","block_type":"box","text":"18","page_number":227,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"640e1beb-2b6d-4e47-8f42-af0f4a597ee5","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":227,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"da747fca-25ba-4a33-8472-926e993879cb","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":227,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"cc6cfe01-7730-41d8-a806-afc673c25e12","block_type":"box","text":"including the decision to lend securities.","page_number":227,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"44286227-21f1-40ae-b296-e16f7c566f6b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f2b4da30-01aa-488b-b447-324da004dc9e","block_type":"box","text":"Global Principles | 13","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"6554fd06-d032-45dc-b682-20bfa55f6aae","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55e77a64-2c4f-4ffa-9a16-c2f39237f09e","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":228,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"c76b5da8-3644-4c9c-a569-656f7e0627de","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":228,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"8e7ad55b-cda7-4372-a84d-bfc9112853e8","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":228,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"85e090fb-b36d-40bb-80c8-c6aa11741f84","block_type":"box","text":"19","page_number":228,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"15e1aeaa-dadf-41c1-bbf1-39102b18d19d","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":228,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"4e5545ab-7612-42ad-a159-ec2395327716","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":228,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"bb235f1f-c6b6-4226-8d6b-433e6b18c575","block_type":"box","text":"20","page_number":228,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"75e656ac-ffde-4f05-958c-9733a0d57f5a","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":228,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"34fb83cd-4c52-4ab2-a6b1-cf74fc7e649a","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":228,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"00512df9-0cbb-49f7-823c-7478928fc42c","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":228,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"a506ea5b-7bb9-4c78-8c3d-561c4d15d491","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":228,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"4fb93087-2342-4579-9f56-52e8366a7118","block_type":"box","text":"21","page_number":228,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"71279767-b90d-47b9-8370-aad6f7c23874","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":228,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"8909b969-4d29-4eeb-ab49-7aa0300037ac","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":228,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"fd71f4c0-43a2-45c1-855e-1e33b92b76ca","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":228,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"e36df130-cfda-49b9-968a-3e5282c42eaa","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":228,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"4933242f-7850-466d-93b2-14758c931801","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":228,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"4d0cf467-7f0b-4fda-a487-d47d15af8d58","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":228,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"7c72514e-f026-476f-a29c-03aff6dccd2f","block_type":"box","text":"19","page_number":228,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"279d6e84-fb9b-4c7c-a150-fe2d83fdaa48","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":228,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"15d1859c-7f04-46ed-8f85-344188474b59","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. BlackRock can then use its proxy voting","page_number":228,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"43891897-0f97-4d7d-9d71-a5492f752347","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":228,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"925ca3c7-b6fe-4054-a2a8-145cde5f4ae3","block_type":"box","text":"20","page_number":228,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"f10eda04-9a85-47de-84c2-5dc36717a6b1","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":228,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"122734ee-c775-467b-8291-5fdb0742aa32","block_type":"box","text":"21","page_number":228,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"05272555-d92e-4bbd-b491-e449a7947174","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":228,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"2538af43-f4c0-47ab-bb6b-0fe45e789ae2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a618f0b5-db94-400d-9d7b-64cc3fc25acd","block_type":"box","text":"Global Principles | 14","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"754212ba-7ceb-455b-96d7-04b69cd8b0da","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66d6db86-9812-4485-82be-97ed53926980","block_type":"box","text":"Want to know more?","page_number":229,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"f00e8f1a-db36-4ec8-b908-072fafed466d","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":229,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"5e19de7e-f87f-4a6d-8484-0fc2acf58628","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":229,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"046cd1d8-e031-45de-a15d-a1aac217dc7e","block_type":"box","text":"principal.","page_number":229,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"8bee3f2b-f76c-4510-b4ef-de68e7706050","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":229,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"827c1957-2fc3-4982-aa56-e4d5babbe5e0","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":229,"box":{"x":69,"y":883,"width":303,"height":11}},{"id":"1860981c-3464-4a7f-a50d-8849a4fb1baa","block_type":"box","text":"BLACKROCK","page_number":229,"box":{"x":379,"y":883,"width":92,"height":8}},{"id":"88ddecd9-4f6f-4913-876a-32fb97f5232b","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":229,"box":{"x":478,"y":882,"width":417,"height":11}},{"id":"60359545-8805-4c1f-bd60-c28668877ef6","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":229,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"7fe2ba31-97b4-4182-9db9-aec219e22572","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"57accc43-fbe2-4e78-9f1d-8a36915e0b0a","block_type":"box","text":"Global Principles | 15","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"9b2d16d8-3f7d-48fc-91d8-3fd64694c3c4","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91f8b3b7-27f1-491d-9220-1f925f825b05","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"199ffb65-7d52-4de6-acb3-f1f4406ef452","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":230,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"1186796c-3c6a-4b8d-9308-982fecd74944","block_type":"box","text":"Effective as of January 2026","page_number":230,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"98679e28-f7c3-47e3-a5be-cf9198bf25b0","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0f2badc-447e-43ff-80ce-d82ba0c45fbb","block_type":"box","text":"Contents","page_number":231,"box":{"x":456,"y":45,"width":66,"height":9}},{"id":"233f12db-451c-4e63-8966-fa34fbc74a3f","block_type":"box","text":"Introduction to BlackRock Investment Stewardship 3","page_number":231,"box":{"x":69,"y":80,"width":840,"height":11}},{"id":"c3fd7553-4cc4-4563-81b4-1548d3b36c90","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition 3","page_number":231,"box":{"x":68,"y":96,"width":841,"height":11}},{"id":"c5041d67-ca09-49ad-9c7a-129a93ddf065","block_type":"box","text":"The Climate and Decarbonization Stewardship Guidelines 3","page_number":231,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"173fc645-873b-4ef5-9a1d-88471c084e36","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy 4","page_number":231,"box":{"x":69,"y":129,"width":840,"height":11}},{"id":"183f1939-8b4b-4a53-a665-8ca5ccfb4ec6","block_type":"box","text":"The Guidelines’ design principles","page_number":231,"box":{"x":68,"y":146,"width":240,"height":11}},{"id":"ad403f11-9a17-4e26-aae7-64de32ba6c9c","block_type":"box","text":"4","page_number":231,"box":{"x":900,"y":146,"width":9,"height":8}},{"id":"940a400f-ccdc-44c3-b7a6-2e669e8a9127","block_type":"box","text":"Voting approach under the Guidelines","page_number":231,"box":{"x":68,"y":162,"width":273,"height":11}},{"id":"5143a58b-e88b-41f5-a7bf-4ea8b54108e1","block_type":"box","text":"5","page_number":231,"box":{"x":901,"y":162,"width":8,"height":9}},{"id":"37d5802c-dbe5-4cc1-953b-bc24031a0014","block_type":"box","text":"Related matters","page_number":231,"box":{"x":69,"y":178,"width":117,"height":9}},{"id":"253b941d-47d1-4fc5-b02c-aa797c2b84a1","block_type":"box","text":"8","page_number":231,"box":{"x":900,"y":178,"width":9,"height":9}},{"id":"7b1399fb-fb35-45ae-a27e-da6ee224f71d","block_type":"box","text":"Appendix 1","page_number":231,"box":{"x":68,"y":195,"width":82,"height":11}},{"id":"708df8ae-d150-4d63-9831-a513f8a49297","block_type":"box","text":"10","page_number":231,"box":{"x":891,"y":195,"width":18,"height":9}},{"id":"46659919-a308-4425-afca-1f3d78a8f7d8","block_type":"box","text":"Appendix 2","page_number":231,"box":{"x":68,"y":211,"width":82,"height":11}},{"id":"ed70b150-1dcb-44bd-8522-ea4fdef6eb13","block_type":"box","text":"11","page_number":231,"box":{"x":891,"y":211,"width":18,"height":9}},{"id":"ef572605-17a0-4e31-bbd5-5c2a7bceed6f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0dafd5f5-b256-4f72-bd49-f63746933938","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 2","page_number":231,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"02dc0fb1-21f4-4fac-84cf-0c97b11deedf","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09dd9c60-de87-4dbf-b34f-64ec55f51419","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":232,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"f75d12c9-fea5-4ba1-addc-8b3e54f074f0","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":232,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"e536f584-3ba5-49cc-8d86-c81075382d1b","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. BlackRock offers a","page_number":232,"box":{"x":70,"y":82,"width":806,"height":12}},{"id":"56f4b299-c754-4634-9467-979c539572ae","block_type":"box","text":"range of proxy voting policies to reflect clients’ individual investment choices and goals.","page_number":232,"box":{"x":69,"y":98,"width":624,"height":11}},{"id":"d396f901-e214-4351-b674-86dd845f99c2","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets","page_number":232,"box":{"x":102,"y":120,"width":781,"height":11}},{"id":"09274765-e3d5-4e04-8483-ab256b482c32","block_type":"box","text":"invested in index equity strategies. BIS takes a long-term approach in our stewardship effor ts, reflecting the","page_number":232,"box":{"x":70,"y":135,"width":769,"height":12}},{"id":"c5366ad4-4966-42a7-95f2-d11ea5402f0c","block_type":"box","text":"investment horizons of the majority of our clients. BIS does this through:","page_number":232,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"114bc755-8b96-4527-b48e-938ca13c701c","block_type":"box","text":"1.","page_number":232,"box":{"x":70,"y":171,"width":11,"height":9}},{"id":"2428914b-a47f-461c-91a5-4b264cabdce4","block_type":"box","text":"Engaging with the boards and management of companies","page_number":232,"box":{"x":102,"y":171,"width":418,"height":11}},{"id":"61dccef7-961c-45e8-9a7f-800cadb50907","block_type":"box","text":"in which clients are invested to deepen our","page_number":232,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"3d5fe736-b04c-4699-b500-d305379c7c3f","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":232,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"e63aa0a0-640f-4320-9e53-f0df3af882a6","block_type":"box","text":"oppor tunities over time, and to help inform our voting on behalf of clients.","page_number":232,"box":{"x":102,"y":201,"width":526,"height":11}},{"id":"8107ef0c-781b-4dde-a41e-143639b172ce","block_type":"box","text":"1","page_number":232,"box":{"x":630,"y":201,"width":4,"height":5}},{"id":"5f9e5505-fd57-494c-b832-6076a9391b69","block_type":"box","text":"2.","page_number":232,"box":{"x":69,"y":221,"width":12,"height":9}},{"id":"1d8b629e-7fc1-4f38-b7e7-14609fad70b4","block_type":"box","text":"Voting at shareholder meetings","page_number":232,"box":{"x":101,"y":221,"width":228,"height":11}},{"id":"d9fb1ad5-6c59-4913-b4a3-c42f0c225508","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":232,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"3f1d4bf0-4b23-4437-9f29-dfba4d89aa71","block_type":"box","text":"to vote on their behalf.","page_number":232,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"cd615b9f-142f-4588-806a-ebb8d808dc3f","block_type":"box","text":"3.","page_number":232,"box":{"x":69,"y":256,"width":12,"height":9}},{"id":"f0a1d6e1-68c7-4fe3-adaf-a62138d30fc4","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":232,"box":{"x":101,"y":256,"width":356,"height":11}},{"id":"9ad692c2-5e52-4be2-9456-df334c3fcae6","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":232,"box":{"x":462,"y":257,"width":412,"height":10}},{"id":"fba03f52-ffcb-436c-b267-4a6e8d733e2d","block_type":"box","text":"clients’ investments.","page_number":232,"box":{"x":101,"y":272,"width":147,"height":8}},{"id":"ce447dad-bede-4cb2-b1d8-2dd98f247b15","block_type":"box","text":"4.","page_number":232,"box":{"x":69,"y":292,"width":12,"height":8}},{"id":"abaed30c-a6bd-4c02-9506-217d9d52aa26","block_type":"box","text":"Reporting