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You may request a copy of the 2025 Annual Financial","page_number":21,"box":{"x":70,"y":430,"width":832,"height":12}},{"id":"4c5742cb-c52c-47a7-8b17-5b785eeb1331","block_type":"box","text":"Statements at no charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any","page_number":21,"box":{"x":69,"y":445,"width":802,"height":12}},{"id":"2e5161db-91bc-44d1-9226-cff922f502c6","block_type":"box","text":"business day.","page_number":21,"box":{"x":70,"y":460,"width":100,"height":12}},{"id":"f1a50a9e-8d52-488e-a4d5-6b0fce809ab0","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":21,"box":{"x":103,"y":483,"width":767,"height":12}},{"id":"6afdcc1e-1364-439e-9df5-eddaf12e42b2","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":21,"box":{"x":69,"y":498,"width":796,"height":12}},{"id":"e615f2b3-ac10-4645-b58a-db2c6643bcf5","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":21,"box":{"x":70,"y":513,"width":837,"height":12}},{"id":"6448a77d-c4c1-4b19-ad14-6cdda620230e","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":21,"box":{"x":69,"y":528,"width":749,"height":12}},{"id":"5e320590-c1b9-49ca-8c2f-f75324306236","block_type":"box","text":"Commission staff or other authority.","page_number":21,"box":{"x":70,"y":543,"width":274,"height":12}},{"id":"db464661-8442-48c9-9884-48de97c4bc0e","block_type":"box","text":"Class","page_number":21,"box":{"x":69,"y":572,"width":31,"height":7}},{"id":"f0e2030e-d254-499c-88e9-7ef11f45ed8f","block_type":"box","text":"Ticker Symbol","page_number":21,"box":{"x":827,"y":572,"width":82,"height":9}},{"id":"2c3ef668-a2d7-4404-a0ca-f06d00e33189","block_type":"box","text":"Investor A Shares","page_number":21,"box":{"x":70,"y":590,"width":124,"height":9}},{"id":"d00807d4-f2c3-4f63-a640-ca2cbc920794","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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The Commission staff has taken the position","page_number":28,"box":{"x":68,"y":324,"width":811,"height":11}},{"id":"f94cdfb9-64b1-4eb1-9dce-6b9d3f00ae6f","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":28,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"c2e57b24-717a-41ef-a510-77d5178b2998","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":28,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"1df951eb-f992-4111-bf46-d80303bf58e1","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":28,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"40c95726-3b70-4d5d-aaf4-c0d986d377ee","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":28,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"2a186b0c-bfd9-407e-aaf0-bbaae41c30b5","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":28,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"b5aefbae-c513-450c-865a-6589ba9c0db3","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":28,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"48dd6b08-4af1-412b-9793-5f8ee85bad67","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":28,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"53e50e7d-be9e-464a-88e6-af6ce2194731","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":28,"box":{"x":69,"y":445,"width":824,"height":12}},{"id":"a2edb8c5-b17a-49c4-b738-b86892cbf6c4","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":28,"box":{"x":67,"y":460,"width":829,"height":12}},{"id":"21f7efc1-d875-4113-83bc-fe3b6c4d7b49","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":28,"box":{"x":69,"y":475,"width":805,"height":12}},{"id":"85d846cf-6119-4aa4-9e16-b95891fa6f5e","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":28,"box":{"x":69,"y":491,"width":840,"height":11}},{"id":"8c92a42b-f325-46b2-be92-c5ebdeb8add6","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":28,"box":{"x":69,"y":506,"width":803,"height":11}},{"id":"31a20e0a-bb13-4153-ac68-bafc8577ca00","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":28,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"6f00bb5b-61af-4e59-b548-b1b24f8f4aca","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":28,"box":{"x":70,"y":536,"width":438,"height":11}},{"id":"a2f12043-49c8-4bc9-9745-c12d702ecc94","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th above, the Investment Company Act","page_number":28,"box":{"x":101,"y":559,"width":805,"height":11}},{"id":"f8fff5e8-ddeb-4479-836e-2f50c7d3a359","block_type":"box","text":"permits the Fund to borrow money in amounts of up to onethird of the Fund’s total assets from banks for any","page_number":28,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"eb469728-ac56-4dfc-9cb7-ee6cc2ae6d8e","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":28,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"dc376cde-df96-491c-ab89-506baffe6534","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":28,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"af6ff2eb-54ea-48d5-8762-084b2520b6fa","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":28,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"1f60fd29-8a73-4a6e-9fe3-cdb0f3c7492a","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":28,"box":{"x":69,"y":634,"width":824,"height":12}},{"id":"326290e7-1e00-454f-b8a4-1c20f5d9e06e","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":28,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"1160428b-9ea5-4a7a-93e0-c6a64743d814","block_type":"box","text":"increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments, such as reverse","page_number":28,"box":{"x":70,"y":664,"width":801,"height":12}},{"id":"ce58e8d5-feea-4916-8aba-46aa2f0629a8","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":28,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"f89f2c28-4e34-45e7-be6f-2b6296b95754","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company Act, when the","page_number":28,"box":{"x":70,"y":695,"width":810,"height":11}},{"id":"b9c37a4d-50cc-4588-90e7-e141ba9e41a3","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":28,"box":{"x":70,"y":710,"width":828,"height":11}},{"id":"6546fb11-626a-495f-9729-99acd7b93af6","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":28,"box":{"x":69,"y":725,"width":803,"height":11}},{"id":"b3499548-f3f7-4240-9499-dd40316ca597","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such","page_number":28,"box":{"x":69,"y":740,"width":746,"height":11}},{"id":"eae74c94-4fa4-467e-9695-3db4c933b245","block_type":"box","text":"transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":28,"box":{"x":68,"y":755,"width":793,"height":11}},{"id":"1412b3a6-5b6b-4c9f-a859-8c68b2d9f2e7","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":28,"box":{"x":69,"y":771,"width":835,"height":11}},{"id":"75dbc496-c1ae-4061-b392-e0e0776a0920","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":28,"box":{"x":69,"y":786,"width":643,"height":11}},{"id":"516bf670-c299-48d5-a683-d1dd6142a668","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":28,"box":{"x":101,"y":808,"width":788,"height":11}},{"id":"42f31de6-4ee3-4b63-b046-c326ac1a735f","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":28,"box":{"x":68,"y":823,"width":840,"height":12}},{"id":"b4f812e6-51b6-4611-8dcf-afa1405d68d5","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits a fund to have underwriting","page_number":28,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"cd3620fe-905c-4ae0-be04-d3ae9596e3de","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":28,"box":{"x":69,"y":853,"width":811,"height":12}},{"id":"9d103892-2c91-4d92-9b37-758fa19188c5","block_type":"box","text":"amount of the fund’s underwriting commitments, when added to the value of the fund’s investments in issuers where","page_number":28,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"af0ce98b-ea0e-470c-867f-72e96fb3cedc","block_type":"box","text":"the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A","page_number":28,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"7efc71cc-2055-4b6a-9c98-5a06d7bc7673","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":28,"box":{"x":68,"y":899,"width":826,"height":11}},{"id":"4a424410-a6cc-4558-9949-47a06b4583f7","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"f88e5f64-2560-44eb-be2d-272eca57993f","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3106adbd-cea1-447b-8263-fab915575392","block_type":"box","text":"an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed that","page_number":29,"box":{"x":69,"y":45,"width":822,"height":11}},{"id":"1894ef63-dfa2-40fb-bbdb-eacba1c03222","block_type":"box","text":"the application of the Securities Act provisions described above would cause a fund to be engaged in the business of","page_number":29,"box":{"x":68,"y":60,"width":838,"height":11}},{"id":"c83bfa75-69b3-4972-af83-20bd3c14448d","block_type":"box","text":"underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions involving","page_number":29,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"9d13a146-e3aa-4c10-a198-9c74dfdff6a4","block_type":"box","text":"the acquisition or disposition of por tfolio securities, regardless of whether the fund may be considered to be an","page_number":29,"box":{"x":68,"y":90,"width":796,"height":11}},{"id":"5fb39ebd-7322-45a2-b8d6-e3df83218f0b","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":29,"box":{"x":69,"y":105,"width":830,"height":11}},{"id":"164dc91b-6a17-41d4-8e9c-4bc0b9387339","block_type":"box","text":"applicable law.","page_number":29,"box":{"x":69,"y":120,"width":102,"height":11}},{"id":"2f8e8209-6573-4810-865c-81264863e0a6","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":29,"box":{"x":101,"y":143,"width":778,"height":11}},{"id":"8d8de4c2-8f42-4457-833e-29924e0cf30f","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":29,"box":{"x":69,"y":158,"width":756,"height":11}},{"id":"d7bab453-5be1-409b-bd9e-34564969e2be","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":29,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"13991dcf-f443-4af9-9e37-0cea438868a9","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":29,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"57d51ac0-3520-438c-9ab7-713fc372f4fe","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":29,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"ac90ee30-6b7e-4bf2-9b48-4d74f8e0fad4","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":29,"box":{"x":70,"y":218,"width":803,"height":12}},{"id":"9c847375-c2b0-49c9-92ab-341b404fea89","block_type":"box","text":"loans.","page_number":29,"box":{"x":70,"y":234,"width":40,"height":9}},{"id":"21327b65-f111-4f78-9939-e08f8355070c","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":29,"box":{"x":101,"y":256,"width":777,"height":11}},{"id":"7308cc34-2cff-4fa5-b2f5-8ff04b27e17f","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":29,"box":{"x":70,"y":271,"width":751,"height":12}},{"id":"9aaf1bcc-83b5-46fb-8b51-ddfe9a016ca6","block_type":"box","text":"Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":29,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"2c577912-feec-48df-92ed-d8fec560bb06","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":29,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"aa78d7a0-4d99-45f2-b596-039eef6f18cc","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":29,"box":{"x":69,"y":317,"width":781,"height":11}},{"id":"dc09f015-dd0f-4afd-ab14-433ffddfea63","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":29,"box":{"x":69,"y":332,"width":759,"height":11}},{"id":"6e8bc2d7-e4cb-44ea-bdbd-3a41fbc7b3fc","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":29,"box":{"x":70,"y":347,"width":774,"height":11}},{"id":"873e86b7-61e3-473f-93ca-f5fa37c15d47","block_type":"box","text":"shareholder approval.","page_number":29,"box":{"x":69,"y":362,"width":153,"height":11}},{"id":"1229a94f-8796-48f1-b3bc-0618f1304621","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":29,"box":{"x":102,"y":385,"width":768,"height":11}},{"id":"16380330-2467-4b0e-b1bd-16ccd337434b","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":69,"y":400,"width":197,"height":11}},{"id":"7401d932-f85a-4ad6-b146-f42856c32f9c","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":29,"box":{"x":134,"y":423,"width":742,"height":11}},{"id":"2fe1d79e-1e28-420b-8df0-77503af9ebef","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":29,"box":{"x":102,"y":438,"width":759,"height":11}},{"id":"d65adc5e-2ca7-41db-ac69-1c4e1ae9b2bc","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":29,"box":{"x":102,"y":453,"width":779,"height":11}},{"id":"c5f500b1-b7f5-4e8e-880f-9838a9369001","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":29,"box":{"x":101,"y":468,"width":761,"height":11}},{"id":"df2f24ea-c224-46f6-9f16-85c5f773709f","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":29,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"9cd07e36-0829-4c80-b0fa-9e6d7b6316aa","block_type":"box","text":"12(d)(1).","page_number":29,"box":{"x":102,"y":498,"width":60,"height":11}},{"id":"49ea625a-c418-47b9-ba4e-2ea4ca0aef89","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":29,"box":{"x":134,"y":521,"width":765,"height":11}},{"id":"13b4b07d-3cea-458e-a7c5-c75f79082804","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":29,"box":{"x":102,"y":536,"width":509,"height":11}},{"id":"439d7751-b267-4f72-905c-ee42573c02e3","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":29,"box":{"x":102,"y":559,"width":744,"height":10}},{"id":"dbcc177f-e179-43af-aa75-acab16475b82","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":29,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"07c4ac67-aa85-4148-9af8-888c457c686f","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":29,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"0dea2a40-c678-40f1-8ba7-74156cce34ad","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":29,"box":{"x":70,"y":604,"width":780,"height":11}},{"id":"ec8faa04-09cc-4157-bfe5-97533d24afa8","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":29,"box":{"x":70,"y":619,"width":642,"height":11}},{"id":"ede85beb-29eb-445d-8f87-49f9b25fd7bf","block_type":"box","text":"III. Information on Trustees and Officers","page_number":29,"box":{"x":69,"y":649,"width":290,"height":9}},{"id":"b11ace02-0c24-4eec-a534-d60e5a7e372c","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":29,"box":{"x":101,"y":672,"width":789,"height":11}},{"id":"dc3255ae-d00d-4ae8-bdf9-ea880f00d03d","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":29,"box":{"x":68,"y":687,"width":779,"height":11}},{"id":"0199f125-ee9e-4899-8836-b8f7a9908b83","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":29,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"a4fe047a-9519-44d3-8181-fd705bcc4e67","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":29,"box":{"x":70,"y":718,"width":793,"height":10}},{"id":"30129bd1-aa3b-4fff-a4e1-e9d8beb85819","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":69,"y":732,"width":822,"height":12}},{"id":"d3abc684-7a3d-4ec6-842e-ea5130d7b29a","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":29,"box":{"x":68,"y":748,"width":837,"height":11}},{"id":"90cd8733-00c7-479e-92a8-351f8ff3fdac","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":70,"y":763,"width":335,"height":11}},{"id":"9cfb5795-f0ea-4fea-aefc-35eb3a93a2ea","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":29,"box":{"x":101,"y":785,"width":769,"height":12}},{"id":"18f2c0c2-f1e9-439c-961e-49e2f69d8052","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":29,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"b6cc9afa-e725-42c2-af59-5dafab684841","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":29,"box":{"x":70,"y":816,"width":821,"height":11}},{"id":"79e7b500-5d5a-411b-a21c-71255927caf9","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":29,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"16e0a564-9375-4f79-871b-38b35626f175","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":29,"box":{"x":70,"y":846,"width":830,"height":11}},{"id":"2c563429-c854-4f3f-a8af-b8a1d2cc19af","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":29,"box":{"x":68,"y":861,"width":789,"height":11}},{"id":"fa985adf-f751-4b62-b765-73639a493a56","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":29,"box":{"x":69,"y":876,"width":810,"height":11}},{"id":"446d4e59-558f-4bb2-b9fd-78fc2b48f5a4","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":29,"box":{"x":69,"y":891,"width":809,"height":12}},{"id":"366214a7-3b56-441e-af41-13f9b3da41d9","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":29,"box":{"x":70,"y":906,"width":794,"height":12}},{"id":"76e3f70b-b5ab-46ce-a3cd-8424560888a5","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"12ad0b34-0f22-4751-81f0-752eab741c07","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20159828-887f-405d-a187-0444426cbc36","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":30,"box":{"x":69,"y":45,"width":816,"height":11}},{"id":"9acb5c66-6edd-4c99-b750-16c8921a48a8","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":30,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"fe81a805-1e01-46ce-b35f-c382c625375f","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":30,"box":{"x":70,"y":75,"width":811,"height":11}},{"id":"9454e244-9abd-4451-b082-3f8722e4d6a1","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":30,"box":{"x":68,"y":90,"width":809,"height":11}},{"id":"056a65c6-6958-4d57-9f89-7c1104b522be","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":30,"box":{"x":69,"y":105,"width":825,"height":11}},{"id":"56c068db-794d-4778-b230-e23db32ecaf8","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":30,"box":{"x":69,"y":120,"width":441,"height":12}},{"id":"e8520660-6684-43e8-8956-0ad103ceac65","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":30,"box":{"x":101,"y":143,"width":777,"height":11}},{"id":"d98d2d29-2c43-4a41-ab19-645e14c8b0d3","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":30,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"0284161e-5318-4000-b2e3-eaf1deaa243a","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":30,"box":{"x":68,"y":173,"width":820,"height":11}},{"id":"68420242-97de-4622-89c0-d17729b1d442","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":30,"box":{"x":70,"y":188,"width":812,"height":12}},{"id":"a6a1b55a-a322-4670-a846-d78a980ac34e","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":30,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"490f63a5-50f8-4916-86c8-828f158e8411","block_type":"box","text":"the operations of the Fund.","page_number":30,"box":{"x":68,"y":218,"width":192,"height":11}},{"id":"44043e07-5263-4f98-932c-b9390a152b8b","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":30,"box":{"x":102,"y":241,"width":785,"height":11}},{"id":"9e5a4e0b-c7fc-4916-99ba-f40eff94290f","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":30,"box":{"x":69,"y":256,"width":828,"height":12}},{"id":"e5ba2920-5698-4c8f-a89b-fe714c857071","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":30,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"0904120f-87ea-411a-954f-d2b2daa1d8d8","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":30,"box":{"x":68,"y":286,"width":820,"height":12}},{"id":"c37ca15d-604d-477e-a6c5-7ba6128e6363","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":30,"box":{"x":70,"y":302,"width":811,"height":11}},{"id":"6e003b72-c147-467d-a3ab-2a489b2bbe5d","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":30,"box":{"x":70,"y":317,"width":767,"height":11}},{"id":"a05d04bb-93fe-416e-8dca-e2a8291d103f","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":30,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"b0b7d9f5-a928-4f1f-8592-b458c13b2fce","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":30,"box":{"x":70,"y":347,"width":803,"height":11}},{"id":"959041b0-5107-4a6e-a437-a176513eef57","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":30,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"50ca77db-66c9-40a8-9ec9-fe312ffc6e38","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":30,"box":{"x":69,"y":377,"width":812,"height":11}},{"id":"259b96a1-207e-4ea6-aad6-aeb58840f779","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":30,"box":{"x":69,"y":392,"width":817,"height":12}},{"id":"b588b9d2-e5d1-43df-9c15-0482620508a1","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":30,"box":{"x":69,"y":407,"width":812,"height":11}},{"id":"36af9bbb-843e-494a-8d3e-bbaeaa677828","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":30,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"a6bf4939-280c-4697-9268-abdd63568578","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":30,"box":{"x":70,"y":438,"width":759,"height":11}},{"id":"3f536c77-00d4-4849-86a3-27389ef942f2","block_type":"box","text":"per forming their oversight responsibilities.","page_number":30,"box":{"x":70,"y":453,"width":299,"height":11}},{"id":"e07a7f11-8591-4122-ae1b-0b373b4a9e7f","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":476,"width":122,"height":8}},{"id":"52e1dc91-4304-4a43-bc91-ccfa19e18e76","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":30,"box":{"x":229,"y":475,"width":673,"height":12}},{"id":"55efc271-57c2-43f8-9361-2a230fc9fa43","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":30,"box":{"x":68,"y":491,"width":814,"height":11}},{"id":"b2f2946b-51f5-4f50-9c4f-c516687b2d49","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":30,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"885c7be8-214e-4b04-ba6a-f10ea619a2e3","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":30,"box":{"x":69,"y":521,"width":753,"height":11}},{"id":"827257ec-fe51-4458-844b-028836c32ec7","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":30,"box":{"x":70,"y":536,"width":797,"height":11}},{"id":"91f5abb5-cb61-48a3-bac8-aa8f750a05c2","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":30,"box":{"x":70,"y":551,"width":825,"height":11}},{"id":"e8723afa-af7d-40ee-bb60-52d78cab28be","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":30,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"41c2b816-131c-4653-93c0-bfc7f9f2894e","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":30,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"7e2eaff4-7ca7-4797-ab41-53d5bd85037c","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":30,"box":{"x":69,"y":597,"width":834,"height":11}},{"id":"62862f79-f5c1-4e28-8d37-66d505c4ff54","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":30,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"a9eccb74-5e30-4882-8f64-0471b26f13ed","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":30,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"2aa2aef9-5dcb-46ae-97d3-cfe5f22a5b08","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":30,"box":{"x":70,"y":642,"width":809,"height":11}},{"id":"c2b2b490-6c03-4f79-a432-aa9aa6b8c0a3","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":30,"box":{"x":70,"y":657,"width":815,"height":11}},{"id":"a74a1ec1-6cdb-48f2-b9a0-196472046826","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":30,"box":{"x":69,"y":672,"width":774,"height":11}},{"id":"240f7cdd-5b73-449d-a6ca-f20a39b97fdd","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":30,"box":{"x":69,"y":687,"width":815,"height":11}},{"id":"0763a40a-165e-43bf-a98f-2f41ffa5b0bc","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":30,"box":{"x":69,"y":702,"width":819,"height":12}},{"id":"f58e103a-a051-4d44-9c95-f83966ba7217","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":30,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"ca009d06-9ff5-465c-ae2d-8b048697867f","block_type":"box","text":"During the fiscal year ended July 31, 2025, the Audit Committee met four times.","page_number":30,"box":{"x":70,"y":732,"width":571,"height":12}},{"id":"a75a136a-fd11-44be-a4a0-01496ff05c98","block_type":"box","text":"Governance and Nominating Committee.","page_number":30,"box":{"x":102,"y":755,"width":286,"height":11}},{"id":"4ec8c434-24a9-4a30-a192-10dace68b04c","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":30,"box":{"x":394,"y":755,"width":464,"height":11}},{"id":"41faa538-29ea-4f2a-9a62-f8370772ef3e","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":30,"box":{"x":70,"y":770,"width":833,"height":12}},{"id":"2e01070e-3b05-47f2-9da9-89e57976a7fc","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":30,"box":{"x":69,"y":785,"width":769,"height":12}},{"id":"f119515d-ac07-4f5d-88f9-dd4751244bc4","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":30,"box":{"x":69,"y":801,"width":802,"height":11}},{"id":"71af35a1-e72e-4ba1-bd7c-b5f3d62f07a1","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":30,"box":{"x":70,"y":816,"width":819,"height":11}},{"id":"e4c02f3b-f9b5-4645-b4f6-ce031a5c28da","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":30,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"92a4777f-8cce-4b94-9bcb-f4d095cf74a6","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":30,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"64d453df-22e1-406c-9424-675f461b9e21","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":30,"box":{"x":69,"y":861,"width":793,"height":11}},{"id":"719aa4de-a232-4bc2-b018-39bde0da40dc","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":30,"box":{"x":69,"y":876,"width":815,"height":11}},{"id":"a87eccec-15b2-4ccd-b5e7-7f4570f3b781","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":30,"box":{"x":70,"y":891,"width":835,"height":11}},{"id":"bfd4fa02-8b88-491a-a922-9de19b493d25","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":30,"box":{"x":68,"y":906,"width":815,"height":12}},{"id":"70452d87-6cff-44d2-a90b-d9872a6400bb","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"218a5375-eb0c-424d-b385-034609d49c96","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b455a57-152f-452e-aa16-97f79cccdf37","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":31,"box":{"x":68,"y":45,"width":841,"height":11}},{"id":"d46bab1d-d8a7-4fa1-abf8-3dd2df1e47bf","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":31,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"ca5c9bbb-1780-4bb6-9578-e423e04bc429","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":31,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"ac325e2e-220e-43a0-8f8a-4cad6e414762","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":31,"box":{"x":68,"y":90,"width":792,"height":11}},{"id":"b937e729-6c79-4825-ab0e-2b4ec2e056a6","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":31,"box":{"x":69,"y":105,"width":798,"height":11}},{"id":"39cc189d-4852-4118-b5ab-3eb71dcd801a","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":31,"box":{"x":70,"y":120,"width":832,"height":12}},{"id":"cc60b4f8-47e3-4c6c-9a5e-25218d97af11","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":31,"box":{"x":69,"y":135,"width":812,"height":12}},{"id":"318f4fda-14d4-4e85-92b4-1d142783a00c","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":31,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"8dfd5a5c-1874-4bc6-8f73-2d4539ff0cfb","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":31,"box":{"x":68,"y":166,"width":820,"height":11}},{"id":"6d9d66e1-2299-45dc-ba3c-d416bc77ab09","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":31,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"1946715d-26cd-40ef-a460-a75b9028c216","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended July 31, 2025, the Governance","page_number":31,"box":{"x":68,"y":196,"width":762,"height":11}},{"id":"68bd29a0-205b-4329-9706-96709e36ad2d","block_type":"box","text":"Committee met six times.","page_number":31,"box":{"x":69,"y":211,"width":182,"height":9}},{"id":"e8122d93-08d5-45aa-b122-19f059d6a60e","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":234,"width":168,"height":11}},{"id":"64ae8ed8-74a6-4b5c-b209-169efe73ffd0","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":31,"box":{"x":276,"y":234,"width":629,"height":11}},{"id":"8da164e7-a099-42b7-bdeb-398203d61ded","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":31,"box":{"x":68,"y":249,"width":789,"height":11}},{"id":"6e9d068c-d788-4534-8a95-eff740f9af87","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":31,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"ab38362a-85d7-48b3-baf7-f3c5237c9d87","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":31,"box":{"x":69,"y":279,"width":826,"height":11}},{"id":"4d3c6532-9bc8-480d-b03f-b7814f0c27cd","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":31,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"155b05a9-29e5-4910-b211-f7188492490e","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":31,"box":{"x":68,"y":309,"width":819,"height":11}},{"id":"50dd1bcf-c7eb-430f-8638-5ad4ed594723","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":31,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"5f549e00-d1ec-4586-b8e1-1e23905c2f33","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":31,"box":{"x":69,"y":339,"width":798,"height":12}},{"id":"c8fc4ff2-ab28-444c-85ee-d29b71be7dca","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":31,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"348974f9-d834-43d3-ac61-ce87d2970b16","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":31,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"8a87fe24-3f94-446a-b811-fdf7985c4e38","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":31,"box":{"x":69,"y":385,"width":799,"height":11}},{"id":"81b98ead-12c4-4c5c-b11b-44cf2d376d3e","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":31,"box":{"x":69,"y":400,"width":828,"height":11}},{"id":"b7a01950-4945-48ba-a1f6-be968d7748a3","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended July 31, 2025,","page_number":31,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"56f1f32c-38c5-45ab-8316-bbda5a5ba80f","block_type":"box","text":"the Compliance Committee met four times.","page_number":31,"box":{"x":68,"y":430,"width":307,"height":11}},{"id":"cd035600-f223-48a6-9b07-f4da88359119","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":453,"width":248,"height":11}},{"id":"c38e4ba2-572a-4626-9999-4586e6c907d0","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":31,"box":{"x":356,"y":453,"width":531,"height":11}},{"id":"c22a309f-f7cc-4e2c-aef9-a1462d87154e","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":31,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"dd5b6574-c58c-4cd4-84ee-609d2cda316c","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":31,"box":{"x":68,"y":483,"width":808,"height":11}},{"id":"9f6d2b66-fea7-40f1-bbc5-cb2dccacb0c8","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":31,"box":{"x":70,"y":498,"width":769,"height":11}},{"id":"5fcfe6f2-8d08-419d-9946-c07ffa85be49","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":31,"box":{"x":70,"y":513,"width":775,"height":11}},{"id":"05700ce8-92de-4177-97df-a91d9a18686f","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":31,"box":{"x":69,"y":528,"width":782,"height":12}},{"id":"963945bc-1713-45dd-ab21-ed73545a9703","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":31,"box":{"x":70,"y":543,"width":829,"height":12}},{"id":"515821e8-98c1-4384-bbea-dfe3247e924b","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":31,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"a8d5c6f8-dee2-4158-bc75-5dbb58ecc3c5","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":31,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"d0319712-b175-432c-9dac-c4152c79ae9c","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":31,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"c6ed75fa-a912-4436-8453-94b828861116","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":31,"box":{"x":68,"y":604,"width":811,"height":11}},{"id":"4ae718d1-8ab4-44ae-b693-0bf026065016","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":31,"box":{"x":69,"y":619,"width":757,"height":11}},{"id":"c8c77392-1a00-4758-9eb1-a49c7bbfe601","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":31,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"b355d09c-f295-4310-bac7-5f9c27342f14","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":31,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"5f7170bd-97b7-4a6c-9695-011d82920da8","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":31,"box":{"x":69,"y":664,"width":780,"height":12}},{"id":"2b8090d8-396f-4ba9-b255-f36b48dedc0c","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":31,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"bde7ab94-0b82-40cc-b5b7-5767b64b6eab","block_type":"box","text":"ended July 31, 2025, the Per formance Oversight Committee met five times.","page_number":31,"box":{"x":69,"y":695,"width":541,"height":11}},{"id":"07c3c121-f7b2-4008-9842-adb698466446","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":31,"box":{"x":101,"y":718,"width":186,"height":10}},{"id":"7831a6b1-e45f-4f5b-bfe2-117ff1e7a74c","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":31,"box":{"x":293,"y":717,"width":598,"height":11}},{"id":"89f3d5d9-f9bc-4f62-8091-3c14f8b8b2ec","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":31,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"cfe4fe0b-c734-40db-97d8-e05ddc1737a8","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":31,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"468d4c24-c9c9-4789-b82e-1581ae2773a5","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":31,"box":{"x":69,"y":763,"width":788,"height":11}},{"id":"740ad5a2-ff9c-4c3e-8da7-d0fe69b12421","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":31,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"ad1bd099-dafc-48be-b395-a2a443fabf0c","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":31,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"7268ab57-c306-4fd2-8144-66bb56801556","block_type":"box","text":"the fiscal year ended July 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":31,"box":{"x":68,"y":808,"width":572,"height":11}},{"id":"b9ee8e86-4e4d-4637-8865-f459acd5db49","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":31,"box":{"x":101,"y":831,"width":771,"height":11}},{"id":"6134c430-59ab-4b57-87de-c0b64434a932","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":31,"box":{"x":69,"y":846,"width":827,"height":11}},{"id":"723099d9-67d6-48a8-86ef-ba0f1b0cb8a5","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":31,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"a8373ff3-ac3b-42cb-a41d-50fd9b937343","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":31,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"619269ee-6942-412b-ac75-f7f7b0c32bb5","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":31,"box":{"x":70,"y":891,"width":807,"height":12}},{"id":"95543f17-6006-44b8-a177-6f0cf4ea7d54","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":31,"box":{"x":70,"y":906,"width":787,"height":12}},{"id":"db95346f-3339-4d24-909b-ee6971bd2601","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"81c76afd-d820-417d-9086-bcd0166727a4","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8f66510-7449-4135-a757-6f45200bcd2a","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":32,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"f9717c55-427f-4fd4-a126-1f7353f2d1ef","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":32,"box":{"x":68,"y":60,"width":794,"height":11}},{"id":"c1e17eea-ca50-4a73-a6e9-a98eb113fadc","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":32,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"3201a716-7925-4fce-93a9-ecdec8fa7d6e","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":32,"box":{"x":69,"y":90,"width":823,"height":11}},{"id":"0408a972-e5f9-4252-a1e7-9acf8b690407","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":32,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"bb02952b-7fa7-4aa8-9fa4-2c200e94495e","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":32,"box":{"x":69,"y":120,"width":473,"height":12}},{"id":"4da928e1-7fb6-4f2d-bade-2d4ad1a82135","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":32,"box":{"x":102,"y":143,"width":792,"height":11}},{"id":"b0831a61-bd49-438f-a003-8eb1448bdfd3","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":32,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"10ef6839-8a66-4a01-b3b7-65ac7050673b","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":32,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"a39afebd-48ae-468e-a012-041d81e58b04","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":32,"box":{"x":70,"y":188,"width":759,"height":12}},{"id":"921de090-eb71-432c-8360-6c2158f677b3","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":32,"box":{"x":70,"y":203,"width":685,"height":12}},{"id":"b39ad878-4f69-49ce-b934-e607ac0b2bbb","block_type":"box","text":"ad hoc","page_number":32,"box":{"x":762,"y":204,"width":47,"height":8}},{"id":"a2856465-f49c-4a8f-9fda-fb9adb5cf782","block_type":"box","text":"committees","page_number":32,"box":{"x":814,"y":204,"width":82,"height":8}},{"id":"8a21ecea-f20d-4e1e-8fe3-2a5117827188","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":68,"y":218,"width":395,"height":12}},{"id":"7d6c05b7-4745-437d-aacd-21166f476917","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":32,"box":{"x":101,"y":241,"width":751,"height":11}},{"id":"d7aba31e-0037-44cd-9b1a-ad395ca47ae8","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":69,"y":257,"width":492,"height":10}},{"id":"4015afc1-3e23-499b-afe4-0487678f4632","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":285,"width":409,"height":8}},{"id":"dc2a5e23-8123-4158-b59d-5dd5509d3ce6","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":301,"width":154,"height":11}},{"id":"f91db171-2e33-41bf-bf56-5ffe30aa8c13","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":32,"box":{"x":69,"y":316,"width":781,"height":11}},{"id":"5f095907-66ee-4144-8574-5dc53dec2758","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":32,"box":{"x":265,"y":331,"width":604,"height":12}},{"id":"1a35c77e-6803-49d9-9f5d-35599907cc5d","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":32,"box":{"x":265,"y":346,"width":623,"height":12}},{"id":"53c9d744-0889-41e1-9ab6-0c90de24b1bd","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":32,"box":{"x":265,"y":362,"width":637,"height":11}},{"id":"7e2733aa-c6a9-4816-88d0-28061154e336","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":32,"box":{"x":265,"y":377,"width":631,"height":11}},{"id":"873808ac-aacf-46be-9e7b-2733e9c59f11","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":32,"box":{"x":264,"y":392,"width":626,"height":10}},{"id":"56862f64-8e54-4673-a851-b5aeb0ce6608","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":32,"box":{"x":265,"y":407,"width":639,"height":11}},{"id":"6a55470d-2901-425c-aec1-3889f60e5174","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":264,"y":422,"width":637,"height":11}},{"id":"abb81a60-bf35-44bc-9315-323655149996","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":32,"box":{"x":265,"y":437,"width":586,"height":11}},{"id":"1b34d680-1f14-4806-a1a0-0ac25abd09b8","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":32,"box":{"x":265,"y":452,"width":640,"height":11}},{"id":"d62862ad-6204-44f0-9b59-a76a1dc6cb31","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":32,"box":{"x":265,"y":467,"width":389,"height":12}},{"id":"a55056ec-5b28-432a-9179-09ed53761baf","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":32,"box":{"x":69,"y":490,"width":806,"height":11}},{"id":"f4350b67-43db-4227-ade6-c1b665cf00a8","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":32,"box":{"x":265,"y":505,"width":604,"height":11}},{"id":"6b6da137-09c6-40f9-84b2-af915f8be02f","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":32,"box":{"x":265,"y":520,"width":632,"height":12}},{"id":"e83e2bda-0079-4baa-a739-adfe75285ec0","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":32,"box":{"x":265,"y":535,"width":562,"height":9}},{"id":"afdd7717-75f6-4b2d-84de-387538295f61","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":32,"box":{"x":265,"y":550,"width":616,"height":11}},{"id":"9ff72029-334f-42ad-b916-c7f2fcf14b5a","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":32,"box":{"x":264,"y":566,"width":591,"height":11}},{"id":"0b4e5e2b-b5ae-4611-9b18-7fdfe31bf1bd","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":32,"box":{"x":265,"y":581,"width":641,"height":11}},{"id":"5d7f506b-fe05-40cd-87d4-9f467a8b3d5c","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":32,"box":{"x":264,"y":596,"width":638,"height":11}},{"id":"07f2942b-74c8-4d89-871b-ff5dfbaf48b9","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":32,"box":{"x":265,"y":611,"width":584,"height":11}},{"id":"62d46f3b-5772-4b01-a41d-4daecf79a443","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":32,"box":{"x":265,"y":626,"width":630,"height":11}},{"id":"9ecb3355-733f-4627-a94d-9a409dbafb21","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":32,"box":{"x":265,"y":641,"width":634,"height":11}},{"id":"aa43e34e-836b-4d83-817d-a568abd6c22b","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":32,"box":{"x":265,"y":656,"width":599,"height":11}},{"id":"4f05df32-6e47-4da8-9ad6-ae1839480cf7","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":672,"width":407,"height":11}},{"id":"a4a3caf7-2fdf-440e-b9b8-cc46b3ebe484","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":32,"box":{"x":69,"y":694,"width":837,"height":11}},{"id":"516430c6-1abd-4ffc-ae8c-8905bb1966a1","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":32,"box":{"x":265,"y":709,"width":638,"height":11}},{"id":"ac81f2ab-02ed-40c1-b47b-ffea8f2a11b4","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":32,"box":{"x":265,"y":724,"width":642,"height":12}},{"id":"4442221e-c4cb-4f48-a277-ec3a00e4c3ff","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":32,"box":{"x":265,"y":739,"width":601,"height":12}},{"id":"c3fa8a2e-41c7-49dd-8b72-65fbda5b05fa","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":32,"box":{"x":265,"y":755,"width":595,"height":11}},{"id":"e4756518-3777-4127-859d-a6a9edacaf33","block_type":"box","text":"perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":770,"width":323,"height":11}},{"id":"e45dd4f4-fe07-4419-a5c2-42f0a60ec4d6","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":32,"box":{"x":70,"y":792,"width":798,"height":12}},{"id":"efa7babd-541f-467e-ab5c-58dcd200c632","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":32,"box":{"x":265,"y":807,"width":631,"height":12}},{"id":"26052c75-9174-4ee3-be1b-b17874c85678","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":32,"box":{"x":265,"y":823,"width":633,"height":11}},{"id":"02efed91-5383-4efa-b6ff-a4bfe2b25f96","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":32,"box":{"x":265,"y":838,"width":628,"height":11}},{"id":"57eed571-8651-46c1-a587-3b0776e25a77","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":32,"box":{"x":265,"y":853,"width":596,"height":11}},{"id":"ea20851a-9f8d-4af6-b59d-462fd06c0f25","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":32,"box":{"x":265,"y":868,"width":616,"height":11}},{"id":"250db91c-1fc5-439c-b078-827a7c528f6c","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":32,"box":{"x":264,"y":883,"width":368,"height":11}},{"id":"d225c22e-7d65-46be-8b10-6c483d0562c2","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"400c7836-f18c-4cd6-83ff-6c73ae5607e5","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"891ed7d2-bab2-49e5-9388-b467bde520f9","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"4f7b6fbd-b7cf-4ce2-ad0f-f985c47c9b99","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":33,"box":{"x":70,"y":65,"width":806,"height":12}},{"id":"019211c6-1d27-4573-ae5b-0aed9686018e","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":33,"box":{"x":264,"y":81,"width":584,"height":11}},{"id":"c784b2c0-f963-4f3f-af66-d00e525b6da0","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":33,"box":{"x":265,"y":96,"width":622,"height":11}},{"id":"d9617e37-7f67-4c68-8a77-8ed58d11052b","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":33,"box":{"x":265,"y":111,"width":638,"height":11}},{"id":"80f5296f-66f0-4f57-a571-712fdf4fa0f1","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":33,"box":{"x":265,"y":126,"width":570,"height":11}},{"id":"ba0b5159-3bc3-4772-b4d1-b6e4a8b2efa0","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":33,"box":{"x":265,"y":141,"width":642,"height":11}},{"id":"43808581-ced2-469d-8dc8-22e756d35a3d","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":33,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"a6e5c453-c1b9-4c39-b430-40f6f49e323f","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":33,"box":{"x":265,"y":171,"width":630,"height":12}},{"id":"656d9b10-9783-4eb5-9639-25bab52362b2","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":33,"box":{"x":265,"y":186,"width":602,"height":12}},{"id":"2aa2cf17-08cc-4b83-9f37-7409f6879bd9","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":33,"box":{"x":264,"y":201,"width":643,"height":12}},{"id":"b490bc20-3ef6-4d42-8880-50cd2c6a83ff","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":33,"box":{"x":264,"y":217,"width":639,"height":11}},{"id":"8cbdce88-66c1-4312-b3fb-0efaad937bb7","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":33,"box":{"x":264,"y":232,"width":641,"height":11}},{"id":"73845bf7-5cd9-44d7-8e3e-89c3a7bd132d","block_type":"box","text":"applicable Commission rules.","page_number":33,"box":{"x":265,"y":247,"width":208,"height":11}},{"id":"12c9f00a-377f-4d0b-9e5d-ecd9b41c5dbf","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":33,"box":{"x":69,"y":269,"width":769,"height":12}},{"id":"f4be65c1-34c1-4c14-aadc-144b20b63d0c","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":33,"box":{"x":265,"y":285,"width":621,"height":11}},{"id":"5c400b8a-9294-4f54-bf74-38f216c6a774","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":33,"box":{"x":265,"y":300,"width":599,"height":11}},{"id":"5a6650aa-7a63-4403-9eb3-20fe454e48e0","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":33,"box":{"x":265,"y":315,"width":641,"height":11}},{"id":"6eaf926d-405a-4814-853e-c5a9f09ecdaf","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":33,"box":{"x":264,"y":330,"width":602,"height":11}},{"id":"7386a740-aa0c-4157-9e46-2bf34bc66332","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":33,"box":{"x":264,"y":345,"width":617,"height":11}},{"id":"afcde73f-9f3b-44fd-93d1-40e3539df311","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":33,"box":{"x":265,"y":360,"width":629,"height":12}},{"id":"bfd55643-dc64-463f-8b28-dca9d3ac9f86","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":33,"box":{"x":264,"y":375,"width":628,"height":11}},{"id":"ae50ad40-7697-4453-b6b7-1f6ea15633d7","block_type":"box","text":"ar ticles and books on these topics.","page_number":33,"box":{"x":265,"y":391,"width":251,"height":10}},{"id":"065f6561-a1ea-4ae6-84d4-69fe470772c7","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":33,"box":{"x":70,"y":413,"width":764,"height":11}},{"id":"aaa861c3-f4a7-470c-9f65-86fdcf37280b","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":33,"box":{"x":265,"y":428,"width":642,"height":12}},{"id":"529c134a-2966-4b5a-b4e8-6b04284af9b6","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":33,"box":{"x":264,"y":443,"width":593,"height":12}},{"id":"969b6ad1-cd29-434a-95cb-d69cd8de166d","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":33,"box":{"x":265,"y":458,"width":603,"height":12}},{"id":"04071b78-ddf9-445f-a29f-212abe31406d","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":33,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"18123f30-0a06-48d3-a6fa-1855d9e99e80","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":33,"box":{"x":70,"y":496,"width":804,"height":11}},{"id":"9215303b-edd3-4879-985a-ac5bb422e3aa","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":33,"box":{"x":265,"y":511,"width":552,"height":12}},{"id":"efffe8ae-c2a0-4421-af48-dfbcc3d60390","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":33,"box":{"x":265,"y":526,"width":636,"height":12}},{"id":"189ad8b3-9d33-4980-b9a9-d35ecebadfb6","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":33,"box":{"x":265,"y":542,"width":639,"height":11}},{"id":"7fb789e7-4fca-43b7-a5c0-cbad8d4f19a2","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":33,"box":{"x":265,"y":557,"width":576,"height":11}},{"id":"793579de-f976-43d2-b4e8-84beae003923","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":33,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"d6990139-141e-40c4-b704-1274fb22d4ac","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":33,"box":{"x":265,"y":587,"width":592,"height":11}},{"id":"bea25651-2b5e-4a0a-9245-75d87500a310","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":33,"box":{"x":265,"y":602,"width":629,"height":11}},{"id":"b6fc87d2-aba8-420d-80a3-40912c295d1c","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":33,"box":{"x":265,"y":617,"width":626,"height":11}},{"id":"34bea041-87f2-4806-9c0a-46bc4669d09a","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":33,"box":{"x":264,"y":632,"width":608,"height":12}},{"id":"1d374300-470a-49c7-b0cc-84109ee289e1","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":33,"box":{"x":265,"y":648,"width":575,"height":11}},{"id":"e6bb996b-76bc-496c-81de-40cc918c7726","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":33,"box":{"x":264,"y":663,"width":591,"height":11}},{"id":"6a4eff95-7593-4606-9819-24a0f19dfc75","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":33,"box":{"x":265,"y":678,"width":627,"height":11}},{"id":"cf623da1-eb29-4cb1-a7d3-59ec2f4afa6e","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":33,"box":{"x":265,"y":693,"width":578,"height":11}},{"id":"60c17c38-e0b1-409b-bc3c-70fa75593cde","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":33,"box":{"x":265,"y":708,"width":607,"height":11}},{"id":"b9e860b0-de82-44e8-b8c1-62c0ece383aa","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":33,"box":{"x":265,"y":723,"width":615,"height":11}},{"id":"e473afcf-7fe5-4aec-9303-1f91adca12c0","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":33,"box":{"x":265,"y":738,"width":638,"height":11}},{"id":"6ff5920a-5e1d-4904-a3b8-8256a2668001","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":33,"box":{"x":265,"y":753,"width":635,"height":12}},{"id":"971b159f-66f6-4cf3-b839-c64dbcc7e679","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":33,"box":{"x":265,"y":768,"width":642,"height":12}},{"id":"843e7d3d-95d1-461a-9b76-be727092af59","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":33,"box":{"x":265,"y":784,"width":627,"height":11}},{"id":"e97a3d44-b0a3-4d55-b4a0-36f27f0b6686","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":33,"box":{"x":265,"y":799,"width":628,"height":11}},{"id":"7652c6c7-0db0-42f2-912e-5303e41c3851","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":33,"box":{"x":265,"y":814,"width":460,"height":11}},{"id":"11b73fd2-a272-4ecd-b524-c006cd029e2d","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0edb25f5-5596-4ebc-b76b-a99500f511a7","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b68c6839-3041-478f-8880-c88355b6b7fd","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"82b5629f-7e24-4bcd-be16-37b45830bb57","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":34,"box":{"x":70,"y":65,"width":818,"height":12}},{"id":"8b3ce118-8605-46d9-8fb8-fca42e5d0241","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":34,"box":{"x":264,"y":81,"width":603,"height":11}},{"id":"0a01d6d1-4cb8-4402-8db6-d4a50e602a42","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":34,"box":{"x":265,"y":96,"width":606,"height":11}},{"id":"9e2a63fa-6004-44ac-ae0c-44f19b8809f0","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":34,"box":{"x":265,"y":111,"width":608,"height":9}},{"id":"7eed40f8-8f20-4eaa-9b58-0de08edcc131","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":34,"box":{"x":265,"y":126,"width":626,"height":11}},{"id":"cf6225d5-b8b5-4ee8-932e-c84db358b613","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":34,"box":{"x":265,"y":141,"width":591,"height":11}},{"id":"c04f73cd-6a83-4072-8b9e-67c5ae0c7a89","block_type":"box","text":"various private and non-profit boards.","page_number":34,"box":{"x":264,"y":156,"width":265,"height":11}},{"id":"3a3f62bc-cf94-4ff7-a0c2-312a0bb76ca7","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":34,"box":{"x":70,"y":179,"width":807,"height":11}},{"id":"f9fcd1fc-7b1d-4d94-b2f3-6e1560efc2fc","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":34,"box":{"x":264,"y":194,"width":641,"height":11}},{"id":"8906dd69-b49c-49cd-b56a-b97d9659c4bd","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":34,"box":{"x":265,"y":209,"width":618,"height":11}},{"id":"a466e8b5-3813-42e7-bf45-998cb1ee0c33","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":34,"box":{"x":265,"y":224,"width":594,"height":11}},{"id":"648141b0-8df6-4260-98a8-e2b1862c9e00","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":34,"box":{"x":265,"y":239,"width":639,"height":12}},{"id":"17670347-4831-49e1-a5f2-d11a8fafb604","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":34,"box":{"x":265,"y":254,"width":575,"height":11}},{"id":"18fdc128-78b2-4782-ac3c-3a34c9721570","block_type":"box","text":"Commission rules.","page_number":34,"box":{"x":265,"y":270,"width":131,"height":9}},{"id":"dc0f4bf3-de73-4275-bd19-9a879782af6e","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":34,"box":{"x":69,"y":292,"width":808,"height":11}},{"id":"13ff5078-6576-4ea5-84df-51ee009be223","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":34,"box":{"x":265,"y":307,"width":630,"height":12}},{"id":"ebb58fc5-ecf6-4db3-8114-6cf1ac3de2a5","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":34,"box":{"x":265,"y":322,"width":618,"height":12}},{"id":"f276e42d-c0c1-4e26-9f1a-3d58a2a20796","block_type":"box","text":"shor t non-U.S. equity investments, and was an owner and General Par tner of Neon Liber ty","page_number":34,"box":{"x":265,"y":338,"width":643,"height":11}},{"id":"53bc97e0-60a8-4538-9311-560a6bf1e712","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/shor t equities in","page_number":34,"box":{"x":265,"y":353,"width":624,"height":11}},{"id":"b3847e99-bce8-4d25-b8f1-d378692a440f","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":34,"box":{"x":264,"y":368,"width":634,"height":11}},{"id":"b7ac702c-1c51-46ff-b62c-72b0d626aac2","block_type":"box","text":"perspective on the markets and the economy.","page_number":34,"box":{"x":265,"y":383,"width":323,"height":11}},{"id":"8af6a871-32cc-451e-951b-14e7eb3d805f","block_type":"box","text":"Interested Trustees","page_number":34,"box":{"x":70,"y":406,"width":138,"height":9}},{"id":"8d155460-97b8-46ac-b77f-7278b2a3a27d","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":34,"box":{"x":70,"y":421,"width":823,"height":11}},{"id":"f8cfbf1a-a619-431d-98ab-8cd58fbaeadb","block_type":"box","text":"years of experience in finance and asset management. In par ticular, Mr. Fairbairn’s","page_number":34,"box":{"x":264,"y":436,"width":593,"height":11}},{"id":"820a9347-7f79-4c78-9860-ce274daaaade","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":34,"box":{"x":265,"y":451,"width":629,"height":11}},{"id":"e2d39c8b-69f8-400e-9fb4-ce5b4ebfe39f","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":34,"box":{"x":265,"y":466,"width":639,"height":11}},{"id":"4b821ff3-eba8-4ed5-adfa-fdd0680fd129","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":34,"box":{"x":265,"y":481,"width":617,"height":11}},{"id":"8feb169a-3e70-43cf-b5de-05ecece23727","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":34,"box":{"x":264,"y":496,"width":634,"height":12}},{"id":"ef898c9e-3bb2-47db-9391-1bb855720e52","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":34,"box":{"x":265,"y":511,"width":624,"height":11}},{"id":"aa92dcef-df41-42e7-a68f-4d24413ca726","block_type":"box","text":"and iShares","page_number":34,"box":{"x":265,"y":527,"width":84,"height":9}},{"id":"9bf898d6-0955-49dc-afbb-225dd2954622","block_type":"box","text":"®","page_number":34,"box":{"x":350,"y":527,"width":6,"height":4}},{"id":"5e74892b-39d7-45dd-ae2f-fc85c3011e8b","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":34,"box":{"x":362,"y":526,"width":478,"height":11}},{"id":"6f0c2c27-c1cb-4f93-8d8a-6522daa0b583","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":34,"box":{"x":265,"y":542,"width":585,"height":11}},{"id":"e45bb792-9ced-45fa-8031-bfc7bbff79ac","block_type":"box","text":"Strategic Par tner Program and Strategic Product Management Group. 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Management, Advisory and Other Service Arrangements","page_number":40,"box":{"x":69,"y":99,"width":432,"height":11}},{"id":"e81598cd-0069-4b6b-9f67-90590bc087e8","block_type":"box","text":"Management Agreement","page_number":40,"box":{"x":69,"y":129,"width":180,"height":11}},{"id":"4c737fde-372c-4140-8e66-d8ea4af5c2b5","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with the Manager (the","page_number":40,"box":{"x":101,"y":152,"width":708,"height":11}},{"id":"96c210ba-4e79-42fc-bdc5-c2be5e7ef5b2","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager is entitled to receive fees for the services it provides.","page_number":40,"box":{"x":70,"y":167,"width":809,"height":11}},{"id":"4fa1932a-6cb1-48d0-9b8e-ff70c2a2c84a","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":40,"box":{"x":102,"y":189,"width":762,"height":12}},{"id":"0a9d3270-533e-436f-8399-e71ac2f9429c","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":40,"box":{"x":69,"y":205,"width":799,"height":11}},{"id":"44ff6636-2b74-44a4-b56f-d495d63d2081","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":40,"box":{"x":68,"y":220,"width":726,"height":11}},{"id":"76bb0ef4-f65e-450c-9f02-60ce9d14a0eb","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":40,"box":{"x":69,"y":235,"width":799,"height":11}},{"id":"cff6dcad-2c25-4fa2-b8af-e29c636f874b","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":40,"box":{"x":70,"y":250,"width":780,"height":11}},{"id":"e58b3873-d37b-44eb-b093-2199d339d411","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":40,"box":{"x":69,"y":265,"width":835,"height":11}},{"id":"67be9527-85bc-4582-af27-5964ef4666cd","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":40,"box":{"x":69,"y":280,"width":774,"height":12}},{"id":"36c58ac7-7cb6-48b2-832b-d3474c0b8b4b","block_type":"box","text":"securities of the Fund.","page_number":40,"box":{"x":69,"y":295,"width":158,"height":9}},{"id":"f31471f5-fd49-4e3b-af7a-5a3f5a1128a9","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":40,"box":{"x":102,"y":318,"width":778,"height":11}},{"id":"1fbb9660-3e38-4f5f-bc58-ac948ddf940d","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":40,"box":{"x":70,"y":333,"width":824,"height":11}},{"id":"5a153260-dc3b-4b6b-8434-cceb53de7447","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.37% (for Investor A Shares),","page_number":40,"box":{"x":70,"y":348,"width":795,"height":11}},{"id":"51025c37-f493-44a7-8b64-632b01fe622c","block_type":"box","text":"0.12% (for Institutional Shares) and 0.07% (for Class K) of average daily net assets through June 30, 2027. The","page_number":40,"box":{"x":69,"y":363,"width":800,"height":12}},{"id":"7fd44201-1b31-414e-9bd3-3a7f552d8ebc","block_type":"box","text":"contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent trustees of the Trust","page_number":40,"box":{"x":69,"y":378,"width":840,"height":12}},{"id":"6aad9751-0562-4f9d-9984-e22966e2ee64","block_type":"box","text":"or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":69,"y":394,"width":520,"height":11}},{"id":"01801e83-785b-47af-b7a6-4a554f77cff0","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":40,"box":{"x":102,"y":416,"width":784,"height":12}},{"id":"1ef25369-5415-47ea-9730-68dff3cc19b2","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":40,"box":{"x":70,"y":431,"width":838,"height":12}},{"id":"78ccf16f-1265-4c79-9d7f-927e7285fbc3","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":40,"box":{"x":70,"y":446,"width":810,"height":12}},{"id":"cd7b14ff-5851-4ab4-b9af-c757db6af9ab","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":40,"box":{"x":70,"y":462,"width":779,"height":11}},{"id":"7db0f9d3-a22c-417a-91be-5fe95675ceb2","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":40,"box":{"x":70,"y":477,"width":827,"height":11}},{"id":"794f7e86-f7ce-40a8-8f60-4b03d149a1da","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":40,"box":{"x":69,"y":492,"width":486,"height":11}},{"id":"5b11870a-051c-4637-8dd9-6fbfbaadf8b8","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BlackRock Fund Advisors (“BFA”), pursuant to which","page_number":40,"box":{"x":102,"y":515,"width":792,"height":11}},{"id":"23b5524d-0ff9-4b4f-b429-1e828a0e9fff","block_type":"box","text":"BlackRock pays BFA for providing services to BlackRock with respect to that por tion of the Fund for which it acts as","page_number":40,"box":{"x":70,"y":530,"width":821,"height":11}},{"id":"f9ead268-bc99-4b30-8571-ab98a126c45f","block_type":"box","text":"sub-adviser a monthly fee at an annual rate equal to a 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the Portfolio Managers","page_number":40,"box":{"x":69,"y":731,"width":335,"height":11}},{"id":"783e5e95-8f9b-4f5b-95b6-6424e89a89b6","block_type":"box","text":"Jennifer Hsui, CFA, Matt Waldron, CFA, Peter Sietsema, CFA and Steven White are the por tfolio managers and","page_number":40,"box":{"x":101,"y":753,"width":782,"height":12}},{"id":"ed1df34b-251c-44b7-b31e-6c501e4c5478","block_type":"box","text":"are jointly and primarily responsible for the day-to-day management of the Fund.","page_number":40,"box":{"x":69,"y":768,"width":566,"height":12}},{"id":"9b82e1ea-01a8-4563-96ce-c4b7bf571e74","block_type":"box","text":"Other Funds and Accounts Managed","page_number":40,"box":{"x":70,"y":799,"width":257,"height":11}},{"id":"400eeb9b-5a18-4e1b-84e7-3c0ac417eea9","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Fund for which the 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Pooled","page_number":41,"box":{"x":735,"y":82,"width":74,"height":7}},{"id":"17c083dc-8be8-4722-bd09-9286fea8dc3b","block_type":"box","text":"Investment","page_number":41,"box":{"x":740,"y":92,"width":64,"height":7}},{"id":"05cdfa92-b1a0-4627-80c3-37da75f3e1a1","block_type":"box","text":"Vehicles","page_number":41,"box":{"x":748,"y":102,"width":48,"height":7}},{"id":"6f3ef8de-6d41-4720-be6f-ba0cf13ea89f","block_type":"box","text":"Other","page_number":41,"box":{"x":852,"y":92,"width":31,"height":7}},{"id":"651762e8-77ac-4982-a9a9-6a222d7840c0","block_type":"box","text":"Accounts","page_number":41,"box":{"x":840,"y":102,"width":54,"height":7}},{"id":"b3e5ce0d-4b8e-46dc-b779-aad129eeb796","block_type":"box","text":"Jennifer Hsui, CFA 372 111 0 0 0 0","page_number":41,"box":{"x":73,"y":116,"width":798,"height":8}},{"id":"6474c812-bc06-4038-88c2-265064205bd6","block_type":"box","text":"$2.87 Trillion $86.58 Billion $0 $0 $0 $0","page_number":41,"box":{"x":321,"y":128,"width":553,"height":8}},{"id":"1f0ba2dd-1881-4f00-9a8f-b068c7b7e314","block_type":"box","text":"Peter Sietsema. CFA 373 202 63 0 0 0","page_number":41,"box":{"x":74,"y":141,"width":797,"height":7}},{"id":"0a792b20-666b-4d0f-b67d-ad8130442d92","block_type":"box","text":"$2.87 Trillion $898.37 Billion $657.92 Billion $0 $0 $0","page_number":41,"box":{"x":321,"y":153,"width":553,"height":8}},{"id":"d1a5e683-2e6e-4525-8ca0-60afbbf965db","block_type":"box","text":"Matt Waldron, CFA 366 139 74 0 0 0","page_number":41,"box":{"x":74,"y":166,"width":797,"height":8}},{"id":"eba4456b-830f-4ab5-a5b1-b8c0b4192de6","block_type":"box","text":"$2.87 Trillion $354.45 Billion $166.57 Billion $0 $0 $0","page_number":41,"box":{"x":321,"y":178,"width":553,"height":9}},{"id":"995cf653-5be9-4334-a7fa-5f8167578f56","block_type":"box","text":"Steven White 365 0 0 0 0 0","page_number":41,"box":{"x":74,"y":191,"width":797,"height":7}},{"id":"50fd72b4-8616-43f5-84a5-0c9bfa8eb69a","block_type":"box","text":"$2.87 Trillion $0 $0 $0 $0 $0","page_number":41,"box":{"x":321,"y":203,"width":553,"height":9}},{"id":"d71982f5-48cc-4b98-b424-bca79b367c0f","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":41,"box":{"x":69,"y":238,"width":304,"height":11}},{"id":"4bc8c602-393b-4749-9a1e-a4379ec62f6a","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of July 31, 2025.","page_number":41,"box":{"x":101,"y":261,"width":653,"height":11}},{"id":"3b106df1-8157-44be-abab-6b76e5f782aa","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":41,"box":{"x":102,"y":283,"width":774,"height":12}},{"id":"07db63ea-a636-49d1-b21a-0aafe750b3df","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":41,"box":{"x":70,"y":298,"width":837,"height":12}},{"id":"8c2e9877-43c0-45a0-a537-a125c952bc9f","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":41,"box":{"x":69,"y":314,"width":823,"height":11}},{"id":"bb6310f3-5396-46df-9bf4-52b65f623f7b","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":41,"box":{"x":69,"y":329,"width":799,"height":11}},{"id":"b3807cba-d17c-4ddf-8c86-0a94d5b4e0b0","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":41,"box":{"x":70,"y":344,"width":670,"height":11}},{"id":"5e8a9108-5d52-4172-9816-bae6aac8df02","block_type":"box","text":"Base Compensation.","page_number":41,"box":{"x":102,"y":367,"width":148,"height":11}},{"id":"a42c39c1-f896-48aa-9f8e-ae928a481fe2","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":41,"box":{"x":257,"y":366,"width":640,"height":12}},{"id":"372a91d5-ea0b-4eeb-9213-835e3da35a01","block_type":"box","text":"firm.","page_number":41,"box":{"x":68,"y":382,"width":32,"height":9}},{"id":"ee4fdb3b-d1b1-45fd-9a21-ba114ad92954","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":41,"box":{"x":102,"y":404,"width":281,"height":11}},{"id":"7f3a0907-79d3-43e3-8919-b5c126944c4b","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":41,"box":{"x":391,"y":404,"width":432,"height":11}},{"id":"91c36558-894f-4816-abd2-8b5023d39cdb","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":41,"box":{"x":69,"y":419,"width":759,"height":12}},{"id":"e41aba3f-8023-40a0-a837-00f02916459c","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":41,"box":{"x":70,"y":435,"width":821,"height":11}},{"id":"5cc29576-319c-4ff8-9885-c7bb3233e584","block_type":"box","text":"supervision by that por tfolio manager relative to predetermined benchmarks, and the individual’s per formance and","page_number":41,"box":{"x":69,"y":450,"width":819,"height":11}},{"id":"903de3e3-9e73-458b-9ec8-6d5ce5c636b0","block_type":"box","text":"contribution to the overall per formance of these por tfolios and BlackRock. In most cases, these benchmarks are the","page_number":41,"box":{"x":69,"y":465,"width":832,"height":11}},{"id":"68441845-1224-4a78-abe7-5bc409c527f0","block_type":"box","text":"same as the benchmark or benchmarks against which the per formance of the Fund or other accounts managed by","page_number":41,"box":{"x":69,"y":480,"width":816,"height":11}},{"id":"430bbebf-6c73-40d5-8fee-6e58b30eeed9","block_type":"box","text":"the por tfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":41,"box":{"x":68,"y":495,"width":832,"height":11}},{"id":"d1822490-ac89-48df-9009-2c0d90c49bd8","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Fund and","page_number":41,"box":{"x":69,"y":510,"width":809,"height":11}},{"id":"d54ef5fd-a3ed-4a00-ae2b-d0db063fe952","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance of fixed-income","page_number":41,"box":{"x":69,"y":525,"width":832,"height":12}},{"id":"3ff4c6a1-f410-4691-992a-b671b18274b9","block_type":"box","text":"and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3-","page_number":41,"box":{"x":69,"y":540,"width":832,"height":12}},{"id":"082b0e94-2b99-4096-8dea-a14e3add2ba0","block_type":"box","text":"and 5- year periods, as applicable. Per formance of index funds is based on the per formance of such funds relative to","page_number":41,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"e5406976-bb5a-48bc-8aed-71c5e1adca0e","block_type":"box","text":"predetermined tolerance bands around a benchmark, as applicable. The per formance of Ms. Hsui and Messrs.","page_number":41,"box":{"x":70,"y":571,"width":789,"height":11}},{"id":"43f3a3b5-a0c8-45d1-96bd-974a689833cf","block_type":"box","text":"Waldron, Sietsema and White is not measured against a specific benchmark.","page_number":41,"box":{"x":68,"y":586,"width":549,"height":11}},{"id":"3ef25b11-9459-40b2-8cd6-5e8d6bdf91a2","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":41,"box":{"x":102,"y":608,"width":389,"height":12}},{"id":"f752d21f-ccc2-4560-99d5-a6773f1c325e","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":41,"box":{"x":499,"y":609,"width":383,"height":11}},{"id":"a4608cab-f33d-4794-8121-771bf9c6371d","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":41,"box":{"x":70,"y":623,"width":815,"height":12}},{"id":"3e717d72-0856-43b4-879f-016bb288744e","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":41,"box":{"x":68,"y":639,"width":522,"height":11}},{"id":"38e76704-db42-4b4b-b280-ceb3922ff3e0","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":41,"box":{"x":102,"y":661,"width":760,"height":12}},{"id":"08da6ea0-755f-4e9b-a102-36d3029835c0","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":41,"box":{"x":69,"y":676,"width":795,"height":12}},{"id":"bcee4308-55e5-4168-ac07-24e50829e07d","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":41,"box":{"x":69,"y":692,"width":805,"height":11}},{"id":"1f391f46-d8f7-4f50-a5b1-7c7f1e1ef294","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":41,"box":{"x":69,"y":707,"width":822,"height":11}},{"id":"3872813e-d937-464c-bfc9-aa7ff5582639","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":41,"box":{"x":68,"y":722,"width":839,"height":11}},{"id":"8afddaf8-3b11-405c-ac3e-df60d6457a1c","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":41,"box":{"x":69,"y":737,"width":802,"height":11}},{"id":"0c239d91-d895-43a8-8feb-ca7e5aed7206","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":41,"box":{"x":70,"y":752,"width":820,"height":11}},{"id":"bc3eeee5-7a9f-4d3a-90dc-6912742a32ec","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":41,"box":{"x":70,"y":767,"width":801,"height":11}},{"id":"15b9c1e0-cd53-4f34-9b5c-595156199ced","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":41,"box":{"x":70,"y":782,"width":831,"height":11}},{"id":"bedfc67f-3b4e-4fa9-b357-1eb0383adfd7","block_type":"box","text":"managers of the Fund have deferred BlackRock, Inc. stock awards.","page_number":41,"box":{"x":69,"y":797,"width":476,"height":12}},{"id":"61de5031-0f7f-445a-b104-b3a1dcce4bce","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":41,"box":{"x":102,"y":820,"width":785,"height":11}},{"id":"46a0f4d4-f081-4166-81cc-bfab1de282ca","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":41,"box":{"x":68,"y":835,"width":836,"height":11}},{"id":"09f21503-c17d-45a3-9a4a-f3d74f24d372","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":41,"box":{"x":68,"y":850,"width":821,"height":12}},{"id":"c99dcf9a-64df-438c-8af3-429e149c8408","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":41,"box":{"x":69,"y":865,"width":829,"height":12}},{"id":"99ae3894-51fd-4ea4-8610-069c49bc70a9","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":41,"box":{"x":70,"y":881,"width":835,"height":11}},{"id":"72a1c23b-84cf-4630-934b-b0d1274b93ba","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":41,"box":{"x":69,"y":896,"width":414,"height":11}},{"id":"1992e780-975f-4fae-a6f5-9acdd17686c5","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"143d9bea-6d0f-4e08-95d1-1c83674c2060","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"677611fd-bb50-4e6e-aa8f-531e52399acf","block_type":"box","text":"Other Compensation Benefits.","page_number":42,"box":{"x":101,"y":45,"width":218,"height":11}},{"id":"44ba59cb-5dc6-4bb2-aad7-9a5680b19b27","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":42,"box":{"x":327,"y":45,"width":552,"height":11}},{"id":"1ddad808-7896-4f2b-b552-f3ae5f9848f5","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":42,"box":{"x":69,"y":60,"width":582,"height":11}},{"id":"55aa732c-fdc1-4d54-b570-bf32058ff337","block_type":"box","text":"Incentive Savings Plans","page_number":42,"box":{"x":102,"y":83,"width":167,"height":11}},{"id":"1feca6a3-48c2-4e52-a334-8820831d2047","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":42,"box":{"x":274,"y":82,"width":614,"height":12}},{"id":"fd2f2497-bf1c-46f4-902c-39cc723d4463","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":42,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"a861e95d-8cd2-4094-9d44-c7f908a282bf","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":42,"box":{"x":70,"y":113,"width":785,"height":11}},{"id":"634e5bb2-6a73-4cb8-8bd0-819b994e87d3","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":42,"box":{"x":69,"y":127,"width":830,"height":12}},{"id":"b1ef2738-761c-423b-8e50-61cf8d131c38","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":42,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"17f9698d-4c2e-4150-be1b-97a1c7435979","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":42,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"ae7072f5-5974-4b5d-b197-82f1650b3714","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":42,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"fbc9daae-a995-4a04-a838-17f911a0c8b0","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":42,"box":{"x":70,"y":188,"width":809,"height":12}},{"id":"d1454256-a077-4883-9a5f-e409e8141783","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":42,"box":{"x":68,"y":203,"width":793,"height":12}},{"id":"28f1e584-11ab-4a40-8a09-0212ebac0c9d","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":42,"box":{"x":70,"y":218,"width":832,"height":11}},{"id":"6e6b3658-9156-45ae-bea5-4baf9e0b68ed","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":42,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"5c7fc232-ae73-4703-ba00-cc4750f37945","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":42,"box":{"x":69,"y":248,"width":808,"height":12}},{"id":"cb33812f-6a1d-420b-bf55-9bc574599b96","block_type":"box","text":"par ticipate in these plans.","page_number":42,"box":{"x":70,"y":264,"width":185,"height":11}},{"id":"4f36b7c0-50b0-4cde-9ae6-927ffad4d8f1","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":42,"box":{"x":69,"y":294,"width":268,"height":11}},{"id":"99090795-62df-407a-a467-de16ed002a71","block_type":"box","text":"As of July 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":42,"box":{"x":101,"y":317,"width":728,"height":11}},{"id":"4646b633-f2d2-41bb-a72c-52f9248ad8f7","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":42,"box":{"x":69,"y":332,"width":519,"height":11}},{"id":"4dc2650d-f665-4ef0-b241-a3e8130ac419","block_type":"box","text":"Portfolio Manager","page_number":42,"box":{"x":69,"y":370,"width":105,"height":9}},{"id":"05555b0c-93d5-44c2-b8a5-004ff642175d","block_type":"box","text":"Dollar Range of Equity","page_number":42,"box":{"x":759,"y":360,"width":129,"height":9}},{"id":"8dbec77b-2639-469e-a432-0728fe2198e7","block_type":"box","text":"Securities Beneficially Owned","page_number":42,"box":{"x":736,"y":370,"width":173,"height":9}},{"id":"6d45925f-f297-4660-b2e0-d4a41ecea381","block_type":"box","text":"Jennifer Hsui, CFA","page_number":42,"box":{"x":69,"y":388,"width":128,"height":10}},{"id":"b647db14-e626-4b38-9371-9798b0b09888","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":206,"y":388,"width":635,"height":9}},{"id":"cf8a616f-b093-4948-9da1-5a756a306b53","block_type":"box","text":"Matt Waldron, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":70,"y":403,"width":771,"height":11}},{"id":"99f009b3-89ea-4d58-ac5f-be416acd9f14","block_type":"box","text":"Peter Sietsema, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":69,"y":418,"width":772,"height":11}},{"id":"36be5974-2265-4d4d-9109-7d2cb1960709","block_type":"box","text":"Steven White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":69,"y":433,"width":772,"height":9}},{"id":"a17b74a6-e88a-4869-8db6-733f51369911","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":42,"box":{"x":69,"y":465,"width":403,"height":11}},{"id":"38e9a39f-0cbb-477b-a053-67b3b14dae19","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":42,"box":{"x":102,"y":487,"width":727,"height":12}},{"id":"ee4aa4a4-926a-4245-a802-27f891dd1956","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":42,"box":{"x":70,"y":503,"width":814,"height":11}},{"id":"3b346954-f7e1-49af-ad04-5f1bce61e913","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":42,"box":{"x":70,"y":518,"width":837,"height":11}},{"id":"7a3261bf-7f9f-408f-9ee2-927b18956e32","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":42,"box":{"x":70,"y":533,"width":810,"height":11}},{"id":"a4907814-75f0-44f1-8024-b8f777954765","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":42,"box":{"x":69,"y":548,"width":782,"height":11}},{"id":"c2e48f96-be65-4ee7-9786-8e8377feb087","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":42,"box":{"x":69,"y":563,"width":830,"height":11}},{"id":"5b00a14f-8728-4e2b-a943-9eb475ebaf8b","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":42,"box":{"x":69,"y":578,"width":828,"height":11}},{"id":"4ef2cd67-cb18-4b32-b473-a43eff8348ca","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":42,"box":{"x":68,"y":593,"width":834,"height":12}},{"id":"c18e2fc1-3b1c-4567-91b9-3b598984aa7b","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":42,"box":{"x":70,"y":608,"width":777,"height":12}},{"id":"98435fec-0447-49eb-8633-4f2a4fb67a99","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":42,"box":{"x":70,"y":623,"width":821,"height":12}},{"id":"d79ab96a-cd2d-4c55-8501-cf09a44feafa","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":42,"box":{"x":69,"y":639,"width":819,"height":11}},{"id":"a197dcd1-8c52-4baf-a993-45fa66ac0793","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":42,"box":{"x":69,"y":654,"width":832,"height":11}},{"id":"d0c16840-2012-48d1-8b1e-03c7bdb1b831","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":42,"box":{"x":68,"y":669,"width":804,"height":11}},{"id":"d3c5b258-39c0-4884-a56e-72bbba136deb","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":42,"box":{"x":69,"y":684,"width":760,"height":11}},{"id":"16da74e4-e6fe-481d-9cc6-c32257bb2117","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":42,"box":{"x":69,"y":699,"width":834,"height":11}},{"id":"108e4fc5-7d90-43ba-a6d1-217222b45f4d","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":42,"box":{"x":69,"y":714,"width":836,"height":12}},{"id":"f18b7b63-d74e-495a-83d7-c622e087434f","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":42,"box":{"x":69,"y":729,"width":822,"height":12}},{"id":"60f3c8e0-082c-4dbd-b9f5-7ca8d3b01db1","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":42,"box":{"x":70,"y":744,"width":835,"height":12}},{"id":"cd37e3c6-1766-4f41-b5e0-931fcf72a827","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a