on our activities","page_number":232,"box":{"x":102,"y":292,"width":193,"height":11}},{"id":"503a6f57-b37e-4f39-b34b-f254c98f2683","block_type":"box","text":"to inform clients about our stewardship effor ts on their behalf through a range of","page_number":232,"box":{"x":301,"y":292,"width":579,"height":11}},{"id":"d33f060a-5250-4913-9bbb-c14e06e444bb","block_type":"box","text":"publications on our website and direct client communications.","page_number":232,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"c5c79dbf-9f8b-4d31-bcd3-d727b1b5e94a","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":232,"box":{"x":68,"y":337,"width":635,"height":11}},{"id":"8d3f526d-e498-4813-868d-10ac6707aaf8","block_type":"box","text":"2, 3","page_number":232,"box":{"x":704,"y":337,"width":17,"height":6}},{"id":"b5530496-798e-4596-a48d-6836e055f531","block_type":"box","text":"Some of our clients are pursuing decarbonization as an investment objective, including many of our largest","page_number":232,"box":{"x":102,"y":360,"width":761,"height":11}},{"id":"478ba1c1-dce1-4761-bf53-fbbd73df6498","block_type":"box","text":"European clients, who have made net zero commitments.","page_number":232,"box":{"x":70,"y":375,"width":407,"height":11}},{"id":"5ab1eed4-a2b2-4c1a-a10d-d840cf77a1a8","block_type":"box","text":"4","page_number":232,"box":{"x":479,"y":375,"width":4,"height":4}},{"id":"02c44608-0b94-4979-b826-bfe0d848a56a","block_type":"box","text":"To suppor t our clients’ unique and varied investment","page_number":232,"box":{"x":488,"y":375,"width":376,"height":11}},{"id":"fa5c29dc-bb19-4fe2-b3e5-1b5670ae6590","block_type":"box","text":"objectives, in July 2024, BlackRock launched the Climate and Decarbonization Stewardship program.","page_number":232,"box":{"x":69,"y":390,"width":718,"height":11}},{"id":"1677cfb6-116b-431e-ad67-45a05f8dbe0d","block_type":"box","text":"The Climate and Decarbonization Stewardship team (the dedicated team) applies these proxy voting guidelines","page_number":232,"box":{"x":101,"y":413,"width":789,"height":11}},{"id":"d11a27f6-b172-4b07-be3e-292dbc6eb83f","block_type":"box","text":"(the Guidelines) to those funds that BlackRock offers to clients that have climate and decarbonization objectives and","page_number":232,"box":{"x":69,"y":428,"width":833,"height":11}},{"id":"807cf3cd-fcb6-40bd-b067-ea079db36f6b","block_type":"box","text":"where the funds’ respective governing body has explicitly approved the application of the Guidelines (referred to in","page_number":232,"box":{"x":68,"y":443,"width":814,"height":11}},{"id":"817e0dc3-0fa6-4995-b7d1-92a0fee76c47","block_type":"box","text":"this document as “in-scope funds”).","page_number":232,"box":{"x":68,"y":458,"width":256,"height":11}},{"id":"87a56be9-844b-4e39-a42e-d92529ce7acc","block_type":"box","text":"5","page_number":232,"box":{"x":326,"y":458,"width":4,"height":5}},{"id":"f258930c-ead4-4438-8918-1effdc2a56ee","block_type":"box","text":"Separately managed account (SMA) clients have a range of options, including","page_number":232,"box":{"x":336,"y":458,"width":551,"height":11}},{"id":"549a8672-e58c-478d-83b4-164f8fec107e","block_type":"box","text":"instructing BlackRock to apply these Guidelines to their SMA holdings.","page_number":232,"box":{"x":70,"y":473,"width":499,"height":11}},{"id":"de85c17c-0197-42e4-975c-70f9d638a46d","block_type":"box","text":"THE CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":232,"box":{"x":242,"y":503,"width":493,"height":9}},{"id":"a91b6e87-65c2-4bb6-9285-0cfad040736c","block_type":"box","text":"These Guidelines set out the dedicated team’s approach to engaging and voting on matters related to climate","page_number":232,"box":{"x":101,"y":526,"width":784,"height":11}},{"id":"020923b3-630d-4135-96c0-3cef62525193","block_type":"box","text":"risks and the transition to a low-carbon economy at companies that are held by in-scope funds and accounts that","page_number":232,"box":{"x":69,"y":541,"width":806,"height":11}},{"id":"8e8702ed-7495-4ebd-b773-662f12ae5d36","block_type":"box","text":"apply these Guidelines.","page_number":232,"box":{"x":69,"y":556,"width":165,"height":11}},{"id":"268529d9-0b4c-49ec-8f3b-b052bd5e9401","block_type":"box","text":"The Guidelines differ from the Benchmark Policies in that they consider, in addition to financial objectives,","page_number":232,"box":{"x":101,"y":579,"width":755,"height":11}},{"id":"fcf88b0d-0dcd-4949-9de0-d237a0e6983c","block_type":"box","text":"companies’ strategies to align with the transition to a low-carbon economy. They also incorporate the more ambitious","page_number":232,"box":{"x":69,"y":594,"width":834,"height":11}},{"id":"46781819-6650-4de3-9e41-d0695311e744","block_type":"box","text":"goal of the Paris Agreement - namely to limit average global temperature rise to 1.5°C above pre-industrial levels.","page_number":232,"box":{"x":68,"y":609,"width":806,"height":11}},{"id":"a570e804-d2f3-4407-b187-cbb2b71e9f44","block_type":"box","text":"6","page_number":232,"box":{"x":876,"y":609,"width":4,"height":5}},{"id":"25d68651-3371-4f64-9c1b-6beee5a77fe3","block_type":"box","text":"The Guidelines apply primarily to companies in sectors that play an impor tant role in the transition to a low","page_number":232,"box":{"x":101,"y":632,"width":766,"height":11}},{"id":"2b9a3718-4550-4bde-9260-6e0bbf5883d0","block_type":"box","text":"carbon economy. This includes companies which produce goods and services that contribute to real world","page_number":232,"box":{"x":69,"y":647,"width":753,"height":11}},{"id":"ff6fe1aa-b7ae-4d5a-bb88-fa0298b554f0","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":232,"box":{"x":69,"y":662,"width":836,"height":11}},{"id":"b76e2cf6-3719-4928-8b93-42630cb2b4b3","block_type":"box","text":"1","page_number":232,"box":{"x":69,"y":692,"width":4,"height":4}},{"id":"6da87a6a-077a-4752-acb2-5a444d8c9413","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":232,"box":{"x":79,"y":691,"width":790,"height":11}},{"id":"cef138a2-4d76-4c5b-b5b9-24891b600963","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":232,"box":{"x":69,"y":706,"width":836,"height":12}},{"id":"745ee624-7cad-4760-8d65-d5b9206bc840","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":232,"box":{"x":68,"y":721,"width":805,"height":12}},{"id":"20cbdc59-e943-498b-9ee4-6a0ac341e236","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":232,"box":{"x":69,"y":737,"width":405,"height":11}},{"id":"0fa606a6-f41f-4204-885a-64eaf94f0072","block_type":"box","text":"2","page_number":232,"box":{"x":69,"y":755,"width":4,"height":4}},{"id":"8c3749d6-c79f-41f5-9032-3d9630c3a717","block_type":"box","text":"BlackRock has heard from a growing number of clients globally that they have made, or are planning to make,","page_number":232,"box":{"x":79,"y":754,"width":780,"height":11}},{"id":"3c4b5e2b-0081-476c-9980-2c4f3533d7c6","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":232,"box":{"x":69,"y":770,"width":793,"height":11}},{"id":"64d6823e-2c63-420f-9528-05f3dece9fb9","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":232,"box":{"x":69,"y":784,"width":820,"height":12}},{"id":"d2db20af-1be8-492f-9919-5747292c251a","block_type":"box","text":"commitment to offer clients choice.","page_number":232,"box":{"x":69,"y":799,"width":252,"height":10}},{"id":"45b78ab7-3027-43d2-adf4-6965bb5d96e6","block_type":"box","text":"3","page_number":232,"box":{"x":69,"y":818,"width":4,"height":4}},{"id":"ab73155a-cfd5-4d70-8c7d-44989b6117e2","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these Guidelines are explained in","page_number":232,"box":{"x":79,"y":817,"width":788,"height":11}},{"id":"f591d810-43e1-4254-bd60-e7f245050010","block_type":"box","text":"appendix 1.","page_number":232,"box":{"x":69,"y":833,"width":81,"height":10}},{"id":"3c3a36e3-394f-4ad9-accf-96730f0ec5b6","block_type":"box","text":"4","page_number":232,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"4e357784-f334-4242-afea-5ccee14a901d","block_type":"box","text":"Includes a select group of our largest client relationships. Net zero commitments are sourced from respective","page_number":232,"box":{"x":79,"y":850,"width":782,"height":11}},{"id":"46da41ee-f4e7-49db-b02f-e3d7dc3a6e58","block_type":"box","text":"company websites, as of January 2025.","page_number":232,"box":{"x":69,"y":865,"width":284,"height":11}},{"id":"31c10018-4b42-4c7f-a6f0-9669eb19f82d","block_type":"box","text":"5","page_number":232,"box":{"x":69,"y":883,"width":4,"height":5}},{"id":"2966e6bc-23b3-413c-be8f-f2af0b2de491","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":232,"box":{"x":78,"y":883,"width":401,"height":11}},{"id":"e218a38a-fc0b-4a82-a9c8-b3bce74fcd96","block_type":"box","text":"6","page_number":232,"box":{"x":69,"y":901,"width":4,"height":4}},{"id":"3e4fad4d-0803-446d-b4a1-6da668c5724d","block_type":"box","text":"United Nations Climate Change, “The Paris Agreement,” accessed in December 2025.","page_number":232,"box":{"x":79,"y":900,"width":614,"height":12}},{"id":"f9820fc3-52b5-410a-8c81-712651f6f78c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4e40cd4f-8290-44fa-b913-c9fb10fee43b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 3","page_number":232,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"e40320c4-581e-4341-9d35-26b011f96002","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0da8e738-7e84-4701-a972-1bdab46a7fac","block_type":"box","text":"par ticularly those representing the major sources of scopes 1, 2, and 3 greenhouse gas (GHG) emissions across","page_number":233,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"9ff04393-b86e-4f04-b18f-80d6fa46c589","block_type":"box","text":"companies held by in-scope funds and accounts that have selected the Guidelines.","page_number":233,"box":{"x":69,"y":60,"width":590,"height":11}},{"id":"0dcd4b84-0b73-462e-bfcf-1610670ae52c","block_type":"box","text":"7","page_number":233,"box":{"x":661,"y":60,"width":4,"height":5}},{"id":"56d8dc0c-6d7c-4280-ae81-22d73077ba13","block_type":"box","text":"For companies and matters not related to climate and transition risks, the dedicated team follows BIS’","page_number":233,"box":{"x":102,"y":82,"width":731,"height":11}},{"id":"6d6a7cf2-7196-4aaa-9144-787d12864153","block_type":"box","text":"Benchmark Policies.","page_number":233,"box":{"x":70,"y":98,"width":141,"height":9}},{"id":"db719458-a80c-44e4-9592-f8b942b16381","block_type":"box","text":"8","page_number":233,"box":{"x":213,"y":98,"width":4,"height":4}},{"id":"1b45d1dc-1b37-4a1d-b0dc-b53903fc0e73","block_type":"box","text":"In addition, for clients who do not direct BlackRock to prioritize climate risks and","page_number":233,"box":{"x":224,"y":98,"width":572,"height":11}},{"id":"868d8658-0a33-493d-8ecf-7f0265199013","block_type":"box","text":"decarbonization as an investment objective, BIS under takes our stewardship responsibilities in line with our","page_number":233,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"7fcff371-3d54-438e-8c8f-a625c953905e","block_type":"box","text":"Benchmark Policies, with a sole focus on advancing those clients’ long-term financial interests. This includes","page_number":233,"box":{"x":70,"y":128,"width":775,"height":11}},{"id":"7aa90451-5e3c-4106-9108-2b674117515a","block_type":"box","text":"consideration of climate-related risks and oppor tunities in a company’s business model, where material to the","page_number":233,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"b1b19ba3-acd4-4719-b889-d641612f4b7a","block_type":"box","text":"company’s ability to deliver long-term financial returns.","page_number":233,"box":{"x":69,"y":158,"width":388,"height":11}},{"id":"fab108d2-66ee-4d69-8a2e-9b0e111b3d72","block_type":"box","text":"Please see Appendix 2, which sets out the key differences between the BIS Benchmark Policies and these","page_number":233,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"b5c3824a-b409-4241-a916-66f296a0c193","block_type":"box","text":"Guidelines on items related to climate risk and the transition to a low-carbon economy.","page_number":233,"box":{"x":69,"y":196,"width":617,"height":11}},{"id":"1ed605a3-b95c-4f0d-93bb-420a9a3f9540","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":233,"box":{"x":111,"y":226,"width":757,"height":9}},{"id":"959331a0-9b97-42d2-8938-e9ca1e306982","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":233,"box":{"x":102,"y":249,"width":785,"height":11}},{"id":"858fffc6-b7d4-4858-a398-f39141dab98e","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but sectors and markets","page_number":233,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"312263e6-f965-4fa0-9609-1c05bf4d2fa3","block_type":"box","text":"can decarbonize at varying speeds given the dynamic and uncer tain nature of technological feasibility, consumer","page_number":233,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"4ae579bf-9130-49ac-9bb8-5efe3d00dd07","block_type":"box","text":"demand, and government policies, among other factors.","page_number":233,"box":{"x":69,"y":294,"width":395,"height":11}},{"id":"61c4d18a-a235-4d9c-97db-37ca5557715b","block_type":"box","text":"9, 10","page_number":233,"box":{"x":466,"y":294,"width":21,"height":6}},{"id":"5f084196-628a-4024-898d-b61f65787fd8","block_type":"box","text":"To better understand the shape and speed of a transition to a low-carbon economy, BlackRock has developed the","page_number":233,"box":{"x":101,"y":317,"width":808,"height":11}},{"id":"d1273574-c38d-46bd-a3fe-72285773e3b0","block_type":"box","text":"BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":233,"box":{"x":70,"y":332,"width":559,"height":11}},{"id":"822b3b54-e2ce-44a8-9e46-66c1bb488a2e","block_type":"box","text":"®","page_number":233,"box":{"x":630,"y":332,"width":6,"height":5}},{"id":"8f1c87ea-3f43-4bdb-accc-319e714e2825","block_type":"box","text":"technology. BIITS is a research","page_number":233,"box":{"x":641,"y":332,"width":223,"height":11}},{"id":"f9959a7f-fabf-4026-9bab-f2f4f073cadc","block_type":"box","text":"based, analytical forecast of how the low-carbon transition is most likely to play out based on what we know and","page_number":233,"box":{"x":69,"y":347,"width":799,"height":11}},{"id":"b09233e2-fd41-42be-9d70-0b287c898eb3","block_type":"box","text":"expect today. It can help inform a top-down assessment of a company’s business risk arising from the transition. BII","page_number":233,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"52762f56-8d8c-4d63-a3ba-b62bdcad5370","block_type":"box","text":"based its key assumptions on rigorous research, and the input of BlackRock’s por tfolio managers and other exper ts.","page_number":233,"box":{"x":69,"y":377,"width":834,"height":12}},{"id":"ed79a496-683d-423e-83b4-0eaaf1506631","block_type":"box","text":"These Guidelines draw from the proprietary insights generated by BIITS and Aladdin Climate","page_number":233,"box":{"x":101,"y":400,"width":655,"height":11}},{"id":"f9e20c4b-01e4-44a0-a925-58602f113086","block_type":"box","text":"®","page_number":233,"box":{"x":756,"y":400,"width":6,"height":5}},{"id":"909c99a7-2290-4d23-8cbf-ba39c585bd99","block_type":"box","text":", BlackRock’s Risk","page_number":233,"box":{"x":764,"y":400,"width":131,"height":10}},{"id":"3a919d75-16af-4157-94fb-f548837f87dc","block_type":"box","text":"and Quantitative Analysis Group, and the broader BIS team to help inform and guide engagement and voting activities","page_number":233,"box":{"x":69,"y":415,"width":838,"height":11}},{"id":"89e0823d-28ad-4b05-9711-e7d9ac23fc35","block_type":"box","text":"on behalf of clients invested in in-scope funds and SMAs.","page_number":233,"box":{"x":69,"y":430,"width":408,"height":11}},{"id":"3af9b2fa-c282-4665-975d-13b56e83db8c","block_type":"box","text":"11","page_number":233,"box":{"x":479,"y":431,"width":9,"height":4}},{"id":"3151e839-5ad5-4820-adca-edf45b71a273","block_type":"box","text":"In doing so, the dedicated team takes into consideration","page_number":233,"box":{"x":495,"y":430,"width":401,"height":11}},{"id":"c1b453f5-303e-4115-b781-79b9287907cc","block_type":"box","text":"the fact that the necessary data to assess individual companies currently has limitations, but is improving.","page_number":233,"box":{"x":68,"y":445,"width":763,"height":12}},{"id":"f7993ed2-9b05-4f01-a440-0f7ac28c237a","block_type":"box","text":"THE GUIDELINES’ DESIGN PRINCIPLES","page_number":233,"box":{"x":347,"y":476,"width":284,"height":8}},{"id":"f39f7b42-6f9b-40c3-afcc-88644310c46b","block_type":"box","text":"The framework of these Guidelines is designed to:","page_number":233,"box":{"x":101,"y":498,"width":357,"height":11}},{"id":"0ac684a9-005f-49a1-95fa-7a93b35ee603","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":521,"width":6,"height":5}},{"id":"7fd34694-b73f-45a1-a039-0a7766596db6","block_type":"box","text":"Prioritize sectors and companies that play an important role in the transition to a low-carbon economy:","page_number":233,"box":{"x":102,"y":518,"width":751,"height":11}},{"id":"115bf271-fe9a-47af-b3d9-530148bbe190","block_type":"box","text":"This","page_number":233,"box":{"x":859,"y":519,"width":28,"height":8}},{"id":"9d44d355-6b89-432d-8ab9-f3e062538338","block_type":"box","text":"includes companies which produce goods and services that contribute to real world decarbonization or have a","page_number":233,"box":{"x":102,"y":534,"width":782,"height":11}},{"id":"87a0805d-ec36-4e09-9c5e-ca039dbabfee","block_type":"box","text":"carbon intensive business model and face outsized impacts from the low-carbon transition.","page_number":233,"box":{"x":101,"y":549,"width":648,"height":11}},{"id":"6ea1271f-a4d2-4e9a-ac15-735a89de8635","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":572,"width":6,"height":4}},{"id":"3cbc2eb7-063c-4be5-b92b-08ededda752e","block_type":"box","text":"Apply a nuanced approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":233,"box":{"x":101,"y":569,"width":772,"height":11}},{"id":"c5fddf85-0e09-4d52-8870-e66143464f02","block_type":"box","text":"across sectors and markets:","page_number":233,"box":{"x":101,"y":584,"width":208,"height":9}},{"id":"9d143f8c-ec51-4b3b-aa05-6cbdaa73de90","block_type":"box","text":"The Guidelines take into consideration the varying speeds at which sectors and","page_number":233,"box":{"x":315,"y":584,"width":566,"height":11}},{"id":"07e3fff7-fd39-433d-849a-ff526656672d","block_type":"box","text":"markets are decarbonizing based on technological feasibility, consumer demand, government policy, regulatory","page_number":233,"box":{"x":102,"y":599,"width":789,"height":11}},{"id":"a1857a50-8070-4499-8028-a8ddb6642b84","block_type":"box","text":"frameworks and other factors. Fur ther, the Guidelines recognize that these factors are uncer tain and dynamic.","page_number":233,"box":{"x":101,"y":614,"width":785,"height":11}},{"id":"4ef79306-aa3c-4d4c-8690-18f5096e630d","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":637,"width":6,"height":5}},{"id":"a1997676-c834-4093-a54b-ce89cf0d43de","block_type":"box","text":"Take a long-term, pragmatic approach to the low-carbon transition that minimizes disruption to portfolio","page_number":233,"box":{"x":101,"y":634,"width":759,"height":11}},{"id":"3fc57eec-865b-43a3-8231-d1b4b2d1afbd","block_type":"box","text":"companies and their key stakeholders:","page_number":233,"box":{"x":101,"y":649,"width":282,"height":11}},{"id":"0fa69370-b359-46af-9e14-28f6f2c637e5","block_type":"box","text":"The Guidelines recognize the challenges that many companies face in","page_number":233,"box":{"x":389,"y":649,"width":496,"height":12}},{"id":"b200356e-b703-4f94-8676-a73141cdcc20","block_type":"box","text":"adapting their business models to the low-carbon transition. It reflects a view that a smooth transition — where","page_number":233,"box":{"x":102,"y":664,"width":794,"height":12}},{"id":"0350799f-0f7d-40e2-be8b-fa5d2ad0b3d1","block_type":"box","text":"companies adapt while continuing to deliver financial returns — is a better long-term investment outcome and","page_number":233,"box":{"x":101,"y":680,"width":783,"height":11}},{"id":"e455da96-eaa3-4ffe-905d-3c6cc9f36892","block_type":"box","text":"7","page_number":233,"box":{"x":69,"y":709,"width":4,"height":5}},{"id":"51ad0ae4-69d1-4708-b532-295aef42936b","block_type":"box","text":"These companies may already be low-carbon operators or be demonstrating momentum in reducing emissions in","page_number":233,"box":{"x":78,"y":709,"width":803,"height":11}},{"id":"82bb7aa3-5e3b-49d2-827e-41e6282c4db7","block_type":"box","text":"their operations, providing key inputs or goods and services that suppor t real world decarbonization, or pivoting their","page_number":233,"box":{"x":68,"y":724,"width":832,"height":11}},{"id":"2cc19eaf-e565-41b5-afd6-130e511fcfc2","block_type":"box","text":"current business model to contribute to the transition to a low-carbon economy.","page_number":233,"box":{"x":69,"y":739,"width":565,"height":11}},{"id":"53893c2d-fa1a-47f9-bc23-17b1fbd10830","block_type":"box","text":"8","page_number":233,"box":{"x":69,"y":757,"width":4,"height":5}},{"id":"3c6e17a7-8eb9-4468-b62e-81a3ca47341d","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":233,"box":{"x":78,"y":757,"width":789,"height":11}},{"id":"244bca59-d5a7-403f-bd55-24ebdb9fc8be","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":233,"box":{"x":70,"y":772,"width":829,"height":11}},{"id":"62696011-fff1-431c-88a3-775adb6975ba","block_type":"box","text":"based approach, and are focused solely on advancing clients’ financial interests.","page_number":233,"box":{"x":69,"y":787,"width":576,"height":11}},{"id":"730eb4f0-b9d7-465b-8fd7-f6d160e52a67","block_type":"box","text":"9","page_number":233,"box":{"x":69,"y":805,"width":4,"height":4}},{"id":"0ffe2ed8-f201-4b51-845a-8832930a5b70","block_type":"box","text":"BII’s latest research shows that while decarbonization continues, its pace is increasingly uneven across sectors and","page_number":233,"box":{"x":79,"y":805,"width":828,"height":11}},{"id":"f728e512-3efb-468e-b231-32679efb620e","block_type":"box","text":"regions, and overall slower than previously expected.","page_number":233,"box":{"x":69,"y":820,"width":375,"height":11}},{"id":"3e2ca1eb-19fa-4d4f-8531-495a90ebf6b4","block_type":"box","text":"10","page_number":233,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"9121b390-70db-4d3a-a349-6e5937fb1296","block_type":"box","text":"BlackRock, “Evolving energy transition, evolving oppor tunities,” February 2025.","page_number":233,"box":{"x":84,"y":837,"width":565,"height":12}},{"id":"4ba7f770-7c1b-40e3-ba19-bbffb8a0e297","block_type":"box","text":"11","page_number":233,"box":{"x":69,"y":855,"width":9,"height":5}},{"id":"79099284-3f8e-485a-993a-469747a74db7","block_type":"box","text":"Aladdin","page_number":233,"box":{"x":83,"y":855,"width":51,"height":9}},{"id":"23cb941b-6e6e-4a27-a560-889125e73610","block_type":"box","text":"®","page_number":233,"box":{"x":135,"y":855,"width":6,"height":5}},{"id":"e835ab86-d295-45e1-a669-0f86da0560d3","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":233,"box":{"x":147,"y":855,"width":745,"height":11}},{"id":"96c41208-1575-414d-bb0c-82ad98ada596","block_type":"box","text":"analytics. Aladdin","page_number":233,"box":{"x":69,"y":870,"width":123,"height":11}},{"id":"5f3d053b-1e3b-4942-b1cc-f39049c8c096","block_type":"box","text":"®","page_number":233,"box":{"x":193,"y":870,"width":6,"height":5}},{"id":"90bd0d3d-dd4a-452e-a619-e7eac0f9a6bc","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":233,"box":{"x":205,"y":870,"width":418,"height":11}},{"id":"b3a87200-fee3-4906-8870-99e7da7aee4f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"70d8268d-ca24-4cc0-a87c-9d62d0d01a62","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 4","page_number":233,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"9cdd71b1-f62d-43c4-9434-2e4572972820","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad5c5249-544c-4334-b687-1692db90a031","block_type":"box","text":"less disruptive to other key stakeholders than a disorderly transition. Fur ther, the Guidelines consider the","page_number":234,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"7b1670e9-4f1e-4521-8d70-1ec71471a314","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":234,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"46708273-bfcb-42dc-bf89-815cd3850629","block_type":"box","text":"does not.","page_number":234,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"3f44adb6-caca-49c4-930e-f57f4da9ed9b","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"53e260cd-91fc-4081-a1e9-6301e933c687","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":234,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"913a1118-7348-4b2e-ad21-250f54372582","block_type":"box","text":"limitations:","page_number":234,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"ed627164-9f89-4de0-a136-2a4f36cde2b6","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":234,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"113f0f96-479d-4ee7-9933-530ae0e048bf","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":234,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"3a0bfe62-6907-4c2d-8d49-e189b7bdcdd7","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":234,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"680bda27-45f6-45ef-9299-b22048bf862e","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"8766b1e1-fd70-49fe-a755-fad101bc02a5","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":234,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"3fb67459-3ed2-4605-b5fe-b36eff9defd4","block_type":"box","text":"The boards and executive leadership","page_number":234,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"a18ef789-f7ee-4a11-8be2-20f444a78b9d","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":234,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"7e2252d9-bf9d-4d43-a890-e882b64ab4c3","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":234,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"ded501db-d9e8-4107-941b-ffdbf18f4c7f","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":234,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"a476f305-ab93-4629-ae8e-b1f0f4fb64db","block_type":"box","text":"Voting approach under the Guidelines","page_number":234,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"388761a9-5158-4c4b-9c20-f3666b70967f","block_type":"box","text":"12","page_number":234,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"60a0db66-df80-4abb-9a6e-d56758b726bb","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":234,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"0c710f8e-e5c1-4d4a-9b4a-b0b03d947cff","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":234,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"e606c4ee-97eb-493f-ae57-0e847c25b77c","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":234,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"1d771710-c628-457b-9d09-29b24a3bde88","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":234,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"fe0de60c-358d-4c37-b483-fa13fc6cf054","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":234,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"f30deb47-17ad-4c39-a8d1-8c89735a913d","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":234,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"de8abad2-404f-41bd-ae78-9542a9be6050","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":234,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"0ac8c869-b38d-4068-9308-0ed5a58803eb","block_type":"box","text":"Corporate