por tfolio manager may be managing","page_number":42,"box":{"x":69,"y":760,"width":820,"height":11}},{"id":"8dcdaf7e-44f1-46c2-898a-3fba2ddc8379","block_type":"box","text":"hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts,","page_number":42,"box":{"x":69,"y":775,"width":811,"height":11}},{"id":"454edf6d-5413-434d-889c-c23f36c4e184","block_type":"box","text":"subject to incentive fees. Such por tfolio managers may therefore be entitled to receive a por tion of any incentive fees","page_number":42,"box":{"x":69,"y":790,"width":839,"height":11}},{"id":"c2b0d18b-5d07-437f-9ac4-f2cda6a7331c","block_type":"box","text":"earned on such accounts. Currently, the por tfolio managers of the Fund are not entitled to receive a por tion of","page_number":42,"box":{"x":69,"y":805,"width":787,"height":11}},{"id":"3d8da1d0-cc00-4e67-85a4-ac72b24f7bd8","block_type":"box","text":"incentive fees of other accounts.","page_number":42,"box":{"x":70,"y":820,"width":231,"height":9}},{"id":"a08a29b7-71aa-4e66-8cc0-696aead3836e","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":42,"box":{"x":101,"y":843,"width":788,"height":11}},{"id":"8c15d3e1-7991-4db3-a099-e99c8f212df6","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":42,"box":{"x":70,"y":858,"width":839,"height":11}},{"id":"77faa140-2bf7-45a5-a960-654492a013be","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":42,"box":{"x":68,"y":873,"width":823,"height":11}},{"id":"d9942867-782d-417b-a1e7-77589127c65c","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":42,"box":{"x":68,"y":888,"width":812,"height":11}},{"id":"dbe33342-5729-4098-b2b0-404b3b04f426","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"60c0512d-4562-4726-95f5-8fc50533bb6d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9292a555-f70d-4672-8099-adc4b6d05e11","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":43,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"f1d374d7-d358-48c2-8716-68070838c8b4","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":43,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"2b66cf3d-5502-4834-8cd1-a513d1a05a65","block_type":"box","text":"Accounting Services","page_number":43,"box":{"x":68,"y":90,"width":150,"height":11}},{"id":"c5121fac-5680-486c-87d0-cea02780c108","block_type":"box","text":"State Street Bank and Trust Company (“State Street”), serves as the accounting services provider for the Fund.","page_number":43,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"f9036f9d-9d92-49a1-a8fa-f5ae21fe2573","block_type":"box","text":"State Street maintains the books of account and other financial records (other than those maintained by the Fund’s","page_number":43,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"115bd575-cd5a-488d-9582-574aa1fa70f3","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":43,"box":{"x":69,"y":143,"width":779,"height":11}},{"id":"4e04b203-f831-48c3-89a8-ad027e1c3364","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":43,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"b913034f-8fe0-4b12-9522-46759b48c40c","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides cer tain","page_number":43,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"eaf92c07-df9d-4ff6-9590-da351ab617b2","block_type":"box","text":"administration services.","page_number":43,"box":{"x":69,"y":188,"width":170,"height":9}},{"id":"991569d2-9446-46d4-bed0-537a997cc58d","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street for accounting services for the past three","page_number":43,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"2a3faf03-81fd-4b9e-a916-20221ce2adce","block_type":"box","text":"fiscal years:","page_number":43,"box":{"x":68,"y":226,"width":85,"height":11}},{"id":"58fe4c50-24a3-4a5e-9531-2b341894cd02","block_type":"box","text":"Amount Paid to State Street","page_number":43,"box":{"x":743,"y":254,"width":166,"height":7}},{"id":"22137d2c-e7b0-4165-92d0-2887193f04f5","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":272,"width":463,"height":11}},{"id":"cb685405-8112-4835-8a35-ed997b077987","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":43,"box":{"x":539,"y":271,"width":313,"height":12}},{"id":"53b928e0-a688-4979-b3c8-de3296af5264","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":287,"width":463,"height":11}},{"id":"6771aac6-cd93-4e22-abfe-3f3e5996dbfe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":43,"box":{"x":539,"y":286,"width":313,"height":12}},{"id":"6521da8f-bf4c-46a1-b4b7-02e6bdc0a0bc","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":302,"width":463,"height":11}},{"id":"32a65ad4-22a7-43e9-abcd-220f06643a53","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":43,"box":{"x":539,"y":302,"width":313,"height":11}},{"id":"dd720e39-e981-4a08-b167-7b03e336d8ae","block_type":"box","text":"Custodian","page_number":43,"box":{"x":69,"y":334,"width":72,"height":9}},{"id":"d03e48ab-23c7-485a-99e9-119b635dc20e","block_type":"box","text":"State Street, which has its principal place of business at One Congress Street, Suite 1, Boston, Massachusetts","page_number":43,"box":{"x":102,"y":356,"width":797,"height":12}},{"id":"82ee5ca9-7df4-4c06-82e9-4b87eda2bf00","block_type":"box","text":"02114-2016, serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities,","page_number":43,"box":{"x":69,"y":372,"width":822,"height":11}},{"id":"e6c3f59c-455d-429f-b339-24522a30e317","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":43,"box":{"x":69,"y":387,"width":832,"height":11}},{"id":"a623ef98-1c7d-4175-a56d-7dd3c7e454f5","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":43,"box":{"x":70,"y":402,"width":813,"height":11}},{"id":"cd5638f0-2c7b-4105-90c1-0b86e1393afc","block_type":"box","text":"account of the assets of the Fund.","page_number":43,"box":{"x":69,"y":417,"width":244,"height":9}},{"id":"eab68cea-756e-456f-b7a6-e8be0316a9ce","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":43,"box":{"x":68,"y":447,"width":432,"height":11}},{"id":"ae058256-9973-478b-a2b5-c678e44e8ea3","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) , which has its principal place of business at 301","page_number":43,"box":{"x":102,"y":470,"width":770,"height":11}},{"id":"c7108805-3ff4-4de7-a73e-956bed0a16ac","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursing agent for the","page_number":43,"box":{"x":70,"y":485,"width":820,"height":11}},{"id":"7c4446c5-a956-47b3-a849-1f8694e96a31","block_type":"box","text":"Fund.","page_number":43,"box":{"x":70,"y":500,"width":36,"height":9}},{"id":"e0333806-ff4f-43a9-b487-2501c42248af","block_type":"box","text":"Pursuant to a shareholders’ administrative services agreement, BlackRock provides cer tain shareholder liaison","page_number":43,"box":{"x":102,"y":523,"width":793,"height":11}},{"id":"6ed3a3bf-f895-4214-9899-1f30223c4176","block_type":"box","text":"services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund, reimburses","page_number":43,"box":{"x":69,"y":538,"width":769,"height":10}},{"id":"3eb97e5e-4a5a-49e9-bb5c-bc50022df35c","block_type":"box","text":"BlackRock for its costs in maintaining the service center, which costs include, among other things, employee","page_number":43,"box":{"x":70,"y":553,"width":774,"height":11}},{"id":"51d9a243-ebd4-4c96-812d-6bc632d5fd27","block_type":"box","text":"salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":43,"box":{"x":69,"y":568,"width":458,"height":11}},{"id":"da8f99bc-a2f3-444d-9111-3180a3583784","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, reimbursed BlackRock for shareholder liaison services","page_number":43,"box":{"x":102,"y":591,"width":790,"height":11}},{"id":"a3f68900-c1f3-4551-9cb7-918663800d08","block_type":"box","text":"pursuant to such agreement as follows:","page_number":43,"box":{"x":70,"y":606,"width":280,"height":11}},{"id":"4515bed2-bcef-468b-bcb5-390e5a14dfc8","block_type":"box","text":"Fees Paid","page_number":43,"box":{"x":732,"y":634,"width":56,"height":7}},{"id":"1c000724-489b-43a4-84b8-c28cec018636","block_type":"box","text":"to BlackRock","page_number":43,"box":{"x":720,"y":644,"width":80,"height":7}},{"id":"4e42153a-0a51-4463-adfa-bcb5bb7530d3","block_type":"box","text":"Fees Waived","page_number":43,"box":{"x":833,"y":634,"width":72,"height":7}},{"id":"d2ec2df6-9b47-41ce-bd3d-083ade8d297e","block_type":"box","text":"by BlackRock","page_number":43,"box":{"x":830,"y":644,"width":80,"height":9}},{"id":"ef7c548f-70c2-4775-95b0-1dfaf72f5ee5","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":43,"box":{"x":70,"y":662,"width":269,"height":11}},{"id":"d38ce566-6fce-4df5-a9c3-6c60e6a80a00","block_type":"box","text":"...........................................","page_number":43,"box":{"x":345,"y":669,"width":345,"height":2}},{"id":"ec041de9-50bd-4442-94b1-284f870ef7c2","block_type":"box","text":"$18,483 $ 0","page_number":43,"box":{"x":729,"y":661,"width":167,"height":11}},{"id":"851d362c-7a38-491c-968c-fce2f6fc06d0","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":43,"box":{"x":70,"y":677,"width":269,"height":11}},{"id":"99547a30-03a7-4c90-b167-e4b0e79bd654","block_type":"box","text":"...........................................","page_number":43,"box":{"x":345,"y":685,"width":345,"height":1}},{"id":"496982c9-d597-4390-9467-104eb3c83d4e","block_type":"box","text":"$14,864 $2,508","page_number":43,"box":{"x":729,"y":676,"width":167,"height":12}},{"id":"cdb8fb6a-8349-4d6b-9861-e1737c92bd63","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":43,"box":{"x":70,"y":692,"width":269,"height":11}},{"id":"7096b0db-25a1-468f-abe2-de15a98c1276","block_type":"box","text":"...........................................","page_number":43,"box":{"x":345,"y":700,"width":345,"height":1}},{"id":"d523b91e-2340-4c14-801e-54d5687b834b","block_type":"box","text":"$17,207 $6,189","page_number":43,"box":{"x":729,"y":692,"width":166,"height":11}},{"id":"e465b888-de3f-4e33-ac33-f8a4838a0f72","block_type":"box","text":"Credit Agreement","page_number":43,"box":{"x":69,"y":724,"width":129,"height":11}},{"id":"5b226895-ede9-4207-962f-44b3b55085d9","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":43,"box":{"x":101,"y":746,"width":757,"height":12}},{"id":"f44d8ff1-1427-4277-aaa1-571fb8ef8bcf","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":43,"box":{"x":69,"y":761,"width":817,"height":12}},{"id":"e56e6d4c-9952-496a-8504-7ea6b6fbb328","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":43,"box":{"x":68,"y":777,"width":743,"height":11}},{"id":"5e32c721-9d5a-4f14-a64e-73e5e9807127","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":43,"box":{"x":69,"y":792,"width":825,"height":11}},{"id":"f69f3144-2c35-4b71-9fba-e6a21bdd3334","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":43,"box":{"x":68,"y":806,"width":818,"height":12}},{"id":"09223e3b-12f1-49b9-80be-85e188790568","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":43,"box":{"x":70,"y":822,"width":761,"height":11}},{"id":"aba67ec7-b642-4bdc-bd04-6b7953bc9ea7","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":43,"box":{"x":69,"y":837,"width":768,"height":11}},{"id":"5937c036-b797-4424-914d-d55503e295e1","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":43,"box":{"x":68,"y":852,"width":825,"height":11}},{"id":"cee3eec0-0cb9-448a-9613-d2bd0e39f641","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":43,"box":{"x":69,"y":867,"width":805,"height":12}},{"id":"c8595f2e-95a2-4721-bf03-dd0115bb12a3","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":43,"box":{"x":69,"y":882,"width":838,"height":12}},{"id":"6aa62950-48e9-4bfe-90b4-f3d41b422fab","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":43,"box":{"x":68,"y":898,"width":801,"height":11}},{"id":"3a37e051-6935-4e33-afb9-5819723413b2","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7153806c-7e60-4da9-b3b4-a7874c389d6e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8815f6ed-9cf3-4acc-8be1-0a34b656878b","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":44,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"f41cc1c8-1c2d-4e7f-a08d-6bee34c764e3","block_type":"box","text":"charged interest at a variable rate.","page_number":44,"box":{"x":69,"y":60,"width":245,"height":11}},{"id":"98c00747-8160-460e-9288-796933212f0f","block_type":"box","text":"V. Information on Distribution Related Expenses","page_number":44,"box":{"x":68,"y":90,"width":349,"height":11}},{"id":"8e1cafc5-d239-4df6-81d5-2f2a446774ab","block_type":"box","text":"BlackRock Investments, LLC ( “BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":44,"box":{"x":102,"y":113,"width":661,"height":11}},{"id":"fd4c5517-9005-42bb-a1d7-fd85616e4f58","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Fund paid","page_number":44,"box":{"x":101,"y":135,"width":802,"height":11}},{"id":"b53b8591-a52f-4293-8fce-bf77962e9da1","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":44,"box":{"x":68,"y":150,"width":796,"height":12}},{"id":"51c2eb7e-6ee2-4787-bf22-b854f26f5d56","block_type":"box","text":"shareholder servicing activities for Investor A Shares.","page_number":44,"box":{"x":69,"y":166,"width":379,"height":11}},{"id":"ffe4356a-7c2b-4e43-af9a-c2b3e306e62b","block_type":"box","text":"Class Name","page_number":44,"box":{"x":69,"y":204,"width":68,"height":7}},{"id":"f0498dc1-e9ab-46b7-9877-34ea41c00cc3","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":845,"y":194,"width":56,"height":7}},{"id":"6b9a06fa-a862-4f78-89f3-d9a4129e5ad9","block_type":"box","text":"to BRIL","page_number":44,"box":{"x":851,"y":204,"width":44,"height":7}},{"id":"58433e10-6407-40e0-8c71-1b1d820ce10d","block_type":"box","text":"Investor A Shares . . .","page_number":44,"box":{"x":70,"y":222,"width":157,"height":9}},{"id":"e1c51d60-45b4-4aea-8e4a-d1f5c2861c8b","block_type":"box","text":".......................................................................","page_number":44,"box":{"x":233,"y":229,"width":572,"height":2}},{"id":"bc1b3d53-c93c-4835-bbe8-b50d3cd6cd36","block_type":"box","text":"$434,157","page_number":44,"box":{"x":837,"y":221,"width":71,"height":11}},{"id":"313b0359-e674-45f6-9015-eff05926124d","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":44,"box":{"x":68,"y":253,"width":318,"height":11}},{"id":"17c27c1b-0dac-46c1-a878-ec1f807c8bde","block_type":"box","text":"The offering price for each of the Investor A, Institutional and Class K Shares of the Fund is equal to the share","page_number":44,"box":{"x":101,"y":276,"width":788,"height":11}},{"id":"53b4cd72-09ab-44c7-815a-a89b64898ca1","block_type":"box","text":"class’ net asset value computed by dividing the value of the share class’ net assets by the number of shares of that","page_number":44,"box":{"x":69,"y":291,"width":831,"height":11}},{"id":"ab3c4852-69c4-4ae8-883e-c1fcabea2b23","block_type":"box","text":"class outstanding.","page_number":44,"box":{"x":69,"y":306,"width":129,"height":11}},{"id":"53f6f756-da2d-4ea7-a97d-170987afb358","block_type":"box","text":"For more information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Pricing","page_number":44,"box":{"x":102,"y":329,"width":793,"height":11}},{"id":"b703f060-fccd-4f74-aef3-d7c124193bf9","block_type":"box","text":"of Shares” in Par t II of this SAI.","page_number":44,"box":{"x":69,"y":344,"width":223,"height":9}},{"id":"533b0702-a3e8-4805-84e3-5093dd1d88f5","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":44,"box":{"x":68,"y":374,"width":302,"height":11}},{"id":"3f06dafc-e10d-4495-8edd-4f36040dd1b6","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":44,"box":{"x":102,"y":397,"width":609,"height":11}},{"id":"876b0c6b-4f2d-4151-8883-48d816e169ab","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":44,"box":{"x":102,"y":419,"width":794,"height":12}},{"id":"6c61d3a9-08fc-4eef-8906-99944eda29eb","block_type":"box","text":"for th in the following table:","page_number":44,"box":{"x":68,"y":435,"width":191,"height":11}},{"id":"0b18b792-ac41-4e9d-806b-d9e87d5bb769","block_type":"box","text":"Aggregate Brokerage","page_number":44,"box":{"x":613,"y":463,"width":125,"height":9}},{"id":"95d7ee5b-d422-4b19-a5fc-8bb72456a5e3","block_type":"box","text":"Commissions Paid","page_number":44,"box":{"x":623,"y":473,"width":106,"height":7}},{"id":"4681448c-91bf-48e2-906e-ba443880d0dd","block_type":"box","text":"Brokerage Commissions","page_number":44,"box":{"x":769,"y":463,"width":140,"height":9}},{"id":"786d6c72-9979-44da-b35b-1e93ccd858b2","block_type":"box","text":"Paid to Affiliates","page_number":44,"box":{"x":791,"y":473,"width":96,"height":7}},{"id":"8107120b-835d-4085-986f-4d203220455a","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":44,"box":{"x":70,"y":491,"width":268,"height":11}},{"id":"b7a97323-8dac-431b-bed2-fdf39cb15f8f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72,412 $0","page_number":44,"box":{"x":344,"y":490,"width":504,"height":11}},{"id":"9611993a-3ff7-4a96-9d98-48434d17d8f7","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":44,"box":{"x":70,"y":506,"width":268,"height":11}},{"id":"16c6facc-eef7-4b39-90fa-cbaffa7a7cc8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 98,365 $0","page_number":44,"box":{"x":344,"y":505,"width":504,"height":11}},{"id":"5852f7b8-af0a-4201-88c2-8946ee7f7737","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":44,"box":{"x":70,"y":521,"width":268,"height":11}},{"id":"bf837eaf-0834-42af-8174-084372a901c8","block_type":"box","text":"..............................","page_number":44,"box":{"x":344,"y":528,"width":238,"height":2}},{"id":"8b7c28a0-7625-4bdb-bd31-84b7756b384d","block_type":"box","text":"$102,217 $0","page_number":44,"box":{"x":640,"y":520,"width":208,"height":11}},{"id":"f403758d-4bab-4b8d-b660-53dc361b4126","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":44,"box":{"x":101,"y":545,"width":770,"height":11}},{"id":"1638e455-cb65-40ee-84ee-da24e31cb0b3","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":44,"box":{"x":69,"y":560,"width":814,"height":11}},{"id":"e88cf83c-7857-41bf-8a7e-cd05bbc87afb","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended July 31, 2025. The provision of","page_number":44,"box":{"x":68,"y":575,"width":826,"height":11}},{"id":"67a3bb5a-4c8c-4df3-9612-3ca1a33dadf4","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":44,"box":{"x":69,"y":590,"width":822,"height":11}},{"id":"1b676420-c8bf-4cc8-9ba6-98cced7a6f4f","block_type":"box","text":"with such brokers.","page_number":44,"box":{"x":68,"y":606,"width":130,"height":8}},{"id":"c3752178-8741-42d0-ad02-8a1547a5cfae","block_type":"box","text":"Amount of Commissions","page_number":44,"box":{"x":357,"y":634,"width":141,"height":7}},{"id":"d8035292-b3a9-4406-85ae-9ee92997faa4","block_type":"box","text":"Paid to Brokers for","page_number":44,"box":{"x":374,"y":644,"width":109,"height":7}},{"id":"1e9a94c9-bd88-450e-9b31-c2389f6b7852","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":44,"box":{"x":304,"y":654,"width":249,"height":9}},{"id":"9a25ee3e-1bb0-4792-92cc-e93752fd8d30","block_type":"box","text":"Amount of Brokerage","page_number":44,"box":{"x":593,"y":644,"width":124,"height":8}},{"id":"16db2fc1-487d-416c-bb4c-57a3938536d5","block_type":"box","text":"Transactions Involved","page_number":44,"box":{"x":592,"y":654,"width":126,"height":7}},{"id":"5a6ce9ff-7fc4-4367-836a-a161f393d504","block_type":"box","text":"$0 $0","page_number":44,"box":{"x":419,"y":671,"width":245,"height":10}},{"id":"6edf3620-f40c-43bf-912a-ced5eb75a779","block_type":"box","text":"As of July 31, 2025, the value of the Fund’s aggregate holdings of the securities of its regular brokers or dealers","page_number":44,"box":{"x":101,"y":695,"width":804,"height":12}},{"id":"0ad11d7b-2198-4175-ab54-469f57d4b95b","block_type":"box","text":"(as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of such holdings were","page_number":44,"box":{"x":69,"y":710,"width":818,"height":12}},{"id":"946205db-c4bc-48e0-a18c-fae4ad0634ba","block_type":"box","text":"purchased during the fiscal year ended July 31, 2025, is as follows:","page_number":44,"box":{"x":70,"y":726,"width":482,"height":11}},{"id":"42bd6c89-d67e-4943-9e41-2714481dbd2e","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":44,"box":{"x":69,"y":754,"width":840,"height":9}},{"id":"99743594-c5ad-4ffd-a7e1-f637332e27b8","block_type":"box","text":"Jefferies Financial Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":69,"y":772,"width":441,"height":11}},{"id":"f34152ec-7d1c-474e-9c6c-9f9dc2fa3fe8","block_type":"box","text":". . . . . . . E $1,542","page_number":44,"box":{"x":516,"y":771,"width":338,"height":11}},{"id":"74bfa81e-08ba-4e88-8275-2ba7a4c2e920","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6d151eef-02db-4998-8858-1641ae95cac8","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0f98258-4064-4cbf-819f-2caa9279082d","block_type":"box","text":"Securities Lending","page_number":45,"box":{"x":101,"y":45,"width":135,"height":11}},{"id":"bca86f5e-1140-47c9-84f8-54ea6d7fd8c2","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":45,"box":{"x":101,"y":68,"width":807,"height":11}},{"id":"8981b200-97e3-4d2f-b91d-ac7e6e658d59","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":45,"box":{"x":69,"y":82,"width":817,"height":12}},{"id":"7f43017e-aac9-40a9-9f2f-d25d6f8f51ee","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":45,"box":{"x":69,"y":98,"width":813,"height":11}},{"id":"047b0e64-6dc5-4aec-aa48-7ce0fa068fa8","block_type":"box","text":"lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities lending agent for the Fund, subject to","page_number":45,"box":{"x":70,"y":113,"width":832,"height":11}},{"id":"6ad371cb-b725-46b5-9cf9-565033266d3d","block_type":"box","text":"the overall supervision of BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”). BTC","page_number":45,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"794a1560-a73b-439c-afee-f33f73a6e10d","block_type":"box","text":"administers the lending program in accordance with guidelines approved by the Board.","page_number":45,"box":{"x":69,"y":143,"width":614,"height":11}},{"id":"b4122e9b-b5ad-4c88-821e-301b6958acc6","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BTC as","page_number":45,"box":{"x":101,"y":166,"width":735,"height":11}},{"id":"3fee1641-eec5-4183-9466-03fb687a5d57","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":45,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"2fe482f5-674a-46b3-a35c-97d34889eee8","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":45,"box":{"x":70,"y":196,"width":822,"height":11}},{"id":"ca36e760-a8de-490b-bb61-693c12a06a48","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BTC bears all","page_number":45,"box":{"x":69,"y":211,"width":788,"height":11}},{"id":"58a3ad73-e242-46b3-a3ef-f696dba7f1c9","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":45,"box":{"x":69,"y":226,"width":783,"height":11}},{"id":"5f2cfc0f-fa3d-4146-a4f9-c02ef0b794d6","block_type":"box","text":"investment of cash collateral received for securities on loan in money market funds advised by BFA or its affiliates,","page_number":45,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"2d217ba4-6f60-415f-98f2-cc486501f314","block_type":"box","text":"and such fees will not be subject to any waivers (the “collateral investment fees”); however, BTC has agreed to","page_number":45,"box":{"x":69,"y":256,"width":791,"height":12}},{"id":"0d8eb997-9b3e-477c-9f4c-71cd1bab1aae","block_type":"box","text":"reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees","page_number":45,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"0de902c2-97cd-45f7-89f1-9f1cc0ebdf88","block_type":"box","text":"the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load,","page_number":45,"box":{"x":68,"y":286,"width":793,"height":12}},{"id":"cdfb9def-f5ab-418c-af12-485e481426e2","block_type":"box","text":"distribution fee or service fee.","page_number":45,"box":{"x":69,"y":302,"width":213,"height":9}},{"id":"558e7360-1d3c-4a74-9414-e3172a036fe2","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":45,"box":{"x":101,"y":324,"width":776,"height":12}},{"id":"82752906-a541-4efb-a683-801c559196a4","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":45,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"bf7be2ea-cc8a-407c-bda2-883f1a8dd911","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":45,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"345e1005-db1e-4ff0-9646-6b6468b792f5","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":45,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"c207fe86-e16a-4fd4-8007-b493fbddff2c","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":45,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"57529982-24f1-4b88-b446-4449d8469ee1","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":45,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"110a4154-a575-4ac6-b027-fb9da3257869","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":45,"box":{"x":68,"y":415,"width":789,"height":11}},{"id":"baacb4b8-eb52-4ced-bc9c-b45f2d046c31","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":45,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"c9591ea3-a72a-473c-a4cf-7e8ad97f519e","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":45,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"5a328e87-d467-46f0-a44f-6f5f7398498e","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":45,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"660e55ee-6dd1-45f0-a306-e2ceccf84f68","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":45,"box":{"x":70,"y":475,"width":830,"height":12}},{"id":"765bb431-daf8-42ee-a4e9-1d3607c44275","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":45,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"2c3be316-3208-47d9-ac2e-fa001e8a8e3f","block_type":"box","text":"Fund’s returns on securities lending.","page_number":45,"box":{"x":70,"y":506,"width":258,"height":11}},{"id":"9f27f0eb-2a69-4e6f-9d2a-52ab5ae2244d","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":45,"box":{"x":102,"y":528,"width":774,"height":12}},{"id":"4a35890a-e323-481a-8f6b-5b152a7a3f74","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":45,"box":{"x":69,"y":543,"width":790,"height":12}},{"id":"4a3cb1f7-8894-46e4-b818-cce6b5d4d391","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":45,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"4bba68b7-a55c-4096-af80-fd4c06c7759c","block_type":"box","text":"Trust and BTC.","page_number":45,"box":{"x":68,"y":574,"width":104,"height":9}},{"id":"76a000f0-24ff-42ea-9f27-14514bfb80f9","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 81% of securities lending income","page_number":45,"box":{"x":102,"y":596,"width":761,"height":12}},{"id":"3822858b-46a0-4fdb-b961-14273bf38295","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":45,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"020f4159-a003-42ce-b288-2794f99b850e","block_type":"box","text":"lending income plus collateral investment fees.","page_number":45,"box":{"x":70,"y":627,"width":334,"height":11}},{"id":"7ba69057-8c6d-494d-97b5-cae063f3a824","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":45,"box":{"x":102,"y":649,"width":753,"height":12}},{"id":"419d04a7-b308-4f7b-9dda-3217ff3442b9","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":45,"box":{"x":69,"y":664,"width":778,"height":12}},{"id":"ffaa747a-096b-440c-837e-35da0b8266a0","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":45,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"c8660279-80f4-4ef9-9fee-d6adc67ea5d0","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":45,"box":{"x":70,"y":695,"width":794,"height":11}},{"id":"5830e324-dc23-4c62-9f78-7cc4df43a910","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":45,"box":{"x":69,"y":710,"width":825,"height":11}},{"id":"e4373586-15d3-4f8c-a208-e842a03ffa9e","block_type":"box","text":"Prior to January 1, 2025, the Fund was subject to a different securities lending fee arrangement.","page_number":45,"box":{"x":102,"y":732,"width":690,"height":12}},{"id":"185464c3-2a01-485b-8b1a-cb07ef8a7072","block_type":"box","text":"The services provided to the Fund by BTC, in the most recent fiscal year ended July 31, 2025, primarily included","page_number":45,"box":{"x":101,"y":755,"width":800,"height":11}},{"id":"2d483df6-4e9e-4215-93aa-40698074cc9b","block_type":"box","text":"the following:","page_number":45,"box":{"x":68,"y":770,"width":93,"height":12}},{"id":"1fbed9c2-07b1-4d13-916f-522c04b299e8","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":45,"box":{"x":69,"y":790,"width":818,"height":12}},{"id":"3f4ebff3-762d-4b1f-ba1a-4b020359b8b1","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":45,"box":{"x":102,"y":806,"width":333,"height":10}},{"id":"e6df8650-5646-4adf-8dd4-5e926cff584c","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":45,"box":{"x":69,"y":826,"width":538,"height":11}},{"id":"14da3c05-80ea-44d5-ba8b-1656dce61e17","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":45,"box":{"x":69,"y":846,"width":330,"height":11}},{"id":"ff39d91b-b693-444b-b714-dc1cc092e4c3","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":45,"box":{"x":69,"y":866,"width":834,"height":11}},{"id":"9dc542dc-77d3-46ec-89fd-a04ec5da51c5","block_type":"box","text":"of excess collateral, as necessary;","page_number":45,"box":{"x":102,"y":881,"width":246,"height":11}},{"id":"338600f8-fa26-49a1-bb9b-b05f745516ed","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":45,"box":{"x":69,"y":902,"width":562,"height":11}},{"id":"03795723-a333-4439-92d3-f99d135496eb","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"423c2f87-e6db-41b4-82d3-858949acec0e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84bb89e5-bcb0-412b-a4d1-d064d9517b73","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":46,"box":{"x":69,"y":45,"width":665,"height":11}},{"id":"aca5018e-c47c-4a7b-8081-0dfcb15b147e","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":46,"box":{"x":69,"y":65,"width":822,"height":11}},{"id":"fb546964-8b89-4ba1-9f21-89b9ff83ef99","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":46,"box":{"x":101,"y":80,"width":803,"height":11}},{"id":"4796ece9-9d3f-44f2-b96a-0f3eb2eeb1a5","block_type":"box","text":"of the loaned securities; and","page_number":46,"box":{"x":102,"y":95,"width":203,"height":11}},{"id":"b3488954-2679-49ad-9151-f9913b5abcb0","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":46,"box":{"x":69,"y":115,"width":808,"height":11}},{"id":"b3b3a160-fe76-4cb8-b53a-25a55846a2f0","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":46,"box":{"x":101,"y":138,"width":805,"height":11}},{"id":"d4fc5830-9b9c-482e-9ced-acbb54a9c63a","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended July 31, 2025.","page_number":46,"box":{"x":69,"y":153,"width":544,"height":11}},{"id":"87aed701-815c-4a73-be59-20051f2de61c","block_type":"box","text":"Gross income from securities lending activities","page_number":46,"box":{"x":69,"y":181,"width":343,"height":11}},{"id":"307bb199-b25d-4496-aaae-fee9f54a7264","block_type":"box","text":"................................................","page_number":46,"box":{"x":416,"y":188,"width":385,"height":2}},{"id":"1a0af031-5679-4601-bc03-3b9a3ca55879","block_type":"box","text":"$2,586,420","page_number":46,"box":{"x":822,"y":180,"width":87,"height":12}},{"id":"e3eb68ef-5279-4e74-a632-6af028bdde22","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":46,"box":{"x":70,"y":200,"width":565,"height":12}},{"id":"7d789d41-9d50-4535-9522-d1b617ab642a","block_type":"box","text":"Securities lending income paid to BTC for services as securities lending agent . .","page_number":46,"box":{"x":79,"y":215,"width":575,"height":12}},{"id":"9742b204-48f7-48e3-888c-edf622c89c16","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 53,324","page_number":46,"box":{"x":660,"y":215,"width":249,"height":11}},{"id":"d17101a1-23e7-4666-8723-1375dc8a11d6","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BTC. .","page_number":46,"box":{"x":79,"y":231,"width":673,"height":11}},{"id":"b318f921-675d-47cd-8b81-9027bdd2ed73","block_type":"box","text":". . . . . . $ 20,846","page_number":46,"box":{"x":758,"y":230,"width":151,"height":11}},{"id":"abbdf034-d136-4080-8e38-3aee1c0c5917","block_type":"box","text":"Administrative fees not included in securities lending income paid to BTC","page_number":46,"box":{"x":78,"y":246,"width":520,"height":11}},{"id":"de9028c7-3a1e-476f-86bd-e1a7d5a663d4","block_type":"box","text":"......................... $ 0","page_number":46,"box":{"x":603,"y":245,"width":306,"height":10}},{"id":"c7abbd07-1d7b-4d1d-8052-36a33029135f","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BTC . .","page_number":46,"box":{"x":79,"y":261,"width":542,"height":11}},{"id":"db3c366f-be49-4e2b-8ca5-3d33ee25d539","block_type":"box","text":"...................... $ 0","page_number":46,"box":{"x":628,"y":260,"width":281,"height":11}},{"id":"4f5131c8-0671-439e-bf3c-19cdc9c729b7","block_type":"box","text":"Rebates (paid to borrowers) . . . . . . . . . . .","page_number":46,"box":{"x":79,"y":276,"width":289,"height":11}},{"id":"268c356a-8124-4d33-bc59-8809f9404838","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":46,"box":{"x":375,"y":275,"width":470,"height":11}},{"id":"c342f251-bc46-47c5-a0c7-b521d67b069a","block_type":"box","text":"284,903","page_number":46,"box":{"x":847,"y":276,"width":62,"height":10}},{"id":"11a7eaf7-7266-4719-bcb7-2a3c7af1fc40","block_type":"box","text":"Other fees not included in securities lending income paid to BTC . . .","page_number":46,"box":{"x":79,"y":291,"width":485,"height":11}},{"id":"dab522e7-d0bb-4c13-b9fc-66ea184d2ea5","block_type":"box","text":"............................. $ 0","page_number":46,"box":{"x":571,"y":290,"width":338,"height":11}},{"id":"84cd802f-da4b-43ee-85e2-103a5eda9558","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":46,"box":{"x":68,"y":306,"width":455,"height":11}},{"id":"449531ca-b50c-49a3-9070-0c4598c08693","block_type":"box","text":"..................................","page_number":46,"box":{"x":530,"y":314,"width":271,"height":1}},{"id":"a9ad4ebb-333c-48b7-a7d1-aa3756eb0ceb","block_type":"box","text":"$2,359,073","page_number":46,"box":{"x":822,"y":305,"width":87,"height":12}},{"id":"1e163fc7-1a4e-4afd-a7bf-72c1c9584d9c","block_type":"box","text":"Net income from securities lending activities","page_number":46,"box":{"x":69,"y":326,"width":327,"height":11}},{"id":"f0c0284f-ea3b-49e6-8e75-a76c05020bc9","block_type":"box","text":"..................................................","page_number":46,"box":{"x":399,"y":333,"width":402,"height":1}},{"id":"14e7cd3f-43fb-46c6-a393-65e615ffe69a","block_type":"box","text":"$ 227,347","page_number":46,"box":{"x":822,"y":325,"width":87,"height":11}},{"id":"3083f253-2995-4728-a04a-e5b05d9cb59a","block_type":"box","text":"VIII. Additional Information","page_number":46,"box":{"x":68,"y":362,"width":195,"height":8}},{"id":"05290e10-58b9-45d5-9e08-edf4e961571e","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":46,"box":{"x":102,"y":384,"width":352,"height":11}},{"id":"31124189-e403-45fe-a9bc-0acf97e21d9b","block_type":"box","text":"PricewaterhouseCoopers LLP, with offices located at Two","page_number":46,"box":{"x":461,"y":384,"width":405,"height":11}},{"id":"83d70c15-b51f-4b11-8b03-b1237bcd51a0","block_type":"box","text":"Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103, serves as the Fund’s","page_number":46,"box":{"x":69,"y":399,"width":786,"height":11}},{"id":"6cf20fab-e423-49f4-834b-13d832c0df4e","block_type":"box","text":"independent registered public accounting firm.","page_number":46,"box":{"x":70,"y":414,"width":328,"height":12}},{"id":"73dd9c8a-9472-41d3-8fc5-1dcd9b392913","block_type":"box","text":"Counsel.","page_number":46,"box":{"x":101,"y":437,"width":62,"height":9}},{"id":"d1c277cf-64ff-445a-a057-c47da56e8d48","block_type":"box","text":"Sidley Austin LLP, with offices at 787 Seventh Avenue, New York, New York 10019, serves as the","page_number":46,"box":{"x":170,"y":437,"width":694,"height":11}},{"id":"7a199128-8307-4b79-b69a-975d0c4f7b76","block_type":"box","text":"Fund’s counsel.","page_number":46,"box":{"x":70,"y":452,"width":110,"height":9}},{"id":"8b366050-bdd2-4eec-9375-738993634099","block_type":"box","text":"The Trust","page_number":46,"box":{"x":68,"y":483,"width":69,"height":8}},{"id":"93157eff-5d6c-43be-b74f-a7f6f1e46323","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":46,"box":{"x":101,"y":505,"width":807,"height":11}},{"id":"be185236-9364-4afa-8f6c-2f39c2d7fab7","block_type":"box","text":"Investment Company Act as an open-end management investment company. The Fund is diversified. The Trust is","page_number":46,"box":{"x":70,"y":520,"width":800,"height":12}},{"id":"aa873150-f365-4347-9248-434fbd86dddd","block_type":"box","text":"authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share, which","page_number":46,"box":{"x":69,"y":535,"width":827,"height":11}},{"id":"80ae348b-8856-4ff0-bf7f-e612ae7d6c7a","block_type":"box","text":"may be divided into different series and classes.","page_number":46,"box":{"x":69,"y":550,"width":346,"height":12}},{"id":"ef1854c8-8a9b-444f-9025-e8e28f3731a1","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":46,"box":{"x":102,"y":573,"width":734,"height":11}},{"id":"8a36e603-e954-4b19-9de3-230837afc485","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":46,"box":{"x":70,"y":588,"width":822,"height":12}},{"id":"ef3cd6da-700d-42fa-979e-055bfe0e2c60","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":46,"box":{"x":69,"y":603,"width":814,"height":12}},{"id":"41583529-a52e-4dbb-ac5a-ffcdd2422c15","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":46,"box":{"x":69,"y":618,"width":794,"height":12}},{"id":"e31fa3b3-6a58-4235-9c3a-b92868877211","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":46,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"eb9ac716-3e05-44ec-a04c-0d5a40746def","block_type":"box","text":"provides for indemnification out of Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":46,"box":{"x":70,"y":649,"width":804,"height":11}},{"id":"93289ca9-d52b-420b-9b7f-ed52e6c02cf4","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":46,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"c0e943de-eaf2-445d-aa8f-32c001755f37","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":46,"box":{"x":68,"y":679,"width":807,"height":11}},{"id":"bd6309ad-ac64-462e-8b23-b95164e26990","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall 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business of the Trust; and that no Trustee shall be","page_number":46,"box":{"x":70,"y":762,"width":762,"height":11}},{"id":"1b4aedb8-8a21-4ee8-ae7d-633d3a05e30f","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":46,"box":{"x":70,"y":777,"width":836,"height":11}},{"id":"33a3e4d2-a596-48c2-b5da-eebbd01e9542","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":46,"box":{"x":69,"y":792,"width":567,"height":12}},{"id":"0a74ae58-2343-4861-be75-38cfe4bdad00","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":46,"box":{"x":101,"y":815,"width":792,"height":11}},{"id":"735d715d-345f-409b-90cc-4940c7918175","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection 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In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":48,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"97f620c6-c3d9-4bd3-99eb-3ee48739d94e","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":48,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"ea1042cd-dae7-4964-b682-da3706aceb39","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":48,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"6be74f81-9f10-4254-bf4a-2691749589a6","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":48,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"38fbf14c-49ba-403b-adaa-46921518adb0","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":48,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"64f4b57a-5b99-4c68-afcd-5beb789b6143","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":48,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"b229b963-0cb1-4d09-b074-43fe975a2413","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":48,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"0ce7ba3a-d7ba-42df-998c-c6be83104a7e","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":48,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"fb018915-f48c-4c2a-a974-0243b8b84e4a","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":48,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"b320dfc0-b5cf-4167-9f6e-7d96f9313bb8","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":48,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"9e02a76a-4860-40f4-acde-ff9c7cffa396","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":48,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"f12ee0ce-b9eb-4530-b387-f73f03b7073a","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":48,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"327d8981-e18a-43b3-96d3-f98c9cd541d6","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":48,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"cbec61e7-1536-442c-a2b8-89838af5a502","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":48,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"41c4c3f3-0a6a-4cc1-8225-6e42b45440f2","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":48,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"5f1605fd-fbc2-4bb3-b870-3de0bbe913db","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":48,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"54dda84b-f5c4-412f-9092-be6012cf6535","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":48,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"bae32fb8-d367-4f67-934f-e2a5ac0ba294","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":48,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"44007cd0-558f-445a-931c-01bc8f0992c7","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":48,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"8230da2e-655a-476a-b1be-34ea103f4aa5","block_type":"box","text":"par ticular Fund.","page_number":48,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"3a2a5005-0f5a-4a38-ae00-a819f2b9caf0","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":48,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"e70a7ab6-67a7-4d36-92b6-c97f29943407","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":48,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"37d4d3d6-6718-4826-aac8-263933200d17","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":48,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"6c5df2af-fb05-4e1d-a9eb-8d490c5a21ab","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":48,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"40f65118-0d5c-46c8-b3aa-ca79fa719ad7","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":48,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"2bdcb63b-b2cd-43c0-ba33-9dbf29d07206","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":48,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"49101649-82d9-4589-ad00-d8cb41efadc9","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":48,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"b219159e-12b5-4378-a18a-16ddcc452555","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":48,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"01fa7594-dc5a-4314-ac4f-701ceb14398e","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":48,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"325061f8-a51d-457c-b755-b2196b108813","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":48,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"608399f7-4518-4bb5-84bc-f19755e9eacf","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":48,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"9e1ce4c3-80c3-40ca-aaac-ace7bda7058b","block_type":"box","text":"Asset-Backed Securities.","page_number":48,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"dee59bf2-5d17-4d4f-b55a-bbf2d0164562","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":48,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"2a02f837-af36-4156-866e-1a7dc0444836","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":48,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"2a08595f-2eef-417c-9a95-d359d6bffdc4","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":48,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"13b050a8-fbc2-4aa8-b352-a148a8ebe25b","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":48,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"01aa48c5-eedd-493d-93ff-5820211a630f","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":48,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"6d1d262c-b6f0-46d8-bbc3-3965cd8f5053","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":48,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"08d4a1c9-8a00-4f33-a6e6-3ec36eb8cd49","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":48,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"97896327-78a4-4cd5-b190-673727c8a35b","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":48,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"b40fbcdb-9dab-429a-ac09-107584816c58","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":48,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"29477465-4aa3-4109-8f19-ccd159a07802","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":48,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"168352cd-bd42-4814-ac74-b08651f99883","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":48,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"f4d9ab44-a4fb-4cde-bdf6-0db1c4e7768c","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":48,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"fd10affa-1f35-42c4-8534-02272e202043","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":48,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"38781264-68a9-42b2-86ca-1d15c878c4ec","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":48,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"e91393df-10ae-4a69-8720-061cd9e045e8","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":48,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"6b5c04b0-60cc-42bf-826e-88b9843488ee","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":48,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"6a3aeab3-1cce-4baf-90af-b659f2c5d371","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":48,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"4fee4f57-61fb-4dab-a6c3-f7a9db25cdbc","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":48,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"e2bde78e-a471-428f-8587-09d75abc2c4c","block_type":"box","text":"II-1","page_number":48,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"dfe750d2-97f4-4905-bfbb-3dce8878f4a2","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4d3992d-c8ef-466e-a4af-0f492b67476b","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":49,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"c57d65dc-32a5-40be-b341-c44077c9c6a3","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":49,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"d615c6ea-2081-4cf1-9efd-6afca7812256","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":49,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"d2a7a086-0882-4d37-95e0-dc236f8299d8","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":49,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"97541a33-3d3f-473b-bdad-8ee2fd7b1750","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":49,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"ee1574fb-180a-4bb2-9063-c15f94242180","block_type":"box","text":"Asset-Based Securities.","page_number":49,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"418df2ac-c77b-4f84-8883-435f8a2f2417","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":49,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"18b4b519-25ad-4c01-96bd-cdd6b330cb73","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":49,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"684b6d15-0135-4863-b549-de9ad95f510d","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":49,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"d09e2f08-3853-496f-ac2f-5b54d50c859e","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":49,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"b25d820f-bc95-4c93-8f30-06cd4eba0969","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":49,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"1c90f3f8-0cd5-4a5c-9dc0-d88c4a5dde0e","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":49,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"e5b313c8-f45a-4607-93dd-59d042272c66","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":49,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"2b164745-31df-40c3-883a-1742394de500","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":49,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"3d6d4d14-f8ee-432b-a664-bf3e8e8354fe","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":49,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"be8d107a-1e40-4d4c-9f7f-1c1be2ceba84","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":49,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"0c9e9ee3-9f2c-489d-8de9-ae7f23880e1e","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":49,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"7e6a1d91-e001-4f32-a7bb-9eabe75abbb4","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":49,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"823a5025-8cee-4f85-bf29-6dd7ab13a886","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":49,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"2763be40-859c-460b-9291-9c2dbc30db08","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":49,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"7886526e-28b3-4a30-8d77-0ac1420eb6de","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":49,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"6d1098ee-f886-43cf-9f33-9bf41354087e","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":49,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"fc44cb10-3f9e-4c6e-b3e0-f54028adc927","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":49,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"c8fe7e2d-aa9d-46b1-a1b5-26154a053197","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":49,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"ad927444-0dbd-4db1-adba-d2b019f07271","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":49,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"bf0f040e-7911-4834-826b-a609f7b6b0b8","block_type":"box","text":"appreciation in the underlying asset.","page_number":49,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"57f86840-55e1-4bee-9d10-8b1c71d8aaa7","block_type":"box","text":"Precious Metal-Related Securities.","page_number":49,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"b50edf97-3de0-437e-a14b-b10edf2d292d","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":49,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"6b6163e9-831f-44c7-bb02-14cd37f3413a","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":49,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"99fc3050-da3e-4f7c-96cd-7ae401d90fab","block_type":"box","text":"e.g.","page_number":49,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"7d4dadc6-0421-4087-8a50-fde1a012d2ac","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":49,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"9e0d6070-f87b-4036-ba3f-08d60c27402d","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":49,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"a23bcae0-9a0c-4996-878f-dbb16e73cb4b","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":49,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"84377927-5c4c-421a-9fa4-6e2286f3510f","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":49,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"ae1db899-66a7-4a0f-ab95-0d23d70044c3","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":49,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"ee04ba73-f384-4bda-a0b3-e0d85eec3897","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":49,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"7e914679-eed6-4e75-811e-0dc6f285e6a4","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":49,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"440b3dab-748e-4b1f-97e4-7b9875847b7e","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":49,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"d5bc0d6e-02d2-404b-b130-2fc27fc0e42d","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":49,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"4f1082b0-d410-4643-99f2-30f303aaa690","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":49,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"834b5993-c5d8-4172-a82d-12a3b727e204","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":49,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"90588614-8bbb-4e9b-af4e-f651403ee7f7","block_type":"box","text":"South African gold production.","page_number":49,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"aa1e6d5d-caa2-41aa-b77f-2d1571a33ca7","block_type":"box","text":"Borrowing and Leverage.","page_number":49,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"f0228201-14d0-4806-92b4-09ca6396a971","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":49,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"d981f1b2-71dd-40f1-b549-7390117c4724","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":49,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"15bf0e17-7cfd-458a-a50c-007e3201bb17","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":49,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"6451b5f5-ba24-4e98-ae96-18c3f3d95857","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":49,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"68b55d18-5f5d-4549-8872-837198f86fe8","block_type":"box","text":"other securities transactions.","page_number":49,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"97c6301a-9802-4785-9977-8cd0260af9d1","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":49,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"a7430d14-f1f0-463f-bf6f-d262f4e6e31e","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":49,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"0196879d-8a1b-4dc8-8f7c-bb8a3d05652a","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":49,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"7b419493-b59e-4d0c-928b-e653d8a64bfa","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":49,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"4583a0cd-eedf-480a-8f9c-55c385ced693","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":49,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"d8b82d21-c878-4ff2-bb0d-65a674c16fad","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":49,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"0d94e348-0c16-4689-b672-be75b269ba42","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":49,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"bd93bb99-cd9b-4759-b0b2-3268691ba2b8","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":49,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"6050fd99-faac-4c3c-875e-fc3ea20a5a84","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":49,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"d068dddc-d356-4a54-8eea-983af21877ed","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":49,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"c6aac577-eac5-451c-88fb-c57103414c8a","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":49,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"9d135635-4537-4048-b7b7-daf9f508f3ff","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":49,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"90b823f6-128c-4b31-9dc7-b7da951c5ba4","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":49,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"ce9136eb-c376-4b32-8f54-0a7e43b28c39","block_type":"box","text":"II-2","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1f3b5f73-5d96-4a36-87ce-ed68e25e1877","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e120d8c4-8666-4b36-9fea-087e875343ad","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":50,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"6f3dee16-7f64-4f21-bdaa-6f8dff10794e","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":50,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"d3ce9913-379a-4c1d-92dc-427231f0260d","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":50,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"e269476c-ae22-4288-ad5b-5edaf0b81b28","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":50,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"47b3d668-4ac2-4fd4-86aa-cdb0007d215c","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":50,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"da87a73f-8fe0-49f9-8381-3550f4960a14","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":50,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"e1f45369-99a2-4469-95be-68e202b69688","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":50,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"2fdd7f6e-76d9-43b4-9549-5597f06aaa0b","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":50,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"58a08a99-dbcf-4f22-b7ca-73a62e1a26c3","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":50,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"f3d2b5a7-d752-40cc-9a3a-218577f3eefa","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":50,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"04206634-699e-47df-848b-9adec01f92c4","block_type":"box","text":"Cash Management.","page_number":50,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"47f01537-4def-4309-ae7c-500c985fe426","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":50,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"a600a8a5-95b5-4110-b35a-d455cae28dfa","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":50,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"748e4b18-823d-4136-b94a-0aa3e4ecea3f","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":50,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"2962923f-a73f-4d0c-b230-354bc3901407","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":50,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"58486ca4-bd1d-466f-b8a4-102f3d9dfbcb","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":50,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"05ee690b-48ac-4fd2-89eb-2c83f60219a7","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":50,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"018514f1-bbc1-432f-a102-dad728417513","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":50,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"80b8bd7f-d933-4da7-8287-1e3633ed93dd","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":50,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"92e4b128-8a69-481d-a24c-e0fb56e4be60","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":50,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"b0e52475-7103-4706-8791-b2bbc406f48f","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":50,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"60c8b74c-d536-471d-9393-8f86c43554e2","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":50,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"59843176-9e0c-49fb-b3a9-776f655d138f","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":50,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"a4610a2e-29ec-4291-a629-47067d7a9975","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":50,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"73bc65cf-fdbd-4ddd-987e-96e7f8cbf911","block_type":"box","text":"Collateralized Debt Obligations.","page_number":50,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"a0661a5d-6f22-4b72-ba85-53e285fc0016","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":50,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"9f85e641-075f-46ca-9b35-f824e1489579","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":50,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"0a777654-a8b7-4bca-a6ae-0171bdcee482","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":50,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"2a617cf2-1d0a-4434-88c4-bfdf60afe086","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":50,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"cc700482-abff-4b72-bb59-18914699e424","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":50,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"26c7ee1b-1f4d-4076-9eb5-29292d22f95d","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":50,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"186aafc0-0bb6-492c-aece-e20e9c3b4840","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":50,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"153848a3-d798-4007-9a91-b2b81ed2674f","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":50,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"7d5b0eeb-e28e-44ac-a3db-7a304ea6f667","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":50,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"73628570-e2ef-41c2-a499-96cf0fffb115","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":50,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"e1e10944-7def-4429-9435-1c3298c9fade","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":50,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"c2edf2b3-0e0a-4822-8ec9-56103fdbcd2a","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":50,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"a4d945dd-37d8-4062-b54b-c5d175abdaab","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":50,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"0202a962-2159-4f5d-97df-9ce45715d9b6","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":50,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"4d7c7eda-efe7-4b4f-8295-6c3f293e27b9","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":50,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"164ff310-5ce7-433d-b360-3303adf30ed4","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":50,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"ab248cc9-3a96-4edc-9bde-f8d106daf394","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":50,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"22f48f59-0dea-45ad-8ed8-108540da6632","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":50,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"5dbef00e-154e-47f0-813c-15b02dbeeca1","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":50,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"083b3ee8-7bd7-4fb3-9149-cc4403faaeb0","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":50,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"614f428d-9c04-4618-94df-6f243ddb5e3d","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":50,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"4a3f496a-92af-4497-ba35-4f4f06ebdff3","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":50,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"7ecc4453-4206-4d4b-85d7-92bb1de5b373","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":50,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"56a3a32e-0c9d-4de8-9c08-c15af284ca95","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":50,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"f8c8d254-cd55-4a44-8fde-de2bc9b5acef","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":50,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"30eb418d-300c-450d-8e7c-eeef74e55a14","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":50,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"d8281db8-70bd-4225-95c7-a694eb67d172","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":50,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"e8816dbd-e132-4f67-885c-860f980def7a","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":50,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"bf8ac3a2-485d-49da-b505-b8665dfad9e7","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":50,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"a6dc6d17-50b6-426d-8420-0436c12bc263","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":50,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"525d61a4-fcea-4ec3-8b8b-ba6d35766748","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":50,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"df334272-04d9-4f71-82ed-f647005d84c8","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":50,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"6805fc27-99d9-4587-b4c1-34c8ad6998b3","block_type":"box","text":"II-3","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"99307916-3879-4b6f-a76a-2054edf9895d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6d62c4f-a6c3-4883-9f35-8a05700623e2","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":51,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"de80d4b4-f1f9-4732-be8f-e986769108ed","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":51,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"c164f42d-72a9-4281-ac61-9af353392758","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":51,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"2b2942b3-a51d-46e0-a9fd-f97f1a82ba0a","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":51,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"027012fd-1f66-41ed-803b-03d764e69d97","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":51,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"212fdf34-4bad-4a3f-a025-b88f6a5a24e8","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":51,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"b556698e-ae0e-4f00-9824-6cbca606b434","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":51,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"c470f0bd-9a42-4a11-b540-e89dc9cee00c","block_type":"box","text":"Commercial Paper.","page_number":51,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"3ef30759-6ef6-4786-add4-c617fafbcedd","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":51,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"ab52f5ae-819b-46d4-b675-0cf28852c80c","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":51,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"69c13c0f-6edb-425a-92ac-68706f2fd097","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":51,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"f113c6ed-345e-44ac-9af2-0d9572ce3c2e","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":51,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"2f0ead6c-c66f-4971-9a89-698f20e3f7c1","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":51,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"b6de856d-8f67-4434-a09c-b2a572432581","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":51,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"be0daaad-f4ba-4d4d-ad93-b5915813dc7d","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":51,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"206b68c5-cd69-4690-9cd5-0d6beb080c28","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":51,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"47622fbc-465d-4ec6-9a64-aba915e664e9","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":51,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"c44317d9-1f35-434b-beff-3864b08f596e","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":51,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"4aeac9fb-e85c-43e7-b3aa-172f76bb59fc","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":51,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"a34f7dc7-d4be-4831-8a0e-f9ff82db4737","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":51,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"4f757009-1475-4210-a28c-9093ea7fbf60","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":51,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"5c556ae8-bdc4-4c7b-82a6-e211c19489f0","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":51,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"2c520424-eac2-41bf-8a66-8d9e0206258e","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":51,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"643aebd6-3502-49e3-9db5-0fc46c688a65","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":51,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"49fd345e-78b5-4d76-ba31-ce13ea6a6aa0","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":51,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"440cb46a-0c01-42af-89da-1c1f66a7b5be","block_type":"box","text":"variable.","page_number":51,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"dd437776-53f7-46b4-92be-840727c4fbd2","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":51,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"a707f3a3-3216-415b-b367-d9839e5d3a7b","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":51,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"59ac4ea0-49e2-46e7-8734-c32c780208cb","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":51,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"998714ad-6a29-498b-a6b4-8e8bce555a24","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":51,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"8e69ce3b-96a9-4c09-adc4-306b536818ab","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":51,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"9b9dfbe8-608c-4b78-92c3-b2d6e18db04d","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":51,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"9c9b8193-594f-4812-adf9-f744df02822d","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":51,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"68a361d9-eb92-4549-a296-90ab9e87356c","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":51,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"0e48bbc0-6acb-4a49-abc1-759196b1e461","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":51,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"98b78f82-cd12-4be9-a809-d48ecf0a2346","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":51,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"ddac34af-fe5c-445a-9bb5-a0636f7eb80e","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":51,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"50544bf7-e4f7-4ff8-bf6b-f01984573b5a","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":51,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"6db77f53-f8cc-4149-8d0b-150d55089de1","block_type":"box","text":"correlation with stocks and bonds.","page_number":51,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"2861d043-72d4-418b-8c40-7f654c504574","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":51,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"f6d8fc98-c419-44e3-8f54-ab595706cc10","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":51,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"ef1194ef-1fb2-4457-ab89-446e0abde56a","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":51,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"6d947c9a-a94e-41e2-ab05-e5e7c2de00ad","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":51,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"ad6f1ed3-e3fa-4a16-ab6f-e11f112af83d","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":51,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"7ce9fd19-a713-4242-b098-3a7b95a67f36","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":51,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"c0f89449-30b8-418c-807c-ec481adc16c8","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":51,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"b28106fb-79ef-497c-8062-67cde5b88315","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":51,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"3a2b5c6d-259b-40d1-9ab6-47bf8f066883","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":51,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"e214e9d8-1d88-4d67-a289-0c4d6d8bae6f","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":51,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"a07ab560-e2a1-4e31-86d0-df72325ed4a8","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":51,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"187082db-fb82-479f-b8cf-c04208550a73","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":51,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"fa126bf1-65e9-4b21-ac97-7b0b2b92d6ad","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":51,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"096e1099-aafd-4466-8c66-5792806e7477","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":51,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"a374cb4e-37cb-489b-8d19-5d0c71c35e7c","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":51,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"3e217358-2300-4953-978b-7d9c00c14918","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":51,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"b0b1cf14-49cd-48a8-ae7f-6e50645c64ae","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":51,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"12ee49a5-9726-4389-a662-7aebc4240ef5","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":51,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"c4c116f9-c6a1-4f16-b12a-11ee4fcb9550","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":51,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"a5d4ac2b-c27b-40b9-aacf-c8e6091b1f9a","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":51,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"1b0fdb39-ae52-41e9-a6c8-3fb873071baf","block_type":"box","text":"II-4","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"0feab2c3-c9f2-4d59-a45c-d34a775a467b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9bc9f5f1-24ae-48b2-8a0d-80388bcfb437","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":52,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"5518da2c-83c6-4f5c-af51-38a23fe54a3e","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":52,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"9face254-cd4a-47fb-85be-d0b5a1021266","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":52,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"48497bbf-987e-459a-803c-fd1ad6dd080d","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":52,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"ad500b60-c725-4b15-889e-454705f76a9a","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":52,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"9c04c123-6a89-4343-8c53-6ba8e1d6755f","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":52,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"05592066-c21b-417c-90d1-2ea52134b72e","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":52,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"7eccd823-40f0-4f2e-b1b8-ac9e59fd3949","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":52,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"52dcdba5-8963-4530-a8d6-330a923f457f","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":52,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"df8547f8-38f7-4330-844a-25c39db3dba1","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":52,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"db9fec37-b8d8-4600-8d3c-d88027b90df6","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":52,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"b7d18311-a2ff-4b1d-b4d2-d0ff2af14038","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":52,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"5cbfda97-bcab-40a0-bee9-935f71a44586","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":52,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"58540a0a-8549-4bd1-9a07-025e3afd6b12","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":52,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"63dae093-a83b-45c3-a637-588e3d39ee6e","block_type":"box","text":"the Manager believes are relevant.","page_number":52,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"b67800b3-e096-407e-828b-03e068e3563b","block_type":"box","text":"Limitations on