Disclosures","page_number":234,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"0292ca43-dec5-4218-bab4-3609fd0786af","block_type":"box","text":"13","page_number":234,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"f9baf580-ba33-4696-8411-ec19354ca69d","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":234,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"20b811a8-2c91-40b9-96ce-71bec653514a","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":234,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"93e51825-8572-4157-b434-ca6d10a6659d","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":234,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"17955dbb-1a5c-4ba5-9240-ce12232db9a4","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":234,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"850f8f07-3824-416b-ba2f-b1742492f499","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":234,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"8fd2591a-9a37-446a-8a42-9966eb893d82","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":234,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"fc25530f-0a89-461f-b78b-b9b1983cf97f","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":234,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"1326bfd1-9f73-471d-97c0-61de83abfcab","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":234,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"5e5bd4cd-28bf-404a-a3f4-752a8acfe958","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":234,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"84e248d4-179a-41af-b516-97abae6aea3c","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":234,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"515d124a-8823-4ecc-8ab7-9339d690be2e","block_type":"box","text":"14, 15","page_number":234,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"12e370d1-f725-47c7-b29f-a5d4ad27fe15","block_type":"box","text":"IFRS","page_number":234,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"919b2bc7-75d9-4a8e-b8f0-9b4b024d53c1","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":234,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"a34bb198-9b61-4e52-b1c9-02f3321f028d","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":234,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"f62d5af3-f7e1-4538-83f3-3a145f921d23","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":234,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"53a8b84d-84b4-4aa7-a11f-86a8231738c9","block_type":"box","text":"and assurance standards are developed.","page_number":234,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"ca621db7-089c-4507-9cf0-3c5086297ca6","block_type":"box","text":"12","page_number":234,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"6e362d3f-6a6c-447e-9023-782c0a530318","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":234,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"766ea041-8bc6-4352-aaba-1c273c8aef32","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":234,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"a4769bdd-9143-4f7d-92c2-a7d7f4e80d38","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":234,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"f8f95eb1-4fb3-4f64-9faa-57aa543d50e6","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":234,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"50ea12ad-c135-40e0-b6e0-cd6b2050ffd3","block_type":"box","text":"13","page_number":234,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"4a4efb0b-57b7-4c9a-8c8d-5c0d7e87b390","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":234,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"f97a34d6-3413-46c8-9fc6-8ec33096d020","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":234,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"517891d4-b9ed-4bc9-b293-8ff2f4fb239e","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":234,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"7c7dc4f1-564b-4ae4-9d3c-3404712afa6b","block_type":"box","text":"14","page_number":234,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"3814c333-b503-46b2-8f9b-8947d754b245","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":234,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"ea055ce1-7851-42ef-a68c-c6f3c912fbeb","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":234,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"05aae680-1917-4eac-9378-3fe43069dcb5","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":234,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"1c0cada0-9514-4d68-8548-b03cca9ba799","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":234,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"3ddc5d3e-9dd4-4ff5-b0fc-a028a31f6db2","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":234,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"5468d96b-8529-4070-9333-317b9754729a","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":234,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"4832e32f-8ff3-4510-b453-4382fae1b919","block_type":"box","text":"15","page_number":234,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"b90d1d18-198b-4d13-834b-8fd49fe84882","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":234,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"1bcb0e55-1614-400e-b98c-3b70c562a5b1","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":234,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"02eed04c-0d10-41f1-bf5f-c626567663c7","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":234,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"c31c7b17-10c3-4a1e-916e-de79cfa12d06","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":234,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"9216adf0-4757-4fe6-954f-229be689fb96","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":234,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"ba8af69a-7bc5-41b6-9607-1d999e963652","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f8659c87-1285-4679-9eb4-14f8b5120427","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":234,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"6fb0d00c-397e-4f19-b18a-872bf1e560d2","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e6feebb-a7ad-4df0-9e68-b0a250385ed6","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":235,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"70a79c15-9ed7-47d5-bc91-b4b073f37e0f","block_type":"box","text":"16, 17","page_number":235,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"d897f3a1-6020-4030-90e2-d3fd736b32fd","block_type":"box","text":"In addition, the dedicated team looks to","page_number":235,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"4e583a17-cbdc-4af3-8f80-0ac93a35b748","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":235,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"7c7c338e-9943-4018-8518-4c2e54cc2982","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":235,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"aca6be61-395b-48d5-87c2-564e32e87a4b","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":235,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"357194de-96b2-4a3c-b5cd-a2b55f606198","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":235,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"a52640a4-a87d-4cb9-a88c-1b8507cc2bee","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":235,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"ce4d6c8e-b03b-4903-a253-c79ed3d2b23a","block_type":"box","text":"18","page_number":235,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"41f81087-c00e-4540-8613-6b15cdbeb03e","block_type":"box","text":"However,","page_number":235,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"c95c8e59-848e-40d0-a0fb-d2e20430b60d","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":235,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"0eee80c5-baab-4f49-9d12-bf9ef4f104d4","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":235,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"89533e3d-f6fc-4780-b27b-4f09181a27a2","block_type":"box","text":"their decarbonization targets. For some companies that play an impor tant role in the low-carbon transition, scope","page_number":235,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"c852cff3-0796-4a90-a378-2e8f56745e44","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":235,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"f73ac61b-1214-4bfa-bbd0-e8ba774abbed","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":235,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"45cec94c-9966-4fc8-b968-de9835e2f67e","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":235,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"7360e414-80d9-40e4-8edc-8e73c9ae60ca","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":235,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"926416b6-3144-49a1-abdd-787877ddc483","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":235,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"5aedc904-03d6-4971-91b1-564744b58922","block_type":"box","text":"transition risks.","page_number":235,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"9fd3f656-9cdd-4d07-8285-631f279b6aa5","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":235,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"2d986fe0-5b11-45c1-bd3f-481bc7705344","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":235,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"b42c1b20-d9d5-4025-82d8-3640e9280715","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":235,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"0ea33b62-31a7-4c1a-bdd3-535769fcce14","block_type":"box","text":"Transition plans","page_number":235,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"a69994e9-bde4-4c5b-987f-313f7bf7ff0c","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":235,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"dfe13a2b-7ffa-49b3-b1ef-b653a8f200a9","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":235,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"dab4e10e-0559-4064-8b9e-7c9a4706226b","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":235,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"6a7b53dd-18a7-41a3-a2b9-2757b91503f8","block_type":"box","text":"(see Appendix 1).","page_number":235,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"b439ddff-591f-4f49-aa54-3b747408145e","block_type":"box","text":"19","page_number":235,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"1d295991-4efc-4d81-aeed-94532e682a69","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":235,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"48110490-fa41-48ed-a211-4df3e3b0cae4","block_type":"box","text":"transition plans.","page_number":235,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"1ed0b915-5f76-446c-9dfa-522d734dd740","block_type":"box","text":"20","page_number":235,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"1af08cda-336d-4d27-807d-cb109854bf97","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":235,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"4ba0d266-889c-41de-8609-97cc6e2bfefe","block_type":"box","text":"repor ting approaches.","page_number":235,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"45b09fa5-c61b-455b-98b7-f14bc885d7d9","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":235,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"ad7e146c-0ff6-4c47-aa62-42691929b76c","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":235,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"a706bc7d-2c87-4785-9266-68b2efcb40e1","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":235,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"ea2ce63a-6155-4c0a-ab5d-19064ae7eade","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":235,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"4392f0a9-526c-4419-a180-50b7de26cb0c","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":235,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"d209e112-67ca-438c-91fc-398b0fb05e29","block_type":"box","text":"informed voting decisions.","page_number":235,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"39dcaec3-07f7-4f0f-8502-b01a9e2b4081","block_type":"box","text":"16","page_number":235,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"7f888eb8-bedd-4e37-a334-8994c1576d12","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":235,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"ed9b1d53-c347-4def-a97b-0c091590bc00","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":235,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"3efb349d-f454-465b-bda9-219b02d866f9","block_type":"box","text":"December 2025.","page_number":235,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"ad648705-ade6-49e4-91c6-44514b3a4982","block_type":"box","text":"17","page_number":235,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"1e94a3ce-5bc5-4b6c-b72b-96e568b0ce30","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":235,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"b398457a-3343-41cb-a7b3-14de0695cfed","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":235,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"e114b540-ef08-4b07-bb6e-6ff9ba7e8707","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":235,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"453ed51b-35ed-4da6-b812-e7cfbaadf577","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":235,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"3de62873-cfc5-4cee-bb58-8118c979cd02","block_type":"box","text":"18","page_number":235,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"c5438be5-229a-4ea4-9959-12aedd759b98","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":235,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"dc086a99-394a-4561-9b3e-1d78f85450af","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":235,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"bf96a185-44eb-4944-a997-177a04bf70e2","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":235,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"0f1becb5-6e15-4b55-b663-727cfa0fe461","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":235,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"7c7f3210-37d2-4400-a107-4638c156b061","block_type":"box","text":"material to their business models.","page_number":235,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"2cfa3db8-cf81-4dde-8a1f-8f8dbb9dde53","block_type":"box","text":"19","page_number":235,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"30d0801e-9d79-4199-971c-c8468e38350d","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":235,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"e97b552b-e263-4b28-941a-e0ef03ef33db","block_type":"box","text":"December 2025.","page_number":235,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"a6d1dd83-d5c5-4c49-bdf0-1d33e5b33cfe","block_type":"box","text":"20","page_number":235,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"150b31b8-d03d-4f5b-b98d-e082f525e0db","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":235,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"a2a820cc-0729-4612-98ff-2881d38d9ad2","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":235,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"df2c7f85-da4a-4374-8dbe-6a3fcc1d9cee","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":235,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"664c787f-22df-4689-a8ab-cec726988371","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":235,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"812d3132-ac93-423b-843d-fa12d2b1cc1a","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":235,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"3a4ec7fa-61f6-404a-bee1-41e67a398d57","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. Website accessed in","page_number":235,"box":{"x":68,"y":883,"width":821,"height":11}},{"id":"d48cdbac-07b1-47a9-b013-2d8a90ab4302","block_type":"box","text":"December 2025.","page_number":235,"box":{"x":70,"y":898,"width":118,"height":9}},{"id":"b04d5c53-4f3a-40f7-b522-86a61de567a6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3990c212-549a-4194-8c7e-9ca31e071204","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 6","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"60b899cf-bc5e-4b2e-8192-003dd8e48748","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7d468a7-108a-4929-bfa5-62fca5a396cc","block_type":"box","text":"Boards and directors","page_number":236,"box":{"x":69,"y":45,"width":151,"height":9}},{"id":"cabcbb68-a3ee-47d0-aef6-7d076058557d","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":236,"box":{"x":101,"y":67,"width":775,"height":12}},{"id":"bf9f2557-734c-42b8-96e4-12744c992585","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":236,"box":{"x":69,"y":83,"width":782,"height":11}},{"id":"df1d91ed-6775-472f-96e4-be2ba9b54837","block_type":"box","text":"transition strategy. In assessing the role and effectiveness of the board in this regard, the dedicated team seeks to","page_number":236,"box":{"x":68,"y":98,"width":825,"height":11}},{"id":"85fc839c-d8dc-4dbe-af4e-e447ce682a6f","block_type":"box","text":"understand whether:","page_number":236,"box":{"x":69,"y":113,"width":145,"height":9}},{"id":"1b7c2d66-ca13-4d89-833b-d306dd376125","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":136,"width":6,"height":4}},{"id":"742ab6a5-5cd7-40a4-a986-09d72affc517","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":236,"box":{"x":101,"y":133,"width":711,"height":11}},{"id":"b5c2d58d-88a3-421e-9cfd-6454ae9f8557","block_type":"box","text":"oppor tunities in the company’s business model. The Guidelines consider the whole board to have responsibility","page_number":236,"box":{"x":102,"y":148,"width":796,"height":11}},{"id":"191bbcc7-3e01-4262-a4e6-59f4ad40e614","block_type":"box","text":"for oversight of the company’s long-term strategy, including those aspects related to the transition to a low","page_number":236,"box":{"x":101,"y":163,"width":765,"height":11}},{"id":"0fa75315-0cb0-416a-b366-a890aabbdcad","block_type":"box","text":"carbon economy.","page_number":236,"box":{"x":101,"y":178,"width":119,"height":11}},{"id":"79499ceb-e7aa-401f-afe5-ecd3adbb83a4","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":201,"width":6,"height":5}},{"id":"c22236d7-ebff-4ae7-aefc-98fa1a096cce","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":236,"box":{"x":102,"y":198,"width":747,"height":12}},{"id":"7afadea1-2d59-4794-bb7c-a71852653ce7","block_type":"box","text":"accountability for delivery by senior executives.","page_number":236,"box":{"x":102,"y":213,"width":333,"height":12}},{"id":"284a441a-237e-4fcd-9651-9950737bf43d","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":237,"width":6,"height":4}},{"id":"25aaae04-e7ab-412e-9dd6-647cf69a3f37","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":236,"box":{"x":101,"y":234,"width":758,"height":11}},{"id":"f7648789-2815-4b4d-b9fc-26021073cdcb","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the company’s","page_number":236,"box":{"x":101,"y":249,"width":772,"height":11}},{"id":"ae386d20-815e-40fc-90f1-dbf3427840a5","block_type":"box","text":"stated low-carbon transition strategy.","page_number":236,"box":{"x":102,"y":264,"width":260,"height":11}},{"id":"00b94c7a-8265-4255-8d07-d86a1c0a1636","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":287,"width":6,"height":4}},{"id":"7cf44691-7129-4aa0-9b1d-b903706971e6","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":236,"box":{"x":101,"y":284,"width":807,"height":11}},{"id":"9f5e6679-0482-45db-8956-37a5e11719d1","block_type":"box","text":"company’s enterprise risk management processes and repor ting.","page_number":236,"box":{"x":101,"y":299,"width":465,"height":11}},{"id":"4b093180-5c65-4415-910f-67f2987f12bb","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":322,"width":6,"height":5}},{"id":"ced4db72-1252-46c2-82fa-d0f32e927c96","block_type":"box","text":"The company has set scope 1 and 2 GHG emissions reduction targets, science-based and independently verified","page_number":236,"box":{"x":101,"y":319,"width":804,"height":12}},{"id":"2e42fbb0-170d-407f-b7aa-9ce46f6e4db2","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average global temperature rise","page_number":236,"box":{"x":101,"y":335,"width":806,"height":11}},{"id":"d248039c-706e-462e-884d-4a47c12cb1c9","block_type":"box","text":"to no more than 1.5°C above pre-industrial levels.","page_number":236,"box":{"x":101,"y":350,"width":354,"height":10}},{"id":"85768cee-8cd7-4b3f-b251-8877c7184310","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":373,"width":6,"height":4}},{"id":"42795641-60ea-4b56-92ad-5cf96be3f1c0","block_type":"box","text":"There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over time and its","page_number":236,"box":{"x":101,"y":370,"width":788,"height":11}},{"id":"13e9de12-d911-4e24-ba5b-9a16a2e7e148","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":236,"box":{"x":102,"y":385,"width":282,"height":11}},{"id":"79b6d845-9e06-4657-bccb-b6433866720b","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":408,"width":6,"height":4}},{"id":"a1ef24e0-6d2e-4769-bd68-9649d0c7149e","block_type":"box","text":"The company is monitoring its most significant scope 3 emissions and disclosing these where it is confident in","page_number":236,"box":{"x":101,"y":405,"width":790,"height":11}},{"id":"a5ca7d1f-6515-46a6-a1c5-f707e9e8b044","block_type":"box","text":"the data. Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":236,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"d6f48d3b-be9a-42c0-b153-4fa06515826a","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":236,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"68f857fc-1e20-49cf-89cb-d2cb1a044a35","block_type":"box","text":"with the different constituents in their value chain.","page_number":236,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"cd1c0977-9bf9-4896-b3f8-4460175a1630","block_type":"box","text":"21","page_number":236,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"358503c8-0593-4ef4-9658-7895f93d400b","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"ac715fad-8f87-4341-a0ef-a24d8815da9d","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":236,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"33921d2e-ac41-4f85-a8ed-1df209f67199","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":236,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"4b9673d2-dc60-46fd-bd29-b0420c6a505a","block_type":"box","text":"22","page_number":236,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"13ec8a9d-b551-4f1a-9181-bcc5fa09bb6c","block_type":"box","text":"The dedicated team looks for","page_number":236,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"4774b002-466a-4b3c-8f97-3e40c7e96af3","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":236,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"cb3e9bd7-0971-4c0a-b0e6-408acc9a78c0","block_type":"box","text":"related to the low-carbon transition.","page_number":236,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"cdee16fd-b402-4067-886a-77ccb7fa1b8d","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":236,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"80b20661-010b-4f0e-8247-7b91975bcf32","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally suppor ts non-executive directors standing for","page_number":236,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"e878cd4c-8d27-4803-b60f-b6bbd53a2d1a","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":236,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"a5a9a623-8792-4e5b-bfb9-8f2c7d6f857d","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. Where the dedicated team","page_number":236,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"765a9302-5847-48a6-bcc4-8b0ceaed4599","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":236,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"b229f87b-48bc-429e-84d3-18b5e62c9302","block_type":"box","text":"having the most responsibility for the issue. The directors most likely to be in focus are the chair of the board","page_number":236,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"17e9fc33-08c6-4aab-9920-1fb3902b3308","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":236,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"a3301209-50c4-41b2-967a-833d66ffb6c2","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. In cer tain markets, the","page_number":236,"box":{"x":69,"y":659,"width":808,"height":11}},{"id":"e5d4ce5f-0779-4a61-b1ad-55b36af62fe8","block_type":"box","text":"team may withhold suppor t for the discharge of the supervisory board or equivalent and/or board repor ts.","page_number":236,"box":{"x":68,"y":675,"width":758,"height":11}},{"id":"1907721d-e827-47d4-a114-e734b3bce0bd","block_type":"box","text":"23","page_number":236,"box":{"x":828,"y":675,"width":9,"height":4}},{"id":"09e0232f-8c0d-4aa7-9f92-c077ce1df1a7","block_type":"box","text":"21","page_number":236,"box":{"x":69,"y":704,"width":9,"height":5}},{"id":"297849e7-7cab-49bd-bb79-5a5db8759e65","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":236,"box":{"x":84,"y":704,"width":825,"height":11}},{"id":"3a4feffd-34b4-4444-b900-123ba629f32a","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":236,"box":{"x":70,"y":719,"width":835,"height":11}},{"id":"56ffb35d-b9ff-474e-99be-85ccf6d89c4d","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":236,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"eaf6d30e-1c11-4f3c-96ed-7fd361f5746d","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":236,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"5a4c13a3-f538-4389-9547-734a1bc2d6f4","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":236,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"5226ded4-39ba-4c0b-817d-35d9f6e103b9","block_type":"box","text":"Website accessed in December 2025.","page_number":236,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"b2d17de0-6184-46e5-82ed-2f2584957a85","block_type":"box","text":"22","page_number":236,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"2bcf90cf-d123-457b-a0e3-54e91d856dac","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":236,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"22fcba22-f595-49fe-9043-588d44742a99","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":236,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"8f8f1504-b52a-413f-a7e0-b6291f7b381d","block_type":"box","text":"23","page_number":236,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"197b65fd-8c98-423e-a969-cf7ab029088d","block_type":"box","text":"Board repor t votes are generally advisory and relate to repor ts issued by the board of directors that may contain","page_number":236,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"81436dc1-050a-4168-90a4-7be7de5cd7e2","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":236,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"e569d825-bd8a-4937-994e-6bc3a7bfbd16","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9f59ed7c-4bf2-42e2-95f9-99af4deb1b5b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"6f1df5b1-272d-4ebd-a140-853600407a6a","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0221869-1d09-4a0b-870a-fb85d02883fe","block_type":"box","text":"Where the dedicated team has not suppor ted director elections over climate concerns in a prior year, and