Leverage.","page_number":52,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"9998a660-60c4-4d65-9023-6fb11c47155d","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":52,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"f3e3bcc1-5e11-4942-921c-635b14417492","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":52,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"807ca872-8225-401e-91fb-de1ba41acfd9","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":52,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"3672a43a-d802-47be-9698-28969d68fca8","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":52,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"7688345d-6d3d-4ed2-ab29-f20ea5ea068b","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":52,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"219a2437-2e5e-48bc-b8e5-da2f349ec31c","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":52,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"0d427bc9-8f4c-41ef-903f-7c91dfffce55","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":52,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"744f0c3c-129e-47dd-91f5-50e6e2abbec7","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":52,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"2ee0898b-299d-413a-a1c6-49a896a40ceb","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":52,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"b1464d62-065b-4161-a660-62f6310c5643","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":52,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"f21f9549-e506-4371-8fee-f701e0fefb66","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":52,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"455128fd-d3e4-4d68-a8d5-e393dde49e12","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":52,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"44af886d-3a10-48a5-8478-0ce55b938d7e","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":52,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"618799ce-e3a9-4a4f-aee3-802430a3cedb","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":52,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"252cc638-02b7-43f5-a54a-6721fd90f20f","block_type":"box","text":"Counterpar ty Risk.","page_number":52,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"01bbc986-48e4-4fab-87e4-4ca5afc111ed","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":52,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"6c756c8b-ff89-4927-bcde-341df19bf9aa","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":52,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"b0d9682e-fea8-4ac4-a821-bb9008f18c3a","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":52,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"860e2aff-e4bf-4c7f-81ff-391872847972","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":52,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"b1993bb7-4c51-4231-9c6b-049ec54127e8","block_type":"box","text":"e.g.","page_number":52,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"690bcef0-f3da-4ff5-8376-9c58dccff1b4","block_type":"box","text":",","page_number":52,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"faf1b63c-6721-445f-83ef-a6eeb3b9304a","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":52,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"9f487416-7a3d-46ba-a015-184bdf29b3e6","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":52,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"737010b5-edd6-41f9-9d99-a7ba731a0e3a","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":52,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"de3bf03c-2d0a-4b01-9cb7-3063483be22c","block_type":"box","text":"obligations under the structured note.","page_number":52,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"dd83c93e-74be-4ad6-867e-5f93a361c417","block_type":"box","text":"Convertible Securities.","page_number":52,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"e82f4bdf-826d-44d3-b6fa-0c50bd5349d1","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":52,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"cc470309-e3b7-489d-b4dc-f93828e9ebab","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":52,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"7ee48570-c367-4f5d-be57-a3f87159633f","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":52,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"252e8712-0767-4339-9a60-532ad01b75d2","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":52,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"d0ce4f57-fbfe-4d60-af39-5740ee7b0773","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":52,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"6d951b36-5ba2-4255-a0c8-1b764d6e40d4","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":52,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"12451a4b-09f6-40fa-a51d-c15b82220b5f","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":52,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"9a8340bd-3822-4c95-b35e-28abad83bd70","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":52,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"9793ac05-64c8-4efd-b18b-64a2d172f4d3","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":52,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"c5c93d0d-6d94-4e9b-8bf9-c47ee9f4b442","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":52,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"fc819934-9f40-467a-841b-7e4308344e6f","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":52,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"3d63dd4a-401a-4cb1-b02f-c0e67bb1e32f","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":52,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"6a3ed5da-94e4-4eb0-96a5-a7f3ff89e797","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":52,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"487f25c0-0b0b-4d52-a473-d5d71795eda4","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":52,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"2e1c5ce2-99d3-4cd9-95ec-a0a92effc73a","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":52,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"fee55215-dcbc-47d9-a750-e4bf8ecc669a","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":52,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"a5b8ed78-ade4-488c-94f6-a3987a638af8","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":52,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"512cbad0-a261-4f5f-bf18-07fe516a4cb6","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":52,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"62586d39-ca59-4b6b-82c2-8c97fb3aefa2","block_type":"box","text":"II-5","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e6d0f453-a2e7-4509-8cc6-bd7f6c857791","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d334b76-e6d2-44f2-88a4-f3cd49d8a636","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":53,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"9088bdb8-d842-46b8-9c15-df04272ca13e","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":53,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"9a93afb4-713f-4431-a5c4-0ce276806d03","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":53,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"468f4d0a-33c8-45da-a521-2b2cdcd81655","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":53,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"7921cbb8-6afe-4473-988c-435519504f01","block_type":"box","text":"things.","page_number":53,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"20deb205-439e-418f-a983-d6b1751f2f1a","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":53,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"8a52f377-6dd0-4f1f-b3c0-663a77a6a7ad","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":53,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"3e98be2e-a8c8-461d-9a82-0ebbff6bcbf4","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":53,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"546b7c85-4cd5-411e-8b30-0e1d2ef34969","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":53,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"3983c1c7-37d9-4ab2-aa1a-8467542ea12f","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":53,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"c25bf30d-2d76-43c1-b31f-cee9c4651b25","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":53,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"84109805-c496-46bd-88b5-9618057869c1","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":53,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"24575784-3e44-4309-885b-57f9251cf438","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":53,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"a00df6b1-92a9-434e-a2c6-25d9c30db2ce","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":53,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"93ce1f4e-f894-40fd-94ae-354fec33147d","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":53,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"be7b2aa8-cace-4fe2-8ba0-c982f59ed57a","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":53,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"27069e68-7832-4a51-88b1-0562ac815d16","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":53,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"98c1e366-956e-47a6-b9c3-c0c90227f88a","block_type":"box","text":"i.e.","page_number":53,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"d6383bf0-a549-4655-a298-7f6c5eeae13f","block_type":"box","text":", strictly on the basis of its yield) is","page_number":53,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"55f5c46f-b5eb-4317-b93f-8ca8a2b650f6","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":53,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"5b911f60-338e-4f38-a940-8f0af3783e41","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":53,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"22a2cf4e-42de-410d-91e7-e04c82d7167e","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":53,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"7057566a-7e45-4aac-ae20-c18c0072935c","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":53,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"b734ff7d-788a-4942-bf36-4abbc3a672dd","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":53,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"1d4d9a3c-dc00-4cfa-bdd9-8deb1e08a833","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":53,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"51c53c4e-0d9b-48f0-8965-f309732a9179","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":53,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"db79eaf5-3015-4f29-bf56-0609d95c3bf1","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":53,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"d578bbfa-8bf7-426c-bc15-0c34ce5c8e8c","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":53,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"61a29d71-9f29-419b-aaa1-dc3ef773d9d9","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":53,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"2486515f-3f52-4535-853f-de11f1f70012","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":53,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"c0e475fa-ed99-4a37-b660-60932cc80187","block_type":"box","text":"than the securities’ investment value.","page_number":53,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"5c7fdedd-bb80-401b-9699-16cd15b9c022","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":53,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"67c45562-df93-4c30-a7da-d96fb63b1508","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":53,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"36226d54-7634-4523-9cb3-388bdbf97ec6","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":53,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"ff5cee45-790f-4b24-9851-e858d27bba3d","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":53,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"b97ec89e-61c7-4847-bc1e-df60d4e449f6","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":53,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"57fbe49d-43e8-42e2-b9d0-5d2fbf607b68","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":53,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"ff073c5e-d9d7-4b0f-95c5-f95b8db5d3ed","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":53,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"2196614a-1850-450d-ac94-948c3393a398","block_type":"box","text":"security under cer tain circumstances.","page_number":53,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"a88f7c5e-5a25-43b8-8194-664288da9f7f","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":53,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"0137d88c-89f1-428d-bdc8-aa365ad69826","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":53,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"45f39ddb-1b82-49e3-a467-a8174a418c50","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":53,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"9c71d6c8-c67c-44d0-9aee-5e2fa8647ff3","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":53,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"1ddf0a27-78e7-4e50-b01a-5ae6bb0e249f","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":53,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"bd9e40ad-2475-4bd2-8ade-b08b0641e81a","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":53,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"b029b81f-7800-42a2-b3d2-4b27a78ae077","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":53,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"548280e8-7d8b-433c-a510-7241555a6f55","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":53,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"460f9879-7ef6-4181-afdf-44cf79697ea8","block_type":"box","text":"i.e.","page_number":53,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"ffacbcb2-bf55-4962-ab46-fd5ecc89a456","block_type":"box","text":", fixed-income (“fixed","page_number":53,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"31b7c56b-4422-4c6a-ad9e-1bb442846926","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":53,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"e6377b51-d5cc-4815-9836-375e1d2b3d74","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":53,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"6bd38e15-c09e-43e9-8324-57f6b1c4a5cf","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":53,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"4435ce1b-6535-43d6-8492-68cb9273ac15","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":53,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"3a1912fe-705a-450e-82e6-2783b0be707f","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":53,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"2b21bb5c-816c-4d25-bdb7-615e8fcc52ea","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":53,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"5ebd0274-b908-4043-92a6-32c082d7c87b","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":53,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"40e02857-20a1-43bc-91e8-9fe08bc719fc","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":53,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"c49cf7ca-d29f-48ef-8f51-368e4a1993cf","block_type":"box","text":"II-6","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1aa3ec4f-3fdd-4393-88ce-c9371db44069","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"447cce49-3371-4fbb-b698-f88bc5c03ed3","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":54,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"d648ea87-4442-4566-9c63-e80a41390b9c","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":54,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"843c0894-3b31-453f-883c-28a9cc2b7ff0","block_type":"box","text":"component.","page_number":54,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"6680e4a2-c7a9-42fa-b90b-bf484b7387c5","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":54,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"e9abcc9e-87d4-4d14-8829-de2acc7f6282","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":54,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"132f26c4-7135-4238-8b3d-833772c76c04","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":54,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"22d0e691-3e55-47ca-9988-bf5474488967","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":54,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"08847bff-6bcb-4463-b49a-d6ccd568f2b0","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":54,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"bfa903f6-ae61-4d24-9d12-85ffffd54b1c","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":54,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"1d68fa24-0eac-439c-8dc3-9fcb34400741","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":54,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"433f2bb4-47c8-4ece-901e-57b378357ae5","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":54,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"c3dd209a-c393-48dd-8977-993cc33a6d25","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":54,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"fbbcc060-0d11-4652-9472-925584c692ce","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":54,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"7c069fe5-20d5-47da-8745-1b790ab109a0","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":54,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"c5c2cf38-1637-4aca-bdef-cca3059484cc","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":54,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"2c247f18-f557-40fa-ab12-517850d2a641","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":54,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"39564ab7-b0b2-4018-97ee-9460ffc5d5c7","block_type":"box","text":"favorable market conditions.","page_number":54,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"b87dc0aa-04c2-40a5-bc65-e05b4b5e5943","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":54,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"c2c51c5a-086a-4807-86be-24536b637b5b","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":54,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"9c43e0b5-c638-43b7-a629-701f8a553cd8","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":54,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"14577170-1ec4-4776-a1a9-250473337282","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":54,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"86740e2c-85c8-489a-84cc-0b8b24ea90ee","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":54,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"419ae886-a2b4-4a40-bc2e-403bf69053f8","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":54,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"a5e3ccf7-cdfa-44cc-b3a8-1936585e9ccc","block_type":"box","text":"Corporate Loans.","page_number":54,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"997438c1-9696-4228-bc77-e0dd3facb58c","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":54,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"92a24230-dcee-48ea-936a-1abd8eb4ee2b","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":54,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"582265a1-b7e1-4967-a602-e5d386010c30","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":54,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"33a854ba-d01a-4da4-a58d-5b8a6bb2a582","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":54,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"244d58c2-4d37-47ec-b0c9-54362ca1e2d1","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":54,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"0f7d4f4a-cfcd-4dec-a9fd-729c113f64bd","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":54,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"73500a72-b73d-45b9-af07-29cac4514b16","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":54,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"c90597a9-1cd8-41a5-9a88-4dabdc957ee5","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":54,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"ed67419d-e282-4b77-8235-b98beb977456","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":54,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"03aab2b1-ecf8-4530-86fa-b0592e02ba30","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":54,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"c305f586-ae3a-40c1-8d48-bcc49d489759","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":54,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"b414be94-1413-41b2-b74f-14f711f32258","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":54,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"7b02fbea-8540-49cf-9548-ae529285d2ff","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":54,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"9dd8f5b5-c63e-4950-bc12-f01ce23ee842","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":54,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"eb986d40-185c-4d8c-96ac-a4fee8034e72","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":54,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"ee7f8931-a51d-4940-851d-4e1a3ea3f3e7","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":54,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"3c44862c-4567-422d-9a9c-828201ebe1e2","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":54,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"1cb09b19-0245-4fe7-894c-acfd085c47e1","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":54,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"91ff22e1-d8c8-45bb-9576-09be8213b5ab","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":54,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"9c261553-3ac2-4477-81e9-5ca6d3945f97","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":54,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"4908faec-f908-46aa-8906-ba4634d5bb99","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":54,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"0de1d110-0e39-43d0-845c-b33b598d3867","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":54,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"701d3dde-a562-4d36-b052-059c1318768f","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":54,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"9e08ac6a-5f20-434e-b216-10f63b83f24b","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":54,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"37294718-a6cd-4d07-a76b-6613de9917d9","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":54,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"0658f057-7bc6-4dca-a656-8bbeaa7de6ad","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":54,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"0ec117c7-a924-4d4c-85bd-9a6b6c6c8fa7","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":54,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"ac2e7059-e12c-49ce-aa1d-7fa20ae0fe4e","block_type":"box","text":"of the borrower.","page_number":54,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"18df5255-471b-4b35-b7c2-83e23530bcfe","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":54,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"4333341d-f108-47fe-a222-c02248889b88","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":54,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"744f11f7-43b2-4927-8d0d-0ecdec5ec542","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":54,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"3978200f-f80c-442b-9bba-05893f38f4e2","block_type":"box","text":"II-7","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ad21b455-34f5-42d4-a05e-3ad29ef9b9fa","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e08b866e-d047-46ed-872a-d123d5cee40c","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":55,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"73cec511-0f16-44bb-9003-7edb31bf3fb1","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":55,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"62707e8b-61ac-4243-bf5a-630175d7294e","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":55,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"28d9dd69-b8d5-4362-93b5-8d7e648e371b","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":55,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"cbf876d2-9527-4efd-9636-ad10f855e853","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":55,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"707a8326-b06f-4e38-b92b-0a2b2f72b6e7","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":55,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"02527e51-0999-48b0-ae6b-ff55768bd950","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":55,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"0036d53f-0e07-4055-91ae-2b59e17b0e4c","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":55,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"6f875ead-18d8-4e47-916e-b9c71a301980","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":55,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"23c8f3b7-bd79-4f89-8df7-28663eedaf15","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":55,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"408d4ba7-e604-4948-848c-6aa6c678ba8f","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":55,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"2b6e6635-c04a-480d-9e72-e005039674ca","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":55,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"745d5405-9af7-44a6-a4af-ce8f4b2f73d2","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":55,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"9f99e0c3-b173-414e-9978-b6693708dbaf","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":55,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"4d839997-8fdf-44ca-a39b-713d353d57f3","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":55,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"6bddf27b-7c99-4330-884f-5d56939bae68","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":55,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"2f19515d-c3a5-4bef-8674-4eede6c29b57","block_type":"box","text":"state law.","page_number":55,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"81346d4c-9ba0-4ce1-8f57-c40b3bcd3a0a","block_type":"box","text":"Direct Lending.","page_number":55,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"d6a8746a-043f-4cce-98db-49d9734622d1","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":55,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"eeaef39b-4b46-45ca-b78c-00bea6c18b89","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":55,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"572dd6ca-03c4-4352-a474-b8dcb11211da","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":55,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"dbbc64a6-a2f3-4056-95bc-453637ec37f3","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":55,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"a47437ce-365d-4776-bf51-1cc37bc403f9","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":55,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"1daaaece-8968-45db-85ee-4044fdc5c70c","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":55,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"895a287a-63cf-4e07-950e-c3319438f816","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":55,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"c8e5ac0d-28d6-4ece-b8d4-72f4d4a3ccf9","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":55,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"4ef2ab4d-1c0c-46e3-b157-df7cafbfc2b7","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":55,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"76ce924c-5945-4932-8aa0-e3b170a3d0e6","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":55,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"9fe0f6d4-1826-41ce-90ce-7524f1283385","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":55,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"86307dc3-eb0e-4aa5-99f1-b034a0071690","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":55,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"e65c2f0d-c4d7-451e-9f3d-93f8751a3eac","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":55,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"efdc5483-bbd4-4ebb-a988-ad32a6470d1f","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":55,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"5e826ade-e04f-42e9-ab6b-5db3f023ab5a","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":55,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"8d408e74-fdc1-43a8-8eed-59ae7450f116","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":55,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"ef8e41a7-ab04-4053-8bb3-fd5f32123600","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":55,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"c1bcad24-1381-4aaf-8d9f-5d845ec15aa8","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":55,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"efd7d6ef-bd17-4c71-9876-5533c5aed13a","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":55,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"9040d4f8-e526-4385-a39b-a4c09021594d","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":55,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"2f9a9f25-951e-4e67-a573-a90bf39d3e42","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":55,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"6d607644-4e8f-4267-a457-daa830be0690","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":55,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"7f8bbfde-7f2e-4edb-a73a-b58c9ab24488","block_type":"box","text":"Credit Linked Securities.","page_number":55,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"595d42a3-ef81-4bf5-92d3-83ed87905547","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":55,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"3f0fc2ba-8d2a-4d6f-a920-cb82b9efa25a","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":55,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"ce2b091f-cfff-48bb-8f1d-5737a6946072","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":55,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"e165416a-1a62-4aee-a78c-41b46abcff45","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":55,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"d7aed091-891c-43e1-a4e6-21c1a14b4070","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":55,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"22ee2f91-9bf9-4bed-8a9a-8a18daf7b298","block_type":"box","text":"traditional income producing securities are not available.","page_number":55,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"469ff113-0e8e-40a5-bf63-cb03a0c3c296","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":55,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"82e7202e-77ba-43b3-a195-ec77f555e893","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":55,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"0e6ed04a-b402-419b-ad0d-a5d08a8d96dd","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":55,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"ed865b4b-1cc0-47a7-b35e-c9aac9063d3d","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":55,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"e7aa09fc-e051-4789-8ce2-5474ac221b9b","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":55,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"79f76913-9254-4721-8a0c-8dcc2f4493a4","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":55,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"a082ce92-757e-4eb5-8640-96b51b957623","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":55,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"5e190080-b4f2-40e7-bccf-5e800696e236","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":55,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"490af87e-8222-449c-a687-3170c4b31447","block_type":"box","text":"II-8","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9171dfac-5565-4014-9438-729a830161b4","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd8b381d-eed3-4475-b2fb-d2055a4fdeaf","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":56,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"3dd04704-7151-4d63-b212-f03341a96e2d","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":56,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"fe11fcf9-38d3-474c-b021-2d2db57f6494","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":56,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"a7ebf2b4-ee77-42d5-b075-565541a764f4","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":56,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"6d7123ff-6c93-4293-bbae-cb966b08a300","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":56,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"40d5c122-fa4e-474d-a95b-e2a1c7b90ba4","block_type":"box","text":"investments.","page_number":56,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"7c34b7a2-daee-4082-993c-2aa6eba9ad15","block_type":"box","text":"Cyber Security Issues.","page_number":56,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"5d8cf0a9-e62a-4b7e-a71e-411961a99dae","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":56,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"c2d27f5f-de75-4645-9a28-aa91323b1081","block_type":"box","text":"Fund, Authorized Par ticipants, service providers and the relevant listing exchange are susceptible to operational,","page_number":56,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"399a0ed0-54de-47b1-a869-91777ae6a776","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":56,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"b233c522-f16a-4194-840e-35bf92facf16","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":56,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"060f2140-a25e-422c-8463-5240288e2765","block_type":"box","text":"e.g.","page_number":56,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"0156bbfd-34de-48e1-8570-1dae8b89b10c","block_type":"box","text":", through","page_number":56,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"69dfee80-f88e-44fe-ba65-6054811dba98","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":56,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"56262d83-f8be-46ac-b5c8-845bb6301d57","block_type":"box","text":"data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require","page_number":56,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"31fbf633-8e1d-4523-a046-2d64743e6ae4","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":56,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"d18f9474-e5c6-47cd-9fbd-3eda3e7593cc","block_type":"box","text":"i.e.","page_number":56,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"cd69dfbd-e8c2-4d22-8e76-96757b052d45","block_type":"box","text":", effor ts to make network","page_number":56,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"dcfdebbb-dd0c-4f17-82c1-c71639f681d5","block_type":"box","text":"services unavailable to intended users). Cyber security failures or breaches by a Fund’s adviser, sub-adviser(s) and","page_number":56,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"a9ab2bea-daa4-4695-bb42-ca9099b1b6ad","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":56,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"8dd6d327-1176-4315-9de0-1a0493c647be","block_type":"box","text":"and administrators), market makers, Authorized Par ticipants or the issuers of securities in which the Funds invest,","page_number":56,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"8aa0acef-d6df-40bb-bfb2-bce01035df11","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":56,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"6cf59bf0-c184-48be-903f-308b9911268e","block_type":"box","text":"inter ference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":56,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"2f01a6b8-4b9b-4a0b-a746-e8edfa379854","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":56,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"7d2dc5a9-9b92-4836-9474-50cf62ed0052","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":56,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"99693768-549d-4b8d-bcf3-f6516f81e560","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":56,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"3ad6e431-cddd-4b91-8295-c90154687c4c","block_type":"box","text":"substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds have","page_number":56,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"1a19bd8f-5637-4717-90d9-e505f91c45d1","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":56,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"71dd3110-a9bf-4837-874b-d466b5d15f53","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that cer tain risks have not been","page_number":56,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"93fbd96f-0b7f-4fe2-bd35-e7f5208de3d8","block_type":"box","text":"identified. Fur thermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":56,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"7bdab0d9-2c29-4e88-8749-cc4f5a36fd08","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Par ticipants. The Funds","page_number":56,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"b5b2e36b-a80d-4d23-98eb-964cf8af00db","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":56,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"e6554c5d-a55a-4012-aa21-eea8045aa78f","block_type":"box","text":"Debt Securities.","page_number":56,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"1d4daba2-0d4d-407f-8136-57ed4d9e8cae","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":56,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"bc039475-52a0-4aca-8a3e-096ab110e3db","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":56,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"739c1910-e40f-4f93-8cde-c60488440296","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":56,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"bcdb8f09-085b-470c-a40f-8ca6d51c7f81","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":56,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"6f3f483c-119b-4512-87d1-44a711be4392","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":56,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"ec2cbc8d-a77a-4dad-8f3a-5e23d243b945","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":56,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"0c18f85a-92a7-4084-a6bf-ce7344fa387f","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":56,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"d3b5e2fa-3216-48ee-b2e9-3af5af595911","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":56,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"f2333b6f-1130-4e92-9bc6-1b3f476fe2c9","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":56,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"f405b303-efe4-48de-8fc7-d82b372a902f","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":56,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"7f2b1e0a-8ba9-4fc5-ba30-a13b95098030","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":56,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"d276f4c3-610c-479f-a53d-1bb484b6920b","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":56,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"f89f7747-971d-48ed-82f9-d1085e7e3331","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":56,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"3b76d05c-5393-4956-8846-69d56bcb7281","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":56,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"77021c68-db27-4beb-b3a0-7f2cc964ade4","block_type":"box","text":"lose value. This is known as extension risk.","page_number":56,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"32f570fb-7e5f-4ff6-afd3-bbf5f2e529f5","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":56,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"1ceaeac2-f362-4be8-92f3-653caff159a3","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":56,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"0e5d2ba9-4605-4849-ad02-0bacd11567ce","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":56,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"3f09dbda-4388-4e05-9655-a18ab7fb4896","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":56,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"affddf75-5d1c-40e7-b33c-bfd8048c0b8e","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":56,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"ceada7d6-b5a8-4f9a-b639-93dfd65c0ff6","block_type":"box","text":"Floating and Variable Rate Securities","page_number":56,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"78ace32d-73d1-47a2-87fd-2919104f7f83","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":56,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"c1bc1f43-f3a7-445e-a026-05df02807fe0","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":56,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"ed13e89d-ae76-47f5-b1dc-b6e039fe8347","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":56,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"f4ad39f1-4093-463c-a61c-c3da2e439a3f","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":56,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"77b7eeb7-58f4-42b7-95c3-55461d5f5948","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":56,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"a7dd8587-4029-4aee-bdd0-648405da42d3","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":56,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"64e9b9d4-faba-4af8-bd77-a06b11d30c59","block_type":"box","text":"market interest rates.","page_number":56,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"d9766178-5a13-42a1-a09c-0874b0c5070a","block_type":"box","text":"II-9","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d5322fd7-fc2b-443b-9da8-32fcc0c7a2b6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b284bd3f-b000-4e79-9284-086c9eb78166","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":57,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"a446f084-4b89-4fd2-a912-7e12ceed994e","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":57,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"262fe807-8088-433a-83ce-ff0b19e7d957","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":57,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"60fb200a-300f-44cb-9ba8-e99d4cd06b4b","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":57,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"a21c394c-1b4b-43ed-b02c-f1c42a4b661b","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":57,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"5fe0bbb7-8a71-44e8-8b25-ac4db51f0dc1","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":57,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"d97a147b-45f9-4027-980a-aaf14bde6833","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":57,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"ea4dadd4-5128-49be-962b-1e6240f0b8a2","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":57,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"be153c04-499d-487a-a625-36ae64d7484e","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":57,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"7cba9088-d715-4f36-af71-b26709ff88a5","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":57,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"8e36c833-f6ab-4f70-b881-4459fe32713d","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":57,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"e37cb9d7-8f08-4402-8807-6ca9dd66ec24","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":57,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"5482aeaf-1e61-4f42-8a5d-4b52f6c497d3","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":57,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"6db70c27-b4a7-487e-80de-c008008e6bc5","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":57,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"164d5ee4-83f4-49ab-8a43-d9df7fe4d80f","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":57,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"2c27d33c-7efd-48d4-b537-4a00c0a85d44","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":57,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"410640f5-a56b-4370-9cc8-4521ad9c0289","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":57,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"685efd5a-7348-4967-858d-5d5ffb2ac4ec","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":57,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"42673afc-b96e-4d9f-9009-bb78eba96e7b","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":57,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"71e810ec-2f3e-4839-a4f4-9803ae21c48f","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":57,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"4fa20e7d-ec47-4a37-af82-55ffc6e57cfa","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":57,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"1cc160e0-3726-4db3-829a-157e5d12fc77","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":57,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"8c3ea625-77b9-4490-9f33-f99ac7ac7c7e","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":57,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"1355aceb-f16f-4c71-b69a-7553ee86895e","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":57,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"c06461ac-5a62-41fd-a49e-97ce7810feea","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":57,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"925524d3-b386-4efe-9799-0330be3d982b","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":57,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"a9e3ca6a-2662-453e-9d3a-c3c7e25a0273","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":57,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"d02c7e41-ce17-4d5a-9d14-2ea6548cbc55","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":57,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"ce41f603-c58a-402f-b17a-bb9edb973015","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":57,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"9e083b3f-87c5-4ef2-a6bc-68518cf1485e","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":57,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"8524e9e5-5a2d-4fd1-927b-926522fe3374","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":57,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"9f57c3b7-e959-4875-ba4d-cb69e4aa5a48","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":57,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"4def6e6c-a6d3-424b-acc6-437ab3b008c2","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":57,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"357835dd-d099-4142-a7d6-fff4747e16b6","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":57,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"ac069782-a2ab-46c0-b201-09c4313cc58f","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":57,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"484e7c48-8e24-4949-8f0d-b8269137ea40","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":57,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"f9003392-4b69-45b5-b364-d1ef6462a3fa","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":57,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"cffca30c-d92c-4d0e-b069-8c0cdd7b9cd0","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":57,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"01110269-dd62-466b-b66f-12782c3326bb","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":57,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"0f4b7858-30b0-4f11-aec3-849369ee4f98","block_type":"box","text":"United States.","page_number":57,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"e8bca40a-978c-4300-b6e6-e722b78d19b9","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":57,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"acd37bcf-5e0b-4a14-8f8a-b015d0556ff4","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":57,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"f684b41d-2401-44fc-8989-617291b85f65","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":57,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"d3e27dbf-2939-4837-9aae-6759cc7474d2","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":57,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"fdd2729e-2e09-4c1c-9baf-e8e953c6685a","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":57,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"d1cb5599-0f13-4c90-a33b-d0a311d51478","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":57,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"d138cd85-4de5-4b45-93cd-51a9f79b490d","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":57,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"723c6f1f-6d36-4ec0-8135-5475d3e71d97","block_type":"box","text":"i.e.","page_number":57,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"6576fae4-4945-4a97-968d-14864ee48f88","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":57,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"da8fe466-0203-4869-86a0-7fbd7138ded1","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":57,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"5d480dca-b4a5-46c7-bc71-f9db02b9a079","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":57,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"22ea8982-37b7-445c-9d91-404f4a459f53","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":57,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"15ac0eaa-0f3e-4f4e-9a97-e4d305386996","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":57,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"34dd9ec7-92c4-40c1-834e-958bab496ec3","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":57,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"e10b0398-8e29-4a1b-824b-300d9286bbba","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":57,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"7d4040ca-081d-415b-b98d-811e17130f48","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":57,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"b30bba86-4c02-4798-a0a1-2c3392eec0d0","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":57,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"f2c9aa61-1960-46f2-a67f-f453d4932a28","block_type":"box","text":"II-10","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"10a1d8f4-29e1-432a-8f3f-7470767b19af","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"310e1b65-6902-4a70-b1ee-92904aafb252","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":58,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"f9f1eee9-52a0-4943-be48-49c43370cf9e","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":58,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"72ba4579-907d-4c2d-b929-63956baade98","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":58,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"c8c52fb0-547a-404e-8d2c-074cdf942d9c","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":58,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"2125bff9-231a-4c75-b3b3-e711322e00ce","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":58,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"7896df86-b830-4ea7-a548-88a4d2735793","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":58,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"3926d753-f084-4199-b291-174b343aa05d","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":58,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"a627fd62-29a5-4aa3-b6d8-1f306bc80945","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":58,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"df23d7ba-1719-4e02-a462-a006e74c7cfa","block_type":"box","text":"risk than higher rated securities.","page_number":58,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"4ab0ce2a-302c-4ec9-8844-e8b39b786c5c","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":58,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"e5e0e030-dde6-473a-b2da-3d4913113a01","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"4347a94c-f011-422c-a34d-84028998e33d","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":58,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"83a79e7c-0e2c-4f40-8781-e3183c1a64cf","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":58,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"c2efba04-8c64-483c-8648-7005d94fd599","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":58,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"de1b07b3-2a5b-4b81-b569-83508832dfb2","block_type":"box","text":"unavailability of additional financing.","page_number":58,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"a03482a0-2d8d-4be1-9930-69fb79975f3d","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"8f09e1fd-0807-4f93-89eb-349ac6be0ef8","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":58,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"d3187336-9260-453b-ba28-2588d06f994b","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":58,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"63836b56-2b8b-46f6-844a-e97b4c3377df","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":58,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"b8199f77-f021-4c18-a87a-12facf59c04e","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":58,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"19433082-7c93-4669-bb60-6f2311ae5c22","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":58,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"de62e243-ec34-49d2-a865-e6c1ed4bfa4f","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"1e00910e-7e39-4524-8f5b-26b06ad23f1b","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":58,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"d87b7fa0-3aa8-4f5c-b80c-4445149d4f4e","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":58,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"772dae6e-384c-44e5-9b78-73531cd829b8","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":58,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"f0dac9cf-be4f-4a91-a5bc-943a2b238f44","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":58,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"11819251-3e17-48f6-b321-3b63c6d4daf5","block_type":"box","text":"investors in higher rated securities.","page_number":58,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"0a0df18b-ef01-4a6f-a6bf-dd6d404f0850","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"65509b73-8c34-4ca3-a00a-f1a84cde5619","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":58,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"2db38992-89fc-4b02-ba2c-93c9392c77c5","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":58,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"cfc59143-2075-4f23-b9fa-f4d0da373ddb","block_type":"box","text":"lower yields and may lose income.","page_number":58,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"3f74164a-49c3-435a-bfb2-d5f3df5fffcb","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"99ec203e-6504-4ba0-9629-a7dfd5cc19ef","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":58,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"4fc596c5-e0b5-4cc3-aa25-4ce12901844d","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":58,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"daef70a0-85cf-4a7f-acfa-da9fa1fe6bf7","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"eed4b7dd-eac4-4d6a-b28a-f5106f9745aa","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":58,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"e88174ee-4429-44b4-8cb6-baea94d5c75e","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":58,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"59d85b14-3cb1-4562-ab6c-395446b2b73b","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":58,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"bd9985fb-b839-4cd0-b23a-fd8d873ea514","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":58,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"4f9d8ba8-50b6-4929-a470-27800450b2e7","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":58,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"2db50f5b-423d-4b58-8d57-798f5962c334","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":58,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"be24a0fa-f4a7-4c7d-8c90-e8f8eb3e09b3","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":58,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"d4e4c85f-1629-44da-965f-dbcde77db7e8","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"d28c326e-811f-443e-88da-c956d7fbd598","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":58,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"00cfda15-d438-40a1-9818-7cc2793da5c3","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":58,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"120d7a08-970a-4570-8632-a2f1c5d2319d","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":58,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"ebbe85d6-adbb-4810-aa5b-f2548a5a6fbc","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":58,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"bd6d76c0-3618-434c-8cc7-be72d185dd91","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":58,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"075257b3-bad7-4cdf-82a2-e3e72fd43fcf","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":58,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"493bde42-a1ac-4364-b1d2-c97cd9d6dc99","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":58,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"12e47459-9a70-411e-aa75-8ae8cbfafeb7","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":58,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"d3c4e13b-83ae-4659-b1bc-6a7a69bc5f52","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":58,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"ee59b2a7-4461-42e8-9741-54af46b3dbf7","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":58,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"8b242f78-1bd6-4773-864c-4217aadfec72","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":58,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"71168027-58f1-4d84-bbf3-de8c89b0ef6b","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":58,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"cccca837-8656-4c77-bdcb-fdaa32147e0d","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":58,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"7d09b15c-17ba-4751-a465-6313cb7c5b8d","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":58,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"b3156b38-c2d6-4486-aac8-75282d84ae90","block_type":"box","text":"role in determining such valuations.","page_number":58,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"131b34bd-cd0c-47da-88ab-5a1d9cc88f9a","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"3055e6a5-bb4a-487c-8a6c-5bb256c54dc0","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":58,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"f9b5a20b-339b-4b4c-a76b-7192a8dca387","block_type":"box","text":"a defaulting issuer.","page_number":58,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"58d27172-00fe-4e96-9335-2c460e624b3a","block_type":"box","text":"II-11","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01e5d6ad-1b8b-4500-b967-f7d0ac026e05","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67acb184-8bd6-45fb-9d51-5225bda52e12","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"62147d8d-c0eb-429f-84b1-842826ba47d6","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":59,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"a7ef0cae-7d6d-46f0-8b7f-a7272efa883d","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":59,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"2fc54236-e99c-43e1-ab0b-e929b9f5cb96","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":59,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"1b06f252-33fe-486a-b179-43e77b4d344d","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":59,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"d4986603-84e2-460c-8035-1d25d25844d4","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":59,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"35873a52-4ae3-47e7-80b3-162063ada62a","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":59,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"e51c52b1-d46e-4890-ae19-29eda7bdc0d3","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":59,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"475280c1-db1e-4709-a42f-3aeb0a432afb","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":59,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"853da806-ab11-4b71-8ee3-6836e7d3cf47","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"ae477dc6-8d10-41a4-8e1e-43a9e620f8ae","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":59,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"698828ef-9a0f-464b-bb0d-839ff1370453","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":59,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"14bbab5d-36db-409b-b054-2b240cb5d24a","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":59,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"a201f3d6-4637-4384-b0be-79972df8360b","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":59,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"501da243-4a38-4601-ba2b-0ad1257c6f3e","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":59,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"0d4d5082-f654-49a8-99b1-9c3bd3e88c3f","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":59,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"7c1f3a81-ed8c-4e82-8876-45ab23bb8a92","block_type":"box","text":"higher-rated securities.","page_number":59,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"4e8f82e1-b097-4a28-bf6d-dc8c61ec9175","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":59,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"95b7ab29-e164-4b99-b79e-4ee5ea5b9375","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":59,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"bc8c1b6f-2363-454f-a2c8-5ddfe8c896ea","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":59,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"31d132be-3190-43cc-9791-5a0db5448e42","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":59,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"215f72ee-8f5c-4589-8719-2c59f83914e2","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":59,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"1d372475-f072-446b-841a-f130a29d1e5f","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":59,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"95aae691-0c65-4b2e-87a1-975673b1bd09","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":59,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"241dd0b7-679d-48df-8413-1ff497b5c299","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":59,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"c83a45c3-57b3-4f24-8fc2-c53d8c1da8f9","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":59,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"1a7affef-70ea-4793-bc29-1e6ee57ac7ac","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":59,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"0c6e05f6-3bfd-408c-8440-2cd67b08168e","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":59,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"71e5d684-3f6a-4c4c-aafd-0069185189aa","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":59,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"98d98712-5a48-4e2c-8734-447a95681cb5","block_type":"box","text":"Mezzanine Investments.","page_number":59,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"4063e0e9-ed3c-407d-8a12-3f8ebb152a19","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":59,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"68210a6e-9e6e-45b9-8460-d7ead04296e2","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":59,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"b72785ab-d772-4d6c-91b8-6ec8c901de98","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":59,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"041cf00e-e03d-4bec-92af-921e9241af5c","block_type":"box","text":"e.g.","page_number":59,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"7b970736-af68-411a-a498-e7cd17d271ed","block_type":"box","text":", with","page_number":59,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"1325f0e2-fbba-4926-ad90-4a2bbb95619e","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":59,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"da37922c-3344-4753-89ab-f2907bebb8f6","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":59,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"3b2a9d43-3650-4d4c-b023-499178529c12","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":59,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"3b24ce4f-2893-4a2d-acc2-a43946e1334a","block_type":"box","text":"other obligations of the issuer.","page_number":59,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"18ecb87a-a531-4d90-89e8-0f17b0741e94","block_type":"box","text":"Pay-in-kind Bonds.","page_number":59,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"07bc9548-7aca-4c89-b716-c79b55a0d93f","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":59,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"32eee43e-0cc5-4f08-8fe6-d1b0dfd1899e","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":59,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"45896032-cc33-4494-b731-ae6a6f49a314","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":59,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"775d6af0-7a49-4d28-bf86-09abe1d15914","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":59,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"3ff83f44-327b-4844-93dc-dd028ce03d98","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":59,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"d0cf15cd-b993-40a3-bb7c-180dc7676080","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":59,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"a77f09a8-3f0c-4e1e-be6a-cf2d9cb8a4d3","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":59,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"725a24c2-b6ca-4000-9083-951bc488af27","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":59,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"0dba5bc6-64f1-4993-bd06-8205145a1976","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":59,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"ceeec2f0-9928-4fa0-a0f4-cd831496b6e7","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":59,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"21894cfb-10d8-4f13-97f8-d06f9fee443d","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":59,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"9861ccfd-beb8-4c6e-8024-13c299dd8258","block_type":"box","text":"Supranational Entities.","page_number":59,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"090f3c1d-0934-4229-95c2-6cb777ee50ff","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":59,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"06c6128b-12d3-4eee-aa95-30a28afd30bc","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":59,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"9bc61793-e9bd-4f4b-9071-e36c6099a53d","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":59,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"a9ddbe97-df0a-4e30-ad8f-3a4b6b685a89","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":59,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"8190302d-0533-42f2-82c3-fad55da28ff3","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":59,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"59b6adda-2398-4fc3-91e3-d0dce83bb1f7","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":59,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"9dcb8320-a7a1-4ef8-bb7a-293262f8cebe","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":59,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"2878cab2-ed80-4417-bac5-344c5c39f1ba","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":59,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"71112ee8-83bf-4e0d-88fa-cfb647d92815","block_type":"box","text":"II-12","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ebd1235b-8ecc-4435-bfd0-5eb93873a5c9","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6657c6fc-1bc5-473e-939e-228d48de9b88","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":60,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"3a54b8d2-989a-4d4d-9ef0-b7d683a94650","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":60,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"af86fc13-e0c0-446d-8522-53d0827975ec","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":60,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"412e6852-ca5d-4a2e-8b1a-0e564c587239","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":60,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"8b024292-17a2-4191-8cae-7368c20bfbfc","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":60,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"ec74fb46-ff39-4ed6-85de-8a9ae97d1a3b","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":60,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"8113c12b-b318-4034-b18c-241738c82363","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":60,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"5df3ff62-7cbc-4d33-be3b-1225f53237e0","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":60,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"a09f96f5-e9e8-465d-9186-b291100e85e8","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":60,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"cb139620-b6bf-4973-9917-31e05af010bf","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":60,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"4e601105-ad85-4865-adf2-9d51aaae01e1","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":60,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"eae9e721-cbbc-48c8-9c8c-6c5c0d41f379","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":60,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"caceca13-872f-43b3-b0a0-2d09993ae4e9","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":60,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"95b40d99-2259-42c1-a58b-0aef024bc3b7","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":60,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"65c40e15-11e6-4a06-b1ca-0cd9015fc9cf","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":60,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"57e81529-b8bb-46b8-9266-4a38d19197e8","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":60,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"af4599fb-dd25-4f13-b219-c98682bc2f29","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":60,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"6a9db307-dc19-4746-a651-9283ce10be71","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":60,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"0ba86bc6-e229-46db-800a-6c094529043e","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":60,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"48e2ff14-16c4-4436-b578-ed8ed0e5b68d","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":60,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"63adcee0-fb40-481c-8e97-3616ec2c464b","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":60,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"4714de0f-77e2-4593-87be-d651d53e27be","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":60,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"ae39c69a-ccdd-4ed3-becf-e5c9cd3a3b4e","block_type":"box","text":"Derivatives.","page_number":60,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"483c12ec-856d-498a-8664-a10936774516","block_type":"box","text":"General.","page_number":60,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"82a36eed-cec1-4d19-aa12-95b2ecadc2a8","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":60,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"bbf682a3-0d05-4dc6-8157-48edef9c0c8d","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":60,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"74bea9b4-2850-4a0c-8b03-4372fb94d982","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives may allow a","page_number":60,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"ebae9a11-3939-4010-aeb8-1a488fe02527","block_type":"box","text":"Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than with","page_number":60,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"895b5095-b153-4a91-9f5b-7b1d115facce","block_type":"box","text":"other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and shor t positions. Unless","page_number":60,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"ebcf040c-126f-4818-931e-be0a95b88233","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is prohibited by its","page_number":60,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"6036e4be-cca1-404c-bec5-7038f143df6b","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":60,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"236de12b-1034-4e9b-bf24-5210781f2f76","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":60,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"76b5960f-7fc8-44de-9a26-16a8f9489a76","block_type":"box","text":"i.e.","page_number":60,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"420c17b6-874c-49b4-aafc-a336e5521269","block_type":"box","text":", the payment obligations of","page_number":60,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"b8af50ec-8483-4995-a973-67dec185d883","block_type":"box","text":"derivatives contracts are netted against one another with the Fund receiving or paying, as the case may be, only the","page_number":60,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"888bc24e-b8c3-49c4-add7-547c40a38728","block_type":"box","text":"net amount of the two payment streams.","page_number":60,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"6d731341-a9fa-4868-9269-8f59a886abc3","block_type":"box","text":"Hedging.","page_number":60,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"8dbc876e-7f4d-4ddd-9e00-89518bdf319b","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":60,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"c875ba35-7b2a-4145-8b6a-6716747dd4c1","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":60,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"3a937ad1-1323-4efe-9876-bf1b9709490b","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":60,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"b9a6cfc0-5c0b-4f03-9da1-edb3a359a5f0","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":60,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"835fd5e8-4fd1-426d-8586-a075d7b93bed","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":60,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"704256e8-d49b-4fae-8f11-c03166e14147","block_type":"box","text":"correlation risk,","page_number":60,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"fa22fa36-c0ac-4835-8338-25659914897e","block_type":"box","text":"i.e.","page_number":60,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"bbe02d8e-05cb-461d-a116-334cd96e4764","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":60,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"8bfab979-846a-4d95-87d8-ea26f5cd0acd","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":60,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"3c38cad1-412f-4a90-953d-488f33b75f0a","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":60,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"b6487fdd-694f-4b04-a1cc-28581acc9e17","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":60,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"d84c82fb-3614-4b72-9ffe-0a279846e985","block_type":"box","text":"Speculation.","page_number":60,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"8e68f9ad-2a93-4ec3-a733-05dea62419a8","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":60,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"649d875d-4b81-4c36-8365-07889468d981","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":60,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"2241844a-8c03-4dad-9fc3-bd156a644dae","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":60,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"18b972dd-503d-4476-8106-df2eeb2e1ca8","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":60,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"4ddb9551-0503-4b30-a9de-fecd3f1fd053","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":60,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"09928a6f-e82b-4c7d-b4e7-9ecab4fcddb7","block_type":"box","text":"Regulation of Derivatives.","page_number":60,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"8c1f5775-27ab-4053-828a-a2069f0a6285","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":60,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"51ca746d-972a-4952-9e8e-f5295462fc93","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":60,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"cba22e12-bc1d-4fc9-a650-7c6d4ee7cc49","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":60,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"3b54ede2-7cf8-408b-b445-d1d3745148ef","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":60,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"af79cda0-6fa5-451f-8fe7-ad016c8e5cb1","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":60,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"49b1dd4c-6895-46a8-bdf9-2dab21531e3c","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":60,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"0bccd758-cc00-49f7-a1bb-c3ce9d81c1d0","block_type":"box","text":"coverage”).","page_number":60,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"30285a4b-525b-45da-9d88-94b3d78ed0f6","block_type":"box","text":"II-13","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ca2aeba-3d94-4649-bcdc-dc9f8deff479","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"864e62d6-82a6-4a80-bde0-c5a80edfc2ef","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":61,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"e4a25451-5b83-4a6f-9bbe-f0820e40a181","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":61,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"dcecefab-7199-4886-b9e9-a99b8e3bb49e","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":61,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"1b5b0f33-a3c4-4507-8c34-734bb4f181ae","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":61,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"7c98c775-6963-486e-9908-fbc5d7ac9d3f","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":61,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"49aecbef-a601-4282-98ea-6caa096f0070","block_type":"box","text":"financing