the","page_number":237,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"69519113-e441-4878-b753-e0ba6e694b35","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":237,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"86e5a5e5-03cf-46dc-831e-50d4395ba2e5","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":237,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"af527a56-f1a1-456d-bce0-69f9f645ea66","block_type":"box","text":"24","page_number":237,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"e6004337-4acf-48a4-a53a-7a5681ff7806","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":237,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"e29cafc8-76e2-4217-bd49-196f124b3531","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":237,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"be74cce1-9ce7-487f-8110-3628c2f5fea5","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":237,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"34434a78-a3ae-4846-8a44-f05f5a3bb309","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":237,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"8b15c6ce-9220-4b57-810a-d82b576094e4","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":237,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"505f217f-5653-45a4-ac27-717c7a1d068f","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":237,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"a9dc3a3f-056c-458d-9c68-faed8e29c68a","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":237,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"9d2dd33e-ef22-417a-ad6d-6e7704738833","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":237,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"976d0be5-646a-41f8-9bef-d3e4db699071","block_type":"box","text":"transition plan and targets.","page_number":237,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"2c477dd3-bbe8-4f95-8d68-6e4e37056120","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":237,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"387d258f-7686-4b8a-8f38-3d1b1c899435","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":237,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"59c9c02e-43b7-4a3a-b8be-bd4641cb00d1","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":237,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"602b20da-d593-4149-a37f-2734dc446059","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":237,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"eae7b776-d6b5-402e-9ec5-dbcd07d86327","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":237,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"a4d6a892-942b-4b27-808d-46d5a93c44cf","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in suppor t of a proposal, it is not necessarily","page_number":237,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"86a33aba-3d7b-480e-97c9-b09bf2063d69","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":237,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"a3dd41cc-e046-48c7-bc4a-dbefd137c281","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":237,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"13e8e0b7-179c-4a8c-bead-8081a42aced5","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":237,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"0a387df0-e7a2-40f1-b941-092e23ecdc6c","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":237,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"2797ce2c-63c2-40e1-92c9-9dd1e7e9ae7c","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":237,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"587fab2c-7f89-4c60-9914-42fb6f6333b2","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"708cfdf8-35a6-4be4-ae6c-08777b8f736b","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":237,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"45063048-3693-4433-b5da-c1624977319a","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":237,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"e4c118f6-6440-42c5-b784-871af4d6d8ad","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"24ac997e-e877-4bde-a7ea-cf96a3bc323b","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":237,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"c0d2b73e-6850-47e0-85d5-afa7aac0a14b","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":237,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"cd529031-3e44-478f-9182-49e7d6f8a593","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"13224b9b-8f79-4c99-9525-4598950e873d","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":237,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"f959025e-29b6-4a6f-9a75-258c79345e9b","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"0b48e44f-c628-4b4c-a8c0-7167c1ed40d0","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":237,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"9294f7cc-7cd7-490c-afda-77cd4cb8de93","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":237,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"981bd0aa-b47a-4957-8abf-fc9ed4031ceb","block_type":"box","text":"25","page_number":237,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"00d130a8-46c5-4e80-abc0-01372b2b6ca6","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":237,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"f6530632-feb7-440e-9ea9-0f2fec8ff33d","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":237,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"b2fc869e-6e56-45a4-8a0b-18857277e269","block_type":"box","text":"RELATED MATTERS","page_number":237,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"a94d1b8f-edb3-4f91-a955-f33e5e877062","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":237,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"929e142b-7d54-441c-afbc-4928ecc8c800","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":237,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"df62ecf4-1476-45dd-b4c8-4a6a592641c4","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":237,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"1c36d73a-a84d-4317-b63b-715a6ea0243f","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":237,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"147ae01c-64a8-40fb-8ec3-c759faed0b4a","block_type":"box","text":"Executive compensation","page_number":237,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"d508a11f-3415-4582-b42a-3bf6d34a453d","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":237,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"97a20a9f-a74d-4269-812b-241f10f351ff","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":237,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"5b72b159-121a-45e8-a72d-2a5fe2190366","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":237,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"b6cc120a-e6bb-4091-9040-3f1e1d8a74e8","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":237,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"1c0839c2-cea3-4bf7-85ba-0ecba504455a","block_type":"box","text":"24","page_number":237,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"de8eb904-94ad-4833-acac-d2f39a5e1821","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":237,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"7b2a7ee8-71ff-45bf-92ea-5110413d7c65","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":237,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"e3a292b9-82b5-454a-9bf4-d3ba9208b100","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":237,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"d1b7bc36-e6f1-40d3-bb0e-3877a434e127","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":237,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"2e9a3182-4983-4347-817b-ebe034878aa0","block_type":"box","text":"25","page_number":237,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"168e40eb-116b-44d7-aeee-9983fc90cae7","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":237,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"47060950-c7ff-4e33-9b13-4334b1a06c19","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":237,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"43a3c1e5-9f2b-422c-9817-7fc57972fde5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"458ee9a1-73ca-4862-9a14-bd52c1dec554","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":237,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"09cf8f3b-0c9e-4928-96c3-5ac977c9151e","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b054243a-3131-47d3-93b3-2db8b2d52b87","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":238,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"d690e9e8-98d8-43bb-ab79-99e4859ff825","block_type":"box","text":"strategy and risk management.","page_number":238,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"0b27b508-a9ea-4f9d-a1b1-f588b34a6892","block_type":"box","text":"Auditors and audit-related issues","page_number":238,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"544e468f-4bee-4828-b4bc-3c8225331303","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":238,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"5c45e954-e4e0-4e46-9d45-928737b2eec3","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":238,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"6f95b7cd-46ea-4842-8f85-3a2535bd56a4","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":238,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"18aadee5-1655-4a6e-8769-4cb4e221f19a","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":238,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"f21f90e2-3a70-4722-98d6-b672ae7beea3","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":238,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"66e745ec-071d-4e12-8e12-402c25aa4424","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":238,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"33d228ff-2bc8-4131-81bb-c7964ae2d086","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":238,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"0853c045-a6ef-465d-b70e-b21fbd74c757","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":238,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"ff866ba4-5092-4367-89a3-44a9fecd7e1c","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":238,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"a4f4fceb-0c3d-4d80-918b-ba6b701a9d9b","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":238,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"16bbe6f1-f1ee-417d-a426-c437d80e3521","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":238,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"77a68aaf-640d-461f-bb1e-9eed6497f754","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":238,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"67f27d4e-849f-4b2e-860a-d79e8f50f356","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":238,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"4471e3c9-c9b0-410d-8693-e935e4e90887","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":238,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"face5cd8-002b-487e-9a9b-32865df73e4a","block_type":"box","text":"stakeholders.","page_number":238,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"c0d34233-c6e3-4c72-a5d7-584b19804179","block_type":"box","text":"26","page_number":238,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"c067cfa3-40ed-4279-881e-e55391d0d908","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":238,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"7fa86da0-d91d-4253-ae27-13768c140acb","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":238,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"669e0200-7bfe-489c-96d7-860a103f059c","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":238,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"d78072cc-f81e-41f5-81f9-99ec71b5d22e","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":238,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"6bd28991-5da3-441e-9d7e-64485c387c2c","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":238,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"e5c6c04f-8c3a-45ce-bf24-58ebd818bdbf","block_type":"box","text":"26","page_number":238,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"d6d254bf-7955-4c32-9003-09612c45e317","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":238,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"c90ab736-5d84-45f3-b161-47ec7d2f3620","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":238,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"8ca82577-92e4-44af-9807-ef749a32d1bc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"418b8aba-497a-4e58-9170-9aaa40921c25","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"a9748de6-5015-47cf-ae0b-7fbc3ea5bfa6","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca7e54a7-9ec4-44e5-bd6c-6e3e1e503915","block_type":"box","text":"Appendix 1","page_number":239,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"735e85c0-8d23-4ab5-b44e-3fa8b1b0ff3e","block_type":"box","text":"Terminology","page_number":239,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"59ed9459-1b33-4276-8956-e9af146d6994","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":239,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"c2494f20-f390-4b12-afc1-179ccdc3e275","block_type":"box","text":"Climate risk:","page_number":239,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"880aa8ce-dd72-4d49-b738-f557e5246cef","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":239,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"602107ad-dd80-4854-9f22-bce8d7952937","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":239,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"c85fd481-d5b5-4f42-a2d1-f92cdf236b02","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":239,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"c5d9395a-6a3c-455f-90c0-055e0cfb6449","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":239,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"d99171c4-05f7-457d-97f8-dccfb21f9c0e","block_type":"box","text":"The