transactions (","page_number":61,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"fc29102c-20eb-464f-ab79-659fa3118c82","block_type":"box","text":"e.g.","page_number":61,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"9a54439a-6ff9-4542-a2ab-348300d217f6","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":61,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"cd13c9f6-d84c-4857-bf2e-2b77ca0b5795","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":61,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"a08e41b2-5de0-4613-89a7-d245992294ab","block_type":"box","text":"securities (","page_number":61,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"96295573-bb4b-48c7-9dd2-b31f2ad78795","block_type":"box","text":"e.g.","page_number":61,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"4010b962-f5ad-43e2-95d3-0adab888a763","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":61,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"d51c2516-39ad-4f91-a19d-1401a87c33a5","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":61,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"6a55885e-ad24-44cd-bd60-4409c14b42ad","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":61,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"c1ef215f-dce6-4ec3-8d99-f378656dac57","block_type":"box","text":"Commitments”).","page_number":61,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"7c8caf82-74d7-48a7-976d-81a959ca9fe3","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":61,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"38d2b498-92ce-4a9e-b1d2-e9dfb53f7a69","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":61,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"21363cae-bed1-4847-83af-5872667faba0","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":61,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"8d561c35-f2a6-44cf-b6b7-38370c98b565","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":61,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"10c24765-fcb8-47b4-84c9-f08bde53fe9e","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":61,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"160cffba-fb54-4d39-a041-6b5344b95b8f","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":61,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"7eed91a1-24b8-4dba-98c5-7b257bc837aa","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":61,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"7d8c7b50-f526-4779-8f5c-058d0b2def14","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":61,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"ea53c037-6e8d-4f11-bab0-943c11a928f9","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":61,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"1458a76f-33d2-49f3-a95b-64f7d399c37e","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":61,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"f8895b8b-e0a7-4fad-8c6b-186accb9e98f","block_type":"box","text":"Dodd-Frank Regulations.","page_number":61,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"36cad2b2-2f82-43a2-9b18-bbbfec69bfc7","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":61,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"fe0b980c-48bd-428d-8506-c0fe7e567d30","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":61,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"fae170b5-ab90-40fa-91e7-37b30fedb7b2","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":61,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"3442a714-60c7-479f-8bef-cbc1c101461e","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":61,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"01fefa6b-1b26-44d5-bccc-7b6e67bf1279","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":61,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"e546a661-f434-450a-8522-88f31140695b","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":61,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"8a242e9f-40d2-48be-9f32-12103fd80f0f","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":61,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"5e5f0f22-c7b0-4bd0-9166-10ac01839f96","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":61,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"5406364d-8a32-4bc3-9db0-ab153761ddaa","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":61,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"e28eaf55-c059-4cd4-ac0a-93d6bcc8ca5d","block_type":"box","text":"requirements.","page_number":61,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"4c40dc82-ec25-4f01-a341-3d5c93a73ecb","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":61,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"d500c5e1-de57-49b8-af4e-c343972ab556","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":61,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"5f91fef2-3d77-4866-b3c4-284a732f16e4","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":61,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"ff23f36a-3575-4077-b5c4-971dc31034a9","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":61,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"d26ec1f0-6165-4905-920e-23668fa9b1f9","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":61,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"9621acc7-60e3-4456-a385-2cf8cf796875","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":61,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"0f06318c-18f1-4aba-957d-9d3fbde4e852","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":61,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"c80cdbd9-45f8-4194-b43c-347dd38477cf","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":61,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"c2c4c4b5-24c9-475c-90fb-cdabb0f5b8c5","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":61,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"fc4ebdab-2449-4068-bd4d-ab44cedd0b41","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":61,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"d18acc9b-2cf0-4b7b-8df8-0de016b9ec55","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":61,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"17d99ab1-2964-4756-b3ec-46ebe68de932","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":61,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"dad79edc-8b92-489b-b0a1-d695ae6aa003","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":61,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"e071a129-6e9b-4f2f-96b0-36ee93fc88a7","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":61,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"8efeb521-572e-40b3-b4d2-7df2ec07ff6c","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":61,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"8cfd921b-d39e-44f4-9248-ceb869a087a7","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":61,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"1763cddc-24b9-4cb9-9c44-590c6a89fb1d","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":61,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"7cf4c646-71b3-4746-b51d-6ab37d7ec58c","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":61,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"faf65057-5abe-423e-a3b4-f3471630244a","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":61,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"00f8f11b-c9dc-4656-8481-a17bb5e7e9fb","block_type":"box","text":"member.","page_number":61,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"f280fedc-aa0a-4b81-803f-7ee2970b6d91","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":61,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"f2c4b2b6-8af1-4ccc-b33f-161d76e2feb1","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":61,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"620555f0-b553-4c7c-958b-329e2148a65e","block_type":"box","text":"was widely permitted before Dodd-Frank. While an FCM may require its customer to post initial margin in excess of","page_number":61,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"c4f594d7-dace-4ed1-8090-03ba84699a1e","block_type":"box","text":"II-14","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3881f9a4-48ec-4fa1-8986-1c4df159bf04","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62f53c3e-8d9f-42f5-a11c-4941f6faa954","block_type":"box","text":"clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on initial margin with","page_number":62,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"5e03ee9b-1d9f-407d-909d-ff59c568d926","block_type":"box","text":"their clearing members, some por tion of the initial margin that is passed through to the clearinghouse does not","page_number":62,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"ee0499ff-00ce-4296-af96-0fee8e1796bd","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared","page_number":62,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"f9fc9683-4a81-444a-9183-7db308a6559c","block_type":"box","text":"OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher","page_number":62,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"c4f8682e-1a11-47a3-901c-b28838c42f20","block_type":"box","text":"fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will provide for non-cleared OTC","page_number":62,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"4527ee11-6e9b-4ad9-ab5b-1dbe66c42173","block_type":"box","text":"derivatives. Fur thermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":62,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"bc8703e8-bdb7-4fe9-8d50-38ee0159bc25","block_type":"box","text":"to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared to trading non-cleared OTC","page_number":62,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"d81d7813-2269-40d4-8d88-d422259e2859","block_type":"box","text":"derivatives bilaterally.","page_number":62,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"0cbc4445-abbb-4e03-89f8-552c3cfae02a","block_type":"box","text":"With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be","page_number":62,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"7b867471-9f8f-41b9-8a17-7aa8340c3b66","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":62,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"70118bf5-def5-4bd6-8e47-834f64bdb1be","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":62,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"1fe4a8aa-3324-4391-87e9-f079f8c8cd64","block_type":"box","text":"(other than cer tain money market funds) may not be posted as collateral under applicable regulations.","page_number":62,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"182c14d3-a451-4cc5-b206-0173fb48d6a5","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net shor t speculative","page_number":62,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"6704c25c-240d-4303-b886-920fe646b156","block_type":"box","text":"positions that any person may hold or control in any par ticular futures or options contracts traded on U.S.","page_number":62,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"52f0709f-4050-435c-b586-15613bd86341","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":62,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"2e1fffce-ffdd-4781-a9b2-93adaa027b49","block_type":"box","text":"agricultural commodities (","page_number":62,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"165f3298-6dd4-4b38-920b-8a0c894344bc","block_type":"box","text":"e.g.","page_number":62,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"85fdc986-05da-416e-b544-e785eb399490","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":62,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"635f5cf5-8a7c-41fd-bf15-795576834c76","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":62,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"f5b2922b-ed1d-4611-abf8-cac5cbfcb4af","block_type":"box","text":"positions it holds in order to comply with position limits or may not be able to fully implement trading instructions","page_number":62,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"f0c836f6-7ed6-4e58-bbe2-cb5f55e88f28","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":62,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"53a28011-3d03-4827-805f-ce6661248b93","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":62,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"085cbe24-ad9f-4386-9a3a-135de6e31bd6","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":62,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"27327253-9256-4ebf-be13-a1bcff635132","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":62,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"116619a2-4657-4485-881d-f7170ff47a26","block_type":"box","text":"equivalent swaps. In October 2020, the CFTC adopted a new set of speculative position limit rules with respect to","page_number":62,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"71bc7cd6-7644-4aaa-be2b-09a336d076ae","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":62,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"4bd1611a-00d1-42e6-88d4-46a184c59739","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":62,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"b97e979c-b342-4939-99b8-497283a546c0","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":62,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"28fafac3-9d70-48e0-a809-516382611758","block_type":"box","text":"differences with respect to any of the following: (1) lot size specifications or notional amounts, (2) post-trade risk","page_number":62,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"1fe2365f-dfd5-40c6-9392-45092ccb43c7","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":62,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"d73cbd0b-33f4-4fd6-a879-a1a0aa16bccd","block_type":"box","text":"diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural gas, two calendar","page_number":62,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"79405bb2-ef52-4011-aff3-928298ed6a66","block_type":"box","text":"days). A cash-settled swap could only be deemed to be economically equivalent to a cash-settled referenced contract,","page_number":62,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"f19c5d5e-8bce-4d1a-90f5-a12ee052e058","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":62,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"9fb852b1-ed54-41ad-a954-ffa718eebca1","block_type":"box","text":"contract. However, a cash-settled swap that initially did not qualify as economically equivalent due to the fact that","page_number":62,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"1370b771-038d-41f6-bbbe-71cff9cc296e","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":62,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"353a92cc-6d10-4ca0-8530-dfdcddef6c7d","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":62,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"fe93a84b-3ed5-4207-ba83-135d49c0b6c3","block_type":"box","text":"CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":62,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"989cf5aa-6c6c-46b1-93b8-69d74a041b4b","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":62,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"a7a10cff-2ef1-4a81-9452-89c2e2f46663","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":62,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"7865c9ea-f088-4a69-826c-ec9b6fbda5c3","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":62,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"9b6b390f-478b-4cca-bd01-072cf72e9ebd","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":62,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"ef550a3d-d5f5-4aa3-a9d0-b8914da3213f","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":62,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"95deed9c-f728-40b8-9c9d-852a83f0ef45","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":62,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"b63cd3eb-231a-4b94-8e73-5aa3f93a9977","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set for th a list of enumerated bona","page_number":62,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"2e246529-99be-4ab4-9a96-e4033ad9642d","block_type":"box","text":"fide hedges for which a market par ticipant is not required to request prior approval from the CFTC in order to hold a","page_number":62,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"a6f97387-33a3-49cf-af00-a5e1dc556887","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market par ticipant holding an enumerated bona","page_number":62,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"efec2e64-7bb2-414f-9682-749c6b91c1a8","block_type":"box","text":"fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For","page_number":62,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"68f6c7c0-d650-4c16-8cac-13206adfb1cb","block_type":"box","text":"non-enumerated bona fide hedge positions, a market par ticipant may request CFTC approval which must be granted","page_number":62,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"be518ec7-4c1d-4065-abaf-6ecfc8839cd2","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":62,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"35b9786f-56c0-4ae2-ba78-8be8a355548b","block_type":"box","text":"increase in bona fide hedging needs (in which case the application must be submitted within five business days after","page_number":62,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"67a5944e-a79b-4c60-b264-7c8c78b1aae6","block_type":"box","text":"the market par ticipant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":62,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"eb11df6d-93b9-4c84-9596-06247f5813d0","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":62,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"dd2563b2-7185-423f-8b09-7311a4800c8e","block_type":"box","text":"equivalent swaps. While the ultimate effect of the final position limit rules are not yet known, these limits will likely","page_number":62,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"b5925ed2-5bed-4c6c-a76c-084861a47618","block_type":"box","text":"restrict the ability of many market par ticipants to trade in the commodities markets to the same extent as they have","page_number":62,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"5c583922-9a9a-4804-a52b-5b2ed0fc3082","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":62,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"2e0bc086-2378-4dff-b64e-c3fab57e341d","block_type":"box","text":"duration of positions available to market par ticipants, and increase costs in these markets, which could adversely","page_number":62,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"6f85380a-e2b3-4d0b-8aaf-452d4e18c2b6","block_type":"box","text":"affect a Fund.","page_number":62,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"317d4c87-3096-4d46-9981-382329f4b5da","block_type":"box","text":"II-15","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1447c32c-efb1-4b5b-acd7-e688f3a8d236","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1fe4ef0-4354-4ff1-b437-b0d44f174d3b","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":63,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"c2333ca7-5b00-4ee9-82b8-98c000574a37","block_type":"box","text":"market par ticipants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":63,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"c608aefe-3e58-43c1-85ab-04798f91e1a2","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market par ticipants are likely to be","page_number":63,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"04aeabf8-61df-4a65-8a24-38f150ea77eb","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":63,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"5b086da2-4ae0-4360-8f9a-ed71ca52ac96","block_type":"box","text":"affect a Fund’s returns.","page_number":63,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"b0f43ea4-1bc5-464d-ac09-f59d0efc1605","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":63,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"ca9407b6-6cbb-4a8e-9874-8a42a96e6e25","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":63,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"200f31d9-8a88-4bf0-a34e-875f45ee0803","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":63,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"7b624c1e-c074-450c-8407-547687cb6bc1","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":63,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"750a60d0-7024-45f7-a101-c66d0408ffbb","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":63,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"51dfc9b3-6df5-48ad-9069-f1c7d3037ae5","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":63,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"d7aad38e-3cc4-4391-b802-054c3c2cd48d","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":63,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"9434e5e2-15f8-456d-ba4c-ec0dd0317a3c","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":63,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"b51940d5-73f8-4fe5-8d2a-3188e2a398c9","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":63,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"478d4333-3977-4c1e-bdd0-9546a871363b","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":63,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"c0b5a8bd-e736-4543-8b98-9f823a52b529","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":63,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"7359bc45-9218-4bc8-9999-41b1b9001c4d","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":63,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"05c8118d-3e8c-475d-a776-15f2c51d3f5b","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":63,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"834a1610-c416-4d2f-8cdb-ddccffd2cb5e","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":63,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"9d46616b-1846-45ee-8cb7-cb4cbf844f58","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":63,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"1599f1f7-ea55-4c16-a69f-84984879795b","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":63,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"85f7ed2f-6049-47d4-8639-9e633182634c","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":63,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"96d3d433-295f-406c-873c-fa5b45e2fecd","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":63,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"fca0127d-ae4c-4a1e-9762-f43a1d0b6147","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":63,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"54e486bf-c53e-44cd-815f-94770092814e","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":63,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"e8ca7cce-cdd4-4c55-a7ff-5e13bec3962e","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":63,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"7e0e7df2-42bd-4656-b636-d673e26d0500","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":63,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"a69b0b45-f0b4-4a9d-a020-dc3b81558fdc","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. It is possible that these new","page_number":63,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"1ec2b56e-9ff6-44a3-9170-fbcb2905f430","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":63,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"5bb3c612-e27a-4c62-8601-ffcb1f0fa58d","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":63,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"de5dd44f-6e36-4877-b9d7-2eccec6ad58b","block_type":"box","text":"received under such contracts.","page_number":63,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"0f1a349b-ec4c-4a15-8d50-b17db5de9f59","block_type":"box","text":"Risk Factors in Derivatives.","page_number":63,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"e62c8cf9-3a2e-4d19-b243-f1ef4fe6049f","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":63,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"106aa0a8-2238-4421-abab-45ba527765be","block_type":"box","text":"Correlation Risk","page_number":63,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"202b0a43-ecf9-414e-aacc-d71e4c664f75","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":63,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"63a1ec5c-6a49-4fb1-ae9d-92567bfd9997","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":63,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"73de3704-eeee-4548-a1ff-c9397a475f55","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":63,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"74b48fd3-a63b-4398-bd3c-675a85edc685","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":63,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"80ccb950-2709-4508-aa4c-0ac073da0293","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":63,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"b22a602a-0e36-4762-8c89-fb1b270cfeb0","block_type":"box","text":"Counterpar ty Risk","page_number":63,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"d2d1a5e8-59d3-43d4-bda5-668bc48ca447","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":63,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"cd9a3956-a8fd-46c1-b94b-5dfd2122785d","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":63,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"eb0a5885-7166-43e1-9dba-40d1710b8a7f","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":63,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"2f7f4c51-cabe-43f3-921d-2aec1154beb2","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":63,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"be521fda-8454-4fbb-bfda-84257fff7948","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":63,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"61cbe064-a008-492d-94c9-b54dc708921a","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":63,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"861df052-e6cb-42ae-9f28-8c157f40c756","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":63,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"60eb87b5-057e-47f1-97cf-db19bcd84000","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t.","page_number":63,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"c65d8e1d-f16d-473d-a217-a5ba204f2a48","block_type":"box","text":"Credit Risk","page_number":63,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"0bf503bb-548d-46a3-bcfa-fa636aa36be3","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":63,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"75d668cb-a434-4c89-bba5-bce36ccbbffd","block_type":"box","text":"honor its financial obligations.","page_number":63,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"647f68fb-79a6-404b-804b-9a444555c0d0","block_type":"box","text":"Currency Risk","page_number":63,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"e24fec99-da06-49ed-92a3-0f41b6e20cd6","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":63,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"ce3307bf-0290-4d7a-bbca-2f7105f8bfea","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":63,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"c664a639-bd32-4071-8137-b39d52c51f8f","block_type":"box","text":"Illiquidity Risk","page_number":63,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"b3e7f606-f3fa-4878-9557-84670cf08832","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":63,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"b543b2ab-88ff-48ff-af31-9f7f935e2fe5","block_type":"box","text":"or at the price desired by the counterpar ty in connection with payments of margin, collateral, or settlement payments.","page_number":63,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"d0ef9319-4a92-446c-bbb3-cfa111a69383","block_type":"box","text":"There can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a","page_number":63,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"6d26092e-71da-4851-82d1-9931c75018f3","block_type":"box","text":"secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative","page_number":63,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"3fccc262-137a-4a61-82e6-eee2c37cdd2d","block_type":"box","text":"II-16","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e11e0e0-da7c-4c70-831b-7f3d590dadf2","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3923a5ae-f6f7-45b6-a0d9-5cc207f6e73c","block_type":"box","text":"without incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve","page_number":64,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"5953fdd7-a8de-46d5-b4e4-d0d2207caa46","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such","page_number":64,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"460fdc9e-f128-4329-a517-bd4bb9373e0e","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":64,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"e7a8ecd5-799c-4218-886b-c9273147adeb","block_type":"box","text":"instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":64,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"60926ca7-2727-490a-bcad-d296eaec61c2","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or offers, unless a","page_number":64,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"3867332b-588d-4dbe-8ee4-be99c60df759","block_type":"box","text":"quotation from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the","page_number":64,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"3708ffd3-a541-4257-b071-b1664253db30","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":64,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"8be822e4-b1d1-4ff4-9f77-13415fe877e7","block_type":"box","text":"supplies, the par ticipation of speculators, government regulation and intervention, and technical and operational or","page_number":64,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"5d01bfff-af82-4d55-aa5b-fd56cf3f681b","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":64,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"0548dad1-d16b-497b-831d-7ee0fb94242e","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":64,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"9b29c34d-206a-40ef-8687-b8c6066bd025","block_type":"box","text":"fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in","page_number":64,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"77769c62-2828-4de0-a71b-b3ffbe23b443","block_type":"box","text":"the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":64,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"deb2865c-5c81-4555-a265-5e12af9ccab0","block_type":"box","text":"positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not","page_number":64,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"5f0ac454-f6ec-4a97-be15-8cbe59ff722c","block_type":"box","text":"possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to","page_number":64,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"400a0b0c-80e3-4566-bb86-9de0322c95f7","block_type":"box","text":"make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the","page_number":64,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"e6229aae-b64b-49f5-bdcd-530acfab65f9","block_type":"box","text":"Fund has insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a","page_number":64,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"640b9187-bd60-4a18-849a-3cfba7ccf5d1","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":64,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"239a12e2-7038-435b-a1cc-91325a36750e","block_type":"box","text":"Index Risk","page_number":64,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"4f2eeca5-8a4e-41db-8ba6-96447a1693ef","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":64,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"b918ec80-6072-4984-904b-4c2cee1608f5","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":64,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"abb976f4-22df-4aa3-91a0-0090c3e6f547","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":64,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"46a345be-f713-45cd-93d0-9606cb55119b","block_type":"box","text":"Legal Risk","page_number":64,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"6c4d0abb-8e45-4a96-af6a-08191d077c22","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":64,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"fc631f49-e5fa-4634-9872-f78991590f9c","block_type":"box","text":"or enforceability of a contract.","page_number":64,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"e3340fb2-be5d-492c-aee0-600e13ad8e40","block_type":"box","text":"Leverage Risk","page_number":64,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"7b484b84-98fc-4daa-bd90-0af88e2b3d39","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":64,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"9c440cdf-f068-4e57-bc7a-80c38a866495","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":64,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"394e001d-a19c-4829-9327-3cf88c1ea0e1","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":64,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"d483b87e-2476-4ebe-971d-52506f705275","block_type":"box","text":"Market Risk","page_number":64,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"468b4af7-c328-4106-b8b1-4389cfa82ea4","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":64,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"328fce02-811e-4daa-9c65-5d78e3b6c5ba","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":64,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"c85c769f-63b9-4dcc-92ff-3a0950eb508e","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":64,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"fbdac615-b9b7-4a5a-95d5-c4ea782e021c","block_type":"box","text":"affected.","page_number":64,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"afa035f2-e1d4-4850-8216-c012ed441a9e","block_type":"box","text":"Operational Risk","page_number":64,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"305a3c58-514c-454a-ad4d-558e81e9cd88","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":64,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"071c12ae-e0f2-427a-9018-6740358132e3","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":64,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"1a8f3b62-820c-445b-8ece-1d37eef0a3ac","block_type":"box","text":"Valuation Risk","page_number":64,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"a30ef04d-439f-4f70-8e70-9021d1905d70","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":64,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"4c0a5315-d9e3-4363-a2ee-8a0611697f56","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":64,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"785a1992-63cd-4096-999b-debf779a6e6b","block_type":"box","text":"complex instruments or quote prices for them.","page_number":64,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"192e7bde-c9fe-460a-a0dd-902aa375c835","block_type":"box","text":"Volatility Risk","page_number":64,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"b7d88431-56b4-4e01-9a69-fb31b3dbd861","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":64,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"08040250-0bdb-4b57-be63-2a64accc05dd","block_type":"box","text":"Types of Derivatives Transactions.","page_number":64,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"baf29414-dd0c-429c-81cb-c880fd67218a","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":64,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"5f6a5b26-8cf6-46bd-9152-dd00f1c469dd","block_type":"box","text":"including the following:","page_number":64,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"868881ee-c3cb-4cfa-a931-d4eb80febb49","block_type":"box","text":"Futures.","page_number":64,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"24f48964-8d43-4147-a55b-1072cd9994cc","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":64,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"01ba68a9-0790-4141-8779-867b766aabac","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":64,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"1a50a509-f229-44be-8c81-cbc417be6dee","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":64,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"fc9fc24e-10dd-46b8-b4be-0ae388d39ea9","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":64,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"9d7c1931-e195-4704-8bfd-6963cd516fba","block_type":"box","text":"contracts are marked to market daily for the duration of the contract, and the Fund will either post additional margin","page_number":64,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"664b5fec-cdd3-4939-bda0-68f95b681572","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":64,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"fe9925b0-e8da-489f-a70b-8910ccf54e4a","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":64,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"07ee16df-d8a1-4f76-af7d-c000e16f5688","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":64,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"8216b96d-014c-448b-9702-f953cff3aff2","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":64,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"cf7b57fc-0e45-4dff-bd28-2c008d854028","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":64,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"ec51a6bb-7b49-499e-8981-65cdb538fd7c","block_type":"box","text":"of the futures contract.","page_number":64,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"0b5f3f68-191a-4bb6-86fc-b4556518d35c","block_type":"box","text":"II-17","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86b584a8-b974-44e2-824a-a1ff6186d069","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8785fbe3-39a4-49db-9ece-dc74354718fe","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":65,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"90a4cf31-f723-4ac2-9eab-a50c414377c9","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":65,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"9e46f4cd-99ea-43fa-9f6d-7a18aa98f2df","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":65,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"18a72d7c-42ec-4ca7-b51b-8eb72d8867f4","block_type":"box","text":"relating to the futures position.","page_number":65,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"447770b2-0293-482e-bb88-683151d44410","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":65,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"c9442466-ed74-4924-ba38-fab7d6c34a0d","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":65,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"6dc5c7e0-77d7-471c-8c33-85b7ffcb4254","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":65,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"15819650-2bbc-404b-888f-a51accd98099","block_type":"box","text":"Regulations” above.","page_number":65,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"bfb4b741-a180-4b8d-8cd5-d53c3c62a920","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":65,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"cf485dbd-a70e-4ef0-9966-5cd95370a4a7","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":65,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"3b5a3dd6-dd83-48bc-a09b-a4206e481189","block_type":"box","text":"(","page_number":65,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"d44bc53f-b61f-4555-86db-591d9a1e2819","block_type":"box","text":"i.e.","page_number":65,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"f1264b3d-48e2-4a8b-8e2d-f31ed259797c","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":65,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"441879e8-c4fa-443b-a1e2-444dd4a30cdc","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":65,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"aee4c16d-e709-47ea-8bf7-40b22f88478b","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":65,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"b003f021-4a52-47f6-b487-b3960d5e9ec3","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":65,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"ff97b113-c25e-452d-a041-83b1b3429d63","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":65,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"4797e988-65ed-470f-94b8-cb3794b7d79e","block_type":"box","text":"Fund intends to purchase.","page_number":65,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"4e37cb6c-bb0c-4d5a-8eb5-7349e7b89715","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":65,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"b9be7e46-f410-41e5-a641-717807011286","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":65,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"4b6840b8-ad2f-4385-b0ef-9732d5cae2a8","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":65,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"6e14e721-d5e7-4720-af9f-dc90509b4737","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":65,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"8868f99e-c0a3-4b72-9fc3-6d5f5db72524","block_type":"box","text":"illiquidity.","page_number":65,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"b3b01c4d-b2e1-4636-9a58-e3bd54530682","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":65,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"85e76de6-42a9-4218-bd92-d6c345c10e67","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":65,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"2775b5b3-7974-418c-922d-2dc631f9294d","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"6001b1ab-1a78-48a0-ba0e-bb1dc5cc961e","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":65,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"72a2fd4a-4d2e-4b3e-a115-5d2b7316a032","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":65,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"f0ee9469-9fce-41e1-af7f-f1ed8414d9ec","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":65,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"e07b8410-ab79-4647-a4cb-acf3d9590e4b","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":65,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"59e94350-7d3d-456f-9f16-dfe987e7e0ac","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":65,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"5caeb8cf-3102-49c6-b095-03d3fe52206d","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":65,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"98d5e518-642f-4b50-bb0c-bfc6260c3dbd","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":65,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"73f3e431-27ee-4d28-b6cf-09c3d345e3f9","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":65,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"6c889297-bf4d-404c-b441-f8a4a9b843bb","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":65,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"d7b892ab-4bf6-4cee-9dc4-7f0d420ba4fe","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":65,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"1aa5c3ca-838b-495f-832c-b67b61a340ce","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":65,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"ae4896ac-0a2a-4bee-9eba-27aba3de3824","block_type":"box","text":"Swap Agreements.","page_number":65,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"12dde7fc-b444-49ac-a799-e14c1f317adc","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":65,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"fb8a1210-7e0d-4e29-b414-337ccf3022ec","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":65,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"6e532038-9491-4896-80a2-9ba1f8c72df4","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":65,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"e117fd12-0c9d-4597-98a5-4f4ca0115887","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":65,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"eef2fd15-f93f-4578-a36e-ed4a31818ea5","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":65,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"6174e5a6-449c-4c23-8072-06f64df1f432","block_type":"box","text":"a “notional amount,”","page_number":65,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"850f53e9-eee4-4383-a43d-87f4c82c4057","block_type":"box","text":"e.g.","page_number":65,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"4e7ff244-468b-435a-bc25-6e076d666039","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":65,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"9eaedeff-47fe-4051-8014-5834e54546c5","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":65,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"bb56b2f9-bd6e-4582-9497-d25d8b3262c4","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":65,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"8cf149d6-15c3-4c9f-afe1-46fea98eaef7","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":65,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"c9531c52-837c-419a-ae01-87a2159e16f8","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":65,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"517050ea-0b64-4e80-8c20-260b488ef55c","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":65,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"45911d98-266e-47ca-a67b-9fb4f1c0a154","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":65,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"bb07e9b7-0d31-4162-991f-336d7a6a51b3","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":65,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"64023eda-caf8-4625-871e-336655fc5c9b","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":65,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"85c5e0e7-2720-4ab3-a332-f3c520d96d27","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":65,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"12a424c5-9b2d-4624-b523-8d8ca107eb49","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":65,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"29947e1a-c3b8-43f5-a336-d631733494b1","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":65,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"beba97ea-8b7d-4d27-b0f2-6d1b0e0e238e","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":65,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"4773bcb9-c653-433d-a5d9-c9499fcc5cdd","block_type":"box","text":"II-18","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dfa602f6-5d7a-4e54-9f0d-f5a99430a21c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"662a60ed-b20a-4661-9ae4-3ffb15a16ae1","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":66,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"4a2912c4-37dd-4d0e-8396-6be9655ec739","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":66,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"49d8ec50-2dfc-470c-a670-c2ac738b36a2","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":66,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"91cce4b8-5302-4ac8-b73d-ae44a802f401","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":66,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"13c79c8b-3f1d-483a-97f0-b55b20a08a16","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":66,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"e920d6a9-dab3-429e-b7f3-814a95559878","block_type":"box","text":"index CDS.","page_number":66,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"450a622a-0f9c-4a8e-8055-b0d82b1b9438","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":66,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"14812f31-4008-4722-b3ae-3a3cc8f3118c","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":66,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"ec997b55-01e3-4b53-8b12-fb5bfe4dd8a4","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":66,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"c469cedb-5710-4e1f-b067-05550c13ab8d","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":66,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"ba11ceac-1518-4f6a-a249-a0f34d5b4311","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":66,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"c3afa1ff-fc1b-43aa-a62f-6d0518d750a1","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":66,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"868c25bf-5175-4b70-95c2-6bacc398dcd7","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":66,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"a75638d9-dc33-4af6-a829-16ec017cda51","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":66,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"71d2d262-9213-43c1-87c6-4ee4b4d2d069","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":66,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"37ef2b29-c0e7-4f52-8109-00ac97323aef","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":66,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"006db572-9a13-4e26-a715-8885db0c2059","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":66,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"25685c28-1fb9-465f-bb26-fa7f887a1eaf","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":66,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"ef10b520-624f-4612-9f91-2456cb8aaef6","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":66,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"0a4f2ceb-ec7e-4932-a7c1-db0b8589a76e","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":66,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"46db4df9-0379-47eb-ade3-bf119e5f4e1d","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":66,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"61801960-b308-425b-a437-d6007394566a","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":66,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"1bbfa13f-1d43-4361-81df-12ce3a919d51","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":66,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"2b36aea1-4075-4212-9622-ede91f610a01","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":66,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"9b9adac3-fe8d-40b9-9e83-c5af8cccbdbf","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":66,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"e33b51b0-8e35-4c29-9ee4-4cb99ba5460a","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":66,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"e872c2c3-8a36-4f31-9cac-63ca2baa03f5","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":66,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"0c379fc7-5ec8-420e-a715-a94c8762a057","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":66,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"af2d592f-9a0b-4fed-b644-f1348cdc6047","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":66,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"7f65363f-31d9-4df2-88aa-3135f729b94d","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":66,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"2e733c51-6833-40ef-b6a2-ff09ffea97c5","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":66,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"1bd8e513-6217-43dd-88bf-ec37ce341f08","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":66,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"75a4d163-26bb-43c9-964e-06ffacdea37a","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":66,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"df0a02a3-6fa4-4fb3-ac8e-aacd8b1c1cbf","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":66,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"eb95004b-dbd2-4956-a8b7-0a73a9468e49","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":66,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"78a69ff7-d031-4a85-a4f8-55ec90b4fca9","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":66,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"fc54b50d-c1b1-4e7c-bd1a-fd6f620fb372","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":66,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"940df102-f27f-4ae7-beb8-19be014270d0","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":66,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"f5ca773c-0b4d-4480-af24-aa6bc220b754","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":66,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"5bf2650d-0c60-4b37-b537-97d1cb043a0d","block_type":"box","text":"conditions.","page_number":66,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"3ae7fd3c-9904-4094-8724-9d09dd4cbba7","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":66,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"17cff505-f409-402b-9368-19ba42b16391","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":66,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"b47986ca-a402-44d0-b977-da233ca6d7fd","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":66,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"c284eb7d-e9d7-4736-b3a3-c4bd91f43783","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":66,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"5e7d5ba8-ec88-4468-bf9a-9362a63b4fe6","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":66,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"dc2aa6ba-20d1-4ed2-b5b3-68988ac21cc5","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":66,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"6420ca9b-ac36-44cf-94b0-9527c9926dea","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":66,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"41cf7052-8365-4da8-bc1a-ebbcb031a13b","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":66,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"e0b34f08-f84e-41a5-b409-3091bfd98046","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":66,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"87b68f05-06a8-4e07-abf0-5976f2e4135c","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":66,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"d2d1f918-3c0c-4d1d-ba8d-e78c45258996","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":66,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"58515392-7b1d-4612-b28c-cc970fbf0d96","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":66,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"cf777bd3-421e-4a48-8a96-07c282030beb","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":66,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"c0d0cbd2-89d5-4f53-a887-96b73b3a184c","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":66,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"74f0177e-798f-4f37-a69a-7776d3897a9b","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":66,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"64c0b92f-b367-44ed-b09c-9035a399f792","block_type":"box","text":"II-19","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59cf5a5f-9ee1-4ba1-8747-c0819dc6a313","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"207cf8e2-fc4c-4641-adae-f995f992fe65","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":67,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"c3116f5c-df88-4e6b-b108-a0e950314e09","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":67,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"62aa903f-2c4c-4fc8-b3b9-02a31163a8e9","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":67,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"4e797a56-b7c1-4527-b890-a7f134b62345","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":67,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"ff98e5f1-f1d4-4cf9-bcb3-4008d6a0456e","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"cb9499de-6bd6-4ead-bd45-5be577d4613b","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":67,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"1d1281c0-df67-432a-9d7d-5cce5a3ab2c8","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":67,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"07b78fc1-def9-4def-9555-a5b5fbe184b0","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":67,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"6d5fc008-bfa6-4922-b481-e6af3dcacf59","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":67,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"7e54586e-9fd8-44af-b24d-c4c595641c33","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":67,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"820e7de5-a45b-4169-8ce4-0fcb20910958","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":67,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"625c6f79-6042-4a07-bfc1-37be2870ed29","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":67,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"df1524ef-85c3-4fbe-bd19-2571e5758645","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"7547254a-1b30-4cbc-ba6c-620aaf741498","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":67,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"958f8345-4289-4b34-b91e-c5898cd9d576","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":67,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"8cf1c7b4-ae78-4aac-bc49-2fef81cf7651","block_type":"box","text":"cleared interest rate swaps.","page_number":67,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"886d92a0-4d4d-487f-8991-7c747450fdb5","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":67,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"f2c41056-d8fc-4e26-8218-82f325472736","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":67,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"b4a81d40-910c-497b-a0b0-be5837fdf118","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":67,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"c3883fbe-f4df-4d7e-a1f0-d4c015fdd774","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":67,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"6285a6f8-a313-4602-84e8-cea81c789eee","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":67,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"649a6c42-0104-44c4-b54f-56e785823e0c","block_type":"box","text":"liquid in comparison with other similar instruments traded in the interbank market. A Fund may be limited in its ability","page_number":67,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"b0cb8abf-df99-4da9-a81e-daf0d6a923bc","block_type":"box","text":"to enter into cer tain interest rate derivatives due to applicable income tax requirements.","page_number":67,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"fb5ac4c0-872e-44ac-aaef-389b96cdbd51","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":67,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"d7570418-f55a-4e20-92a8-3cc99b3e1f93","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":67,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"6165b836-75ee-4d94-a709-0dc4e22cea96","block_type":"box","text":"or variable interest rate, index or asset.","page_number":67,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"f6155508-7acb-4649-b459-f5d06b50156d","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":67,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"cca2d9d3-05f4-4795-b739-d28ab48751e1","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":67,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"61ceeed6-d8ac-494f-af9c-285299011890","block_type":"box","text":"such interest rate floor.","page_number":67,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"3d9a4d87-647a-41b9-a181-36400395dc12","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":67,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"522ab46c-8510-48b7-8ecb-7bd41e4dd495","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":67,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"9c49c883-bf8e-4a38-833d-d98a2e75f190","block_type":"box","text":"such interest rate cap.","page_number":67,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"8cf36d85-1af2-4f35-95d3-9d311c7cd95d","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":67,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"5a60f37f-c727-4ded-8207-ee1ce541b6d2","block_type":"box","text":"commitments to pay or receive interest,","page_number":67,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"f2cf9943-0190-4e60-80a4-ed32f2789ad0","block_type":"box","text":"e.g.","page_number":67,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"eb59b993-87de-4005-9e50-9173b8a4f802","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":67,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"0cde8c32-3098-4937-93ab-3dc0dcf12ff2","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":67,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"98030a4e-763b-4510-a236-02f98cd89978","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":67,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"9717e112-033c-404e-9f5b-fdaacf59d234","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":67,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"ab74dc77-f747-4655-9ab3-6ecbfc028130","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":67,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"127a2017-8443-4ab4-8d79-831817eca09d","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":67,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"2d3e85ab-bfc9-4920-ac65-0e854268bcf5","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":67,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"bd68f978-f53c-47a5-a04d-dfb887d55f22","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":67,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"cf4d204b-4d9b-4821-8ce1-020ae448fa81","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":67,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"0a0fb23b-3dc0-4aab-9b39-ed2dbfe722ab","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":67,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"a9a943e4-f7e6-4545-b11e-fbfc3200f8b1","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":67,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"e2ebc51e-8978-471b-bb7e-2849153657e4","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":67,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"f42adf9c-9128-4b78-bd35-c40225380e20","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":67,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"2b3c7d13-a42c-40c2-918c-b35d4c2f3160","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"10122fdd-a2b0-4ab5-8def-afc996b250ea","block_type":"box","text":"Total Return Swaps.","page_number":67,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"11d14eda-7754-49b3-86ae-dbb3de2d75bb","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":67,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"ead83876-c8a9-48ea-aa8e-4df07e3727f1","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":67,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"05917c7a-e120-4e09-a5f9-eabcc25625ac","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":67,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"f83727e1-15ef-4d29-b009-ce9658dfb278","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":67,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"a7ebfd02-d6e9-4861-8aac-ea974e5eb95e","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":67,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"19f66675-b889-4aae-8dc4-f18c2d4babb4","block_type":"box","text":"II-20","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2cb6e47-5683-42b6-b599-0f9a87452cab","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56eef3d4-8b50-466f-ba60-9734df7ea5d5","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":68,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"60f7e92f-c983-4a57-9bc2-3881ca72138b","block_type":"box","text":"“contracts for difference.”","page_number":68,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"3012f626-729f-41f4-93ac-0150b2c686ad","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":68,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"a19fcef5-bc0a-458a-ab70-0325c92c81b8","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":68,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"f1014109-258f-4043-a30b-916886bd2d87","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":68,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"efaf359d-ffa9-4451-b462-4784f31847e0","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":68,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"9c254dc2-cfaa-4937-87e8-9604b1c8d358","block_type":"box","text":"the notional amount of the swap.","page_number":68,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"94795e2a-2760-41b9-b288-b0bc5fd3dd53","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":68,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"8c3eb80a-2675-42d5-a20b-d5904e019c44","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"c9234d42-bac3-4f2c-bf71-8f082023d24f","block_type":"box","text":"Options.","page_number":68,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"ea5ce65d-7600-4f57-8e38-35dd065838ec","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":68,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"de4548bb-a3e5-4243-84b1-8860e0e6f00c","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":68,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"6fc6e90f-3277-44ae-9aa3-e6734582f5db","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":68,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"827ea1cf-cd33-4cef-b56b-e0af601ec9c8","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":68,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"0b745ef9-66c2-4833-96da-3b8aa9271ff6","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":68,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"78bee5ff-d4f6-49e5-8a82-5026a41ebea3","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":68,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"1e1be27c-6fad-4ac3-b388-94bf69769371","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":68,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"a64c822b-a791-47cf-aa15-c3bd350d81cf","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":68,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"24d2d5ce-bd50-4852-9216-1249e7023fad","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":68,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"82e6b36d-b415-4328-a904-7e920ec91fcb","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":68,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"e9d27eef-f363-41d4-9d69-dea2ea8dbf93","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":68,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"6f58958b-5bb8-4e7e-aa5e-f5a17efa2b3f","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":68,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"9b283a3d-c74c-4399-9c8b-ec52d5613249","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":68,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"1dfc312f-74c4-4bc9-ab21-783a79f4a17d","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":68,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"0e0d444b-da44-4284-aba8-5ace661147b3","block_type":"box","text":"OTC markets.","page_number":68,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"d9356c8d-1ff0-482e-9fb2-fe7f06358fa8","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":68,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"1d14636a-89b1-462a-aee7-6cce5d4f07c9","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":68,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"a4a75112-0813-44f2-ab74-1f2a148d2c1a","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":68,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"00783645-e2ad-48e4-b547-763e4991fc43","block_type":"box","text":"market for par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":68,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"b693e54f-a5ba-41f5-b61b-7517d76405f8","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in cer tain options; restrictions may","page_number":68,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"b77c323e-0589-40d9-8798-ee8e504a5ee5","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":68,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"7d44a981-f866-4f97-bac0-c22c80ab0151","block_type":"box","text":"other restrictions may be imposed with respect to par ticular classes or series of options or underlying securities;","page_number":68,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"93d26256-a8d9-46a4-846a-2caacbe8b905","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":68,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"8e1fbab5-cf46-45e2-aca8-113fc87313f0","block_type":"box","text":"or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or","page_number":68,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"69681c52-c519-429d-a9f4-3857a7c001f8","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":68,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"04e7c978-8f4d-44fc-908b-6cd8a6ab54e7","block_type":"box","text":"the trading of options (or a par ticular class or series of options), in which event the secondary market on that","page_number":68,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"1f3d1d31-8d90-4407-97cd-1c81d3a0980d","block_type":"box","text":"Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been","page_number":68,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"ccc083dd-bf56-47eb-afd3-1c72379badb6","block_type":"box","text":"issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in","page_number":68,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"a67453f9-a0b4-46ba-96e0-347113d35329","block_type":"box","text":"accordance with their terms.","page_number":68,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"371500b4-ee9a-437a-a3f2-2dcf3c2c2ee2","block_type":"box","text":"Call Options.","page_number":68,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"49443414-d1bf-47f5-b236-305e90c7a957","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":68,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"88e49657-3801-4fb3-8a38-92f88ed78a79","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":68,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"3aa81a44-a9e6-4c5a-8a02-df940adc7943","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":68,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"db77ccd0-737e-41ec-a1ce-bd0bd1dd87be","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":68,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"42f7fe74-c58b-4689-8cc9-aaaeffa47d52","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":68,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"b735a3bd-db1d-47e9-bfe5-409cfa2defe5","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":68,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"9b8d844f-80df-4f46-9dc7-fc35aa68bb04","block_type":"box","text":"of the option.","page_number":68,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"b959e5f8-5184-48d1-b08e-fa3c852c0bdd","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":68,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"9b2c71e4-449e-4e9b-a924-ec3d1c00fdc7","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":68,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"58583b7e-2c88-4879-a0f0-4f35ddc68017","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":68,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"69797fb9-d1f6-4fc9-add1-0367ce7d957a","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":68,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"e1422d25-3b10-4c50-a2b0-fa258d4c4cb6","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":68,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"182b5379-da5d-4d25-9df3-abc60c2d2ba1","block_type":"box","text":"A Fund may write (","page_number":68,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"c008c9cb-37d4-45bc-a700-c5892b13dc6b","block_type":"box","text":"i.e.","page_number":68,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"2f119535-b3fa-486b-b6d7-86192482231b","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":68,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"d8181782-0464-42a8-8c82-27f0ec7adaf1","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":68,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"cfd3e738-7b42-4480-8929-4954b9becefe","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":68,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"b5ecf826-6a72-4c47-b919-8b9eab592edb","block_type":"box","text":"II-21","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ef9d9b4-5f0d-43e0-91f6-b2a3eee7057c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2cf512f-a82f-463f-bc93-382c12b0799d","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":69,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"005e7524-8f4b-4815-a679-8afb174135f0","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":69,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"a1181381-5d7a-4098-8791-877281e5a8ac","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":69,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"b0d0d59a-e863-48f3-a68d-8fd2afa8f03f","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":69,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"ce1ac70c-3063-4543-b239-0255884322c9","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":69,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"c70e2cb2-c595-4e9c-932c-b8498614e6af","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":69,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"04ce516a-576b-4ca3-ac6e-6c7cc19b3a57","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":69,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"91bb94d3-4cfa-451d-9c97-88ec864e5b7f","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":69,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"4aebc757-d015-4544-9823-099df43330d5","block_type":"box","text":"A Fund may write","page_number":69,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"aad778f2-ffb1-4e1a-82c2-2eb4356f6ec7","block_type":"box","text":"(i.e.","page_number":69,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"47d2abea-9630-4ff9-930a-a33c2acc64fd","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":69,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"5dbfde90-cb96-46a1-8920-1f40f31a2b98","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":69,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"55e643f1-44a9-41f2-b94a-55a211476f77","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":69,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"8c02fb4b-20a9-4f6b-80ce-e872ab3148c4","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":69,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"7a6218c4-3b0c-4317-a4f5-b964de441d2a","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":69,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"87c81586-8bc8-41d8-83b1-af965c31c53b","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":69,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"9a11bf4b-ffff-4d90-aa89-7db8f32a3a56","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":69,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"1ab96b28-1550-4e67-bf46-5bcd403296b0","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":69,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"6b96bc31-41e2-4d3c-a2d7-9f54fb1783ca","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":69,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"0eda751c-8420-473d-ac53-f83d30d327e4","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":69,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"f13c5a90-b22e-4ef3-8b5a-c2123d976a95","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":69,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"90ef0d49-3cf8-497b-b466-53ae69f773bb","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":69,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"94125807-d410-4a67-9212-eed06f0ba8db","block_type":"box","text":"Put Options.","page_number":69,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"4eee6a74-9fe6-4965-943b-b253c3849f71","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":69,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"590f0723-35ca-43cf-9af2-f62de1a7cdba","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":69,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"a168a636-0dad-4965-b1c8-810dd1040f90","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":69,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"7bc46625-25a5-422d-b26a-b9c3adbef4a0","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":69,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"fd7d70bc-dbc1-4b59-8a8c-7a46daa7b79a","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":69,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"306c0eb2-051c-4a36-a21c-ec072405ba1e","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":69,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"60a34c81-72e2-45fa-92d5-adddd1c33f72","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":69,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"7946674c-9116-48d2-a65c-651645bcb3dc","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":69,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"44b8d1a3-ef19-4a27-a371-390edf499252","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":69,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"9ff9822f-8dd2-4f5a-b061-8f9d4a3297e9","block_type":"box","text":"purchase uncovered put options.","page_number":69,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"6834c928-e0f4-42bf-a815-3b6a3dac4c15","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"1ac83c91-dd1c-4def-b888-33602edfd70e","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"88507bff-4eff-4a08-b3e5-e64ca6fc5c05","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":69,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"734a8926-e3b4-41c0-94ef-ee81e2ca7a9b","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":69,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"97ae39d3-23d5-435c-80d8-8b282fd4e791","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"b70e3748-b789-47f3-8bc5-246daf176eb2","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"0a72c875-7aea-4fe9-b2a5-48885a7f2b01","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":69,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"45869ec8-e974-4029-a31a-7e7dccc31b98","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":69,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"944fb3af-e65e-4d05-a773-28795010f1bb","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":69,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"28938ce0-1caf-43c6-92fb-c3d9f4ddf679","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":69,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"b800c627-f84d-4fcb-83e1-7eafea5b355a","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":69,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"4223bee1-00b9-4d71-ae8c-4ee4c033795c","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":69,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"c52859ec-cafd-46ba-9b70-48870a885f9d","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":69,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"972681a2-2919-47dd-af79-cb94e1a2d9ec","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":69,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"1ddf14c6-bf6b-40a8-aefb-cc45b835dd6e","block_type":"box","text":"the exercise price.","page_number":69,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"f1b76a7b-db40-44ba-9b0b-030a9f0bf793","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":69,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"4a254f20-2c13-4e18-b39f-f0422cc9b194","block_type":"box","text":"The following information relates","page_number":69,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"4eb8b09f-eb62-4447-bea8-5f2f96d25a87","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":69,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"0a1de770-672e-4634-8732-c7cc7ac523be","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":69,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"645da664-cb6e-44b1-be45-28285c91e3a3","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":69,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"5835c58c-fcb9-4d46-8cd8-39b1e2ba6055","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":69,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"f3c224ee-d2ac-49d1-876c-0d85956c1dbe","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":69,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"e93a524c-b25b-4917-92f2-9242e49a748e","block_type":"box","text":"market in order to maintain its “cover.”","page_number":69,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"2fa4a30f-0c8e-43ac-9410-ba15ec823a85","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":69,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"dc70a7ac-5c2b-4656-9f9e-b6cf32604eac","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":69,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"3ab48371-fe47-439e-ba80-4968d1cbbbed","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":69,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"1f7cfe5d-33e6-459d-b291-79a43f3a3e82","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":69,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"1b3ed1cc-a1a8-4535-b7b1-c8cd0b3d0234","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":69,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"8b9831fe-8521-4478-b00b-2a8d3382b4f5","block_type":"box","text":"and incur transaction costs.","page_number":69,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"293a7269-32c1-4ec9-bc21-24544bfd394d","block_type":"box","text":"II-22","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ea252d61-d8a6-4b9c-82ca-f9fd3196fe49","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25e6d7aa-4452-4a10-bdf3-3d56d9d18927","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":70,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"f8108956-2d7c-4c16-ae5f-923f7f40f195","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":70,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"e9ba94a8-d23e-4b8d-8e22-7b37ec105df4","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":70,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"4c871c8b-ba67-41e3-be53-bb8b410848e1","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":70,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"a645e6eb-2c0b-440b-9390-bb1cb5f8fe8c","block_type":"box","text":"i.e.","page_number":70,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"46905fa2-7d0a-4643-97dc-f73cea62c205","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":70,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"e92e8fb4-933f-4639-9de5-7e74e1a1be3e","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":70,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"e21f526d-6d0b-477e-bdd7-706bdbca343d","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":70,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"72343b0e-f265-4655-9f12-a12ad480b848","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":70,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"5c75c986-aead-4417-9135-e8e0d9cf1ea2","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":70,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"935dfaae-66ef-4bcc-bab7-c3a270bde3df","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":70,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"4e9bbba6-020b-42f6-b343-d4c9c011ae0a","block_type":"box","text":"required, to be cleared.","page_number":70,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"19197435-feb3-4443-8608-1cb98c161b4a","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":70,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"78c025a1-797e-47e4-968b-14c226979e6d","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":70,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"bb7f5780-cc3c-45e6-b3e9-506d5ba46d9c","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":70,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"10fc2184-dc86-4d01-8929-2a5529ab9253","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":70,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"455353bb-9ef1-4203-a43a-73ba59919957","block_type":"box","text":"Derivatives” above.","page_number":70,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"527e5ef3-f1c9-4a2f-8f03-e6f267c166e4","block_type":"box","text":"FLEX Options.","page_number":70,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"3ba4173a-9eb5-4311-8cd1-0c7c9e512cef","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":70,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"9d53802a-c42c-4211-a2c8-db67f7682aa9","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":70,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"b5212966-28ce-439f-b3d8-69a731e88217","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":70,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"86403858-7bcb-41c5-850f-68c8997ece83","block_type":"box","text":"exercise prices, exercise styles (","page_number":70,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"261287a0-a217-4b6c-8469-dafdfdaabd34","block_type":"box","text":"i.e.","page_number":70,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"9b29782e-79ee-42e2-9e71-ba6f4fd0bdf1","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":70,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"7aeed9af-337e-43e8-a50a-ed4c6b6cdebd","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":70,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"fca0d340-8914-4200-a1c8-4d8b8459acf6","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":70,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"e23e4a88-7e01-48f5-b60d-94c38050940f","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":70,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"63a61beb-822b-45d6-bfb9-97bd1017c8d8","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":70,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"eac48370-171c-41b2-bc19-912d44be0cc0","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":70,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"73f63bf0-3123-415c-a6d3-0d708fa6c528","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":70,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"ff1ba931-62da-4bab-9bdb-94c51d5f3b6e","block_type":"box","text":"FLEX Option’s expiration date.","page_number":70,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"2da244cf-66d5-467b-ac51-426a2a9afa8e","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":70,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"931c317b-a62e-4003-bfbf-54e7290079ec","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":70,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"20e07814-940b-4488-9423-da82c015b754","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":70,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"f6c31bf5-20a0-4741-9494-0589fa25602a","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":70,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"165f87ee-d932-483b-a664-00c165d65ce2","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":70,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"aba89648-5968-42d8-8c12-11aa9ba81b85","block_type":"box","text":"FLEX Options contracts.","page_number":70,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"5319b481-3eed-4a68-8c00-06823217d1ae","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":70,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"e22782fe-f835-4da5-a660-bb4d2ac78f77","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":70,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"25dc7c27-81f6-4227-9581-d59ccb224ce7","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":70,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"62fac4b9-4e5a-4ce6-95a9-85e07809650a","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":70,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"d6e614a2-69f8-4ac3-b11f-b8ee10e1ddd9","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":70,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"e1a709b9-911d-4c7b-851d-a9000f52eaa3","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":70,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"238f3bf5-7a25-46ef-a5ad-6263df2d58f1","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":70,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"3f5a7a73-540c-43ba-9c5f-ac1375135574","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":70,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"0e9aca5b-4bd4-469c-961c-1384be0f3d40","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":70,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"503c506b-feab-4146-b28b-ab3a8d582a17","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":70,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"350dcd58-06ea-4205-9bc0-2b94d25b8cfe","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":70,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"5114e874-d1fd-448e-8c2a-3a3cc3dc419c","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":70,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"69994f87-49cd-41d6-86e8-dcdb95f8b943","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":70,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"4e4ddd08-dd27-4ecd-8673-7276cc749f3f","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":70,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"ed763964-d319-448c-a21c-3ceadf5b0752","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":70,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"fc0b74c7-0db3-460b-8e41-0f107f02a05f","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":70,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"864f0d9f-6da8-410a-a9f0-0b96e21c53c7","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":70,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"b6db3a2b-c624-453e-9709-7e2923d6b2cf","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":70,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"077b989c-8501-44d5-b6d0-30dab647c65e","block_type":"box","text":"expire unexercised have no value.","page_number":70,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"c2fe2388-b85f-450d-b48c-b7e8748a123a","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":70,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"a53df1cc-1caf-45da-8ec9-9fb7adc10977","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concer t","page_number":70,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"4d20d3a3-2c05-4371-aea0-749a3486422f","block_type":"box","text":"with others (regardless of whether such options are written on the same or different exchanges or are held or","page_number":70,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"d3c2407f-9ecd-4415-8898-c800ba2a46cd","block_type":"box","text":"written on one or more accounts or through one or more brokers). Under these limitations, option positions of all","page_number":70,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"8b14df72-b0fd-4cc2-80a0-90601beeba91","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":70,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"489e66ed-2935-400c-96e9-e5958463f965","block_type":"box","text":"II-23","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b7b3b61-6163-4409-b2ba-4709ebbb134d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53338650-c799-49a0-ba9d-05b6482bc10e","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":71,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"90b221d6-9501-4259-9086-3c6b11023928","block_type":"box","text":"These position limits may restrict the number of listed options that a Fund may buy or sell. Currently, the relevant","page_number":71,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"98c19e8c-583c-4d8a-b28c-0a8046d5aca0","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":71,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"d4b5e0e3-7d9b-4a3b-bb64-416b947b6936","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":71,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"d5ab1bcb-d08e-448e-8e12-7ba5e3a5d2cc","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":71,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"a77f5a90-cc4b-4c2c-bf64-312f9f85c24b","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":71,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"294c6eff-59a6-4f6e-b5e4-033d1ebeda89","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":71,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"8e687083-7de5-4c93-a541-0fdfc80ae513","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":71,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"5a169b67-954f-4314-8f42-06a5998d5979","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":71,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"a8a72507-7253-4773-b5f1-987f69bce5b7","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":71,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"a8bfc94a-a534-41d1-9a59-0414ac3e9eb2","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":71,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"659aa1c9-91ff-4364-909a-fa2b6478bc96","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":71,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"81af7e56-65ca-4596-9e49-fdb43dd201e8","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":71,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"73ebd983-a555-4b88-aee2-9467236b7c2e","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":71,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"c68ca5d8-8a29-4747-a0cd-0b2348484a07","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":71,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"76d25a57-303b-4799-b19e-2289c264ff4f","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":71,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"5a883fad-3ab7-4454-8a3c-b37245e9c3de","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":71,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"63d26622-404c-40b0-bae9-d7f24099fe35","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":71,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"3f92c862-9b47-404a-ba82-756f1acd56a6","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":71,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"bf71f280-fbd0-49d9-a357-45b3947a4d1b","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":71,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"2d90096e-9268-4eb0-8150-70714eda63fa","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":71,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"b6ac7d12-a781-48ca-8030-7e3c995e557a","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":71,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"1f460fdb-e4e0-49f3-a58d-d08fe733f1cf","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":71,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"8620474e-b2fd-4b6a-9265-d452d5ae15a5","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":71,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"6ca684a3-40b1-4e9b-a6d6-c7f6ce350c82","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":71,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"3a8747c7-310e-4619-a00f-1c6ef083b398","block_type":"box","text":"Foreign Exchange Transactions.","page_number":71,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"20eb965e-e09b-49eb-9fb4-1a65cb0919e8","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":71,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"61ac573b-fccc-4054-b351-77a2d3da2e7d","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":71,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"0ad66ecc-3c67-4774-9009-b1e6e6c6c148","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":71,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"8afef80e-a76a-4d96-b677-8048f7e98a5f","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":71,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"1ee82ed7-01c9-41aa-9275-d311034f6c58","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":71,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"64dee86e-968f-4ed6-b660-f365999b5168","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":71,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"9e428618-ee50-42c2-95d5-7ad9eef6e318","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":71,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"f0f3bfcc-a6fd-4882-a56e-f615611b1ed4","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":71,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"d13498c3-962a-4820-acde-2b7ea7ffb139","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":71,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"9d314940-f5a7-4578-bef9-c274bda360f8","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":71,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"3e55df09-a97a-46da-a3f3-863feb0fb555","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":71,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"86b89dab-82d5-4927-b935-444b8831fb28","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":71,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"6c7d6395-a202-4ef6-a900-ce07c3f08394","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":71,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"e245d7c3-76dd-4c01-976d-ee7137840f62","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":71,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"a09c6cf1-5718-45af-89d5-dd9cf575af1c","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":71,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"94c3fb24-a765-4f1e-966e-af362889607a","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":71,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"7597e8bb-06a2-459a-9be1-3e42f29d31ad","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":71,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"0e13a801-8789-41e7-824d-8c30bc36cfae","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":71,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"b4f0df3d-9d2f-40f8-b55f-660ba01e639b","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":71,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"1829f3c0-b99a-41ec-ac4f-7513b31ae70c","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":71,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"895e1426-36e5-4f34-b63f-6a24704fd55c","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":71,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"f44fe3dd-bc47-4ce3-b736-4f7bcfdd266d","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":71,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"4bbb7610-d9ec-4c95-8a9a-afc45e14b2f7","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":71,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"b6cd5f1b-5bc3-4fad-8dce-efa798f1bb51","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":71,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"844a690c-fc11-4a3e-b46c-2a883bb1128d","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":71,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"196eaa12-3611-403d-b295-fac91f786566","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":71,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"d6d6ff46-fb31-47fb-b0e7-05885a9d9209","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":71,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"c1f513a9-61af-4909-95e3-f275e5a093b0","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":71,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"8a265fcc-0770-4968-9764-f574e51378eb","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":71,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"496e0d77-9fbe-4b7c-a72f-cfe10dbb362c","block_type":"box","text":"II-24","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2c80b40e-5e9b-4799-a0ba-02236ac659db","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d870deb9-0381-4ef1-a247-06eb6a9ba261","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":72,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"62e763f1-982a-4483-83b8-0ddef137bec3","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":72,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"9f819e61-794f-4a84-a157-ee6b3d2ed6ba","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":72,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"afc12560-9d3d-4a02-9546-f5b9667e2792","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":72,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"9615454e-a402-40a4-b786-1e23ea11521c","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":72,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"8b692e40-33d4-41f0-919b-472ccd839f6a","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":72,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"e3b94831-ded0-48e5-bef7-978ed6d147be","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":72,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"b448df33-77ad-4d52-99cb-5ca96d955593","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":72,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"77faaba9-f41b-4e41-954d-ae3af616041b","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":72,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"c617a5e5-dbe2-4585-ac5a-0539d39bebdc","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":72,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"73857946-38ce-4cf0-81cf-507010eef358","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":72,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"c533170f-bfbb-453f-bfdc-5faebcd579ce","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":72,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"d9e95850-8a0b-4f9c-bd06-f31bd49e5f6c","block_type":"box","text":"involved.","page_number":72,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"09e74668-90e8-46ed-bb64-72c476b4a291","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":72,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"7ab48d89-321b-4708-bed8-73878a0baec1","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":72,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"8451686a-e445-4ead-ac42-029882ab1bc3","block_type":"box","text":"denominated in such currency.","page_number":72,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"74504426-480e-48fc-87fc-40d6a4440f69","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":72,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"afddab76-6a47-49fd-9fa7-793e9cebc012","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":72,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"1f679f77-6c00-43c4-8216-1db6582f045a","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":72,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"f4a7a867-2eb7-4777-aca3-6e4b875dac66","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":72,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"decc0a2f-eaf1-48c6-9243-da492276f770","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":72,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"e5a77d85-61da-47dc-9fa0-548312d00f9e","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":72,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"35acfc58-3f45-47a5-9b13-0d85cd8bb119","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":72,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"5e2673f2-bfed-4db4-a174-e9abc3e3975c","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":72,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"aecd4cf5-274c-4a22-b91f-37b48ea8bc50","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":72,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"952dd7fb-f54b-4c36-8979-cf49a1b36e2d","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":72,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"902867cf-ca4f-45bc-a164-409c2f720cf4","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":72,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"5a10a516-c006-4d05-870f-cf356137bd08","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":72,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"04e2c523-e9d6-4b02-93e0-d37f61fe4859","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":72,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"0dbe6c85-d589-44b2-8384-cdf0e9292117","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":72,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"8d311c14-2be7-432e-80e4-d8866047a052","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":72,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"2cce8070-2a71-42b6-b425-fcd109e7ed18","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":72,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"ff321cf1-8ee4-477b-8ef2-2a5360e5bb6e","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":72,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"56f0a59c-3510-49f5-be3a-65de7905636e","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":72,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"08cf75bc-f049-4d55-976d-f5d4f437acfa","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":72,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"e2b539f0-a882-4a5d-afcb-9d43edc0d956","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":72,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"db7d6f03-a3d2-4943-a01c-17ab72709127","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":72,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"f96c0e1c-6efc-4df1-bdbe-549c3e86e84e","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":72,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"cff5f464-804c-460b-9b49-7c9126992946","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":72,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"bec6458c-e0cf-41c2-994d-55b342d4fb3c","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":72,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"37fbe320-5a34-40ec-8a7d-a53e9dc32b05","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":72,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"bc5af21e-5f8a-4eec-a423-d63aa6532188","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":72,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"9029cdbc-4584-4c93-a410-26c556e99d3a","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":72,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"15bcbba6-2e5e-46ae-9634-6f82b1df08e7","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":72,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"2634f60b-8262-48d0-8000-d487f6db0743","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":72,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"bd74b84b-95ee-439b-83c5-64a64739800b","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":72,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"0e890fc1-0a94-4508-a7c0-de8867a37bce","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":72,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"fccae337-f448-43da-b44f-04450ba6ffca","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":72,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"58019bee-fdcd-4f6b-ae89-e44b3719e6cc","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":72,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"610a9ccc-35e0-4c3e-af5c-0f7f9ffe6e57","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":72,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"d36d65d9-68b0-4818-aab4-59ccb76e5cc4","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":72,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"0d63cdd0-59e6-44e9-a66c-17da7cc4e074","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":72,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"2d5b2a1e-32ec-4c96-bb69-d9c5f5ee18d7","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":72,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"99efe4c6-c2e9-4190-ac00-3922c0b89e2c","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":72,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"d18d5aa5-1ed7-43cf-8962-f60f90352d35","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":72,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"cc84383d-1136-4fd8-87ee-239f7ac6b168","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":72,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"def012bc-14e4-4c9d-ae50-84e207a362d5","block_type":"box","text":"II-25","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a7f05ce-81f0-45e7-83d9-7bc2ecdd0379","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3064df2a-34ae-4492-9d0a-2829b9bfd838","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":73,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"18883b92-2f82-4014-9a4d-379c7d1e2990","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":73,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"e25167d4-ab46-4028-931a-9992b8ca2354","block_type":"box","text":"traded.","page_number":73,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"d874808c-1b42-4471-8e7d-766895a856c7","block_type":"box","text":"Currency Futures.","page_number":73,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"f6245e74-7583-4e68-9c24-272bd9e1c7fe","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"933acc55-f6b7-46bc-8d96-0170ac708e49","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":73,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"f1a66fa5-5537-4cf2-b845-47d1572894b0","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":73,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"ebdcdc17-598e-4ad9-bc35-512279d9a58b","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":73,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"5e5b98ec-7317-4740-a9df-bdd49327e55a","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":73,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"ad076b0a-c683-44e4-beaa-359cd60cc47c","block_type":"box","text":"Currency Options.","page_number":73,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"0bbc10c4-4eef-4346-98b2-58f2e272513b","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"0895a633-714d-4d0f-b01b-5cb92b205a6c","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":73,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"3b98b93d-1a8d-44d6-ab53-6d5ecd5ba863","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":73,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"6b866949-5410-4e74-8d64-5f776d013fb1","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":73,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"411d493f-3399-49cb-b83a-f1eec71d1279","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":73,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"edb47f25-f30d-46fc-8e92-cfc1b8e462c6","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":73,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"b6e695ea-325c-4087-b5a5-045c1caed2a8","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":73,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"f5125ce8-a157-434a-a6bb-f99ff7f5ea52","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":73,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"09c95580-14ae-4495-a6a5-3a9341bd7812","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":73,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"5bfa035d-6aac-4e40-a1b9-eaf483f9471d","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":73,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"87c6cdd4-84d1-4b6a-abf8-30e6dc94431f","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":73,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"63a795a4-4876-4d9c-a5e0-3e2b7c7994e2","block_type":"box","text":"Currency Swaps.","page_number":73,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"52a46c26-8f68-4a68-8277-ed7016039b30","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":73,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"b86dfd98-6cbf-490a-aafb-cb19b4a7ff99","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":73,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"1033f8d0-dd9d-485a-be1a-cbbfcec8143b","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":73,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"315ce1dd-3447-4669-af44-046cc11eb4b7","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":73,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"17f84ad1-476f-4db4-9775-e97670e5fe91","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":73,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"f0fc1614-bb4d-44bb-9fa0-67ff6bfdc890","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":73,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"3dd381f9-2beb-41bf-8c0e-4f7ca069fa1f","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":73,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"4b518a51-39d3-449d-aca9-0c6afebf389e","block_type":"box","text":"Distressed Securities.","page_number":73,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"ac5513f1-e28b-41ee-afaa-e927f3b82ccc","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":73,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"a838540a-7b22-42a6-b47e-16d51642cfbf","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":73,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"babe7af1-193c-4f7c-96e7-e4a9f7590751","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":73,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"3ba1aeee-ac85-4469-bb62-fb559de8e316","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":73,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"d41ee89d-d62d-4e83-994a-e30f00960068","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":73,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"4df84f32-69c3-4dec-bfa3-30ec66ef58b2","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":73,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"ccaa562f-57e8-4bcf-862d-c912770cb7ab","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":73,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"88d0b1ba-67fb-45ed-b39c-d19d676ed7aa","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":73,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"e85fe8db-4d19-47a3-8c41-58a6f0147ef1","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":73,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"742a8c9e-96fc-4794-9c85-b961de82b256","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":73,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"fa02052f-feb4-4b82-86ef-7eb8d75534cb","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":73,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"d98c3faf-3cbb-4b2c-b54b-167d0f69b2f7","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":73,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"16487886-1ea8-41f7-96d7-b0b51ace67e0","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":73,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"f48e9512-a5bc-4cb8-9b0f-dfc037ec79bc","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":73,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"e9569bee-140f-4732-a635-2adba3b03215","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":73,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"c89be719-01de-401b-92e2-1fdd12d92d56","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":73,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"f530d999-d55b-42a0-8057-249bff9a5255","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":73,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"86aefe3e-cc1d-4a42-a3e1-fe1bedf652bf","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":73,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"51cefeb2-3952-40a3-8545-e370da3e0f2f","block_type":"box","text":"satisfied (","page_number":73,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"97de696d-01d2-472c-ae2f-f7bd81bc8826","block_type":"box","text":"e.g.","page_number":73,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"6af1f002-aba2-426c-ae54-f8b3bb0e5b73","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":73,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"c24419e2-a0ed-45d6-96bc-6ee9c38b40a9","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":73,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"4a49e1ec-b4f7-4e29-8068-75c9d19e579a","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":73,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"637e4583-4746-41fb-aed8-b57f22040975","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":73,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"d90d3622-b044-4d7d-b146-e11da56d9d83","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":73,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"f2359d3f-d9ed-4212-9b9a-a810afafc3eb","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":73,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"3fb28bb9-0236-4f54-8a11-a683613d5f87","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":73,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"3473c0ff-ead0-484c-bbc1-4e9480db41f3","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":73,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"09c25c0f-d640-46a5-ba90-b6cba2ca095c","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":73,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"3d9ac28e-1804-487b-bd71-8826c73179cc","block_type":"box","text":"II-26","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53403959-f245-47ed-978c-a9d63329de3d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a15b14cc-075f-4905-8b24-618e4b95cb74","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":74,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"6be5417b-587d-46b2-a48c-44fd084f3006","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":74,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"2c1f252e-7546-4625-9ba3-72a60f1ba5ae","block_type":"box","text":"affairs.","page_number":74,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"495142c8-9cd0-457b-85fc-c38bf35b9301","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":74,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"206c35d2-ef82-4494-857d-18d5306ec346","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":74,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"25430248-a538-4af4-86a7-715641b5245b","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":74,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"97b43d6f-a39a-44da-836e-5a29c3d7953f","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":74,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"2b74af7a-c530-4e4d-9816-6552a2b326ce","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":74,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"69674043-a25f-482a-b450-483faffbaed2","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":74,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"f3983109-315e-44b3-a71b-44df7e95f9bf","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":74,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"776dafb8-c0c4-49d7-a271-58ed4879a11f","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":74,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"4fdb3150-6bf6-41c9-829c-cf1ffaef677e","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":74,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"09880e4d-9e09-4daf-89b0-2390d52bb666","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":74,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"d2cfbd85-aed6-43ca-ab42-e826d39d8d98","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":74,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"4f1fce1b-725b-4d28-b136-c54a56489d6a","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":74,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"ea8ae18a-36b8-4c37-9a5e-36ea64894f30","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":74,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"bdc22320-a21b-4813-8fc9-97771e039a50","block_type":"box","text":"Equity Securities.","page_number":74,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"845db483-1708-4d3d-8d22-2ab36586c501","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":74,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"40b6e872-0562-4f64-bccc-17ff3cc68a6f","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":74,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"83db2f12-b6d8-4c32-9976-9abfece02980","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":74,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"13a6b2a5-0e82-4621-9a54-cf2b5599bfb7","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":74,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"958a7927-6d53-40f5-8b15-a0f0abb00ab1","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":74,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"c7956448-aba3-4d36-ae98-7a708116a5f2","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":74,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"504863fe-9726-4dab-abb6-ab8dd970f662","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":74,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"bbd4a37e-83dd-4f82-bf0a-63f39435b04d","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":74,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"b6b39312-7d57-42fe-a416-6c766697705e","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":74,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"b938462b-229c-47c5-b7f7-ef8b2ea6ea79","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":74,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"6fe49bb1-963b-46c3-aff1-23167bec8013","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":74,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"329f4f91-803f-46b1-8c98-26d79617391a","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":74,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"393cb45b-8215-4c83-b14a-6586ac80c0e3","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":74,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"36cef743-018f-48c7-80df-dcc65543b566","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":74,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"fee3b312-962b-47a9-95cf-2609964f78ad","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":74,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"e3718b2f-ebd7-4c81-b100-dc8504c7e40c","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":74,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"b0f2d05e-2ae8-473c-9c4d-88e6f6ff38db","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":74,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"7fa13006-9dcf-463f-b4d7-5599ed9da69e","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":74,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"fcdd81fd-6153-410a-9686-859da2dd904e","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":74,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"f055a91c-dc4b-408b-a89e-fdc589274597","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":74,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"2bd51927-64e2-462a-b7b3-d1aadae908c1","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":74,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"11173c13-9ecd-4bf6-8dd1-00a7299bcbd2","block_type":"box","text":"initial public offering.","page_number":74,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"6f8d9538-33bb-4034-a8b9-3de10dadb259","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":74,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"a890baf8-4b66-4a5c-9402-1b8cc93865ca","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":74,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"b2617334-5b2c-4798-8aa8-cbd5dfdb1687","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":74,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"67295297-4c28-4977-a2a2-881d8f181d9f","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":74,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"223bd507-6256-4fb3-b1d5-a2541ac14144","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":74,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"0aea2c06-5c31-4cd7-8ec0-7d363f82a5a3","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":74,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"168e2457-790e-4e27-953a-8d3aca41d9d1","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":74,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"972532c9-ee47-448d-8a5a-03ae3a7a94b0","block_type":"box","text":"more established companies.","page_number":74,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"0f537dfd-2b8b-48d6-9ab1-4f1db1ee3d09","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":74,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"b0b10ccc-f4fb-41c2-8056-6d72936aac07","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":74,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"fdd8852d-70a6-41aa-aa6c-22c7b7711262","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":74,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"d0b650b7-353d-4bc2-a211-4b935765ddf4","block_type":"box","text":"below.","page_number":74,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"ca2b8ee7-1015-4257-a8b2-aabe5872d79f","block_type":"box","text":"Real Estate-Related Securities.","page_number":74,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"8909b211-4e1c-4712-9339-a1675d24cc45","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":74,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"9b3b415a-164c-450d-a954-dbe854861a4c","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":74,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"475250b8-84d8-479b-b0b6-13089553cb31","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":74,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"93e0ab78-cb03-4a0b-88c9-926fea2b933a","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":74,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"e07be9be-5564-4d04-b6f6-83a599e64c32","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":74,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"1c508f5a-f339-4cd2-9608-c91bd438c6a4","block_type":"box","text":"II-27","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1cb152e2-a963-44cf-afd3-c8b71ae96aa2","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8e4b503-d1f5-4694-a121-8dcebf958138","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":75,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"e0615ac9-349e-420a-b968-5fab1d396ff8","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":75,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"24a940fd-0daf-477b-8a34-074dc23f167d","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":75,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"6f1fd5da-c679-4d66-b38d-0fe17ab8490d","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":75,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"ebd04074-0a56-4778-91c2-6d8fefc5baa2","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":75,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"7ecc7fa0-fb53-4935-a836-3010f10d2eb2","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":75,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"30884826-cfdf-48c2-95b1-ffccc93ae96e","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":75,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"c6d41602-a18a-4b30-b88f-6c241a341da2","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":75,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"b9341a80-4a87-4705-834d-b43ca64a08b9","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":75,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"dd8900ae-4c6b-486a-888a-d5cf7d2c8563","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":75,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"cfa3a103-696f-40c9-ba88-2923bc46922f","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":75,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"b431bd39-fb3d-413a-bc36-84645752d315","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":75,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"5d87f6c5-ddd1-49ae-baff-1d5963753acd","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":75,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"d3d272e2-0a07-46ef-a0d7-8e8a486cb0d2","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":75,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"df75383f-c2f4-4905-8535-fd34d37ed556","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":75,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"5e309cb1-535b-4e65-aaa8-20cf8a417a4b","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":75,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"2e74ac1b-82be-4563-a2aa-265e2891a7cc","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":75,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"699f372a-8fbe-4e70-baa8-29e570875747","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":75,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"81dbcd32-9d18-423b-aad8-41abd0ca8c0a","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":75,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"76a44efa-3d89-4253-b2df-c66f5399fba9","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":75,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"ebfcc0f8-91e7-46f6-b14d-73d54c49d284","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater oppor tunities for capital appreciation than","page_number":75,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"cff969fd-fa64-4903-a592-c76f0ba0e27a","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":75,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"036816be-3784-4876-aa97-66ba63a07a0d","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":75,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"cfa95539-cdc9-4795-a77f-42b2c8fd8058","block_type":"box","text":"to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy.","page_number":75,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"8d6e65d1-8d99-495a-bee6-025e894c4873","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":75,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"ebdc7811-6597-45f4-8691-1edc895e6fc1","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":75,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"d5e16186-1fba-4946-ad39-78be168ad3e3","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":75,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"c0300f25-b0be-45a8-ad4a-40fcbb602ce7","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":75,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"0c49d6f8-ffc5-4519-9635-eccd5338979d","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":75,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"343909c3-512f-41a1-b458-4844fe4c9638","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":75,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"56fc6091-a5ea-4958-93c1-c1647859b35a","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":75,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"1da023e0-687f-4008-a9ab-d169490b13f8","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":75,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"a283ad6f-e3df-44bc-a6bf-9110b43be31f","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is par ticularly impor tant in this area as many","page_number":75,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"035789db-4265-4cc7-8cec-994da458f7d3","block_type":"box","text":"new enterprises have promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small","page_number":75,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"9189fda8-a808-45f6-9a2d-4c6bca5986f4","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":75,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"a2e6b48f-9049-43b8-9537-c85d4ada0513","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":75,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"f28afe35-15fd-4dbc-a9b5-9fe7ae80d687","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":75,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"b6812c2f-789c-45ea-90e5-a17e87ab39f6","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":75,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"6a367dc3-aba4-4ae9-888b-3c4875c432d7","block_type":"box","text":"oppor tunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":75,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"8d7a3af0-e12b-46ff-ae69-4ac8bd286c18","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":75,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"3f2a87db-0d10-4059-9435-5086f5659d50","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":75,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"1c44731c-b0a5-45bf-bc57-c726b087dbf7","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":75,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"c53f9073-e157-4ad6-9cd3-05183f8bd6d9","block_type":"box","text":"investment community can provide above-average long-term growth to the por tfolio.","page_number":75,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"3d22efc2-b14a-48d1-a418-93e5a94eca91","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":75,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"fbef70c1-87f5-434e-999e-535c8540620a","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":75,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"3c8b9798-8aa8-4e54-8a80-0b980cc15010","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":75,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"ab0ad826-f595-4795-8e68-21e132578e84","block_type":"box","text":"cycles, presenting attractive investment oppor tunities at various points during these cycles.","page_number":75,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"8c761058-ddd3-4c59-91a7-037446fec263","block_type":"box","text":"Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large","page_number":75,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"46d05200-7b33-465c-bfd4-b15810194aaf","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":75,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"6aa7e897-cc98-4b63-b80f-7207c0df89dd","block_type":"box","text":"Tracking Stocks","page_number":75,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"2bcf9401-aa49-4e16-84ea-b9a87b38194d","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":75,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"66eeba5e-9e27-4f39-8983-69bc49fe0674","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":75,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"6578d697-0f45-471c-989a-32d83de1b1ec","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":75,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"f6655445-ab42-4099-bf92-d4cfc54511f5","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":75,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"1bb7cc2a-f319-4607-a818-8a861fc8f64d","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":75,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"a26367b9-95db-4ef3-99e5-7dd026435361","block_type":"box","text":"II-28","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8be6af5-574e-4b20-ae3b-d8b5f8e7a6a7","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46a0d8cb-7f21-4ff6-b821-d784547920b4","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":76,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"c453be8d-f84f-49e9-b82d-b7d5ebef7c74","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":76,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"31da6033-c894-48b5-b64b-048ae87f4ad8","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN’s returns","page_number":76,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"e4ec6bca-6ecf-4cbb-b922-b1cc2231f220","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":76,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"7516cfaa-6e4a-4d50-875c-80886e98b0d4","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":76,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"5da08f1c-3e5d-449d-b335-b96a520ea0cd","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":76,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"c1b9fcec-485b-4b66-ad46-4258bf565b6a","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":76,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"db432d79-4f93-4a6c-8f4f-3d07c2c685b7","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":76,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"7a91e615-05c7-47f6-9f35-a5d7b06cdc67","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":76,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"5ba5edbb-8577-400f-be40-93107b8ca93a","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":76,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"b6666450-d002-425f-808d-44d25b6df0b5","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":76,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"911d26dc-396a-40f2-a28c-8ffb5ec1bfd1","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":76,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"70eaa891-1a6a-47a3-ae2f-065338499278","block_type":"box","text":"replicate the per formance of the reference instrument. ETNs also incur cer tain expenses not incurred by their","page_number":76,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"3b98fdc4-f7bb-4a41-9c1e-1b9293be1a6f","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":76,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"6526826d-dfb0-497c-9347-4f5fbf5254f0","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":76,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"4d4fdb5e-23a3-4f9e-afb1-de1356adb37a","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":76,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"717b596e-2b06-4726-b572-8fdf195b375f","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":76,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"7c863f5a-f3e1-4525-a42a-61141382464b","block_type":"box","text":"loan still needs to be repaid.","page_number":76,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"f75d2b06-ffea-4014-a959-8c6eacc9e4f0","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":76,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"f2790474-441b-45c0-bc21-06bbeb775882","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":76,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"9307a419-94a4-4764-a0d2-a3646cde1eb8","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":76,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"4924a1ab-96b2-4d09-b1a0-01e6f9ed9c6a","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":76,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"5b3f88a9-fc67-4c45-bef6-02fa31bf42f6","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":76,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"b5b8956a-6a15-4645-8b0b-01bc144da275","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":76,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"467ad6d8-ea64-46fc-927b-b6cc9ad8af23","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":76,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"3f79ae60-304d-42e8-b4b2-3aaa5bce5b95","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":76,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"d111817b-fed8-4c35-9cbd-234aec98eb57","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":76,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"6681807b-3432-4b5d-bbb4-f4704f838d33","block_type":"box","text":"Foreign Investments.","page_number":76,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"44e88cbc-f745-48af-b6d8-8d15ae6a3ea0","block_type":"box","text":"Foreign Investment Risks.","page_number":76,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"9a4657f0-2853-46ee-ace0-8a65f74f94ae","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":76,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"daf97172-294b-4331-9f2e-7fa9669b5bdd","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":76,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"2e3156e2-af65-4b1e-8645-6e5bea1c1769","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":76,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"1f7a1778-e05d-4113-8440-69bb5823d640","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":76,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"280bb71e-d4bb-4206-a1e9-bd125c51f1f9","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":76,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"7a293ca8-c67b-479b-9306-87e47727b0b1","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":76,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"9854ea28-4d10-49a7-8119-00bd47b1bd9f","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":76,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"7f7e2ac3-5e88-4a57-8daa-bc97e8bdb337","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":76,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"a0803ab4-0a4a-4b95-9f70-43467260c2de","block_type":"box","text":"benchmark index.","page_number":76,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"29f73f8e-0288-4024-81d4-9f5cb885546c","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":76,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"755e6145-f251-430d-9ecf-14eeb74e27c6","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":76,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"110a98ef-6e13-4696-b60b-d3d4a4c0ad25","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":76,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"ce8c6be5-0d3d-4f39-803b-5d9d0406af76","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":76,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"a23fff8a-99a5-4cbf-b499-5bea02b46d91","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":76,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"59ffefa3-dc4a-422c-9312-4662a6200dd4","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":76,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"216a5643-20bd-4e71-ba7c-1ff48da9a60b","block_type":"box","text":"securities and zero-coupon securities.","page_number":76,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"876077a1-8335-4c2b-8e00-597caf249bac","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":76,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"6b3d0a5c-c5b2-4648-bd42-096df3c0fbb9","block_type":"box","text":"taxes.","page_number":76,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"c7bd895d-c012-4986-9bdc-33d07c2d444d","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":76,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"c5e2477b-0678-46de-b5db-72798828761f","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":76,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"f32672a3-93d6-46d6-98b9-3ba18bd51136","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":76,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"fdaa1d2e-b808-463f-97ed-d8a94573ea45","block_type":"box","text":"underlying security (","page_number":76,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"2fcbd1eb-3c5a-4c08-a883-2559315f9302","block_type":"box","text":"i.e.","page_number":76,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"354da825-deaf-41e4-9bfa-ca78513c5973","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":76,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"7c01f096-f23a-4b96-a26a-7f9202f0d0a4","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":76,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"c119e2b2-20be-4ebc-b18a-fe4b1b98d273","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":76,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"3f261e6b-c70b-4cc8-9e95-b46fa478e728","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":76,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"ff9940c8-c672-4de3-80e2-fb1cb424a902","block_type":"box","text":"II-29","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0dd11daf-63da-4f2d-9c0a-5b22e61e6a77","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce24a965-7e16-44d3-8ae3-22f520587fb9","block_type":"box","text":"Foreign Market Risk.","page_number":77,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"5bec9666-01bd-4e1a-a99c-4af3efb63593","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":77,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"08e680b5-757d-4113-a34c-3ab3103f5b35","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":77,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"3e1919e9-4d2c-4a9b-9c8f-d369c3e8b840","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":77,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"103f247d-fc71-4723-b409-a116ab0eee97","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":77,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"00772c28-38c6-4a1c-bfc6-5c8b1b035b24","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":77,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"cc588806-8e6f-4cac-8887-bd0d90538f69","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":77,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"faf13906-be4d-4c60-a933-bcf7896ea0c0","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":77,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"4be48697-5437-40eb-95bc-ef543231a15f","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":77,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"2b9d3617-e461-4482-b01e-11fb644c8783","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":77,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"6865dce1-1c6b-4ec2-a17e-d8b283d0974b","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the U.S.","page_number":77,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"29b2d0a2-cd3a-4cb9-a3ea-8eb1b228d177","block_type":"box","text":"Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":77,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"447d7f20-2df9-46bf-89ea-265f8c249e92","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital controls","page_number":77,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"1fc13c86-d5d4-431e-8592-34e2fc0cfa90","block_type":"box","text":"and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities,","page_number":77,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"b1a51a2d-6902-448f-b6ff-c9e9ccbd0a81","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":77,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"441922f2-1776-41b0-b024-dc707694b3c3","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer,","page_number":77,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"0c92c035-cca3-47f2-b247-e4b9d10c85e5","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":77,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"79e941f3-bf32-4c86-a3f7-b3a8e0bbc9c8","block_type":"box","text":"Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such","page_number":77,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"4f8d6dad-9cc2-465e-b17b-e8c897b5c49e","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":77,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"27bab920-fcff-4db6-8e08-0a856bdd2b0e","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":77,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"f58556b2-60af-4552-914b-113e175e08eb","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social conditions,","page_number":77,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"f2a14871-5dd1-45f1-9ec5-88e5a8ef34d9","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":77,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"eaf22b0d-54b4-4b38-8da2-9c13cf252301","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain foreign","page_number":77,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"caff5972-89a7-4cdc-8ae9-055a21ec7e10","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign countries. In","page_number":77,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"578c5995-c93d-4b4e-a625-fc69e4c5c3e1","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":77,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"1a9c8f61-3b0d-4ff7-9c7b-6466fca3babd","block_type":"box","text":"could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a Fund’s","page_number":77,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"e3c72616-227d-43da-ae71-a5b674aefceb","block_type":"box","text":"operations.","page_number":77,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"70e5b32c-d34e-4c25-a31e-cecaf32acda5","block_type":"box","text":"Foreign Economy Risk.","page_number":77,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"2b2b8438-6358-4809-b36e-52b54025e4a0","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":77,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"481cd812-f1e5-4ef0-a84f-8dedaddf5f9c","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":77,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"53d77624-9773-4131-a527-c7c329a78207","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":77,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"47f99331-1057-4456-9837-71d4ea0e3cb2","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":77,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"9278c5ce-4217-476e-9e7b-a4342f3df22d","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":77,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"61d0859d-6ccc-47cc-8d8c-9e1358404270","block_type":"box","text":"measures.","page_number":77,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"65c60fb4-a47c-4610-871c-5141d68ce1c3","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":77,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"3d8edc85-6cc4-4a79-9929-67bf307631b3","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":77,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"01045697-7537-432a-898a-8cc9e3f5455e","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":77,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"b245288b-cd84-4cb7-ae3f-7d63c4f6d2c8","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":77,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"189c0456-9086-41b4-9033-fed54fb1297b","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":77,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"e8880051-b3bd-4cf4-a614-634a4772c70b","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":77,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"e960f31f-4342-43c7-bd60-29dabc175e19","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":77,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"48cf095c-19e4-41ca-a378-675e2f3730c5","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":77,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"7c35d29a-37ec-49f7-b4a3-00082c3892a6","block_type":"box","text":"those returns.","page_number":77,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"250c9c34-b7d5-412d-988d-960664be5006","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":77,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"577bc9e5-f97c-4245-8c77-ff1f8b97fb70","block_type":"box","text":"Many foreign governments supervise and","page_number":77,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"d36f4835-1dc8-4219-a18e-dac6100faa5a","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":77,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"a69f24fc-27b6-4578-af1b-69cb96db45d7","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":77,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"e3723c7c-8631-4ecc-b5d3-57d1a0fef060","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":77,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"32667008-8784-4f00-94e3-60263e8aa5e2","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":77,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"740c441f-817c-42df-b7dc-2d53503ba5c3","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":77,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"35903754-5453-4f9b-a511-57735af7e5fb","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":77,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"19784cb0-1e45-47ab-b3fc-15559b319a22","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":77,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"ddbe79ef-21ea-42c4-a9d2-288fa45e86a6","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":77,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"aea4524c-e2cb-43c5-8fda-ea76fd5bb345","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":77,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"bdea2bb0-53d3-45d8-bc4c-843264fd8809","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":77,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"8eceeca2-f6bc-4811-8ca2-2af985c3c741","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":77,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"e88509b0-b224-4898-b7cc-2a5524c783c0","block_type":"box","text":"investments.","page_number":77,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"8bec2f37-591f-4359-aeb4-2cf38dad7df1","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":77,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"5ca026a1-b860-4e54-8064-56c0e5ca492a","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":77,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"c328f974-9eca-44dd-b7c4-4ba49b4ad95e","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":77,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"46d49d56-c3e5-486c-8b27-ce37f5754464","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":77,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"66b248c1-1741-4b80-b637-5362fd3f29a0","block_type":"box","text":"II-30","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7617f903-9403-4b3e-bfcc-401b05761c4d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea82c666-e3fc-4f6d-9ef0-e7c682d8741f","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":78,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"6282fc00-9d16-443c-932d-287d41521514","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":78,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"79cb2aae-06db-4593-bf2c-e41a79f54a0f","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":78,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"61fe7b46-3117-496d-8f4a-892b8f3b4413","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":78,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"e163df20-1579-496e-ae11-c8e87542cf89","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":78,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"801c9d43-3c36-449b-ab9f-2467384b1622","block_type":"box","text":"States.","page_number":78,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"7e7ee4a8-c2f7-40bc-afa1-94ad6f9bf6c5","block_type":"box","text":"Publicly Available