global economic shift toward lower","page_number":239,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"ead966fe-a26c-4f1a-ab4a-5fe6c396723c","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":239,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"32b759cb-b161-404b-aa32-46fa9dd9dd8a","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":239,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"7d16b066-703c-41d3-86b1-ee33be1fc49a","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":239,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"0b80ca44-222d-4b91-8b14-021fe16c370b","block_type":"box","text":"Decarbonization:","page_number":239,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"67fbd860-9432-4a61-b3ee-ee6a2069ce33","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":239,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"8d6ee988-2698-4206-9173-6ec21fa38d1e","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":239,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"f24e026b-c4b2-46d2-91bf-60ad20ebbbfe","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":239,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"b396d971-14bf-46c9-bdbd-e31bd8d9511d","block_type":"box","text":"e.g., methane.","page_number":239,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"78fb065c-0124-466b-a8bc-3bae5e2595e3","block_type":"box","text":"Climate-related risks and opportunities:","page_number":239,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"9d025a0b-c1c5-46bb-b38a-eac4104ad20b","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":239,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"91793384-ad99-48fd-88f3-f010d184b53c","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":239,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"c59051b9-0d0e-4489-a868-2b89879c6421","block_type":"box","text":"to physical climate change.","page_number":239,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"1954532a-c15d-4c6c-9d28-4116bd188022","block_type":"box","text":"Climate-related transition plan:","page_number":239,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"923a90af-2922-40e9-9aa3-ab34ee3ba609","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":239,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"0a0f4a25-fad5-4a86-94a5-0804fb097d8a","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":239,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"79636d4e-00ba-48f0-ade7-31249625428a","block_type":"box","text":"greenhouse gas emissions.”","page_number":239,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"85beee5b-3984-4199-a6d2-c684d1c7cc5e","block_type":"box","text":"27","page_number":239,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"8397afcd-738e-484d-8ff4-7fbd661be785","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":239,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"42a5c0d3-1b96-4f6a-afa6-9c17de8207ec","block_type":"box","text":"Targets that “","page_number":239,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"7aa3ec0d-c419-499e-9dd1-86f3b7d538f9","block_type":"box","text":"are in line with what the latest climate science","page_number":239,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"2053e6e4-2930-4a5e-b37b-521ddaeaa488","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":239,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"65d22843-c29a-465c-8c21-94a7d7679a79","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":239,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"1ab0c09c-82ce-4396-9bec-e3f12bd88c95","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":239,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"edc91265-6e58-4347-8739-f1e7c888ebf5","block_type":"box","text":"with the Paris Agreement goals.”","page_number":239,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"f544dc2e-e97c-41a9-81ef-ca641b50d012","block_type":"box","text":"28","page_number":239,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"049b0b23-df6e-47cb-8c6b-4e83cf7f44bc","block_type":"box","text":"Scope 1:","page_number":239,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"ab2a5f9c-4789-4ca1-b4bc-c568367db368","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":239,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"0472d1b2-29db-4ea6-808f-4d223282c439","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":239,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"5a529a9e-40da-4a9b-9897-33b9ea1c05a9","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":239,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"3ccfc67b-556b-4f7b-9fc9-c09941dd8589","block_type":"box","text":"29","page_number":239,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"ea1a9972-9fca-4230-973b-696af6da8a74","block_type":"box","text":"Scope 2","page_number":239,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"1f642a16-c66e-4e14-837f-daf3941e4e6d","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":239,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"6d153219-7300-4bb0-a1fc-c2dbbf153024","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":239,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"a2375396-74ed-46f2-8a69-d98a04d7fa62","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":239,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"260086d2-e897-4628-8101-07589ca33192","block_type":"box","text":"30","page_number":239,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"dc13324b-659e-4950-b529-bd8c4b51162b","block_type":"box","text":"Scope 3:","page_number":239,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"ac599907-3b31-4046-9183-d36ee19e21f6","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":239,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"a0847000-3d69-4ff6-af24-520fa05b4287","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":239,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"743c5b9d-4199-4715-9656-bbe0f58c8fdb","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":239,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"1876a057-3596-4d69-8104-9bad42f3bcbf","block_type":"box","text":"31","page_number":239,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"fc914b94-65c0-4612-b00a-5672d2f03570","block_type":"box","text":"27","page_number":239,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"c9e21c34-26f3-4905-9d35-b2f7ad655be8","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":239,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"2e2734c2-ce6b-4c28-80eb-c5cbbfe97866","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":239,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"a7ca9b00-a1ac-4ad2-8eb8-6bba5e318e2e","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":239,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"156fc474-a570-4f79-aa17-0c6dcf2c3078","block_type":"box","text":"28","page_number":239,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"f51825b6-07cd-443b-8d12-c9bdb9de41a2","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":239,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"f550018f-585d-4174-8434-cc837ea5da5b","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. We develop","page_number":239,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"0f00768f-65f1-4d39-8c3b-b2ae0987777a","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":239,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"566bed43-40a6-411b-9cd7-099a3561aa85","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":239,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"4a064c89-c2e8-4e1b-af9e-710e767866c5","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 2025.","page_number":239,"box":{"x":69,"y":787,"width":666,"height":11}},{"id":"957219b7-2f42-47e9-b8d1-5f39e4f77ad7","block_type":"box","text":"29","page_number":239,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"08859adb-1567-4bce-a48c-50fee99501c5","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Repor ting Standard,” Revised Edition.","page_number":239,"box":{"x":84,"y":805,"width":670,"height":11}},{"id":"994cbdf3-1c75-421d-bb35-e0db017d52fd","block_type":"box","text":"30","page_number":239,"box":{"x":69,"y":823,"width":9,"height":4}},{"id":"3b15c555-b374-422c-96cf-ede5b7553df6","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Repor ting Standard,” Revised Edition.","page_number":239,"box":{"x":84,"y":822,"width":670,"height":12}},{"id":"a8f32293-d0cc-417f-9bd2-04254a02625e","block_type":"box","text":"31","page_number":239,"box":{"x":69,"y":840,"width":9,"height":5}},{"id":"50c84825-ee89-4f6e-a8f2-b3a20d7818fa","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Repor ting Standard,” Revised Edition.","page_number":239,"box":{"x":84,"y":840,"width":670,"height":11}},{"id":"ef154bb8-5895-4c98-a248-e7ebf379d674","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d29f1853-d6ac-4a4e-af49-4c10c6b7bd96","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 10","page_number":239,"box":{"x":500,"y":942,"width":409,"height":13}},{"id":"3a14ef2d-c11a-498b-a111-7516b2b8b5ad","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b12c632-edf4-4bb5-a440-e35b5eee4891","block_type":"box","text":"Appendix 2","page_number":240,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"13470772-5405-44ef-8796-f234ca11042c","block_type":"box","text":"Comparison of key differences between how the BIS’ Benchmark Policies considers climate-related risks,","page_number":240,"box":{"x":101,"y":67,"width":771,"height":11}},{"id":"00e9e152-7a63-46bd-8daa-9218e955ebb8","block_type":"box","text":"where appropriate, and these Guidelines:","page_number":240,"box":{"x":68,"y":83,"width":299,"height":10}},{"id":"75ae433f-b22a-4994-8c97-988ea3184074","block_type":"box","text":"32","page_number":240,"box":{"x":368,"y":83,"width":10,"height":4}},{"id":"89a01aba-9107-4a59-86d7-f4bc47b2d2b9","block_type":"box","text":"BIS Benchmark Policies","page_number":240,"box":{"x":302,"y":106,"width":174,"height":9}},{"id":"356c000a-bb3a-42cd-8532-f37e0c0ffb68","block_type":"box","text":"33","page_number":240,"box":{"x":477,"y":107,"width":9,"height":4}},{"id":"6339f390-4b44-42cf-82ea-e469fd95a831","block_type":"box","text":"Decarbonization Guidelines","page_number":240,"box":{"x":643,"y":106,"width":196,"height":9}},{"id":"8e138935-12ff-451e-903f-ea23436306cd","block_type":"box","text":"Key concepts","page_number":240,"box":{"x":75,"y":122,"width":98,"height":11}},{"id":"a5d5a50b-44c1-482b-92bb-c8e529a36363","block_type":"box","text":"Focuses on financial per formance","page_number":240,"box":{"x":232,"y":121,"width":240,"height":11}},{"id":"23d90d7f-f2d4-42bf-b14c-9f2c5d520ec1","block_type":"box","text":"and engages companies on","page_number":240,"box":{"x":231,"y":137,"width":195,"height":11}},{"id":"51f425eb-7b23-4a9b-833f-e1855c36bf48","block_type":"box","text":"climate and transition topics when","page_number":240,"box":{"x":231,"y":152,"width":244,"height":11}},{"id":"ce890a66-a091-4183-891e-cf353b4ec88d","block_type":"box","text":"material to their business","page_number":240,"box":{"x":232,"y":167,"width":181,"height":9}},{"id":"af764406-6411-4b94-8eb4-31cfdc1f8f4c","block_type":"box","text":"Prioritizes the disclosure of how a","page_number":240,"box":{"x":232,"y":186,"width":239,"height":9}},{"id":"b79fe00f-0432-47ef-9cbf-5664a0d1d17f","block_type":"box","text":"company is managing material","page_number":240,"box":{"x":231,"y":201,"width":215,"height":11}},{"id":"9c88ecca-a7a0-420b-a901-65812cc2c994","block_type":"box","text":"climate and transition-related risks","page_number":240,"box":{"x":231,"y":216,"width":246,"height":9}},{"id":"185371de-f8f1-4305-a59b-4793571ce271","block_type":"box","text":"and oppor tunities","page_number":240,"box":{"x":231,"y":231,"width":125,"height":11}},{"id":"50fc3a51-f80a-4e1e-8bd6-b9a3f16c9307","block_type":"box","text":"Considers both financial per formance","page_number":240,"box":{"x":578,"y":121,"width":267,"height":11}},{"id":"9c0b0cdb-e48d-491d-a4d5-25fb5724858e","block_type":"box","text":"and decarbonization objectives","page_number":240,"box":{"x":578,"y":137,"width":218,"height":11}},{"id":"c521c076-8953-4ff0-be3f-e435dc941132","block_type":"box","text":"consistent with funds’ and clients’","page_number":240,"box":{"x":577,"y":152,"width":244,"height":9}},{"id":"90da2600-038d-49c4-8edf-3b9061327e63","block_type":"box","text":"investment objectives","page_number":240,"box":{"x":578,"y":167,"width":153,"height":11}},{"id":"5a68696f-f438-4722-919a-4287491371f4","block_type":"box","text":"Assesses the alignment of a","page_number":240,"box":{"x":577,"y":186,"width":203,"height":11}},{"id":"38978063-718a-4ccc-9f02-ac01a5e9c64c","block_type":"box","text":"company’s business model","page_number":240,"box":{"x":577,"y":201,"width":193,"height":11}},{"id":"b4cdedc8-4429-4356-a06e-36fe44c01365","block_type":"box","text":"with the ambition to limit global","page_number":240,"box":{"x":577,"y":216,"width":223,"height":11}},{"id":"417fb047-5020-4703-9ed5-18af924be75e","block_type":"box","text":"average temperature rise to","page_number":240,"box":{"x":578,"y":231,"width":196,"height":11}},{"id":"695ba589-026e-47a0-ac16-7401ff04a09f","block_type":"box","text":"1.5°C above pre-industrial levels","page_number":240,"box":{"x":578,"y":246,"width":230,"height":11}},{"id":"f432a84f-f466-4963-ac5a-c589fc8f4773","block_type":"box","text":"Prioritized","page_number":240,"box":{"x":75,"y":269,"width":72,"height":9}},{"id":"cfc280f3-aece-4be6-96c4-740f498086ec","block_type":"box","text":"companies