Information.","page_number":78,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"7d4a9161-5522-4ba1-a97e-e8aa2663986a","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":78,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"a7b6e892-8d8c-4900-a0df-ceaed81d2fa7","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":78,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"c701c137-de07-4851-ab06-c8b11a9ee0d3","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":78,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"60fd4b74-bb4c-4e65-975e-15f98ad6476b","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":78,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"2f90e429-557f-4aaa-a186-f7d36d9f52e4","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":78,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"470fc943-86ea-4c69-b63b-66c8ce3f518c","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":78,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"d28f4dbe-b46a-4249-9d29-4cb5289b011b","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":78,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"b6a6bc14-19a7-4751-b6b6-aabe780753bc","block_type":"box","text":"United States.","page_number":78,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"be873bd7-9ded-4d6d-95eb-8cebcb9090a8","block_type":"box","text":"Settlement Risk.","page_number":78,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"57042750-7668-42a3-a40f-67688ad78759","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":78,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"444047a4-2343-497c-b27b-8ead6b2aa027","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":78,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"fb7c1a83-024c-427d-b409-e9c5d5cfe6f5","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":78,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"316c73ce-1a88-4712-bf81-73d4a783faa1","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":78,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"c3e3ac70-ca57-498f-8fc7-a4429643772e","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":78,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"44a3e8a1-78bf-418a-80c8-7ab0b4f49181","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":78,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"851d9b1a-0904-4b67-9a20-aa9069da7864","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":78,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"1f33a3f1-ca03-4f17-8835-028c48344d4e","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":78,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"18036671-93f4-446b-a1c5-af984a4aa245","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":78,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"c8c12a9e-7fd2-434f-b6f8-b5e46ea0386a","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":78,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"7a7efc4c-f717-4f65-ade4-6e725db0c254","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":78,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"4b692e87-0fa8-4a66-8f15-c7e3f34f07e4","block_type":"box","text":"Sovereign Debt.","page_number":78,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"cb36c119-604c-4f05-aa48-b72624b89c8d","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":78,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"a5559d85-3739-41cb-9f72-fcb733089c98","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":78,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"6c0d8ae6-716a-45a0-86cb-7ead2100d8df","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":78,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"6219591b-8f9f-4f45-8c4c-990129e001e0","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":78,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"3c03c6cc-cf4f-40e7-9385-8ad7b7370ae9","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":78,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"7f152ff2-b03f-461e-98cc-7ecefd3824e1","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":78,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"789afd12-ffaa-41ac-a5df-d07535b2c27e","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":78,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"dc4372f5-5382-4372-a74d-fa2af1f39ea4","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":78,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"dc1e85ce-0ae4-46bc-8399-f78b65c6e253","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":78,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"96fa2d90-2a46-489d-a542-2e2a8cb12de9","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":78,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"5b14dac2-383c-42df-955d-c6604b8900e8","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":78,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"c64b166a-025a-4ef8-8838-d37329b9e709","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":78,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"41dac3b9-5f74-4fd3-9b2b-d9e345a9568f","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":78,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"ad17aff6-0d42-42a7-a4e3-809761743dc6","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":78,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"41131d0c-eb2b-4c15-9a20-f877c9f91f75","block_type":"box","text":"debt.","page_number":78,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"458c3b78-05c2-4588-b44f-e4668223e21e","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":78,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"9f6e7aee-782a-4124-a8c9-33cb6ef05bdf","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":78,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"0fd65349-b5cb-4664-ba6e-ff9bba1fa6fe","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":78,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"3d6a17aa-f314-46ea-a9c7-99837d24924d","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":78,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"f382fe0e-d2f2-49e1-af65-3422af32a9b2","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":78,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"b14ae2c5-1b4e-4e30-9738-46645db961f6","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":78,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"36dffe46-26b1-48b7-8398-50faff6bd5c8","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":78,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"36cafdbb-9866-4bb8-9ef7-119afcb50ee9","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":78,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"5ee0b283-c6c8-40f5-8b74-7d8b977dcf0b","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":78,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"123b4d27-892d-4354-8e23-481d347cedad","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":78,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"58c5eb25-804e-49ad-94d1-331e75bc5d8e","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":78,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"00dc2bce-b3f2-43ae-b08b-607dfea3f362","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":78,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"d1e99034-cbe1-4b45-9023-51e0c6af8fd3","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":78,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"a7d29ac0-6626-49a8-9559-90604d7d56a8","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":78,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"2a16a96b-d853-4b84-8094-cc8944031442","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":78,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"647353bd-bc40-4dc9-a0ce-11aca544b38d","block_type":"box","text":"II-31","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2f45e340-4de0-4dbf-bf78-03a0e8eba759","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"82e07686-7dec-40b3-b3ad-7e34d8ea8e7d","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":79,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"c1cc57b1-4b9a-40f2-a172-ff787e8be8e1","block_type":"box","text":"in the Fund’s net asset value.","page_number":79,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"f82a8e7a-a3fc-4a0f-b093-8cb7d454781e","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":79,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"8057f52f-9550-41d6-b1e7-9ab18c58f451","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":79,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"23c79d8f-915e-4226-8c9e-7a1b6b6672f5","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":79,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"b840cc0d-3106-4005-b63c-983c9f523a17","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":79,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"0c4c5d9d-e093-4f95-80c4-923652b4fc2d","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":79,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"df44735e-74db-4959-9937-793dffb19b46","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":79,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"6b6fb4f1-7d20-4042-a878-cd732fb01ffb","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":79,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"c659c3c9-7aee-41bc-890c-6d43708331e3","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":79,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"3c7aebb9-623f-434e-b80c-3fd7e02af20c","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":79,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"33300679-ccc8-4246-b04a-4125d582240e","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":79,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"6f2fac75-3308-4bba-89b9-10095ce8d05f","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":79,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"e4aa1db4-645a-44c6-af62-9a184ea08508","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":79,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"2df46a10-ccb5-47ef-a55a-7730099ace6b","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":79,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"1e7dacfc-4c18-402a-92dc-472bff1c19e9","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":79,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"83855ffc-de08-4b5b-b8c9-ba048bd7ade9","block_type":"box","text":"Fund may invest.","page_number":79,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"562c9f50-d46e-4afa-b15f-94e8885dd422","block_type":"box","text":"Funding Agreements.","page_number":79,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"9ae21757-d527-4c33-bb9a-e34655076ec6","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":79,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"ef4cc3d0-0f21-41c7-b4e9-0a04b8b6d035","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":79,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"978111fc-ff9c-4df5-a640-41c6222c3a31","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":79,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"b49b676e-e027-43c4-b55c-239b639c1c3f","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":79,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"baae6f65-9d52-47df-af4d-7f0cec0d3184","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a cer tain minimum rate. The purchase price","page_number":79,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"ed23677b-7768-4d9a-9f85-acdcce0f2fc1","block_type":"box","text":"paid for a funding agreement becomes par t of the general assets of the insurance company, and the contract is paid","page_number":79,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"68516a91-c504-45c3-9895-e3d112d904ad","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":79,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"2b572ed2-e556-46c2-9e95-c8b83a34b475","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":79,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"681a1162-6ab6-416c-bf85-03601374faa0","block_type":"box","text":"agreements does not currently exist.","page_number":79,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"844615c7-f839-4ee9-9511-1150e2275fe5","block_type":"box","text":"Guarantees.","page_number":79,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"c03ee2da-e77b-49d3-bc4c-83270d2b6ef3","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":79,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"d9b4242c-f931-4b5e-b1a0-718948e7eddf","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":79,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"a03228bc-7ddd-45b6-951f-814568b702f3","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":79,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"a017dad5-142f-44ed-b714-2aa4a99253a1","block_type":"box","text":"Illiquid Investments.","page_number":79,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"62055cef-2904-47b4-ae9c-d429a7efafa9","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":79,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"718a459a-8f58-406c-9174-3f431ac019e2","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":79,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"a2a2964c-cc2a-4619-9677-5719284ef361","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":79,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"8bc5b70c-c342-42ea-8b6f-4d85e146ff67","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":79,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"751a840e-8185-4324-8f4e-155b95fee0df","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":79,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"281220d1-edfa-49c2-9def-ecc404408016","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":79,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"6fff09cc-78fd-4652-b3ca-a73f19c95ba7","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":79,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"4653a033-838b-46a0-986c-cf4e5e9a69d0","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":79,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"4fc32bc6-2e6a-402a-bded-c31375188c12","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":79,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"1876b719-1e67-45f3-98e5-0ea0b22f20c4","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":79,"box":{"x":70,"y":642,"width":803,"height":11}},{"id":"a4c1de6e-3ec2-4a19-8d7b-001a668e5df7","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":79,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"6ef07489-3010-4e14-8a6c-2e6804c3664f","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":79,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"9fb0b461-7f36-41dc-ba77-b19380fc3a53","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":79,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"3bcda6f9-1002-4808-9d6f-465fcdd77a03","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":79,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"76f6ab8d-ceb4-492f-98ca-614dd3c82b93","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":79,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"134c998d-0239-4baf-9d32-cca36ea830af","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":79,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"dadd7fbd-f8f7-4390-9997-18f08d01473e","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":79,"box":{"x":69,"y":748,"width":833,"height":11}},{"id":"d13eedd0-7cc8-411d-84a5-0b50c5241f72","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":79,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"3f935972-26d0-43bc-9d41-eb3860f07caa","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":79,"box":{"x":69,"y":778,"width":651,"height":11}},{"id":"396c6d48-b1b5-47f8-b06d-cddc82405fbb","block_type":"box","text":"Index Funds.","page_number":79,"box":{"x":102,"y":801,"width":91,"height":9}},{"id":"35e0c30b-2009-4884-9861-b5d23b5cc0e7","block_type":"box","text":"Cash Flows; Expenses.","page_number":79,"box":{"x":102,"y":823,"width":162,"height":11}},{"id":"a9196710-5599-4207-b205-93337f520ee0","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":79,"box":{"x":270,"y":823,"width":613,"height":11}},{"id":"dee0d603-5e2e-4014-8e62-1c12cec730a7","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":79,"box":{"x":68,"y":838,"width":803,"height":12}},{"id":"6985b58f-34cc-4744-b728-0c049edc14ca","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":79,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"f959fc78-89dc-46d7-96da-4349a70cd647","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":79,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"9de0beef-b7da-4c89-9859-7ff5c7ce32b2","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":79,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"aa7d10aa-188f-45df-b453-b19c75f830ff","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":79,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"584b200a-4b37-4de2-9cef-3e9e12fd9c2e","block_type":"box","text":"II-32","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a8801ba-21c7-41f5-9f91-b18873cd90c6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51327b86-3439-4d99-8ee0-cf8dd548e9a9","block_type":"box","text":"(","page_number":80,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"ce03533d-a7de-436a-b46d-fcd7ce2bb852","block_type":"box","text":"e.g.","page_number":80,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"22bb1da9-5d2c-4776-a4b3-440044f9f7ed","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":80,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"f0bb33c1-a8a1-45f5-b54b-28eab5d465ad","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":80,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"247289ea-b315-4a92-a5b5-c89294d78f8b","block_type":"box","text":"par ticular security as an investment.","page_number":80,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"fe0b8295-e029-4fc5-a21a-bc23bbf6461b","block_type":"box","text":"Tracking Error Risk","page_number":80,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"63ea407e-b65a-4de1-969c-4b62d8dca402","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":80,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"d788fe24-5ea5-4721-bee1-c0c158b5d21e","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":80,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"79c26457-a910-4f8f-a9f5-e83e7ee1f3a3","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":80,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"5bbc84ee-47aa-4eb5-ade1-3860536751a6","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":80,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"55db1087-92f4-4be2-a6fc-fbd43e9f2430","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":80,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"b2bb1289-0b86-42a3-9fef-6339e3324337","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":80,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"8af73d8c-0fda-42ff-b43f-52d956e3801d","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":80,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"52cb099a-79a2-4a79-a8ba-a6b67ae14ddb","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":80,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"3a91537e-a210-4d30-984a-c1ff9811b9a1","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":80,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"2996c2ea-407f-4e18-86a4-1c3701e80866","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":80,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"c988a950-c9d5-4164-ac53-0e89e627cb8f","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":80,"box":{"x":70,"y":249,"width":487,"height":11}},{"id":"c03584ea-bbd9-4229-a0b4-36af0d580d12","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":80,"box":{"x":101,"y":272,"width":799,"height":11}},{"id":"459a4d79-f518-4dbc-bdaa-4bf0c995e600","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":80,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"36a67bb2-2ea5-44cd-ba1d-f9e99491bf7d","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":80,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"76d4d83d-e2e0-4034-9cb2-7a316d61a270","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":80,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"03136d6c-b4f4-47ed-a11a-478345388789","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":80,"box":{"x":68,"y":332,"width":778,"height":11}},{"id":"b97c8d30-7572-48e4-a8f6-07dba928e0c1","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":80,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"68f8494d-666b-4834-b0a9-55da6bdba691","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":80,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"a90ece2d-5416-4fa4-aac6-675f85d050c5","block_type":"box","text":"the rebalancing of its index. 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BofA is","page_number":81,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"b4681827-87a1-4e20-a05b-fbc5724b86e4","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":81,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"860cf1dc-c815-494c-9201-6677909acc81","block_type":"box","text":"under license. 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ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":82,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"0b714aec-97a2-43c5-bab5-39899e19754e","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":82,"box":{"x":70,"y":113,"width":608,"height":11}},{"id":"5050d8f0-baa5-4c42-b466-01e2c39f62fa","block_type":"box","text":"Indexed and Inverse Securities.","page_number":82,"box":{"x":102,"y":135,"width":228,"height":9}},{"id":"dd1336d4-529e-4f1e-977d-d79c8cf65620","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":82,"box":{"x":336,"y":136,"width":523,"height":10}},{"id":"e8c6670d-fb16-47de-9880-832cb3ae19da","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":82,"box":{"x":70,"y":150,"width":831,"height":12}},{"id":"c5a874d5-c081-4856-98bd-72318369e320","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":82,"box":{"x":70,"y":166,"width":814,"height":11}},{"id":"33dc4ab1-4a35-44c3-b246-c1ff1cb62a1b","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":82,"box":{"x":68,"y":181,"width":830,"height":11}},{"id":"eb4b23bc-d371-407d-9e94-1f4b1c2b0b06","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":82,"box":{"x":69,"y":196,"width":827,"height":11}},{"id":"1e18496d-a7e1-482a-bd36-7f0ef352afb8","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":82,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"fc052d6c-ab4c-49c2-9fa6-1cc77452130c","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":82,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"8ed5f6c2-0922-4c91-9bda-9258cd8f2e8b","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":82,"box":{"x":69,"y":241,"width":781,"height":11}},{"id":"161dbba1-1ef4-4644-9b13-701aefb51bb1","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":82,"box":{"x":70,"y":256,"width":838,"height":12}},{"id":"3ff38803-df72-4687-a206-d125ad045b88","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":82,"box":{"x":70,"y":271,"width":771,"height":12}},{"id":"349dc14e-8fe7-4dd1-87d8-3fcb49a8f4fb","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":82,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"d5f8fb6d-adbf-453e-8ef7-7e77e9e81c3e","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":82,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"9f51b0d9-9de3-4e0b-a3ed-42a157895922","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":82,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"d872ade8-894d-48aa-a84f-5cfc751d4bac","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":82,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"1fe12af5-e180-4a57-bc85-ef08cb7083ef","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":82,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"fa01f2d4-c5c1-4a1f-a822-152d6933a478","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":82,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"4326b89b-ac93-4ed1-a16b-131817e91ed8","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":82,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"5a5e5a63-4ba5-45c7-a339-7a1c66f0c4a6","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":82,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"905c808d-fc81-4250-82be-b40ea8149f69","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":82,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"2afa2b3c-ca1d-4bfc-b608-aa06283b0c13","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":82,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"bd218e93-f3c5-4623-96a3-40827842adc6","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":82,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"b3c561ee-7f33-4246-aa1f-afc501d84a54","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":82,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"3c511477-e97e-4889-8456-82ba18fc57be","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":82,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"b3d65a32-a107-4dff-b0ae-10c494cf3033","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":82,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"5c0f4adc-0e62-4b2c-8b80-685fd322b80f","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":82,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"c738ea98-b96e-4965-a7a1-7d6c46c5449e","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":82,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"86f1aae6-18df-4bbb-b056-c85943a9d078","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":82,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"d8b192e1-8dca-4231-9e1a-f63ba320de85","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":82,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"8914cdfb-08b2-452a-8573-21633437cf8d","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":82,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"be8e6d72-08c8-450b-b966-1241aab644f1","block_type":"box","text":"Inflation Risk.","page_number":82,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"dbb338f9-8336-4a29-b32a-bfc62ef68d6a","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":82,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"a5c91741-4afb-4267-8a95-06788cb27653","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":82,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"9e9efce6-fedd-4f45-b4d1-5aa6c47f428a","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":82,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"55eb3ea0-da90-4c1d-bf4c-5f44ae51abdf","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":82,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"8580ebb0-4776-4a9a-b44c-6d78e7222a3e","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":82,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"90a19de4-c118-4b22-af9c-882e0250e0a0","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":82,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"2fb6c284-cdcc-41dd-9120-60434219489d","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":82,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"4bc6c227-d788-4f22-836d-caecca6da47e","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":82,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"466e1fc3-8891-4db0-838a-75496f28d002","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":82,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"fc1c059d-a027-4c4f-a5b0-49dfcf5a769f","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":82,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"7c6a3add-3a73-479f-8a5f-b908278505dd","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":82,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"6520d400-118e-412d-b0fc-088e0b879844","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":82,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"933646dc-162f-413b-9fd5-11e5dd07761c","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":82,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"6f7b7707-7e2b-423a-9ab1-86f509bab470","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":82,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"57954421-6c94-46b3-bab7-5507ae528f35","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":82,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"0852e766-446f-45cd-a99d-c6ff941bd03f","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":82,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"ceb6dd48-6a35-41a6-a905-056ae0d0ebb5","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":82,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"209c0d07-22c9-4f04-8f8d-a59c46ab4607","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":82,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"ac96665f-697b-4c1d-97fe-00b820945df8","block_type":"box","text":"be available for very limited periods.","page_number":82,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"b1356933-ac06-46cd-bf64-671b57563a7f","block_type":"box","text":"Investment in Emerging Markets.","page_number":82,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"91601d9a-5ce8-4807-8da4-858d67653663","block_type":"box","text":"General.","page_number":82,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"98a45611-fcf7-459b-9118-7cbd2a84ad25","block_type":"box","text":"II-35","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aa34ba62-14f9-4c6f-b70f-1728879c3742","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebde7690-1877-4cad-b32d-ffd6cf6b1859","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":83,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"452314f5-2e3f-4a92-a76a-7b44cb4d49a1","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":83,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"5f40c698-e4a9-40e8-9c11-d089cde4e45a","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":83,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"35b8dbb2-c71f-4a17-9e49-bd9514deec0c","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":83,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"d7cbb7ba-a17a-4137-9685-9d80d6d5aee3","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":83,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"17ab590b-87a3-4005-bea4-63f500ed355b","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":83,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"939a576f-03b6-4feb-a37a-116ba34c958f","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":83,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"c9b2e4d5-6247-484c-be94-5afb4be19fa7","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":83,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"3b498532-1064-4ab8-98f8-e4166a38f137","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":83,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"c78cd8f4-b640-45ec-b3f9-737943dc5e41","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":83,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"f5b2da4f-b242-4e00-b6a6-2ae3de690c16","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":83,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"489ea0b9-ec9b-45d7-a6bc-ac85f8018e0f","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":83,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"e5b5e06b-5fca-462e-aa88-ffe9a8edfb98","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":83,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"555b351f-b3ac-45fd-8e45-01f6fed6275b","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":83,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"affab85e-2fb1-4972-9729-f294c9c77f4c","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":83,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"24edadcf-f1dd-49ad-829d-10c27b124dea","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":83,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"3b28eaf2-791d-4e3e-aabf-931e4009398b","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":83,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"ab4e2d67-6f78-498a-bed0-e97356830e14","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":83,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"c58a14d7-e739-42fd-ac31-b2ffbb9e556c","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":83,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"170eae94-db5b-4dd5-9384-fe4b466c2660","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":83,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"4ddb1a6a-d35f-465e-855b-fb4a50dc719d","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":83,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"6ff2f707-ae81-4b71-82e6-d6bed87639e5","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":83,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"ce3411f1-8499-47a7-bfd4-637270821202","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":83,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"7fd3926c-3dd8-4798-9380-3cfa42e22383","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":83,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"9a32d7c4-6839-407c-b82f-e7b036818a28","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":83,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"08aa11be-5f2a-47c5-b640-21cf1e356afa","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":83,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"6fd14fb7-f3cf-4ac1-96ca-7512004a73eb","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":83,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"7f5f1f17-a0aa-4584-8b9f-63b77bcb1f43","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":83,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"494f006f-140a-4750-9106-ed4f1c63c004","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":83,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"e76d12e3-20e9-405a-b68b-54dc83271bf3","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":83,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"82ee6b0f-84d8-47f0-a898-7c62815d583f","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":83,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"72a2689f-175e-4a99-b356-fed280e1e14c","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":83,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"19bde64e-bf8d-483c-8711-27fb6872118e","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":83,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"8ca19c5d-8594-4605-a4e9-e43620bb545b","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":83,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"04cab6ad-50b6-442f-9a74-674d8a972a70","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":83,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"10d7bae6-83ff-444f-b127-66edf2ac00c1","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":83,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"6d21a9f1-a185-45c0-8bc7-503e68cff8eb","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":83,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"a21fd00c-62ad-41c4-a1c7-1262b36e0093","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":83,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"ba48004a-acf5-434f-9033-ab4d4ce9690e","block_type":"box","text":"acquisition or disposal of securities.","page_number":83,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"7e092c0c-faac-4bbe-9edb-ccf48410962f","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":83,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"cdcfbf56-99bd-4308-b5b6-88da0753ec8a","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":83,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"61c73691-607e-4fa8-b0f7-cdf217f519e3","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":83,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"c6d0857b-2a71-4e0a-b745-fcd47d249c12","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":83,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"e3bc954c-e205-4ea7-9fa7-00f44988127a","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":83,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"34cbe0cc-1646-4765-9466-ae4fbac2425c","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":83,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"27e17a52-d5dd-4524-ad6d-125fb1331a07","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":83,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"007ea664-0d8e-478a-8c41-f2c3f2749c76","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":83,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"671e2af3-fb2e-4f49-bea7-cb58c8fcf44c","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":83,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"d1f243a9-1944-47b6-85fc-4d9e5ad75db7","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":83,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"a867d33c-b1bf-4490-b840-76b3fe3e3a87","block_type":"box","text":"generally less available or transparent in these markets.","page_number":83,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"1488740d-f9e7-416c-be14-7cc38544e73f","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":83,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"7a924618-a6f1-47fc-ba5a-f4dfc67d5c0b","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":83,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"f94cdf38-0c99-49b0-8ae9-dacd029606da","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":83,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"3bc87760-ac4f-4b18-8dc0-b54e94a1350d","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":83,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"b76fbc99-1708-4e7b-894e-58181a147dc4","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":83,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"a5b7d521-6456-48a7-9711-0daa65e7622f","block_type":"box","text":"II-36","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"068eb573-d2b2-4059-9892-499b13fa1648","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38896828-d935-47c0-9726-8aca36ab8dab","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":84,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"7627723b-c48e-42b6-a9c4-f2ae604a3079","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":84,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"57ee1615-ae1a-40b9-a8b5-d3f13ef1d3ce","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":84,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"0f42d3d3-3be5-4403-85c8-7fc0f96f3865","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":84,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"b9d0dd05-1a7a-4fcd-8de8-de9b0884fd24","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":84,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"442ccc95-4305-4e8f-ac98-b2fc1bd60de8","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":84,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"cdaa1e5b-f038-4a5a-843b-b236669030dc","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":84,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"d9c2cdcc-ccc9-42f5-ba56-9d15eb19e893","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":84,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"3f8a2c95-a61f-4fc8-9714-ca1451d8f273","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":84,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"210f97ed-9250-49af-9eb8-d21b03014b61","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":84,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"6bd27e81-0da8-4238-94c3-6c2f98e98232","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":84,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"3f6f0aa3-ec34-4401-b872-a8c96cac4428","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":84,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"ba8080db-bdb2-41d8-903a-90b447536df4","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":84,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"0bef155b-e61f-4815-804d-e868e5180e98","block_type":"box","text":"per formance of the Fund.","page_number":84,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"a0bfd7eb-4047-4199-88a8-9581ea469374","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":84,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"2526cb59-aff0-44c5-9f0d-d58424ab6372","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":84,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"5b4af445-16ac-4d9b-9f57-738620357a8c","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":84,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"fc3ee456-e5a9-4818-a21c-0c19b1e0ebd9","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":84,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"1feb73c0-54c2-40d4-9efd-8f0b711c5b89","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":84,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"a18ba6a9-366a-4b16-b9bb-2628a6a5ae39","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":84,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"79a666c1-645d-40cd-a5bf-9f288f63150c","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":84,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"50d0e59f-a589-424b-ba8c-f22e6d26d311","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":84,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"e58ac645-2490-48a6-89aa-78e60b201ab2","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":84,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"c4164c19-c6ce-4951-b433-da2d66078432","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":84,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"07336809-61d9-4bb9-99c4-fa60c7bae63a","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":84,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"0887e099-65c3-4dbc-92e0-da9434cf8c16","block_type":"box","text":"affected by a variety of factors.","page_number":84,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"7ffc78ae-b5d3-4cbe-badc-227572449705","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":84,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"b715fcec-567f-4bcc-8de5-8eedffe4a9e6","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":84,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"ad81a175-d189-42ad-828b-14dea3a20c3b","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":84,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"f7a9cbbb-86fc-4fe4-983c-8d5ff69b819b","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":84,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"e2b7ba8d-4b19-4d6c-90a8-9077f4e1b4db","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":84,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"430c60dd-ab5f-4356-ab22-3ce7e36b17bd","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":84,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"fc44dd9c-eff0-46dc-a799-f35d4352efbc","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":84,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"db5ba367-2211-4e95-b140-3e8e87991dee","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":84,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"cc1b3791-5188-4198-9dc9-0b8d0bee6889","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":84,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"ea0bcb07-3960-4f33-9415-efacbd94613a","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":84,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"ffc948f6-75e6-47a4-b189-1a536c84c7da","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":84,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"a2b801e4-c957-47b0-8900-ff583ec20b04","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":84,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"bac19841-6ba7-4942-8638-e93c27b60b7f","block_type":"box","text":"nations.","page_number":84,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"aa4b4c71-fa8d-46d8-8360-04bfe7961b69","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":84,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"ce0db51d-5dd6-4d96-ab18-9d6559236dfa","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":84,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"92be7b57-5190-4502-9df2-6f6156d40ae5","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":84,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"98c050fd-30d3-485c-b0ea-3239644e6821","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":84,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"432df812-af64-4ec3-b943-e3203e089508","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":84,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"bb3ac4f1-eca8-4743-a68c-0a665ef12678","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":84,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"c5ce3905-ebeb-488e-af7a-8aff6407b6fd","block_type":"box","text":"market Asia-Pacific companies.","page_number":84,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"e5d3e1e7-8623-4c66-bfa7-a700c5c5d266","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":84,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"e2fc55f7-8305-4c2b-916d-b742b6977735","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":84,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"73537090-4d64-4c6d-be15-51a89ef75bcc","block_type":"box","text":"services for such securities outside such countries.","page_number":84,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"5939c74b-87c6-4bac-8c96-aef11f3d0811","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":84,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"17f38703-8777-40bc-a7ad-79de0093a1da","block_type":"box","text":"to commercial banks and foreign governments.","page_number":84,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"e2a3f6f2-a103-4c68-81ab-7a49e97c0214","block_type":"box","text":"On March 11, 2011, a power ful ear thquake and resulting tsunami struck nor theastern Japan causing major","page_number":84,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"6b447c6d-6641-42da-8705-8ea4d45201b3","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":84,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"b4032e81-9e21-4f7f-9c8f-64047ba3aef2","block_type":"box","text":"II-37","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c56cd8f1-a5d1-46a9-8a10-9a056e3e65c0","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c634d3bf-5e67-4a06-a5bd-b7ddadd5323f","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment por tfolio and, in the longer term,","page_number":85,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"1b74b29b-c602-4548-93eb-ac005d013559","block_type":"box","text":"could impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally","page_number":85,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"9366c489-fa2c-4289-9175-085a41dbeba8","block_type":"box","text":"conducted.","page_number":85,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"dedb7828-d698-4b00-9791-c70c9948d089","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":85,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"6e997737-e669-4a32-a6d9-ed7c8ea8b8ec","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":85,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"c4dc2be8-5d48-49da-834e-47db11b7e245","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":85,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"a11a82bf-fecd-4042-abea-e0a2b78fd35c","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":85,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"c412c5ab-6b87-48c5-b932-a4c03809b9e0","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":85,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"36464585-7617-4271-b819-366f8c83f8ad","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":85,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"150a02b9-acf5-4c8a-b61b-81e37ccd44c5","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":85,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"50f0cba8-664f-4f38-bae9-4cd85df09f78","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":85,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"3469858f-f591-4d78-a50f-17261a1e0f69","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":85,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"8f24973d-df85-464b-a880-656d8b3f9a26","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":85,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"5cf9439c-9a61-4d2b-84a0-0954d04e1a8c","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":85,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"c3bc0d39-7592-4795-aec1-cca3e595177e","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":85,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"cc0e93a8-d5b7-49d1-ad3b-ce60830e4702","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":85,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"df7664cb-705e-451f-912a-344d210d8a78","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":85,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"fbdbae51-e137-4788-9b98-9f9b5923a7a8","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":85,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"70d8a6ed-e2d9-46a6-99ea-9a6a6e663938","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":85,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"5e5da8d1-cf43-413f-b122-320b907decc3","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":85,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"a3938a02-f8f9-422c-8ec2-821831ce9f75","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":85,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"741bce9e-2385-45bd-960d-2bcaed3d0a26","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":85,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"9524467c-8dc0-4b84-ab66-b76c15312770","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":85,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"8b11c007-1fc6-4827-872d-1c20f651c6c7","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":85,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"704c1aa5-5b24-4a0b-bce8-b589bdb65fe6","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":85,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"4fdb3cb1-c77b-4ec9-9c9f-1c689f534867","block_type":"box","text":"investment at that time.","page_number":85,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"c26022e3-38cb-4b13-8713-3573ca9721b7","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":85,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"82a84463-a2b7-4bab-8813-b75a4cbf010b","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":85,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"6cb40260-ce44-4079-9d0e-5e970e47d894","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":85,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"56717417-4f55-48a5-9ad0-b46d1967c61e","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":85,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"82aa5fa2-28f2-4144-89fd-43dfb2e4881b","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":85,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"9fcbf406-199c-4802-be5e-6ad60d952c0d","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":85,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"99cbee15-ce28-42bb-a311-15bf887a6cea","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":85,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"9d3d0d78-41bf-4c26-8eea-05beb5314459","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":85,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"26c0390f-7e91-4e04-a0dd-111268a86864","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":85,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"bca0be78-b3bf-4644-bda6-d18ade14e74f","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":85,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"4dffd97b-f3bc-4e2e-af38-f7eecb1b545a","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":85,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"519daaf7-bd17-43de-9e59-fd6f372e5983","block_type":"box","text":"government).","page_number":85,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"ccb6c0fc-03ac-4cbe-9960-ddc3600303bc","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":85,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"4a205e58-1d81-4e03-988d-cb183e3f140c","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":85,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"b1481787-2491-4395-9d5d-e5989b7d6411","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":85,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"03f0722d-4e8f-4ae1-8920-922fe7d25dbe","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":85,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"44a5cca2-d01f-499a-ae78-729e4281c233","block_type":"box","text":"foreign banks and other financial institutions.","page_number":85,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"9ba607b0-de1b-46c3-922d-24228eabe807","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":85,"box":{"x":102,"y":725,"width":767,"height":11}},{"id":"a2c81b33-9003-480f-9ad4-824c1b396346","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":85,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"15615585-f2e5-43ca-990e-9eb3e6c2d44f","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":85,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"4c712515-f781-4456-b3e1-92de07470498","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":85,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"54790bd2-d823-4ef8-afbf-b6544e45ee68","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":85,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"dae4ebd1-6375-4c00-ba91-adc15dbd05b5","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":85,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"d6a20fb1-9ec2-4546-a21a-539c4d0c9b53","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":85,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"5e998f24-c4e6-4cf2-916a-8835d5619fb7","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":85,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"c54e43e6-a53c-4d87-97bd-5070c51fcb00","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":85,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"873ed63f-55a6-45f9-956d-b127630d87c3","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":85,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"0256caa1-b8cf-4f08-9e4e-42276c3c95d7","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":85,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"ae919c9f-8020-435a-baad-8567760ed859","block_type":"box","text":"II-38","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e754ca53-114c-4ae6-b548-be3854481711","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cdc4761e-2a43-4831-b01e-34460256324b","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":86,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"e74e97e2-49b6-4e66-a593-23139df34d92","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":86,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"e69e7b37-163c-49eb-9b9b-be5e6a15f611","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":86,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"208240b5-a2cf-4aa0-ab52-b561bf5cc860","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":86,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"588f4f87-f12b-428c-b116-eebbafe57d9d","block_type":"box","text":"foreign securities.","page_number":86,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"56ad7fba-e615-4271-9e68-4a5f50dbe781","block_type":"box","text":"Risks of Investments in Russia.","page_number":86,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"863b344c-5881-4170-afd4-4593f87ef669","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":86,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"6d98701e-ec48-44c6-843f-4baa7c82b62b","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":86,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"f2e3fee5-dcc5-435c-8428-86f11f2d53ab","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":86,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"41fbee6e-1ca9-4c3f-b1bf-1a83e1850c68","block_type":"box","text":"and a substantial por tion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":86,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"3254ae87-ee40-460c-8102-65e445919bb0","block_type":"box","text":"inexperience of the Russian securities market and the limited volume of trading in securities in the market may make","page_number":86,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"550ec815-dffe-4205-939a-bcec6bdc8376","block_type":"box","text":"obtaining accurate prices on por tfolio securities from independent sources more difficult than in more developed","page_number":86,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"93e9479a-0140-499a-b8f7-c0662a244af9","block_type":"box","text":"markets.","page_number":86,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"6ee9e338-b2ce-4642-b696-46482b01a807","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":86,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"40ca336e-faec-488e-ba1e-174f73504192","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":86,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"86b5e4af-a7b5-4882-8975-70a55e24b07a","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":86,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"2b0b03ce-da55-45b4-a94d-e29ee48e55d8","block_type":"box","text":"system for equity share registration in Russia and registration was carried out either by the issuers themselves or by","page_number":86,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"cc6a3d5a-ab9f-4bf3-9abc-3339d0fef83b","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":86,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"a0e18d71-147d-453d-a33a-9b6a1ece7a7d","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":86,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"72303b75-65ae-4eb3-a3f2-f8ca6a3a0f19","block_type":"box","text":"recognized central securities depository, and title to Russian equities is now based on the records of the NSD and","page_number":86,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"f11b7477-ef2c-4f2b-87c1-9135f27f7348","block_type":"box","text":"not on the records of the local registrars. The implementation of the NSD is generally expected to decrease the risk","page_number":86,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"4bffccfc-2e2f-4f52-838e-221628aa6bf6","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":86,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"870f5942-b47f-4646-9379-d1de108f05bf","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":86,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"cf323e5f-e240-4f0e-9a8c-32b32a70a465","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":86,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"b6eb5b7f-a5d1-4aac-9aff-f08a1455bdf4","block_type":"box","text":"the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title","page_number":86,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"19a4eeba-7f78-493c-bbf3-68f41d78a451","block_type":"box","text":"or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":86,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"3af6a6f1-4165-43dc-bf17-b1cb76338791","block_type":"box","text":"otherwise remedy the loss.","page_number":86,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"57e20c42-f586-437b-90ff-c6f5a2ceb25a","block_type":"box","text":"In addition, Russia also may attempt to asser t its influence in the region through economic or even military","page_number":86,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"11a8a119-0f11-49b3-b489-cc6d3f06ecef","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a","page_number":86,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"52ac4488-018c-485f-af74-1e25b022a5cc","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":86,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"6a53593b-86da-4aae-a1e0-8963619c5f22","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":86,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"a3d0f8b8-13f1-4e63-8b5d-de22c2b9d33a","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian","page_number":86,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"a50bd222-f160-4abd-81a0-f49de5f12753","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":86,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"afebe145-678d-4127-ab57-a211e68af139","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":86,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"3f944eaf-c189-424a-bdb5-8b0b4d76f0d5","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":86,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"7a2058f2-462c-45c6-baea-da9222534e58","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":86,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"9b35602e-8a79-4488-8965-292cbd50f9c6","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":86,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"45628c36-d5ea-45c3-ba6e-9d6e7435abef","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":86,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"9e9fe1d2-5b8c-4a96-9ba0-88e0dd879b6c","block_type":"box","text":"of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the","page_number":86,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"7942c39a-7ffb-46f9-a4b2-03092d04aa9a","block_type":"box","text":"markets for cer tain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":86,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"f619dca6-2738-4ebf-8e39-c5033578e786","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":86,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"e56cf859-c4a3-4bfe-b6fa-32e1110482c9","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":86,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"6b2a3cc9-2e0e-48fe-a6d7-92d8596fcb93","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":86,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"6b2ff11d-ae39-45bd-a98c-ec65d3201720","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":86,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"e34832ff-5269-44a0-9003-72e6ead5f044","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":86,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"d5b38ae8-1ffd-4eb9-823f-828e15b0f96e","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":86,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"a79fb8bb-8efa-4254-a43e-579629d018cd","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":86,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"0c87e1a9-7586-45a0-986c-483d8ecd7e9c","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":86,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"9b15db36-e311-4fc9-8e68-433b222c2534","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":86,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"43f6d4ec-4c7f-4ee2-abc3-f8ea6aa2e074","block_type":"box","text":"assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could","page_number":86,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"a74906bc-9900-42d1-8ded-0b0142bfe1dc","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may fur ther impair the value and liquidity","page_number":86,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"600a0ee2-3d08-4229-a6df-ecc91cb3caae","block_type":"box","text":"of Russian securities.","page_number":86,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"ee96d496-24c8-4cef-a56d-0396bb1dbae3","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":86,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"8a4b89ae-d0af-4823-bb27-703dbf9b8ee2","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":86,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"bf2bd3fc-ca5e-46df-a28a-c6024bd658d1","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":86,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"d9198f58-f54c-45da-8173-54c218f45bbd","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":86,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"3cf8ab46-55da-44e8-bc8c-b16ef1dad2c3","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":86,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"1171b4ce-c0d4-458c-894f-6f9ca4ea97a2","block_type":"box","text":"II-39","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f95f023b-4498-4979-a35f-429cf11bbfc5","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"065dca3a-8fc6-42ea-84c5-dcb3f77475ae","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":87,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"312b9bc6-1a25-4c46-aaa5-fe403a531c0c","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":87,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"9ebc4eea-c6b6-44b8-9773-315a07587d23","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":87,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"6b078880-b701-4e9c-99a0-f6a7368570b9","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":87,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"866db3d3-59fb-4cc8-b5af-85f1752e6e86","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":87,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"41f3d025-f1a2-4d77-bffa-f0b8c8d425da","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":87,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"b38d75cc-8180-4cb0-ac6a-eb2290f28066","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":87,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"b741eeac-88a5-42a3-b170-b49a9c2158fc","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":87,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"a587020b-50e2-4995-967a-1c97d5490b70","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":87,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"1c287d1b-5c26-4f60-982d-29bf6859d1c1","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":87,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"f69d8343-e26f-4d85-8097-c0b0fe91b7e1","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":87,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"239054dd-4711-4494-bed6-e03fa7a48a65","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":87,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"fa94fb58-a5ee-4395-bcea-714c7bc821fb","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":87,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"9ecbdcec-c004-41e1-9108-e9c0c41219d8","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":87,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"47f2109d-5d4e-40e8-838d-3257c4797766","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":87,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"9b8907c9-5d79-44ca-b540-05b2386c6de7","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":87,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"800452a8-26aa-4c65-b5cc-2e3090e1c051","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":87,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"46484446-546e-4024-adef-eae4387dc297","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":87,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"750d7354-cfd6-48d7-8df9-2daf9b19037d","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":87,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"f46d3b14-7642-4e0f-93ad-c54c8d7027bf","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":87,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"33a16901-eb36-4d6d-b1a7-186bcf5815e5","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":87,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"6b1e7988-7dc4-42a5-892c-c357da79ef4a","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":87,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"6046ccf3-f2c8-4d2e-aeda-faa2891beaeb","block_type":"box","text":"impacted.","page_number":87,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"e5deef91-acb5-416c-9c2f-5184717d923d","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":87,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"2be2ff76-8956-402e-8f7b-2481d0f176b4","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":87,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"3434b113-148e-45fe-8b7e-7776aa0d59ce","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":87,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"cf0c3c46-be42-40f3-859c-a4e12781ca2f","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":87,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"318f3e92-983f-4018-956c-19c97526cdb0","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":87,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"37d9528a-a810-40cf-a6f1-79e4097272a4","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":87,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"83891041-2021-4475-89d2-59f446159490","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":87,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"62fb5ff4-8005-4f5f-a072-dcc07b2b50d9","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":87,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"4553011d-7e87-4d7e-875e-615044db2c34","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":87,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"2e861cc5-a97a-4c01-af34-4fdc9e859420","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":87,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"0e40f95f-d5ab-4577-95c2-68577a5c8e43","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":87,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"7320a935-64b7-4219-8f45-1596b229faa9","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":87,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"a374de73-4d16-4ff5-8d3a-9aa389c81eff","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":87,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"3d82993a-6eb8-457b-9b25-ccbc0839a076","block_type":"box","text":"economy.","page_number":87,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"354d4965-9a3c-4571-8584-70405fe62cb7","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":87,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"3090bee1-feb8-4acf-99f6-3b90ff5f7e4d","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":87,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"951310ae-f183-48bc-8e8b-f501b180ece1","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":87,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"f5f82042-9ae6-42ce-bd27-e93fdb4e585f","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":87,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"a86ed26c-32b0-45fd-9732-022f98281818","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":87,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"f733bf7a-80a5-4083-939e-4262c2b36ef2","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":87,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"a1a1abab-0cd1-4b18-9403-ed93e0a746bf","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":87,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"bdb8ecb2-8483-44fa-9129-13ffaec0a96f","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":87,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"8c6784be-2fb2-400e-bd2d-202d731002c6","block_type":"box","text":"typically the case for investment managers.","page_number":87,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"005c4a0d-d90a-44b4-a5f8-a068e6a71f39","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":87,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"f40c5013-08a6-4834-9750-7d2ab576389e","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":87,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"e18f361f-9489-40da-8f38-1cf45c1f19f3","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":87,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"d70149f9-2abd-4940-8183-365b5161e421","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":87,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"6d3b4361-02e2-4e2a-80b9-b02a77c8bcf8","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":87,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"2dd656c3-fa46-469a-a7c1-9b1fa5c6bb6b","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":87,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"4b6ced38-cd7b-476d-af98-d67a1ee7e7ac","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":87,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"c62bc2e1-19c1-415f-920c-4c7c7641c17e","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":87,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"170b1113-8df4-4ae2-8045-7375798f81fa","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":87,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"0febf4c5-3b2b-40db-835b-58c463f998c6","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":87,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"fbbaa95e-a9d2-485c-b040-73c18de5bfb8","block_type":"box","text":"II-40","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"47724442-6a99-44cb-9b7a-e3ca6b7afbfb","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a29cfb2d-d1f7-437e-940b-e05d580b8e26","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":88,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"d6dd4af7-3620-420b-8747-677dc029650a","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":88,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"94674390-c33c-4731-a722-3cb56ef7110f","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":88,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"dbc49188-0c0a-4503-8d2b-b42f232e0eba","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":88,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"87a33fec-9ca9-4b3e-be84-df526895f15f","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":88,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"3bfed579-a7f4-4cec-8692-4752c914751e","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":88,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"ff2c6d5d-05fd-4c38-b9ce-7e6b1d1d8671","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":88,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"1020667e-905b-4827-9475-fa2777555d11","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":88,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"6640cbe3-6e9c-481a-8252-93a81602ad93","block_type":"box","text":"will be indirectly subject to those risks.","page_number":88,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"40f82909-ad18-4eb5-a490-30b4d6a7909e","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":88,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"f0bbf320-b656-4759-a8b3-93df8a5dc50b","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":88,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"f31cf122-e773-4253-9745-43b4c969d3b2","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":88,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"64eb28b7-638c-4695-bd33-6e7211b7187a","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on expor t of natural","page_number":88,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"3f3a093b-88bb-4521-b056-9bbf464f6628","block_type":"box","text":"resources to key trading par tners. According to the Organization of Petroleum Expor ting Countries (“OPEC”),","page_number":88,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"ae8fe367-cfcd-4ad9-a4ed-cc65311ce712","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry repor t, Venezuela also has the","page_number":88,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"167a7028-e412-4bfa-8aa7-326e63d4a7cc","block_type":"box","text":"continent’s largest natural gas reserves at an estimated 152 trillion cubic meters. Any act of terrorism, an armed","page_number":88,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"9b49537a-6aa8-4b91-a22f-dbd06d694c7b","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or expor t of natural resources will","page_number":88,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"7aeab229-a99a-4f7b-be26-c6242d70469a","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":88,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"fe1beb9d-e607-4c09-846a-ff5c7547d9b0","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":88,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"fb747a0b-0921-4c01-afa2-b21fa0d37431","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":88,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"3d410df4-414e-443b-bf62-3b0e4c58500c","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncer tainty.","page_number":88,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"119a9078-f9b3-421e-94dd-9a1bd35e3fa4","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":88,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"c255ab8d-6a63-4f18-84c0-20ce118f5231","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate","page_number":88,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"35d33763-d46d-4105-b53b-0f4d3d933a2f","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":88,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"2e898fff-8217-4b93-a9c2-7f06baa225b8","block_type":"box","text":"sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":88,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"bc69d200-4858-46fd-b234-36fdfc66bbfa","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":88,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"36a4efdd-975c-4d7b-9c13-08c7e579fbe6","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against","page_number":88,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"9907b0cb-e729-4829-bf35-19b1ea0ae641","block_type":"box","text":"Venezuela may in the future be imposed by the U.S. or other countries. These factors, among others, can have a","page_number":88,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"1e5f3dde-b2fa-4755-bf5f-a4035bf3c646","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":88,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"449201c1-1a51-406a-89de-24570f1bfd6a","block_type":"box","text":"Brady Bonds.","page_number":88,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"07f2efab-765c-41c0-9e0e-9158a2e83588","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":88,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"65c720cb-acb6-47a6-bf53-cd131579acca","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":88,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"4f53d62e-2277-44b0-a469-da83afc6fb53","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":88,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"59166d13-c49e-41df-aeb0-126c44df4676","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":88,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"135a1196-7f10-4445-b26c-b15f5e8381fd","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":88,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"9d7aff94-b29c-41b9-a96f-d55e5df28a63","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":88,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"b4080530-d395-406b-8c7a-881f7d9a899e","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":88,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"2ad31d26-61b8-424e-bd20-3eeac2563aeb","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":88,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"f1d8bac2-87c9-4ef3-b6a1-ba39a5e17abd","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":88,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"bcb73f4b-e3d4-47a2-8233-79f24d387add","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":88,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"eae6a244-6841-4c78-b899-f07061225801","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":88,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"7052f4e5-35a8-42de-a859-9734909cc6e3","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":88,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"db17bd8d-cbc5-4408-af32-2b04ead0911f","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":88,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"85ffcd6b-f166-416c-b798-6cfbe4bf9b7e","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":88,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"e979a524-e23e-43ae-845e-f045d4e33f2b","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":88,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"e506ca6b-4f89-4a73-a0b4-4419acead31d","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":88,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"bc93ba63-a4b3-492f-b0aa-34aad56d2320","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":88,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"f3c5c580-4f7f-424e-b487-9fd6b13b9be6","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":88,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"94e6ca4e-6d97-4345-9037-1ccda0b17830","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":88,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"9b2628b4-25ff-4fc8-a3a7-f31bddfcf8d3","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":88,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"5fe96bc6-eef9-4e5e-8a44-892c0b67ea29","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":88,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"1343f60b-b32e-4b1f-ad40-2779db76a501","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":88,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"17864c06-ca99-4564-8fd1-4de91f56cdf3","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":88,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"6d7f2550-9a04-4ce2-8499-95955f553147","block_type":"box","text":"payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the","page_number":88,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"259e393a-2373-421d-b3ca-2ec7b2301421","block_type":"box","text":"bondholders. A significant por tion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":88,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"1205bb86-ba97-4a7b-bb7a-1993654ace88","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":88,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"3d6b99c9-6ffb-4f8c-84d9-ae4f3e0cfaa2","block_type":"box","text":"II-41","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a3c1be38-311a-4bae-8ac7-3b48d0baa864","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c5c63f6-9ba5-4651-af0b-9ab9c8faf7f8","block_type":"box","text":"in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for","page_number":89,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"b581a05a-a4dc-40b3-9830-d8c72267b1cc","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":89,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"25139742-bd28-4b28-8aa1-ab5df8f43738","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":89,"box":{"x":102,"y":82,"width":807,"height":12}},{"id":"8d5f330d-060f-45e7-a9f6-3e13394b74fa","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":89,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"06fc2a4d-eeca-4e97-9ae7-aed7f592e920","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":89,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"969453da-1327-41d2-8e11-527fb7071ccf","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":89,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"7635aa6f-4fa5-45c2-a0f3-45be7100d46a","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":89,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"51592f8b-4904-43ac-bac1-74c9b2e6e7bf","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":89,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"175ea9c0-ca0f-4376-8355-a2a6bd2a6df3","block_type":"box","text":"China Investments Risk.","page_number":89,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"582ab381-852a-444d-b683-fc5c3bd9ffa4","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":89,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"5e12f951-491d-4ff4-8fec-e8c1ed1886ab","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":89,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"04c7d899-be4b-44c1-a0c4-ae7994201b1f","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":89,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"51232c96-828c-45d3-9a77-919a0b6143cc","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":89,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"bdbc1e77-d7bd-4f70-acf1-7ea086762f76","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":89,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"7ec074fb-a201-4d0e-a4ba-cf03d4420f20","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":89,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"72305b85-e9b1-4061-b432-4a11ccdb5a5a","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":89,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"1ccb079a-7118-43ca-9053-1e2eb002e624","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":89,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"a8d3011b-199c-4243-a223-fc95749e4f83","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":89,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"3c0f1c8a-cc35-4842-8217-22c3f68276a5","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":89,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"a462bddf-4b84-44d4-9af3-4c95f2620a56","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":89,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"41d80469-fb7d-4db2-ba1b-7cd35c880ef5","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":89,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"2bf4080a-4905-4fbd-9d56-2b33fde0930a","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":89,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"d84cfb9e-964c-4cc5-9c5d-f561f93cc566","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":89,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"7760b5df-e367-430b-93d2-313924a0bf2a","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":89,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"98d22329-871d-497c-a37f-68f5d0fc140a","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":89,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"025b6652-36e9-4193-9d6c-e977fb23098f","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":89,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"f57856d4-864b-48fa-b0a7-b81b7cd3d8ee","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":89,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"24f74522-2902-464f-b2fa-0cdb8fd8f66f","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":89,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"429d4a00-4360-401d-9ce3-2099549555c9","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":89,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"51570037-32ac-4d05-af76-ea143a24420b","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":89,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"e0149ce9-c217-408b-814a-0f03962029f6","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":89,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"2b6787b0-8d34-43fa-abf1-1084db5bbf23","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":89,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"99945114-014c-46e6-ba54-d0e2c79343f3","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":89,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"bc5aa2d0-b208-43b4-8673-0d0cd8ad0394","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":89,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"ff47522a-c865-4359-a895-5e1686eda7c1","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":89,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"2e15fc43-3d00-4ce9-87dc-eddc974e278e","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":89,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"c92055b1-6b45-4f14-afee-ca798f93eabc","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":89,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"d0c431d0-9488-4b03-af5f-bc178d94e6f3","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":89,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"a25b4c6d-dc6e-49c5-af1d-f40d732208ba","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":89,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"3b6fce85-593e-4890-963c-b4d755ac7ea9","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":89,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"812a54f7-7bfe-4296-b3a0-4de9c1d2392c","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":89,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"bbfb4836-9119-491f-a27e-642f1678976b","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":89,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"351b900d-0ee1-478c-abf8-88f5ebd3c67e","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":89,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"7938b1a1-4a42-4eb1-990a-2e32bd410348","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":89,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"e0f6c21d-601f-4226-9170-26e1fa7a14f4","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":89,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"851ba3fd-b149-4f06-8429-41bab379053e","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":89,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"4b030f4a-82de-4281-8868-e281938f6494","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":89,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"7f2f1ba6-e10d-4f7a-bb82-a2ffb011bec3","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":89,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"72995f94-fd21-425c-baa9-2e1d8c0267fa","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":89,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"04c805a5-ca73-4f92-9844-affeb0e7bd49","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":89,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"c27ac8a1-0e55-4fb6-bf0e-68032d3410a3","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":89,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"d896c204-3b65-4418-bc5c-8a21c4d53aa5","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":89,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"62e233ad-4921-4983-9414-7063b41976b4","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":89,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"5ec03146-4232-45b0-ac7f-243c0a9c43e9","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":89,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"0f78d468-0bdc-4d97-804f-ee2783b6d8fb","block_type":"box","text":"II-42","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"872ac8b1-1cbb-4a69-97e7-baf6222fa240","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"796a3091-a593-46b1-b6e5-f5d50baca6ee","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":90,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"558d5aed-8dfe-4e4d-a835-0a6fc3fad5ca","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":90,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"bd7fedf5-01ae-442e-babf-738650c69193","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":90,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"b6b08b26-cc3d-49e7-ad50-4eaf63f7308a","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":90,"box":{"x":68,"y":90,"width":826,"height":11}},{"id":"7606bf5d-37b2-4b99-8c1f-27dea78abad8","block_type":"box","text":"sub-custodian.","page_number":90,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"15856305-e374-4494-ab8b-a31b68b65c5d","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":90,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"81a55510-179a-4004-85c8-ca5c6dd83b9b","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":90,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"42e96ee8-2b42-43f9-8649-43da12a2dfb4","block_type":"box","text":"on investor protection considerations.","page_number":90,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"9dfc8ee3-c8b8-4922-bee9-ce5c1d6ead16","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":90,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"a598c9a0-8a33-4f34-ab4d-9933aedd8a77","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":90,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"4fb9113c-f1b9-4c64-a0b9-557717597923","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":90,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"1406d78d-baa5-4a38-b745-30b663637d1f","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":90,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"23e80def-7fa4-40b1-8b3e-3868c9ab12fd","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":90,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"f6caecd6-f55f-4c8f-8784-c4b3387c2c89","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":90,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"379dd862-bc94-4010-945e-b56ea0a93530","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":90,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"53e02795-7510-4ba7-abbc-7d161792baf0","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":90,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"892a67a2-1f65-4c9f-9efe-be8429a32294","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":90,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"61c9a8f7-6c23-4654-b279-ce2b43cf144e","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":90,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"5f8de48d-35e4-48cf-a9d9-0c7d2b73d620","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":90,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"2bc66268-7fb9-47bc-9ae5-7fe841e29f1a","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":90,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"4a3f0ab2-4e67-45c7-939a-0c5708097b8a","block_type":"box","text":"accounting firm.","page_number":90,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"d160596d-b0c0-4442-800a-1189bf1f9565","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":90,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"dd4b5682-ac5d-427a-bf00-3a8459c218fb","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":90,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"0fe49993-c8a7-4c47-bc10-5f42a54685f9","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":90,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"82b839e2-62a8-40aa-89d7-033fb3518419","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":90,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"3934e760-5fdf-44b9-ab8f-35dd7a021bd5","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":90,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"f25fbf2f-520c-4964-83ba-5793edc3eb6e","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":90,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"f525dc0e-4aa1-4f75-b85b-c7e1a30415c0","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":90,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"5f5f3738-157a-469a-a8b8-c3af2a0fb5cd","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":90,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"079c0494-2d0e-452d-9871-8a98a0a4f81f","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":90,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"acda4c1f-f09b-42d1-80cd-9c91dd3090ea","block_type":"box","text":"RMB (“CNH”).","page_number":90,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"ea306440-d622-4205-9efb-aac6d8dc1427","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":90,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"5b3f8013-b526-4a84-b259-4bc236fe9399","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":90,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"01c59db3-5392-4102-94da-1a615c590748","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":90,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"2b7f22cb-e950-49f2-a345-ee92393f33c1","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":90,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"bba20294-8811-4df0-82ed-e357606019fa","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":90,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"62a6da4c-a636-4b68-8be8-ba5355b0612c","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":90,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"aa3aeb0b-ad02-497b-9d31-af9c10a21f1a","block_type":"box","text":"represent equity ownership in the operating company.","page_number":90,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"43514cdf-4c7f-43e1-8c33-f214991f089a","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":90,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"35932f16-6746-4d6e-a7c2-3d95c773f5b9","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":90,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"aae6c5c2-7501-4e01-988a-735e48639614","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":90,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"2759dd22-d413-4cd9-96d7-45d6cf5d56f4","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":90,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"350f0724-1086-4175-a443-10bcea2d8a83","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":90,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"c7c7ae1b-9b16-4435-abd0-127171194859","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":90,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"07a14df2-5306-4572-b6aa-2565eb0a9687","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":90,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"4eb10ff7-501a-4405-b441-921d0d68e394","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":90,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"4a79de2d-2a0d-4e23-aa09-72bb68531246","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":90,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"c32587e7-0ef5-45df-96f4-6357d0cc8ac5","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":90,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"5cd5fa08-c2be-459e-b4bc-0d5b6cde5d1a","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":90,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"03f6f7aa-f6b4-41c7-9d9f-e19db6d96a62","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":90,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"8f1b06f1-8c95-4b05-9efa-335813f08fd0","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":90,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"7c7543cf-64d2-4f01-8848-d0c13e652402","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":90,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"e02aaebf-63f1-4c97-a9fe-3c4b6e20f5cd","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":90,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"ce456bfd-04d1-457f-8b9e-94376f8f84b7","block_type":"box","text":"II-43","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9ef78557-f5c9-43ca-a5d5-abd8fbd57f77","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f33ee028-5644-42f4-a83c-ae82e852003e","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":91,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"8c6e076d-4623-4d78-89ba-82878e7d11bb","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":91,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"6f3e4bcc-f10c-4f40-938c-b1ba8f75f012","block_type":"box","text":"losses to a Fund.","page_number":91,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"69fe440d-d74f-420a-8b70-98f987ba914a","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":91,"box":{"x":101,"y":98,"width":760,"height":11}},{"id":"206a69e0-dd52-4bb3-9ca8-6976c6f6d97d","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":91,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"f88ee579-adc0-47c4-b7d4-2dc2a6bc12d6","block_type":"box","text":"aging population. China continues to face pressure from its trading par tners over its expor ting of its excess industrial","page_number":91,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"da4b6c65-86d4-41a5-937e-1a123d77a3df","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on expor t growth.","page_number":91,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"a21f3922-c336-4554-8dc5-f71a43406f4b","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":91,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"5b9df182-aa82-4e6e-b738-004d03f2d513","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":91,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"49ead235-3e11-406d-a260-612aa6627ad2","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s","page_number":91,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"b16b56ba-c0b8-4fb6-b4c1-7018ea5331ba","block_type":"box","text":"key trading par tners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":91,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"8eb8e36d-401c-478b-988d-f6df64d6b612","block_type":"box","text":"invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":91,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"5cc72282-a8f1-40f2-ad71-17173c71e29d","block_type":"box","text":"economic or trade restrictions imposed by the U.S. or other governments due to national security, human rights or","page_number":91,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"08bbe3b2-dabb-4dc3-82ec-0fdf65a95357","block_type":"box","text":"other concerns of such government. For example, cer tain foreign technology companies are subject to U.S. expor t","page_number":91,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"00858dd5-4028-4c2b-9268-b26684518e0b","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of goods","page_number":91,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"1b34e9cf-44f6-41b1-9531-6404da90cc3c","block_type":"box","text":"produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor. Such","page_number":91,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"9738b9c8-2650-4321-95b4-d4abcba407f4","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":91,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"824be332-e4ae-40fc-9492-66d2e425babc","block_type":"box","text":"targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement or","page_number":91,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"216135b2-26df-4626-84fc-47c4596af90f","block_type":"box","text":"cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":91,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"b9cc4016-707a-481e-a5b6-61ea0a56e118","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":91,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"cd0b442b-e8f4-4de0-accc-4b1f13b703a2","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":91,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"4ec542d3-822b-4abe-b2eb-803c87f8a2e0","block_type":"box","text":"such companies.","page_number":91,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"cbdaedab-4fd1-4c2b-a5b5-002d1be593f9","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":91,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"1bf2d884-fec4-48b7-b96a-0aff91f1d192","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":91,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"369d8887-c237-4f66-b8c6-1793a1ef20ae","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":91,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"09eefbf3-1f52-42d5-8c43-3e85d3eb1c15","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":91,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"885565c2-d9c5-4878-b99c-b6d6899fdc2d","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":91,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"76897a8f-4b36-45e1-9db5-82372937b042","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":91,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"f91810bb-3370-4bf4-8e0b-bd90ccf89c14","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":91,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"f251fb8d-0710-4fdd-a15f-7798bcd6492b","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":91,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"d5698b87-987a-4db8-94ab-f84e30a9b280","block_type":"box","text":"standards.","page_number":91,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"3c23a639-09aa-4baf-898d-3a51006f6bd5","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":91,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"487f96ed-a470-4ff0-84e8-f47a19e6c71f","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":91,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"7edee3d6-3a77-45f2-a8e7-8e0257f6029e","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":91,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"4f02ac55-db65-4874-b566-b417232d457b","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":91,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"c1bb72ea-205f-4a14-9518-679323679f74","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":91,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"0e60c566-f242-42b0-bd16-2d2f4e0879c8","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":91,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"23ab9a83-6e6a-45c6-b32e-1cd839588060","block_type":"box","text":"General","page_number":91,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"416e44d7-c60b-41e9-a10e-64279a7d33f8","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":91,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"6054c3f8-2527-4b0a-8450-b8ab27936046","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":91,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"aa85101e-c720-4b88-93ed-1dd5f27ac640","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":91,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"da5f133b-0d90-4bc5-b339-eca416d198fc","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":91,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"58620817-c966-4bc3-b2f6-6c875e6e58da","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":91,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"594b9579-4588-4c2f-aa79-44d6129fdb99","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":91,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"43d3c8d9-d292-44d7-b8ef-fe59dd67239c","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":91,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"afd427c5-fff4-4fd4-96ee-757c58251513","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":91,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"a1cd705b-c0d9-44f5-abac-5fd0e8b1478a","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":91,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"eb5e7693-b4c8-446b-9825-1425ca41ed99","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":91,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"ec3950df-cc56-47df-b7a9-3404d5660c2c","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":91,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"314359fb-f96d-4b21-890b-82fd7a439957","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":91,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"44f7569a-bc70-482c-95b6-78be2b014224","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":91,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"b0b836e2-2167-4279-8f7d-3296bd5fa63c","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":91,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"bc1c13ca-2072-48d1-8e59-8a4bc502532a","block_type":"box","text":"company established by SEHK.","page_number":91,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"2a9b65b0-e14e-431a-b387-af0655b43e2c","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":91,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"eeda3b34-d0a6-4379-a73f-957aac021217","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":91,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"58f7a726-b986-429a-a5b7-ef56d2b2443c","block_type":"box","text":"II-44","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"616ffa92-1149-4306-af46-223410b130bd","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7823e396-2141-490c-b845-0a8b12c718eb","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":92,"box":{"x":69,"y":45,"width":779,"height":11}},{"id":"bcb7f57a-73ff-4189-a6ec-bd3d8e0c862d","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":92,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"c9a0a016-1e25-4dc4-a08c-3d3c34e927e4","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":92,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"92d2f0be-3a4b-4ca1-bc58-200c7e358954","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":92,"box":{"x":70,"y":90,"width":837,"height":11}},{"id":"797fb167-ba63-4633-bcf1-d5556a1dcc7c","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":92,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"7f826d23-f26c-4490-b497-bca7a443909e","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":92,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"6d32075b-71d9-4d7c-89ff-62261b215dde","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":92,"box":{"x":68,"y":135,"width":821,"height":12}},{"id":"e3f24dc8-fb0b-40ff-b673-73dfafeef366","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":92,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"f95932d4-4acf-4edf-a9f4-fd8b82873906","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":92,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"1d75050d-857b-4cbb-b36c-da0b2b96a6d2","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":92,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"ad8e4351-7f1d-4235-b933-db49993a25c2","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":92,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"3622580e-3559-4d6a-8104-c97839fe37cf","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":92,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"6e32ea71-703d-4b4e-bf58-605d16aec9b6","block_type":"box","text":"i.e.","page_number":92,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"fe818d3b-8737-4bb5-b57e-aeb7d7fd73cd","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":92,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"9ec47212-9c11-47b9-a5fc-84bfbc9399a2","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":92,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"1b603f28-3e38-4fca-ab06-0e3f4b0eaefc","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":92,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"35ce2cfe-f8be-426d-9c73-a0b12dbaefc3","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":92,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"a7ecb162-0c63-41d0-8b5f-9b802d9fa964","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":92,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"c95c9945-e2b3-4d7d-992c-033e7ee51362","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":92,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"e0bbb94f-838d-4347-a430-3732119e715b","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":92,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"494fdca3-395b-42a4-906a-33e1e303e112","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":92,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"44b9fa03-4613-4cb3-805b-14aa58970a52","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":92,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"0896481c-6ac0-4600-8471-40888bc7f7ce","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":92,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"17c39b8c-4ceb-4ba3-bff7-d539fc45b0ca","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":92,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"b5216507-e1aa-4a82-a7c1-c50ada3ad959","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":92,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"70e81764-9099-45a2-935d-ace040858418","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":92,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"7b6a33b6-e143-4e04-9c7a-bb0bf90832c4","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":92,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"a9f521a8-2082-4961-96d1-de9c2c7869a8","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":92,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"fb0be82b-d9d3-456f-8df3-e75766a8460a","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":92,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"58468bf5-a4f1-4cdb-aa9a-ad7522fadeaa","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":92,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"c80a03b0-be10-4bd7-ab38-3965730bad54","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":92,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"9303fe86-a4d2-4710-bda0-8835c2cf5458","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":92,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"8b55d2cb-7b70-409a-8fd9-88aa9652107d","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":92,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"6690e1fc-bc46-4fa7-85b0-a4757f80c169","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":92,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"1e5941e3-c54a-4396-abc4-9071d59cfcb9","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":92,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"153f1edc-a6fb-48e6-9dc4-0bc67705cdb6","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":92,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"408eba9b-e57b-42a6-93d8-bebf56c23bf5","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":92,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"8471796f-ba1b-42d9-99c4-a46e2b6f2833","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":92,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"d6280ec9-d5eb-4960-8018-9e611b3b468c","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":92,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"7140d1f8-ec63-4653-a489-697f5afe1cb7","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":92,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"c9544caa-a48b-4b25-ac0b-1fe36b5b04fb","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":92,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"96866aba-5e17-4539-9c7b-af5ccb28da22","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":92,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"d55ce706-2902-4d5c-941e-74ddc12019de","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":92,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"227eb5d1-af0c-4da2-bd29-141f353aff97","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":92,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"66d8f0df-9cc8-4dbe-9d35-e1b427d6d3a3","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":92,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"d2a9f642-5808-4cea-b393-9b3d6d32cda2","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":92,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"62d814ac-d1ff-46fa-9285-e7abf587ac6e","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":92,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"10ee423b-d571-49cc-b958-e5da15cd87df","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":92,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"fb13fce5-88c0-444c-aac6-2814e0ef4c05","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":92,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"3cc0ef5a-b403-4d4c-96d3-b7dae7741a01","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":92,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"43d7a3fc-b538-4c66-89cc-a7449689eb39","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":92,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"3d0ef39d-cd48-4f0f-955e-57f0387932e9","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":92,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"f808e6e6-0c28-4e91-aec9-3d2b56fe3955","block_type":"box","text":"PRC.","page_number":92,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"a69a6bb7-8d5f-433a-bf7d-5e67182f525f","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":92,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"c72db44e-81d6-403a-beee-2517eacd3dde","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":92,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"1db7cccf-c3c4-4092-95cc-e07d0afa885f","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":92,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"85e5579f-e7dd-4310-b6f8-ad2b9dabad86","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":92,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"45f565c9-6af1-4a0c-9136-621732eafadc","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":92,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"d0965b1d-dceb-4285-a3ec-af2dee07827a","block_type":"box","text":"II-45","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"72a29968-06d2-4035-bc28-8c96cdaff538","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee6e8eb6-d8d4-4f0b-b2d2-28673f1897b0","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":93,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"21c9ceb5-0a8a-4a01-aa7d-f023885af906","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":93,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"46646fcc-d122-4254-831e-b26d621c6c1f","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":93,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"ecd1169d-7df9-4457-9447-ece77f06e168","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":93,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"33c96d00-682a-4c56-a628-6e7376e512cf","block_type":"box","text":"be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with","page_number":93,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"812b03b8-3602-4956-9645-7638a9a05347","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":93,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"02c9f9fb-b84e-4a2b-9918-60e46ea2ce44","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such changes.","page_number":93,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"6d18de85-0284-4a82-a185-33644f4d92af","block_type":"box","text":"Fur thermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":93,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"847a43d3-59d3-44a1-82d1-9c87de07cd5d","block_type":"box","text":"arise from the differences on an on-going basis. In the event that the relevant systems fail to function properly,","page_number":93,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"e8a2c926-3bd6-4c16-a0dc-c16d19f32e0c","block_type":"box","text":"trading in both markets through Stock Connects could be disrupted and a Fund’s ability to achieve its investment","page_number":93,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"49b53ac9-1eec-4983-b870-c9dccdd65262","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":93,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"60bb23e0-6c38-49af-b14b-eebdca0fed45","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Fur ther,","page_number":93,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"99de45a5-5d3f-4e03-beba-ed2912db59ba","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":93,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"f611681b-0f98-4006-b991-336558652f23","block_type":"box","text":"Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners","page_number":93,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"5cfc580b-7a34-4221-b398-9b68618d240b","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":93,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"6adfab07-7594-4d63-b639-86d24bab6f24","block_type":"box","text":"Suspension Risk.","page_number":93,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"b6871a78-ed82-4234-b393-851268c84fe0","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":93,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"d226f109-eca0-4391-a869-7587619604e6","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":93,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"55831e37-1372-4e8e-ad90-4e59ed950faf","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":93,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"771d6137-2ac6-4eb4-964a-117cc924f4a5","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":93,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"ee3b83e3-d24d-481d-98da-c19374170cc3","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":93,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"a3ee3fba-7fa4-4326-89e2-2d22245b2f60","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":93,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"e70e8904-9304-4e67-85bf-d68a15c0023f","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":93,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"c58eb03e-b5ba-4423-93c2-076d6a130be7","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":93,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"4356dc1f-437b-47a1-b09d-917ce0827d47","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":93,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"c6d5e323-4e94-4bb9-9f4e-07253c4a2451","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":93,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"5d6f77a6-4495-45f8-9406-ddcc837cd0de","block_type":"box","text":"daily price limit, generally set at 10% or 20%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":93,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"173350c4-e8fa-4642-9868-e49d4437ca3c","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":93,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"e0594218-5031-406f-a477-cff73e48d2dc","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":93,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"46d7c934-e883-4458-81df-917c89f0f47b","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":93,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"cfeabfc0-25bc-4e03-84b9-1c320ef9669b","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":93,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"b0da0c55-b2ae-4706-a31c-8446ceaf725b","block_type":"box","text":"A Fund may invest directly in the","page_number":93,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"7279f708-7a39-4879-8625-e31e175653df","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":93,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"2d306131-e067-4188-aa11-977a9d8ce20f","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":93,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"e5ad9217-8eba-49a3-b5e6-5cb3c696d272","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":93,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"a2da6aa6-c801-4020-a2c1-da74639ee93f","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":93,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"25e06ae8-ae89-4e2c-84fb-5ad5407bcff0","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":93,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"86b7e5c4-94bd-44c2-91a7-d31cd62c93e3","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":93,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"b47e11aa-024c-4fe2-8734-bd52f50cda11","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":93,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"e6392f7b-9812-4a6d-ba43-3423f6d49a0e","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":93,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"3c5c1f80-a0d7-4120-964f-2e362da805ca","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":93,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"036eb449-ebb2-49df-bcf8-f4d01d729116","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":93,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"9fe7f54d-850f-46be-804a-7edccd37ab54","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":93,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"ea740c7c-d714-40e5-8c75-588228c29a07","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":93,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"49f1b324-ece2-4aa2-932a-d0b351317f4d","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":93,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"b7656d0c-e941-4368-b8d2-b2f3cfcbf063","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":93,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"1bbd1e93-db15-49c9-a398-2772637cd172","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":93,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"98d90fad-5d6e-4969-b541-a4943802fd95","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":93,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"2bd2ceca-e258-4b9b-a9a2-abc635ba2eba","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":93,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"18d5b5bd-b97d-482c-b17f-e2e13c38c72b","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":93,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"1b423bbc-884e-478f-af95-a3d493ccdf41","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":93,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"0b38cbe2-3b70-44f0-af60-53ebf87f15a4","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":93,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"bf316ec2-bba1-4fa0-a22b-702dce116226","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":93,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"191b4258-a108-47fc-9e92-ccb8f294e558","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":93,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"e945fa12-1022-4010-a056-dcb2064c93aa","block_type":"box","text":"i.e.","page_number":93,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"f86ac16e-3ee2-480a-9034-e11ff24bf2fb","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":93,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"afdf7364-2783-43fa-aba4-3a5a57061bf3","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":93,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"c95c1223-e7b2-414c-bab0-b7b079742f01","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":93,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"8a497e93-dd04-4c80-9e05-c5ac0b6571d2","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":93,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"7e4489af-9dca-4618-8ca5-06889a0b0212","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":93,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"61f9d1fc-c2c9-4ed5-981e-0bf267917141","block_type":"box","text":"II-46","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f08cb70-9764-4a37-81c8-0ec3f0719b0e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60463a33-81e8-4d16-a888-a75b92003b0f","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":94,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"8a5b3a41-6adb-4689-bab7-0667a3e21b2e","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":94,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"e4048c8a-7ddd-4791-9619-32075a5c5223","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":94,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"0a1ab291-eabc-4b7e-b3f0-d8b13c678b4b","block_type":"box","text":"par ties.","page_number":94,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"5ff1d8f1-7900-4810-ac5a-7e072404893f","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":94,"box":{"x":101,"y":113,"width":799,"height":11}},{"id":"b5dbb70b-793b-41c0-a912-d71cd41f90cd","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":94,"box":{"x":70,"y":128,"width":785,"height":11}},{"id":"28436ac0-a1d9-4ff0-a79e-07cb20be3ee8","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":94,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"f6e33d8d-ce8a-4e7e-a96a-45f8e2cceab0","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":94,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"25929204-dd1b-42c1-97a6-15c31e7b1e98","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":94,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"a5b191f0-6315-44d8-a525-6b1f125fbfe0","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":94,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"97b5d6e5-1172-4fce-af1b-29c4d5873fe3","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":94,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"7a0d660b-7088-4da5-8fc9-5e07cc933d64","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":94,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"713f3062-4393-4923-ba44-eb7c7924d2fa","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":94,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"61ac1bef-a422-4082-a5be-30b510744dd5","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":94,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"b5939c4b-9e0c-4df6-8024-0afe562ac2f8","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":94,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"921b1c66-1158-40ee-817f-0fc6facbd57d","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":94,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"d526ece0-f5c8-4107-8b12-fe4e54989920","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":94,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"ff49ac2e-0332-4c5d-a5a6-645dcdcc175c","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":94,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"0646fd97-3f72-4a89-8159-642753ada01b","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":94,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"81cd5912-cb2c-4f91-8a38-331ab09ab6d2","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":94,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"d244aabd-3e23-4c95-afef-287a3f5cd8fd","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":94,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"90d572bb-84b6-4924-8c21-2225dd9143d1","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":94,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"c33a09ba-9698-461b-8ddd-437e847d703e","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":94,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"f7002e61-0ed7-48a2-a25e-b4fe179988c2","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":94,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"0439dc0b-e1e7-49ff-be17-e2e32070e80d","block_type":"box","text":"per formance.","page_number":94,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"44c2d50b-63a5-4770-b93d-2b215313e4e2","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":94,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"312bf92e-175b-483c-a72c-72b473b55c77","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":94,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"14e6bbd0-89e1-45fc-b3c7-edb4cc95c97c","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":94,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"aee04258-05e1-4ac9-8912-9e9e95a472d5","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":94,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"3bfd852d-477a-438b-afbd-347b06d972d5","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":94,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"4587ff5e-95d8-4ada-b917-3293ace8a5fd","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":94,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"65a49bfe-5bd0-417d-9728-11fdf161db94","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":94,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"9d543d10-3e90-45da-b667-2bc98fd8514c","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":94,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"c82ca282-b6af-4530-b65d-704428333bbf","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":94,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"4cd696a7-ce3e-4059-9640-c4b3127ede4d","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":94,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"11a49c06-a369-4cd0-8146-62b26e8d1f34","block_type":"box","text":".","page_number":94,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"c954e550-d984-442e-b9cf-aa157593cc50","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":94,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"b321f47f-1bfe-46c5-957e-c3a4764709e6","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":94,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"9f67dd59-0862-4707-8765-b389c13c5299","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":94,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"97f6e800-a2f2-4a0f-9c7d-ef1b7b27b0ef","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":94,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"e9b069cc-d2c2-4917-8554-fc6b17d3bb81","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":94,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"d7d38884-71f7-43ab-89a6-185759366ad4","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":94,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"97496fb6-d96b-4298-8f76-68b1bfc93f1f","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":94,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"996608d6-7d27-45e8-a051-db2826417fcc","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":94,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"98c44f73-d45e-4d10-a354-00d19698261f","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":94,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"7d323907-2c52-43ed-b85d-d5433ba7f960","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":94,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"076e3df2-3e5f-458a-8998-556e1decfece","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":94,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"12676707-6f26-418e-a533-224501a2b89f","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":94,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"191363d7-c3c9-4e77-a7bd-be11805272b2","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":94,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"7f10159a-532f-4efd-8778-391838ddc109","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":94,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"0b501611-5128-4555-84f9-fea8c8e6fe47","block_type":"box","text":"without notice.","page_number":94,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"d5b65fd7-d5e8-47a0-80a1-6e0e3668e98f","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":94,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"9ee2ffa4-61af-421d-ab0f-445004624bd8","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":94,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"96775dbe-bde3-492a-928d-29a90fdaa9d1","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":94,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"3b2945c9-35ff-4d3e-b9b2-bdb442929483","block_type":"box","text":"II-47","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fa2e4c05-bf21-45e9-a769-8fe1a0bfef6d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f10d02c-ec0d-487d-818d-5e819446cce2","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":95,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"15ba1b31-eb1f-43e4-a307-ac31947116ac","block_type":"box","text":"unclear whether the temporary exemption will be fur ther extended.","page_number":95,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"487a8224-9f2d-4ec2-87a3-a935e3ff9332","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":95,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"1edd3a81-9793-49cf-bf0e-d981a7e56bb4","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":95,"box":{"x":333,"y":83,"width":569,"height":11}},{"id":"7a1075dd-e173-469c-b099-fea5080c8b9c","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":95,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"388e80c9-8abc-418d-ad11-3bce8c644948","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":95,"box":{"x":101,"y":120,"width":697,"height":12}},{"id":"609bc240-d539-4422-98e8-5df344e43e6f","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":95,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"e456568d-e8a2-449d-88f9-e83fd7c476fd","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":95,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"d95e1a6a-e682-416f-997c-831108df6fdf","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":95,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"e5155a7b-7f44-4db0-aae3-b9ee790cdabe","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":95,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"322e5706-43e1-4321-9322-9457e4c0aa58","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":95,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"5b61afc2-e053-4ac0-8946-b98a95912960","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":95,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"00024353-1c56-45e8-afee-63244084609c","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":95,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"e6cee4a3-3535-405c-bb44-aeae61d4c7b4","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":95,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"d84e90c8-b23e-4458-935f-d23d73437c2b","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":95,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"32cb45b5-b3f5-4709-a34d-d27bacff207a","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":95,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"ab6d2bc8-5cf4-4f3b-b5b7-6b1914124c19","block_type":"box","text":"Notice 34 will be fur ther extended with respect to interest income on bonds derived from the PRC bond market and","page_number":95,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"221e91aa-c098-4601-adec-2e97866acbe4","block_type":"box","text":"issued before August 8, 2025.","page_number":95,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"769b3b92-7bf7-491a-be9b-9f37e6ee683f","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":95,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"4a173b16-274f-451e-a4d8-2c60b5e42ee7","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":95,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"933e4b0a-512a-4692-b51b-ce9c1b9c237f","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":95,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"33259aef-576e-451f-b78d-3e20c0f0b3df","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":95,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"e36d7421-3fdf-4c76-bc10-91db50e3c764","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":95,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"8ae09515-cb6e-4d19-9772-1b3f9331413e","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":95,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"19226c63-033c-420c-9124-af8655995766","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":95,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"f4d7fb3a-ff06-4f83-8f6d-df038ec2c7e8","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":95,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"45bdaa60-4b1d-46ca-a8a1-f5371d6ddb9e","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":95,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"3d9f34bd-292f-47a4-9eaa-1023f293c459","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":95,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"fc077f77-4a1e-4d7d-8feb-73e62a11b1b2","block_type":"box","text":"the PRC in notifications.","page_number":95,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"29872660-ca07-4574-a5ed-5a483773e1f0","block_type":"box","text":"Investment in Other Investment Companies.","page_number":95,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"fbe25acc-5fb0-459e-ba16-4a0f4762b2ad","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":95,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"b560d6a1-73a4-400f-be8d-189ad2a84477","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":95,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"f4c69c2f-1bc7-4f15-9e90-c3e58535d74e","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":95,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"966b1184-ac22-4cca-a2d5-adda4de473aa","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":95,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"2a0416c5-7416-491a-9b65-f35a39fb86b7","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":95,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"dd4b479e-9a8b-4cbd-a663-41f359ec3274","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":95,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"e1594560-aee7-41a9-9433-6aa98b363ad6","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":95,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"400ffdcf-d157-4a72-9632-ed0c758a946c","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":95,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"4ee34326-70eb-4fe9-b842-529644a8afe4","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":95,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"0fde0503-b38e-4fe9-aeb0-84ba05775234","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":95,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"98050a40-61c3-45f8-b856-f9d41dc3f102","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":95,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"9d06b034-5f82-4ec7-839f-1b39197c1056","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":95,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"c8f40025-f177-49b4-86bc-139937e36afb","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":95,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"a7dff621-a273-4848-abf4-14d91ce194a3","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":95,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"d1b7117d-c496-47f6-977c-03f4db1d9039","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":95,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"06c7f49f-47c9-4991-bcde-d66d2b0b4606","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":95,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"ee825cde-e811-4a3d-bf92-cb189785fa98","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":95,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"cf8c9bb9-f7cd-4cb2-aca7-21104db5d289","block_type":"box","text":"subject to cer tain conditions.","page_number":95,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"cd7ae286-fb8d-4e6b-b49f-cf92bfe1f215","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":95,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"9a9bf49c-c7a3-499c-a2f3-677066e27182","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":95,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"0c4fce67-d9e5-4c0e-8b64-51757627a23e","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":95,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"7b69408d-8c31-4d64-a055-4810666b5c47","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":95,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"54dde47d-0242-4ad0-adf1-87b8168f01e3","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":95,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"ed33ba88-7405-494e-9045-06bbf0124413","block_type":"box","text":"II-48","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9368ed90-78b5-4175-953e-2a067a53abff","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f07fd20-af34-4ad1-a3cb-c3908d99ff45","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":96,"box":{"x":68,"y":45,"width":806,"height":11}},{"id":"0e8ecbde-b813-4ebe-abbc-0f192c4ee11c","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":96,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"b2b67dcc-1285-4ae5-a53b-0fd3e8e1ea9d","block_type":"box","text":"loss.","page_number":96,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"984e949a-c3dd-42ab-8e1a-0148d37733f0","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":96,"box":{"x":102,"y":98,"width":758,"height":11}},{"id":"f7b94f74-5ea5-4c4c-ae5f-e2a2acbe4673","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":96,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"b5e36383-d9e2-4e94-90e0-fa3485ea0090","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":96,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"b2e76970-3d2b-4191-b692-a19f987b6af0","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":96,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"63ba8f07-189d-4b2a-89f5-1e00e8f7e510","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":96,"box":{"x":69,"y":158,"width":768,"height":11}},{"id":"aba1d57d-e1ee-420a-b961-8ca94a9b3f51","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":96,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"2e41ac26-1c64-4a11-95d2-b097e13c69ef","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":96,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"57042b42-6d03-421f-877d-0a23ccff8a3b","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":96,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"01a36e53-de0b-4160-af01-4c363f5ffe0f","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":96,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"8ba4e230-a046-4e5c-ab2d-6d38abb2246f","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":96,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"f720b8fc-efe6-4fd9-ad99-05a3583a8156","block_type":"box","text":"assets.","page_number":96,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"054c7033-d816-48e7-a95f-a9c3600e2e14","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":96,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"138a8b6f-7de7-4b6f-8de7-c8f09f619b47","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":96,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"93e6aacd-2e62-46c5-bf8c-5d1a04acbdaa","block_type":"box","text":"e.g.","page_number":96,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"d5374682-bab6-44c1-ad6d-660138b70277","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":96,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"3d61d623-c343-4924-8299-c4e7222e7f5f","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":96,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"82db7e67-182f-4ea9-a93c-c48568973bc9","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":96,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"1f67d9ef-d876-4c15-92da-36735d642aab","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":96,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"9ecf7dcf-0498-458c-a748-18ea1a3942f8","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":96,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"edc335f6-cd37-4407-b594-0a38b0f3112c","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":96,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"0bd4ba02-9efe-4b82-9318-e807a4fc63ac","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":96,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"ba036f82-0f77-4155-960d-49553081dbcd","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":96,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"a744f148-79e4-4626-a1f3-56cc1dbac2d5","block_type":"box","text":"countries.","page_number":96,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"06e9ff00-162b-4bd9-9547-fe8a8790b828","block_type":"box","text":"Issuer Insolvency Risk.","page_number":96,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"68afe3ab-3cf6-4726-bf9f-08cb5693d49b","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":96,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"534ed8e7-2942-4f6d-a668-d710aaf3a29f","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":96,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"cf099708-4b63-48b1-ac7e-082b7a5012ec","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":96,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"c44e3fac-6dec-4b09-b5d0-32c7ef72dfbe","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":96,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"7e1255eb-16de-48ea-81bc-83e2d4c4b421","block_type":"box","text":"issuer uncer tain.","page_number":96,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"5beede51-d752-4479-829a-0d935546f410","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":96,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"1809bc8e-04c8-4afb-98a2-06fd361b58a2","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":96,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"f270f462-fb1f-4c51-ac3d-38a767c272f8","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":96,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"7bbc7090-46c5-4551-a3ee-e8f337d8e785","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":96,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"69db4318-8ea8-43d3-9db6-9b5b6ca78538","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":96,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"1199429a-534b-40f9-b67f-deb333765d8c","block_type":"box","text":"eventually be satisfied.","page_number":96,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"2a791f1d-d08c-4903-be12-91af85d7b3fa","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":96,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"2590d7c9-2bc1-45ce-83df-21fd3f9534ca","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":96,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"5a5bad52-f55b-44d8-9ae9-20ffa4435ea3","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":96,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"1e99de2a-4733-420f-a714-666f9aa6e468","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":96,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"6a1a3ffb-5f02-4525-9c25-0d8be52a608a","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":96,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"8e034271-a7f5-498e-a726-efd8fd1e1f49","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":96,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"abe84f5a-f0bb-4779-9a27-e13069527cc1","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":96,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"fad2403e-d1a4-4d55-af95-0a158b5583db","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":96,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"b556c066-2a77-46c9-893f-82b46002ae11","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":96,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"ea688306-6a13-4d50-b24d-3f7acf683b86","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":96,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"8001d81e-1f2a-418c-9dc0-009c9d9ae428","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":96,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"9b3032fd-9de0-4dd6-b8cf-152628454fcc","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":96,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"e01acf5b-9ab4-4baf-b054-cf5ce0f10b6e","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":96,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"a691e1f4-500d-4d98-ae7f-7f13d3620767","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":96,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"923a62d6-f2f8-473f-9d01-af5eb82d8fda","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":96,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"933b8e44-ebd1-436f-8262-6d21aec689b4","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":96,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"7f059b5a-3eac-431c-941e-5c801c1a69b9","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":96,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"c4640f12-cc4b-4b67-93ad-9c99a3b199f5","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":96,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"cf40c5db-3482-4625-9f71-ca438740547b","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":96,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"0f54f4e2-271b-4f78-9fa7-09d8d9ae80f5","block_type":"box","text":"II-49","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed3734ff-2d6d-442c-912e-fc066ada2de8","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc262fa1-bf11-47a8-abf3-70b5a46f5ce3","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":97,"box":{"x":68,"y":45,"width":814,"height":11}},{"id":"556404a4-9404-4f5a-a980-78a847053521","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":97,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"5c2c7f47-cd64-4414-801f-b69fa93f0500","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":97,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"e89026d3-07d3-45cc-8b3d-d6eaa99a0953","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":97,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"8d2d99c8-1b81-4678-a8e7-bc2bb5c27e8f","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":97,"box":{"x":69,"y":113,"width":767,"height":11}},{"id":"36054fd1-8523-4217-b81f-ab76086a093f","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":97,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"08bc6e07-414c-490a-a33c-95c3276a6ddf","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":97,"box":{"x":70,"y":143,"width":823,"height":11}},{"id":"baa83312-a385-4513-967e-3c9a728dfccf","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":97,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"9a1da5fc-a591-4ad1-9f46-044d8709d926","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":97,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"122ce39d-f928-4d45-b9e7-8d752bb3fbd4","block_type":"box","text":"that assumed generally by an investor.","page_number":97,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"77bf6bfd-b079-499b-8bc0-78b8c8d02e36","block_type":"box","text":"Lease Obligations.","page_number":97,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"17c597f3-c936-4ea0-b6b3-3ec401796623","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":97,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"8faf222f-e58a-44a2-8e62-6ac2133346c2","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":97,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"37aedd8d-ead7-48a1-8d0d-bc26c0d14e41","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":97,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"bf23ec08-a4cc-4613-a2db-4ab22ca11ac4","block_type":"box","text":"Life Settlement Investments.","page_number":97,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"a2a375e6-8411-46c6-bf0e-49c597d09806","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":97,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"80ab2c84-c5b2-445c-852f-50ebc6761495","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":97,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"a1375b02-4dba-4854-9fa2-a7ae8186c864","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":97,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"6c8934e3-b0fc-4b40-9023-46fc92abe3f7","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":97,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"7e0c9465-7e05-45d9-9331-d8ada7ad6faf","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":97,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"7e640d71-fa6c-4265-a22c-ea95f9ddd974","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":97,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"2671154b-6764-4376-b309-543a0a8c8d8c","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":97,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"e85bd300-d50d-48d3-9c24-b9a50ecd56b8","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":97,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"eee2239d-3ff1-4dae-b222-82e53eaf3295","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":97,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"7e81b392-8488-46b0-82d1-a29aca2addbf","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":97,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"58d2dabc-a67e-4fbb-b7e9-3070497c72dd","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":97,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"c143dab8-64d0-48c5-8d8c-d64b3fcba4aa","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":97,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"28cb4b30-3720-4966-a2f4-27a2fc8942d9","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":97,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"5c1f2157-4f7f-4ffc-b2fa-c26687790b9a","block_type":"box","text":"Revenue Service (the “IRS”) 90% gross income test a Fund must satisfy each year to qualify as a regulated","page_number":97,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"fd83d033-798c-499c-bcd4-45478a6e97f4","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":97,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"9931e59f-96e9-4718-9b17-e46847cc7aa0","block_type":"box","text":"regulated investment