for","page_number":240,"box":{"x":74,"y":284,"width":103,"height":11}},{"id":"918529fd-63c2-4ec1-a479-3056f9325e89","block_type":"box","text":"climate-related","page_number":240,"box":{"x":74,"y":299,"width":109,"height":9}},{"id":"5eed1143-f682-432a-8599-a303af07e72f","block_type":"box","text":"engagement","page_number":240,"box":{"x":74,"y":315,"width":90,"height":10}},{"id":"35b18bfb-75d3-4b28-bc97-0a5da759d031","block_type":"box","text":"Largest Scope 1 and 2 GHG emitters Largest total value chain GHG","page_number":240,"box":{"x":232,"y":269,"width":557,"height":11}},{"id":"82224743-e3e3-4117-9959-af083704522f","block_type":"box","text":"emitters (Scope 1, 2, and 3)","page_number":240,"box":{"x":578,"y":284,"width":201,"height":11}},{"id":"d7c9e9e5-2bb0-43c3-8c87-ffecf74bfa32","block_type":"box","text":"Emissions","page_number":240,"box":{"x":75,"y":337,"width":72,"height":9}},{"id":"62f15a89-bb66-48f0-9a93-1fd971b769b0","block_type":"box","text":"reporting","page_number":240,"box":{"x":75,"y":352,"width":66,"height":11}},{"id":"1b7659f8-bfc4-4014-9e6e-a77eb02e0e35","block_type":"box","text":"Seeks repor ting of Scope 1 and 2 Seeks repor ting of Scope 1, 2 and","page_number":240,"box":{"x":231,"y":337,"width":592,"height":11}},{"id":"29558671-4cf7-44d9-9539-aa91ca43cdb1","block_type":"box","text":"significant 3","page_number":240,"box":{"x":578,"y":352,"width":86,"height":11}},{"id":"046a3da3-e94f-4cf7-b7de-05129ec618e2","block_type":"box","text":"Emissions targets","page_number":240,"box":{"x":75,"y":375,"width":130,"height":11}},{"id":"a0e8ac6d-6893-40d5-bc9f-cdc620916bba","block_type":"box","text":"& decarbonization","page_number":240,"box":{"x":74,"y":390,"width":131,"height":9}},{"id":"8f5e33dd-613e-4327-96f5-8e4b01c2f9dd","block_type":"box","text":"efforts","page_number":240,"box":{"x":74,"y":405,"width":48,"height":9}},{"id":"096504d0-9798-4827-8a07-ec4dca23e72f","block_type":"box","text":"Seeks the disclosure of Scope 1 and","page_number":240,"box":{"x":231,"y":375,"width":262,"height":11}},{"id":"e46efec0-13c4-4d55-875b-0a328c1b052d","block_type":"box","text":"2 targets","page_number":240,"box":{"x":231,"y":390,"width":64,"height":11}},{"id":"9cd02fc1-be51-477f-a5fe-d0ac2dd030b5","block_type":"box","text":"Seeks Scope 1 and 2 targets and","page_number":240,"box":{"x":578,"y":375,"width":239,"height":11}},{"id":"1c3884e7-aea5-498e-a374-368719c33943","block_type":"box","text":"assesses decarbonization effor ts","page_number":240,"box":{"x":578,"y":390,"width":238,"height":9}},{"id":"ad6c0cbd-811f-4fd9-ad30-8e88c13e2b92","block_type":"box","text":"Temperature &","page_number":240,"box":{"x":74,"y":428,"width":108,"height":11}},{"id":"fd8f627f-b162-4503-8b22-12c0c0a81464","block_type":"box","text":"scenario","page_number":240,"box":{"x":74,"y":443,"width":61,"height":9}},{"id":"e1aa562f-b239-4d5c-aa35-a58af1d54bea","block_type":"box","text":"alignment/","page_number":240,"box":{"x":74,"y":458,"width":82,"height":11}},{"id":"357d698b-d8eb-4b22-8d94-68d072380bc4","block_type":"box","text":"pathways","page_number":240,"box":{"x":75,"y":473,"width":68,"height":11}},{"id":"849bb6d3-7380-4a28-84dc-67c23643f7d1","block_type":"box","text":"Seeks disclosure from companies","page_number":240,"box":{"x":231,"y":428,"width":241,"height":11}},{"id":"b1d86a26-ed4b-4754-86de-b25fda2f8bf9","block_type":"box","text":"that identifies and discusses the","page_number":240,"box":{"x":231,"y":443,"width":233,"height":9}},{"id":"812b36bf-e2fc-4a60-8951-f49c8bf16ec2","block_type":"box","text":"most plausible decarbonization","page_number":240,"box":{"x":232,"y":458,"width":219,"height":11}},{"id":"d69b75e3-0096-4165-b386-f591e9c93380","block_type":"box","text":"pathway","page_number":240,"box":{"x":232,"y":473,"width":57,"height":11}},{"id":"44f86edc-6774-4d89-bdd6-63329e593ce0","block_type":"box","text":"Assesses temperature and","page_number":240,"box":{"x":577,"y":428,"width":191,"height":11}},{"id":"1765d0bb-bd7d-447f-9cd7-5f761f536c9c","block_type":"box","text":"scenario alignment/pathways","page_number":240,"box":{"x":578,"y":443,"width":209,"height":11}},{"id":"408320c7-0f0c-4bc2-a2e1-431ce2f21119","block_type":"box","text":"to 1.5°C degrees","page_number":240,"box":{"x":577,"y":458,"width":121,"height":11}},{"id":"9aead866-4651-4989-b3da-5c1b16a1b006","block_type":"box","text":"Science-based","page_number":240,"box":{"x":74,"y":496,"width":104,"height":9}},{"id":"1c1461b0-6546-41f0-aef3-d65f28d9e7b1","block_type":"box","text":"targets","page_number":240,"box":{"x":74,"y":511,"width":53,"height":11}},{"id":"17a7416a-a5f3-4896-9000-bafd77c06298","block_type":"box","text":"commitments &","page_number":240,"box":{"x":74,"y":526,"width":116,"height":9}},{"id":"e39ed60d-45fa-4fa9-8f1f-2f8b998bbaa5","block_type":"box","text":"verifications","page_number":240,"box":{"x":74,"y":541,"width":89,"height":9}},{"id":"49958287-5416-42a5-8157-18267ef9d778","block_type":"box","text":"Disclosure topic but not vote","page_number":240,"box":{"x":232,"y":496,"width":203,"height":11}},{"id":"f7797afe-6909-4c99-b9aa-5984bfd61464","block_type":"box","text":"escalation criteria","page_number":240,"box":{"x":231,"y":511,"width":126,"height":9}},{"id":"8e56f658-5c9d-41f3-9d56-e5b3b019c831","block_type":"box","text":"Seeks science-based targets and","page_number":240,"box":{"x":578,"y":496,"width":235,"height":11}},{"id":"3ba5e9eb-a6e5-4b27-a85d-023bbba24c9f","block_type":"box","text":"verifications where possible; may","page_number":240,"box":{"x":577,"y":511,"width":237,"height":11}},{"id":"67e75a7a-08a5-465a-b233-0fc7673dfefa","block_type":"box","text":"take voting action where absent","page_number":240,"box":{"x":577,"y":526,"width":227,"height":11}},{"id":"711940d1-44e0-40b8-b495-c2ad02394f64","block_type":"box","text":"Company’s role in","page_number":240,"box":{"x":74,"y":564,"width":130,"height":11}},{"id":"d70019d9-25ad-4fc7-bdb1-268beddd7a09","block_type":"box","text":"the transition","page_number":240,"box":{"x":74,"y":579,"width":98,"height":9}},{"id":"5eac1663-d802-409a-beea-25d1df0fbd4c","block_type":"box","text":"Disclosure topic but not vote","page_number":240,"box":{"x":232,"y":564,"width":203,"height":11}},{"id":"259c118e-73a4-4354-8a80-dca770a8f937","block_type":"box","text":"escalation criteria","page_number":240,"box":{"x":231,"y":579,"width":126,"height":9}},{"id":"e6ce4ac6-c9b0-406f-863c-2f7ea95a881e","block_type":"box","text":"Assesses activities benefitting from","page_number":240,"box":{"x":577,"y":564,"width":254,"height":11}},{"id":"b0df4ff8-82c2-47e2-814e-eabe9d6e5a77","block_type":"box","text":"and/or contributing to the transition","page_number":240,"box":{"x":578,"y":579,"width":254,"height":11}},{"id":"d4fb0f25-d704-42eb-9e3d-425340bd4edd","block_type":"box","text":"to a low-carbon economy","page_number":240,"box":{"x":577,"y":594,"width":176,"height":11}},{"id":"a8092435-c599-436c-bf88-bf6dfdf5aeb3","block_type":"box","text":"Shareholder","page_number":240,"box":{"x":74,"y":617,"width":87,"height":9}},{"id":"5d67e749-aabd-48fa-8cf7-132b9c1ea0c4","block_type":"box","text":"proposals","page_number":240,"box":{"x":75,"y":632,"width":69,"height":11}},{"id":"180c16bd-321c-4966-991c-dde78bd9f9e9","block_type":"box","text":"Case-by-case approach with focus","page_number":240,"box":{"x":231,"y":617,"width":240,"height":11}},{"id":"219c2d0e-6fc1-4f2d-bf85-2ed318b06784","block_type":"box","text":"on implications for long-term","page_number":240,"box":{"x":231,"y":632,"width":202,"height":11}},{"id":"7c0d07be-6afb-4b10-a5d7-9ab9a1491e9b","block_type":"box","text":"financial value creation","page_number":240,"box":{"x":231,"y":647,"width":163,"height":9}},{"id":"e9581431-b454-4257-b5b3-c969d95dc06c","block_type":"box","text":"No suppor t for shareholder","page_number":240,"box":{"x":232,"y":666,"width":192,"height":11}},{"id":"4877fd27-918c-449f-a651-6deb4e467743","block_type":"box","text":"proposals that seek to direct","page_number":240,"box":{"x":232,"y":681,"width":205,"height":11}},{"id":"f4094642-3407-4508-a9e2-aecfee54b3be","block_type":"box","text":"management strategy","page_number":240,"box":{"x":232,"y":697,"width":153,"height":10}},{"id":"c32931d7-b7d2-4b6b-8dd8-7de836ffa3a6","block_type":"box","text":"Case-by-case approach with","page_number":240,"box":{"x":578,"y":617,"width":195,"height":11}},{"id":"439c17a2-6fb4-425e-8e53-a9bdb32ced03","block_type":"box","text":"fur ther consideration given to","page_number":240,"box":{"x":577,"y":632,"width":209,"height":11}},{"id":"82380980-543d-4ef9-8bf5-1abf4b11ed05","block_type":"box","text":"decarbonization objectives in","page_number":240,"box":{"x":578,"y":647,"width":204,"height":11}},{"id":"6f413cd0-644b-46e8-b35e-9d7b1a372a91","block_type":"box","text":"addition to financial per formance","page_number":240,"box":{"x":578,"y":662,"width":235,"height":11}},{"id":"e1e965c3-3eb4-4998-9cc2-c293e5747f0f","block_type":"box","text":"No suppor t for shareholder","page_number":240,"box":{"x":578,"y":681,"width":192,"height":11}},{"id":"5c05484f-c8fd-44b2-bef5-9b843eafe0c8","block_type":"box","text":"proposals that seek to direct","page_number":240,"box":{"x":578,"y":696,"width":205,"height":11}},{"id":"fb104f9f-9665-4a02-a625-43706b14b213","block_type":"box","text":"management strategy","page_number":240,"box":{"x":578,"y":712,"width":154,"height":10}},{"id":"3a5bea6e-cfc5-4fe3-9bd5-6c971f72e1b9","block_type":"box","text":"32","page_number":240,"box":{"x":69,"y":750,"width":9,"height":5}},{"id":"cc0a613e-a5f2-48bb-832a-51f992300ea0","block_type":"box","text":"There may be some regional variations in voting under these Guidelines in light of company circumstances, policy","page_number":240,"box":{"x":83,"y":750,"width":809,"height":11}},{"id":"a2d81318-0ce6-428b-97a5-be70bedc16d0","block_type":"box","text":"requirements in a par ticular market or a country’s Nationally Defined Contributions, amongst other things.","page_number":240,"box":{"x":69,"y":765,"width":755,"height":11}},{"id":"f4729517-0084-4529-b8e9-8128c0fd1a40","block_type":"box","text":"33","page_number":240,"box":{"x":69,"y":783,"width":9,"height":4}},{"id":"58ccbe78-41a0-49f0-8cc3-b1bba85aef65","block_type":"box","text":"The BIS Global Principles, regional voting guidelines, and Engagement Priorities (collectively, the BIS Benchmark","page_number":240,"box":{"x":83,"y":783,"width":798,"height":11}},{"id":"a6356fe6-dd4c-4de6-941c-7200b79389d1","block_type":"box","text":"Policies) set out the core elements of corporate governance that guide our investment stewardship program. The","page_number":240,"box":{"x":69,"y":798,"width":803,"height":11}},{"id":"4cb9d856-b139-41ad-9ed2-baadf1fbbf36","block_type":"box","text":"Benchmark Policies apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":240,"box":{"x":70,"y":813,"width":800,"height":11}},{"id":"0c84dc0a-35a1-48bb-8b91-057e4bfba8d2","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":240,"box":{"x":69,"y":828,"width":648,"height":11}},{"id":"433e7579-a579-469d-97f9-76784df64ae3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d2bfbd6b-9b50-4808-870d-c8bdcd77281a","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 11","page_number":240,"box":{"x":500,"y":942,"width":409,"height":13}},{"id":"55284278-7c9e-4345-aa4f-346c2025d529","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3da23e5c-80f3-4bd5-a1eb-dc2df15afa1d","block_type":"box","text":"Want to know more?","page_number":241,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"28b87a3a-933d-4c9d-85e0-11e8a4d45a48","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":241,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"6ed7d556-a252-48d3-99d9-9f3f08905104","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":241,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"aa7d3392-9e04-4df7-a6a2-e93ea43a6631","block_type":"box","text":"principal.","page_number":241,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"7cd0dc12-1eda-45e8-92d8-0f209e5080fe","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":241,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"c701be5d-ac20-4b74-a591-e23df972493e","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":241,"box":{"x":69,"y":883,"width":303,"height":11}},{"id":"3a7f56e5-02e1-4096-b188-a1e867ca6262","block_type":"box","text":"BLACKROCK","page_number":241,"box":{"x":379,"y":883,"width":92,"height":8}},{"id":"73b9752e-31b1-496a-a53e-782448a81522","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":241,"box":{"x":478,"y":882,"width":417,"height":11}},{"id":"72c810c8-5c3d-4562-addd-6be61bf94083","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":241,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"225c1b79-2e82-4f2c-a8a6-b3b028b2e2f8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b7536061-64d6-4f1d-841a-1bf7730fd2ce","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 12","page_number":241,"box":{"x":500,"y":942,"width":409,"height":13}},{"id":"b1fc68d4-f196-41ba-914a-61634f55fda2","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e71fed3-cdde-4e9b-ae40-59efa383e849","block_type":"box","text":"SAI-EMEC-0826","page_number":242,"box":{"x":69,"y":943,"width":110,"height":9}},{"id":"b845fa5e-3ea5-4675-ad46-a45822cf0f6d","block_type":"box","text":"BNM1026U-6032383-19202712","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}}],"unit":"per_mille","page_width":[{"value":594,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14]},{"value":612,"pages":[15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242]}],"page_height":[{"value":774,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14]},{"value":792,"pages":[15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242]}],"attributes":{"chunk_type":"page_range","start_page":1,"end_page":242}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"530ca0cf-6f64-4258-95d7-e8d12763b8f2"},"user_id":1000002,"date_created":"2026-10-19T22:30:00.261000Z","date_modified":"2026-10-19T22:30:00.261000Z","private":false}