company.","page_number":97,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"8d2cc12a-c5ba-4e9c-9f9b-3d64c7e68bc5","block_type":"box","text":"Liquidity Risk Management.","page_number":97,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"92a3cab7-fbbc-4786-934b-d3d540152964","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":97,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"1830c3a0-5007-4666-8936-ade1cfe65721","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":97,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"67edc25c-b5b7-4166-9cc6-2465d539d64b","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":97,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"e5ddcfa7-2ce4-4a30-9087-f60f96728509","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":97,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"e53bb0e8-c9d5-4bef-b622-f8782f32cd2a","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":97,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"bed64364-463a-4d7e-b754-1667829ac068","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":97,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"785e3a59-3949-4e7d-b62d-452b46d354d8","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":97,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"baae9e70-ab0b-47a5-a3c8-7ed9f93ca407","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":97,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"baa8a09f-5785-4b6a-bdd0-6dc76ad990f3","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":97,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"c028274d-649e-4d72-9b95-f00130f059ec","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":97,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"a7147ca0-0d50-4da3-8c4b-54d541c1beb8","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":97,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"e4c36076-a54d-411f-970e-bdde64041d1e","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":97,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"05b2a61b-2ad3-441a-80b2-bfd216ab78eb","block_type":"box","text":"Master Limited Partnerships.","page_number":97,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"09564ac7-84d7-47f2-92b2-c559fea5b719","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":97,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"c2d04fff-8c0c-4a03-9c87-201ae357348a","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":97,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"d6db04b0-e138-4579-aa97-3f6944a84d38","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":97,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"71ea5e96-9e09-416f-a0e6-77164e0dc531","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":97,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"7970467e-baa1-455a-b8b7-64d42f81a71a","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":97,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"dd5530da-043e-49bb-84d8-77f7d401f37c","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":97,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"bc1c4df5-52c7-4daf-9598-972264a3d21b","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":97,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"6bf6268b-6432-4ccb-8ba4-c3575b43009b","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":97,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"1bf5f8e8-2fbd-4324-b074-443796f179b9","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":97,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"4f5512c6-c38e-4ab1-9bfe-b7c014a4a42e","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":97,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"2cf58105-f018-4faf-abf5-39af928f5ad1","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":97,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"c47cdf8e-d0f3-4433-b651-b1fc832d316f","block_type":"box","text":"in the par tnership’s operations and management.","page_number":97,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"c38a9e14-ccb2-4acc-af0f-c6d9361c72be","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":97,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"d22eb560-25b5-4f29-a77c-e1b551a2e8bc","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":97,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"f52fbef9-5858-41f1-be9d-3ab23d6e759d","block_type":"box","text":"II-50","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a04fd33-43f5-4829-a816-06b7c3b7617b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"320636ef-c7cb-47e4-9c7e-f5f53c1aa263","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":98,"box":{"x":69,"y":45,"width":804,"height":11}},{"id":"35eab158-d4d2-4e32-8f2b-42ff6f6d484e","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":98,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"eb760eb8-4182-42e1-9ac0-331b073faa5e","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":98,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"96de4b36-7e34-45aa-803c-1d69a043ec5c","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":98,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"2b3f8f68-7e7f-41b6-8b6e-289e5992fa0a","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":98,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"9e51f82d-cbaa-4694-9288-8d6ad1980a01","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":98,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"5a185eee-a056-4cd3-a977-88d6ab368399","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":98,"box":{"x":70,"y":135,"width":839,"height":12}},{"id":"8ebe72b5-04e2-46e4-b124-a3c52bb75e7d","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":98,"box":{"x":68,"y":151,"width":828,"height":11}},{"id":"fceb89b3-74a8-427e-bc44-c866893ff7ff","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":98,"box":{"x":70,"y":166,"width":761,"height":11}},{"id":"61efacd9-a6fa-4649-9eb1-07f3ddf0f028","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":98,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"78ad44b5-a011-46f1-a129-1c036d4243b7","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":98,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"6ecca9a1-fa71-486e-954c-0dc578f07caa","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":98,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"8f166893-ed90-4895-8f8a-dd926aaa75a3","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":98,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"ef5bf7f8-4579-4fd2-8e59-371468f4abf8","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":98,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"3f477347-38e1-42d6-a969-ff5cb731b85c","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":98,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"b0b93b46-1698-40c2-82be-671574290146","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":98,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"efc4b1c9-fa10-4a7d-b2db-d75f9416bfab","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":98,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"af2da218-cee3-48f0-b5a1-5b6832399458","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":98,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"5c9112dc-7ede-4e6d-8764-3b4401ae3e20","block_type":"box","text":"Merger Transaction Risk.","page_number":98,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"a6b5d86f-4524-463d-a400-e8c155f446b1","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":98,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"b6b01e8a-d3e8-4ee9-afa0-b0b2661ec913","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":98,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"1a32151b-b1b4-4e15-a8aa-11ffe1ddc1d3","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":98,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"35bc6527-7e46-47d9-a6d6-fe4ea79188c0","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":98,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"09f2d8db-ccf2-4dda-9d92-173a3bda490e","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":98,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"55d6c27c-03f2-4764-b8d5-674b13905e91","block_type":"box","text":"the Fund and may lose significant value.","page_number":98,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"97059a3c-3939-495b-bead-9cfd495d1c89","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":98,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"2e3cfd78-8e65-42c2-ab50-5f184aa6e6a5","block_type":"box","text":"Cer tain","page_number":98,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"83872c99-1c96-4169-b62e-b25d5de4dda9","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":98,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"d5458e46-bd4c-4908-b733-9db65d6c199a","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":98,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"5a3df5e0-c762-41e7-a6e8-aebb5aaef57f","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":98,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"0fba4641-6809-4a4d-839d-baa44ec2d75d","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":98,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"d2b8799c-0c4c-4364-b3b8-902364c122a1","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":98,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"9e1970aa-6f67-49a2-ba4b-518add39b5aa","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":98,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"496353a7-1615-4aa9-a733-e1856ec1f588","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":98,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"4c468e2e-c0a5-4a75-8c9e-623ef9173692","block_type":"box","text":"branches of domestic banks.","page_number":98,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"5c202d14-24a7-4814-aa4d-6ceee1f55349","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":98,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"4395eb3b-e5ed-44ba-a600-0ac2b0d5007d","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":98,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"56bb8132-dcaa-448f-931f-eb4fc19c656f","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":98,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"7d4caf01-0a20-4956-a41f-2581ae8bf466","block_type":"box","text":"paper of a foreign issuer.","page_number":98,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"90fd4682-f98a-4f00-8a5a-afabd307dbde","block_type":"box","text":"Money Market Securities.","page_number":98,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"2b43b61a-227f-447f-bfd7-19ac5d856c4c","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":98,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"6d2ad130-7a47-48e5-9290-493ee4b1c3e1","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":98,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"5eda07d0-5bef-4b52-8acd-83dc961f847e","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":98,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"e1195cfe-e0d8-4365-99b3-77df22a111fe","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":98,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"61b653f7-071e-408e-be5d-ebf730119a54","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":98,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"7f8e04e9-a150-48ab-a8d1-679274465dc2","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":98,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"cce24bcc-4c85-4540-bdab-be59053befab","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":98,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"dd86377a-9387-481a-8cd8-e9afb29f4f91","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":98,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"a52a5317-2b05-49ad-9c1d-7368620f5235","block_type":"box","text":"agencies;","page_number":98,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"c790efd8-f14a-4ef2-8931-3980d1f82c36","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":98,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"e16b284e-641b-449d-98de-230291ff3a60","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":98,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"77869a84-43fb-43da-9284-687e465f9bc6","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":98,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"fc9fd6a5-8992-4978-98d5-f1bade42ad26","block_type":"box","text":"obligations and credit card receivables);","page_number":98,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"a966863e-e00a-4103-82bf-ded7dfeaf51f","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":98,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"6dfbf9a6-7055-41ff-9532-7e6413a358e1","block_type":"box","text":"authorities and related custodial receipts;","page_number":98,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"3112474d-1820-4119-9640-7cdcb7b5ace2","block_type":"box","text":"II-51","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a32efa5-1765-446e-a728-6d11de54d8fa","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"663aa4a8-fd77-4418-a7a0-bd21dc43ba3b","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":99,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"d5d3a87d-2729-449a-a4b7-727bf996ec5e","block_type":"box","text":"agencies or authorities;","page_number":99,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"b80bc4b0-0693-46da-b5d6-9f79a9d254b9","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":99,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"148fd1f8-e406-4915-b058-d5b2dc59f936","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":99,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"242d006a-2b55-4afa-a7c8-208445f1cd3c","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":99,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"cae7e995-bc98-45f3-8c2f-fe268bed367f","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":99,"box":{"x":69,"y":140,"width":812,"height":12}},{"id":"25e65af1-3ade-47c0-877c-af1cbb507f5d","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":99,"box":{"x":102,"y":155,"width":766,"height":12}},{"id":"952d0a4b-6e1e-4a76-91bf-94a3d560f84f","block_type":"box","text":"States;","page_number":99,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"a7c03a69-f29c-4526-85b4-ce1f1452084d","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":99,"box":{"x":69,"y":191,"width":829,"height":11}},{"id":"82fe525c-5750-4cc0-852a-f3537f79b4d1","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":99,"box":{"x":102,"y":206,"width":379,"height":11}},{"id":"ac9d72e6-0244-44ca-850a-1aef5609dd00","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":99,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"4e214f2c-8d55-48a0-9335-5fcefd52b3a3","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":99,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"78d4c5c5-86c1-4e1b-aa1b-6b16cbb5acca","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":99,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"9bb00466-5024-4680-93d9-1333ca014e4e","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":99,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"74a6d803-cfe1-4b2b-af36-567b6165dd3f","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":99,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"832e22ff-a305-4886-aa46-cc345009f5a8","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":99,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"032108df-5705-4eeb-9933-c566421077af","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":99,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"347880b2-9ab7-4bca-bab8-a22b0bb2db55","block_type":"box","text":"States.","page_number":99,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"fe8407c6-d3a1-42a8-95d4-236ef968641c","block_type":"box","text":"Mortgage-Related Securities.","page_number":99,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"576c58e7-4f0e-4844-8fe9-6b72a0968862","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":99,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"3964c607-c98d-4e1d-b3a8-32000c4e1255","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":99,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"05edbd37-e87e-4a77-8762-24e3e132c9ab","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":99,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"a001e208-9a76-47bb-a7bd-68bf696bbf24","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":99,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"574d1ec2-96ba-44cd-a0f3-8dc0ca516dcf","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":99,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"7c9338eb-859b-4055-bafd-51bdc3d2b591","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":99,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"dd24f45a-491c-4558-bc54-ecb7ffe5c786","block_type":"box","text":"maturity or specified call dates.","page_number":99,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"b49454bc-9023-4758-a32a-a4700a9eb29b","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":99,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"87372f4f-543b-4168-9792-16d1e0b02c5f","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":99,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"81600f01-63bc-4195-a42b-1fcfec0042bd","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":99,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"ca034141-030a-4b1a-b133-2d4a7e81e930","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":99,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"a20dd354-afb1-491e-8166-20cca7ba71ea","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":99,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"fee75128-70d6-43de-a05b-34daf5951f44","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":99,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"2818f9ac-b283-4d1a-8fb4-a104b67cc174","block_type":"box","text":"The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":99,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"d4932db2-e34b-4c14-bec5-448ef7f46610","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from traditional","page_number":99,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"fe23c341-ff0e-4e27-b9c0-09b4d78255f1","block_type":"box","text":"fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":99,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"26ea6c83-e20c-48e5-9e0c-5773264b6115","block_type":"box","text":"mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":99,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"efb9d418-ed69-43be-aed3-e5f6b0021684","block_type":"box","text":"of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying","page_number":99,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"54132e89-0ce2-4f7c-bbe4-4ad79a69ccd4","block_type":"box","text":"mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more quickly than","page_number":99,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"e5e0f7db-02f9-4597-84b4-26b90e15e08a","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed securities. Moreover,","page_number":99,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"5c3e2378-4103-488f-90ae-37edc5ffe6e6","block_type":"box","text":"when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest","page_number":99,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"4b2b7a30-13a8-46ee-b29c-e384435eee1d","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":99,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"8ac5ff12-f1b9-4980-a7db-71689776ae5a","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":99,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"bd19399b-22ee-4380-9c50-592be2857daf","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":99,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"34136aa7-4de3-4326-9515-6f76e5c12a9a","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":99,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"ca4bc420-5c71-455a-be7a-1bee0301919c","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":99,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"4534f264-eac8-4c0a-b186-d2646029b3d3","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":99,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"6691232b-0aa5-4fc5-9c73-37271e18d412","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":99,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"75264404-5859-4927-9f9c-8cd35ce0debe","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":99,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"2f44b268-2e11-4542-b140-b6ff781fb513","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":99,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"bd431e4b-6ece-4033-a8c8-59caf0e89287","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":99,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"096c0042-9b25-4035-b875-b5a4eca1a53e","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":99,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"485873a7-bfd2-40ca-bc7e-c40315c17cd8","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":99,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"1b661c7a-f9d6-44d3-82c0-f76bff57bd89","block_type":"box","text":"II-52","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"926205d3-2f46-45b0-a9d5-a73e457253b0","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13a22200-1c8b-4fd1-90d9-1d56244e23a4","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":100,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"d310b074-591f-4acf-a9c5-6218a839c664","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":100,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"6b1ad273-ce3c-4c3f-950b-9508e04a046c","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":100,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"b4ffff7b-d643-4ea5-8729-ea46091529c3","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":100,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"864c5d06-c995-4dd4-9f1a-4d18be656772","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":100,"box":{"x":69,"y":105,"width":808,"height":11}},{"id":"16b36628-067a-404d-8eeb-7887a8a78327","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":100,"box":{"x":70,"y":120,"width":825,"height":12}},{"id":"636590a4-149f-4c6d-bb4f-fbdae8645141","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":100,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"472cec97-a69e-4f3e-a32f-d117b29e04c3","block_type":"box","text":"these three types of securities are considered “mor tgage-related securities” for purposes of BATS: Series A","page_number":100,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"a3a66c68-50cf-4af6-a892-dd840140317d","block_type":"box","text":"Por tfolio’s fundamental investment restriction relating to concentration.","page_number":100,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"2a7f345d-0e5f-4c52-bfb3-50975c477ecc","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":100,"box":{"x":102,"y":188,"width":743,"height":12}},{"id":"4144f7c8-44b0-4ce8-a540-942dcc1142e0","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":100,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"8203c285-cadb-4663-98ee-672fb33febe8","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":100,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"b8c4e2aa-4d7a-4bfc-9a55-7500cc7a1078","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":100,"box":{"x":69,"y":234,"width":737,"height":11}},{"id":"ce8d6a41-95d0-49cb-b946-707ded865e12","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":100,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"caac665e-de4e-41e9-96c1-e342fb389104","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":100,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"66ccf120-d742-4a72-a17f-fa25ebce469e","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":100,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"ca6f8c1f-0031-4ece-a57b-357681a2d8cc","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":100,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"d1c8a4c0-e5e2-4898-9402-5ece2ca5f88b","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":100,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"a64c41a0-a74f-4251-aa80-0aa2a8fa0995","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":100,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"9e585302-b1b5-4379-a22d-06cd90c62e23","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":100,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"e10da9bf-d1f5-43e6-955e-27cc75a01a33","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":100,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"b6890103-4fa8-48dc-bfc2-afe9b5c14187","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":100,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"3c1654ca-a147-4258-9eb3-02503d0c654d","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":100,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"a5935343-8c26-4b35-8261-3c5799908d18","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":100,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"7ea8a2f3-575c-430d-8807-9a013da28455","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":100,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"a4c0e91c-6c64-41e2-84f7-38aa2954d9bf","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":100,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"09032b00-482a-437c-94da-dba0fc44e881","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":100,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"c1d73539-1734-4f46-ab1a-62bf3e14d983","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":100,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"67530ba5-f6c2-415a-b810-8c5b700508b5","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":100,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"62e73449-4c5e-4d18-baf0-101c99959c98","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":100,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"96dd6a63-5fdd-4f04-954f-a3535418fd28","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhar t of the","page_number":100,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"1e40ca07-5928-4340-919f-3c3a77f66698","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":100,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"b440fdb2-338e-4a41-9bf6-ed1aff1dd5a8","block_type":"box","text":"addition the U.S. Treasury Depar tment agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":100,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"7ffc9fb1-62b1-4511-b262-d1a9d5e47c72","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mor tgage markets.","page_number":100,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"67ae8247-f1e6-4507-a118-00fb1ae8290a","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":100,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"0bfd0978-133b-4eb4-8bb5-547223282563","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":100,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"b71b7cbb-cb99-46c6-bbc6-8603441d8347","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":100,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"faf913de-ecc9-4585-926a-60f2d1710bfb","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":100,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"06860c94-f2f3-4f1b-a606-330b4f6d283f","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":100,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"0d1c6d3d-83a3-4d9b-ac71-38b5687515c5","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":100,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"a33c0457-8694-4847-8977-a66d8835461a","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":100,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"0a05e716-2803-4351-8c9b-bc532d28b343","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":100,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"c29af57b-de20-4ef6-8de7-6daedac34282","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":100,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"11ff487e-e224-434d-9e63-91a595e08755","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":100,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"733af559-15e4-4254-8839-ab492a63f798","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":100,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"978731ed-c338-4c14-9e2e-0d3afb62b0f3","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":100,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"f16393a1-a50e-4129-877d-251039f52a05","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":100,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"787b9f09-ba4a-44f3-9faa-70fc23e1e689","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":100,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"90447157-4ea6-4f11-8470-d17f3310170c","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":100,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"d9b13d86-e01a-4c00-93ce-c1f689546651","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":100,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"236c63d0-fb7d-49fa-a1f6-2634e94060bf","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":100,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"e73df5fd-361b-4792-8127-9eaf9a5a2f3e","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":100,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"96d66792-1abd-4ed9-bbb6-0aaaa5b5318a","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":100,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"9e54319c-2f6b-476a-ac41-0174698a8e1f","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":100,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"f5237a29-40ad-4ed4-a462-4a0c821672ee","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":100,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"383e5cec-8ab8-4ec6-8c0e-d860b72fb0a4","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":100,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"e2be5514-50bd-4459-8654-17b8c9456024","block_type":"box","text":"II-53","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0d8fc26-443d-4bba-a400-3785a81d82bb","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5ce088a-1378-4274-a19f-14b250a2406e","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":101,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"fe50b052-6aa2-4b3e-8aa6-46d86c46f664","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":101,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"51ef0f0a-7852-4369-ac86-da5aeab0c462","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":101,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"4ec76d91-5276-45ee-bd1a-b25ce5594e16","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":101,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"9795bce5-388d-4647-97a6-cb3e81086d4b","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":101,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"5d4817e1-6ce6-4000-b4a7-81b9454e5faa","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":101,"box":{"x":101,"y":128,"width":754,"height":11}},{"id":"d2ba61a3-c084-452a-9ae6-0553d028830e","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":101,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"41d3b510-1d30-4820-8f61-7541a5ee6916","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":101,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"83a1fe1e-4e78-4473-b46f-8fe0cb0d56ad","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":101,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"91e03c1d-7c1d-4ada-b94b-0d40f055e369","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":101,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"9e5c1ad4-f4fd-43bd-86c3-2c9441113d8c","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":101,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"f5a1d114-6321-483d-ae39-cb3e47a1594d","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":101,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"11536b30-81cc-443b-a313-bcc4648b1e7a","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":101,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"b79f980f-1fd7-4c1b-b68b-b96a0f9509ca","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":101,"box":{"x":68,"y":256,"width":714,"height":12}},{"id":"21ba748d-14cc-4659-8f51-4e3d0caf2d57","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":101,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"86cceb4a-1f99-481d-a495-c3d2636a0855","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":101,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"44938d1e-c996-401d-a990-6a6f007fa6e4","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":101,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"4315b331-bd93-4404-ba3d-f4e2e6036f96","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":101,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"756939ad-b17f-49e8-bd37-8bf25ba01406","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":101,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"a271b4bb-dbc9-4fe9-a36c-33e6df4f69e4","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":101,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"21fe293f-3314-4ac3-b052-d7f8b74795b7","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":101,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"431878a9-f5aa-4591-93d7-6385e926b470","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":101,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"02445012-4518-4a22-830a-53bf1cf6fd0f","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":101,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"cb0db9ab-b6e0-49e1-b084-af75d2632d3b","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":101,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"2d9faeb9-7d4b-4538-9a3e-e9185807b348","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":101,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"490caca5-266e-4f13-8274-76811ac39d61","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":101,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"b31613b0-6ee2-430d-a616-f086056bbcec","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":101,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"db93ab4d-0d54-47c7-801f-d873b5ab4303","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":101,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"0eb616ff-d2f9-44e8-8c64-91ddae3f9de2","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":101,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"bc964ba4-d944-42d9-832b-20c725a623fa","block_type":"box","text":"of principal because of the sequential payments.","page_number":101,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"146dbf5f-a773-4700-a184-2f3bd4e1acea","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":101,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"a560c732-ccfa-4602-9beb-ee9d087d7dc6","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":101,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"14d478d0-24ce-44a0-ba2b-cc9637062e9b","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":101,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"a06faa6c-7b02-4d42-b78c-695830f169c1","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":101,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"bbc284f2-4921-42f6-8354-730c766550bb","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":101,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"db13a841-0003-4f55-9c09-26717aba73e8","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":101,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"e83a5c17-472c-49df-a172-1a159f713e7d","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":101,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"a20469fe-add8-4781-bdb4-843d09664474","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":101,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"b60bcbf8-8321-4b92-91c0-2a1e4accf11d","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":101,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"2e70990d-242d-4922-81cb-a1e87e220586","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":101,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"034296a0-b01e-4caa-983d-4f8759bbb527","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":101,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"51916dd6-5681-4f33-9ee5-830594bb0f1b","block_type":"box","text":"securities of any single such entity.","page_number":101,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"e378f767-62dc-465a-9db0-69256695fc80","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":101,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"6ef93070-7722-4770-87be-5223fd12abb7","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":101,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"9ff4d4fb-a687-43b3-9806-03d124fb0702","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":101,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"bec87c30-4230-4e0e-902b-c15590ad32bf","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":101,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"99b740e3-d50c-4e82-baf4-67082b061652","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":101,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"1f8f8c5f-dc53-43a9-8d7f-5a314958e604","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":101,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"2f7956bf-a162-4208-8bcc-db9923d9beab","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":101,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"46f8edba-4426-4593-a014-64525dd819e9","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":101,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"d4f5d235-cb01-44ff-8260-223fa02bf01e","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":101,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"49c2242b-f77b-4b53-8a67-756ab8debe55","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":101,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"b06800c7-bb99-4613-8186-0e6e0ecb7fd4","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":101,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"25740857-24e2-4c2f-8008-0fea50731e30","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":101,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"89acd9b6-3cfd-4553-ae25-4a5d8770803a","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":101,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"545ce5df-465c-49d6-96f1-bdbce15fcfcb","block_type":"box","text":"II-54","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"548e4d3b-7462-4473-bd04-92f9801bb93e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80d7d3e6-e7a7-4d4c-a75c-d2d694357ece","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":102,"box":{"x":70,"y":45,"width":802,"height":11}},{"id":"5c51ed21-5918-428a-bdc6-d16722f48889","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":102,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"52371bed-4ca6-4aad-9143-a50a935b13a8","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":102,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"225f1f12-9709-4447-861e-c9f7dea18f3b","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":102,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"e4caa968-b687-4691-9261-530cc40307b6","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":102,"box":{"x":70,"y":105,"width":792,"height":11}},{"id":"ffc67190-b785-4e58-aba6-ada168c5a196","block_type":"box","text":"classes.","page_number":102,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"c70197ed-7c1d-4fca-9518-545bf8b2fc59","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":102,"box":{"x":101,"y":143,"width":774,"height":11}},{"id":"fa16851a-345f-4ec2-a5af-0c21fd8d046c","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":102,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"edd0d53a-34c0-4d54-aed1-ef15d3f2fb21","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":102,"box":{"x":70,"y":173,"width":815,"height":11}},{"id":"6a80f695-da5d-46a7-b830-c82f152344e9","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":102,"box":{"x":68,"y":188,"width":833,"height":12}},{"id":"2902ba41-056f-42aa-929a-751389e79e5f","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":102,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"6139b15f-ad59-4eb2-ad6b-a24efb346ec2","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":102,"box":{"x":69,"y":219,"width":541,"height":11}},{"id":"a41b7ed5-ed7a-478b-b006-2f134d31e140","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":102,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"55906b60-8a35-4e28-be60-b448d8aab5ba","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":102,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"fec0ebb8-b81e-4ed2-88ff-eb04a815e4f9","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":102,"box":{"x":69,"y":256,"width":807,"height":12}},{"id":"b784c867-56aa-4b8c-bade-a069bd064d91","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":102,"box":{"x":68,"y":271,"width":835,"height":12}},{"id":"0937dabc-9970-4687-b7d1-b9a4c8700e7c","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":102,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"9361fb98-c231-4296-a467-47a9f92b1b7a","block_type":"box","text":"to a designated benchmark index.","page_number":102,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"25430af5-e260-42d9-b33b-34862062c31e","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":102,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"58eebd3f-21c5-4234-8cb6-0f590010266c","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":102,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"52ab8295-564b-4eca-9d90-ffcf49106af5","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":102,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"896214c7-48ae-4e84-9657-b3b0c64763cb","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":102,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"dda2b351-81b6-4c7c-9728-f08208343db6","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":102,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"534b1f36-5181-4140-af0f-d625fd247dc3","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":102,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"1b21636a-4ad7-45ce-82f1-540285dfc793","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":102,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"f1a73554-4c6f-4551-b74b-076cec1d40a2","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":102,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"42c49741-28c9-4bdd-bc45-6ffa27d4c152","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":102,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"10953339-422c-4875-b077-1f9f303d4893","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":102,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"17f1d7e2-b4db-453b-8cd5-8e1b2546d026","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":102,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"6139f820-2108-4aa8-8ebf-7f104bd62063","block_type":"box","text":"CMO Residuals.","page_number":102,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"df9ea784-f46b-4491-833f-59ba2889bccf","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":102,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"cd6a3587-9f3a-48b7-b33f-47053a6c28d1","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":102,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"8733dd26-30ae-48ad-b756-678e572939c5","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":102,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"19577c93-d005-4ea1-99ca-ecdb46fa479a","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":102,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"58cc4404-e801-4f1d-beda-32d9d5c2963c","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":102,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"efef0045-21ca-4326-a895-591ea048e087","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":102,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"ef810b9e-1881-4692-9c8b-39591be32aa6","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":102,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"de5f77c8-c4fd-4ab0-a542-46dd292ced47","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":102,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"16f40662-095e-4a57-b203-0bcf270ece18","block_type":"box","text":"among other things, the characteristics of the mor tgage assets, the coupon rate of each class of CMO, prevailing","page_number":102,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"32bfde95-a820-4258-80d9-30323dbc2cc5","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mor tgage assets. In","page_number":102,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"682d6c32-2fd2-4e40-ab5e-e221cc076810","block_type":"box","text":"par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":102,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"fc06882b-a490-4e7e-a4d8-f4c080d311bd","block_type":"box","text":"mor tgage assets, in the same manner as an interest-only (“IO”) class of stripped mor tgage-related securities. In","page_number":102,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"e84e09a3-3d2b-4236-9114-7acd95de7c7a","block_type":"box","text":"addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the","page_number":102,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"bdc1a90b-0516-4290-9cb0-2284ab1c09f6","block_type":"box","text":"related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate","page_number":102,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"cd88772d-d93f-4fee-ba2c-f2b7efe03f8c","block_type":"box","text":"adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":102,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"0b98d119-4c4d-4171-9d5f-032a7568c143","block_type":"box","text":"residual.","page_number":102,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"1009fa7a-e82c-422c-a24d-80f8a65f2e85","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":102,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"07b97174-884f-4a03-b3e5-f76a1abf8018","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":102,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"190ed19b-6137-4d78-b694-2f64c31e7cd3","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":102,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"359c6f83-b996-4322-881e-286dbd657298","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":102,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"901e284d-9a7d-4f5e-812a-000bf69b9169","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":102,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"ad87da23-aecb-4d19-b758-617010c07a3c","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":102,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"0edc03d6-47a8-4f48-bfa5-1ae496fb9f7b","block_type":"box","text":"and REMIC interests.","page_number":102,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"b05edb94-78ce-43a0-89d4-deb9d26e3d9b","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":102,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"0676fa00-7ef9-4bf2-8c65-b85a2aa3dba4","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":102,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"b9c1ab48-18aa-4ce7-b0e1-cf6e7eea3353","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":102,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"8a81d763-4940-41b5-9036-2a896400152e","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":102,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"0f352339-ebb5-430c-a2ea-b972bf38ddec","block_type":"box","text":"II-55","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b391f8e-7897-43b2-8038-40c41eabff7c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f775175-41ee-44af-8d8b-60a45a6fe850","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":103,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"40dd8fc4-bc29-462b-9114-db5594aff84b","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":103,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"f2fcbb95-7552-4df7-b458-9c72f132ad08","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":103,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"b6602948-327e-47bc-85d1-3db42ed9d4a0","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":103,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"0f08bc9a-e791-4972-8cae-3cd984c313f7","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":103,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"547a84c8-4534-4fc1-9c8a-470334ca4dea","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":103,"box":{"x":68,"y":120,"width":800,"height":12}},{"id":"cb1e4c99-b3d4-4475-9c41-d7f0bfd47207","block_type":"box","text":"related underlying assets, and a rapid rate of principal payments in excess of that considered in pricing the securities","page_number":103,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"ad12bdbf-a32c-4c4c-8dbd-ee4369a2bdee","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets experience","page_number":103,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"b4373a56-3e9e-49df-a346-6fb9961e8515","block_type":"box","text":"greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition,","page_number":103,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"8dd141a5-de1f-48fe-9552-58c5a299e95c","block_type":"box","text":"there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the interest","page_number":103,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"9d477dae-fa28-4fcb-bf6f-fb1ef655d410","block_type":"box","text":"por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":103,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"a5a3c62d-748f-4f23-918d-b3a27cafe353","block_type":"box","text":"the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund generally will","page_number":103,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"d835e2ec-276a-493d-bc0a-f24f6b97ed60","block_type":"box","text":"purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs will be","page_number":103,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"d4701f55-e14d-4690-ae92-cd2e0940295e","block_type":"box","text":"matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":103,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"658230d3-fb57-4956-9c11-8660d3123cdf","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":103,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"65f008a9-b703-4650-ad6f-0c57c4e2d474","block_type":"box","text":"Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on the inverse","page_number":103,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"58243bc8-8aac-4ea7-8fb3-41221a61f995","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":103,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"eeb146d4-a349-4042-b40f-27a870bdbbb8","block_type":"box","text":"Tiered Index Bonds.","page_number":103,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"47db9dee-917b-43e3-8811-9761d9688235","block_type":"box","text":"Tiered index bonds are relatively new forms of mor tgage-related securities. The interest rate","page_number":103,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"f23ca4be-e882-46de-95d0-cd62684d79a2","block_type":"box","text":"on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a","page_number":103,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"102ec4ab-2222-457d-a8bb-6252653acdb9","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":103,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"3672800f-257c-4b88-b551-98fb2c215563","block_type":"box","text":"or market rate rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under","page_number":103,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"ce93753f-a118-4a9d-b923-244c1324a122","block_type":"box","text":"these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite","page_number":103,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"6f876cad-9d05-4253-b944-5228dc8236ff","block_type":"box","text":"direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more","page_number":103,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"e7c61504-51eb-49bc-aaae-3bd1a315d928","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":103,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"41d1fbc3-153e-466f-bbeb-cc2395d147c7","block_type":"box","text":"TBA Commitments.","page_number":103,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"39366559-0eb1-4292-ad83-a3341ce55202","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":103,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"eb26f53b-c7f0-4675-891d-48f11def0626","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":103,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"c392d839-e9a2-4688-9641-b6c140bf0d15","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":103,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"d32d81af-f734-49de-8c01-8f8f5fe9d94c","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":103,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"05c7fb2c-728d-43c2-b5ca-133f463024bd","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":103,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"1462fdd2-49a0-40e8-965b-c3122086e465","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":103,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"dfecc84a-6fb0-48bc-8177-40bb204212ac","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":103,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"6688c85a-1c96-438e-9638-27dbb681f406","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":103,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"bb75828d-49c9-4c6c-9139-98c5fbc13695","block_type":"box","text":"below.","page_number":103,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"52aaca0e-0c86-428c-9d80-128e8c28e4be","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":103,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"f80c116b-be1e-4a68-b68a-b48e3b5a35cf","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":103,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"d5659bdd-b784-45d2-928b-66c1f30df417","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":103,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"9cb5df37-365c-4143-9ca9-941f4bd5274f","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":103,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"a3cf1fba-7b18-4b19-b53f-2d3489ef02f3","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":103,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"8577e51d-8fe4-4af1-b558-b93304839c63","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":103,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"df20894c-304b-4e69-a40b-36dd8686386d","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":103,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"2a2fcd5e-904e-44cc-834d-d64883b6a27d","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":103,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"ee989dfa-4aed-47e2-a04c-9fc677c08095","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":103,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"96249ed4-47e2-4ed2-81b5-31c0dba6e42e","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":103,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"cb77991b-1422-48bf-876b-73897604624a","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":103,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"8039861f-cd1f-46c8-b9e9-c12f802e3c70","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":103,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"f17449b5-06e3-4b36-8f86-e796460b70b2","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":103,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"d14ef0f6-1b2a-48d4-b994-c73b1b623b3a","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":103,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"ba03a831-4a4a-4755-a3d5-96eb5fcdeb50","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":103,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"eef6e005-59c7-4adc-b98c-e4374ab4ba7d","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":103,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"aed779f6-f550-48c1-a77e-99f934ec2bdb","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":103,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"b2be6459-9a61-4ce5-85eb-91f1d595e547","block_type":"box","text":"securities in the forward transaction.","page_number":103,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"3670a9d9-cfcb-4234-8d89-5960790c521f","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mor tgage dollar rolls may","page_number":103,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"964a44f7-d4a1-45f9-9434-14a7454f8bc7","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":103,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"cde30e04-734d-4e93-8a06-a2f1cb6c8b24","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":103,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"197387a1-9111-450c-a591-dec81e6434a2","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":103,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"2708df67-ff45-4043-9f28-ffb45dca3ede","block_type":"box","text":"II-56","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"00b70157-5cb3-4c4b-b9ee-141be909fb09","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fabf444-1fb1-4ec6-a6bd-9f32e90c4fec","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":104,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"6e2ee343-14e1-44a9-81aa-53fa32fb0bcc","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":104,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"12bf1504-cfad-4c96-93c5-33a08bdcac72","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":104,"box":{"x":102,"y":82,"width":759,"height":12}},{"id":"b4d71f8b-4ba2-46f2-93d0-4ffc2a01556a","block_type":"box","text":"securities (","page_number":104,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"d4cd6cd2-3a9c-4e41-bc01-fc387f72e683","block_type":"box","text":"e.g.","page_number":104,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"73ab0a40-f233-4bc4-b564-2c721168bf53","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":104,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"213cb9dd-25ac-4c6c-8a04-bc35dadf55b5","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":104,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"bf76793e-c797-4d74-a0dc-fe051bfffca4","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":104,"box":{"x":70,"y":128,"width":783,"height":11}},{"id":"f50139dd-1255-4fbe-9073-dcb4cbffbb7b","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":104,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"5cb4a2c5-b43d-4cc9-a674-2411846893fa","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":104,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"bf7f2801-67f7-43b1-abbe-a72e404982fd","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":104,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"9be6f120-b9f6-4615-a683-ed9ba44a3c7a","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":104,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"6bd514cf-230d-4863-9469-7a2e604a335a","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":104,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"dfc4a2dc-2f36-401b-8d82-ea69cde6ed15","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":104,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"2c04a301-f51c-4dd2-b0de-3d6902ff913c","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":104,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"6c36b56a-fbcb-4c79-9689-479f4c195070","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":104,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"0f7541a5-64a6-4772-8acf-cbd19c37c191","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":104,"box":{"x":70,"y":256,"width":760,"height":12}},{"id":"a48093c2-295b-4ddb-898f-cda579484528","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":104,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"383fc222-3602-405d-a58e-e75e370e7136","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":104,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"c7192fc2-a5df-42e9-bf4d-0d37bf3193da","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":104,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"3d794111-f6db-4462-9892-16605201a50b","block_type":"box","text":"Municipal Investments.","page_number":104,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"e437840d-0da6-47eb-a8fb-c70f3884514f","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":104,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"e5662c97-a8bb-4d61-8d38-118290f7b520","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":104,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"675a0a5e-4a41-4303-a1dd-9418d3c24717","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":104,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"8b3f9dd3-475a-4c73-9a52-3a203250f145","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":104,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"808f7176-cdab-41b7-81f2-5dadc1053792","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":104,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"54b68d42-1743-4693-a2c4-57f7cb6654e9","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":104,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"0d601e77-57f1-487b-8546-971dec67dfb2","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":104,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"f368b41c-b882-4f27-bcc1-0206efb93cfa","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":104,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"89b9af33-e3fe-4a44-a3bc-20c624ca15b6","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":104,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"2dc0d5b3-2162-4923-98fc-61e0c74f4edc","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":104,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"4f39513f-410e-4a79-9ac8-70820e952531","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":104,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"0b261e65-2990-4665-8f9f-6d8751a50db9","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":104,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"47908fc5-b1cb-46e1-af07-9abdad9fb2c6","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":104,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"f4a6bb3f-fa11-48d7-8da9-2269c891e7a2","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":104,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"945ef3d7-b5a0-4c61-8cb3-8aaee55b1eec","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":104,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"ef4cdafe-e32b-4e0d-866e-a1c5efda21fc","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":104,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"a29d65f2-2701-4c5a-b70c-8ed046a8be40","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":104,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"6af88327-600d-428e-a669-3d67bb1761e7","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":104,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"08f872f7-3562-4750-b06d-0a6e51d02211","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":104,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"6ccdd3c9-e45b-4771-8fa8-8a99a481d94d","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":104,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"61d770a8-5414-49f8-94d8-6308a0ac4217","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":104,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"da5f2878-0ca4-42de-b06b-580f68bc1075","block_type":"box","text":"The risks and special considerations","page_number":104,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"dc4efb59-67d2-4274-9b80-549975bfc564","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":104,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"6c4320f5-7979-47b3-a1f1-d388cf02b258","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain instruments","page_number":104,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"5ca23561-547b-4dcb-b818-35519814f9a6","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":104,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"eee3002d-d57c-4f41-a57f-9855de9721eb","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":104,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"e3a4dede-3ad6-4b06-8122-d00645a944eb","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":104,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"1937e7f8-80b7-4fa8-9c65-a2f0267c2a66","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":104,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"4d1740a9-1226-4430-a341-11bcaebda132","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":104,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"e6f6d523-cc84-4765-bfd7-6dd54b3ad95c","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":104,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"b4cf5065-abb8-41c9-bde6-16cba501bd85","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":104,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"bc5c5026-fb85-4721-93a7-f6cc8555457f","block_type":"box","text":"II-57","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"33dba0a4-f185-4717-ad04-310865eafcd8","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f18cfc43-b75d-4274-8d4c-238972716317","block_type":"box","text":"Description of Municipal Bonds.","page_number":105,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"a7745e5a-7c2b-4af3-8cb1-4a2dac076f00","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":105,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"f7c402f4-bb7e-43e2-bf10-4fa8ae10ca75","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":105,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"8ccbec9f-1c23-4e7f-a223-2f8ebafeff68","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":105,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"4e9a6910-5476-44e1-addf-09256d7d37dc","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":105,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"8d8e15fa-6230-4e62-a8a6-b36feceea1d5","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":105,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"c746b574-a423-4271-b1fc-a5b9be7d1302","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":105,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"def60435-db24-4709-acc6-cbb41d0bca42","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":105,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"f8eaae0c-434a-41f9-b49b-ac38c6ec7772","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":105,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"1e637368-f8d0-4c48-a1f8-6f779cb4b057","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":105,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"f65b6e8d-7a0d-46c0-9c22-61917f9b5672","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":105,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"5bba45fb-30fd-4f4b-b4d3-02b4c4c5246a","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":105,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"5ebe9150-2e59-4b8c-91b4-8fcc914d6718","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":105,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"637233d9-ed8c-43ed-88d7-0235e50e45fa","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":105,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"6c1c58d0-bca3-43e0-a2d7-05d6791ffbad","block_type":"box","text":"General Obligation Bonds.","page_number":105,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"ebe8debd-e36f-4a87-bb7a-9b840675350d","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":105,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"df30fda5-95c9-4941-bf3d-cdeca881c476","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":105,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"b80935f8-4242-4b91-9bc7-84547adb6f1d","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":105,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"72f779f5-21f0-4fae-9f39-635e4a77e108","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":105,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"476f7273-69c8-4aba-b93c-b506578ec512","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":105,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"fd910cdd-7dca-4c68-9372-1515be3d6efc","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":105,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"a2042a60-a0ce-41da-b2f6-7cd02ef2e10b","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":105,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"166dbbe6-7f41-47cb-8e97-c20378f711b6","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":105,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"b791f898-a39d-443c-a99b-591512af2e81","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":105,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"31b451da-6e46-4b3a-b6cf-39985cc1b934","block_type":"box","text":"Revenue Bonds.","page_number":105,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"11eda953-c9d0-4afd-8783-e27d62b82641","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":105,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"360fb9a3-8c59-48c0-9722-b9145aecfe54","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":105,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"f4499455-cb77-4408-b657-5a6df3227900","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":105,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"0080c094-00ea-4bd0-896f-1972e4685867","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":105,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"17b10e54-ee91-4b73-9558-3d11c85af9f9","block_type":"box","text":"viability of such facility or such revenue source.","page_number":105,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"e952689b-7fcd-49ad-8820-49247053f4bf","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":105,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"b52b7e3e-63eb-4b99-bed1-ea474886859a","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":105,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"5c2d4a6b-b4fe-4a48-8244-572e85ffebb2","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":105,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"68dbc177-48f3-42a2-8572-12fea3298c2e","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":105,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"a16df04b-88f0-4cc2-b335-178e6c61d18f","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":105,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"1f7d72d2-2659-4473-a82c-508dc1049919","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":105,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"eef09eeb-34ad-4a03-9c9a-e4eb0bc0109a","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":105,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"2125855c-aed6-4c21-ace1-b4d832a4f1c7","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":105,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"c8bf767d-bdf1-4f52-96c7-174ae16034a5","block_type":"box","text":"PABs.","page_number":105,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"fe809923-4282-4fca-85f5-c3deb259ef72","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":105,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"594f23a2-19cc-48f2-9575-eb2dbb8d97a7","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":105,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"0debee07-83bb-4d02-82b6-bc0353f216e2","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":105,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"e7936fb3-e866-4d7a-9e73-080a0cba7202","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":105,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"8a5c1f56-a07b-4c73-b0a4-ee0d7ae4a1ab","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":105,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"7b0ab6ce-cd79-44a6-b6f9-276a21e08893","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":105,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"48c9a2ec-ddd4-486f-9e34-e618f8e1d61a","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":105,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"435c6280-d3ac-4dce-a60a-4cdd534a3a23","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":105,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"866978b2-8699-4e66-a379-6230d0520d10","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":105,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"54b0fd54-af7f-475e-8b91-5147ac20c30d","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":105,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"dc266b4e-1e3c-4094-bf31-af20b2d3ddbb","block_type":"box","text":"the par ticular facility being financed.","page_number":105,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"98a96cd7-b55f-4ded-93e1-d48b84097552","block_type":"box","text":"Moral Obligation Bonds.","page_number":105,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"a7370799-bcb5-4b03-b5c5-33c64be7d7de","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":105,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"620a1009-dfdf-46f9-8972-a876a659c86c","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":105,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"b7ba2e5e-da8c-4f05-8064-a926ed8e43a4","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":105,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"9592f630-8855-4207-9138-24ee897979ca","block_type":"box","text":"that issued the bonds.","page_number":105,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"f4d2d2b5-ccd5-4cc1-ba8f-33146083bd74","block_type":"box","text":"Municipal Notes.","page_number":105,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"3aad47ba-7a7c-418d-a774-b4612ebbc85f","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":105,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"d050f0cd-f0c1-4fa7-8309-8dab28d359ee","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":105,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"9adcc65a-7777-4f8c-a7fd-1df07004e827","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":105,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"93c47fa7-e6de-4782-bde9-ce3232e005d2","block_type":"box","text":"II-58","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81577810-91a1-4695-a081-292227513a10","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"852baceb-90c2-4001-ab91-82e8dd0423e1","block_type":"box","text":"Municipal Commercial Paper.","page_number":106,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"5f880bd4-2277-43c9-a266-5d3eeb85bf90","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":106,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"28cf1318-6da6-48cd-b3e6-3e2f29a41ddc","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":106,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"8d735b23-214f-476e-b872-c24863171fd0","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":106,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"de1aa486-0dcd-4360-9c73-5608e1daa271","block_type":"box","text":"Municipal Lease Obligations.","page_number":106,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"e548aec2-cac4-498c-9931-c7c01c33ba97","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":106,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"235d9b58-e61a-485b-9313-146d4d0d7dad","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":106,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"06609afe-2e10-45e3-801b-070cb9c31ab3","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":106,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"bd63bc5b-5108-4a1f-821b-f682c70ef3ce","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":106,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"92916124-2b91-487c-a43f-37b08b13321e","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":106,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"fd7d4286-7b06-4ce1-8ed9-4313b8c1b874","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":106,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"f1ce8fd4-860b-4433-950e-f6b58f6dfb8d","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":106,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"e03c215a-dc87-48cb-83ed-84c7b3b32c9f","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":106,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"2442d08d-327d-4f25-a9a3-c8ed9ab181d5","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":106,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"d3673950-c21b-4bd6-a898-8c50e1834421","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":106,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"3554b3df-8a30-4d69-98e1-abe92bd1638a","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":106,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"0ffbe0b7-3721-4b02-b112-c6411205817c","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":106,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"87cee2d3-57f5-44ea-9ab4-81f18bbf622a","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":106,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"4c68eda9-e4bc-4d31-9127-a906f478daf4","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":106,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"d2ee5934-5061-4611-bea3-1cd6f7d0a5e7","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":106,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"affe50e9-d3e6-4098-8f1c-d1e788414e0d","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund, and could result in","page_number":106,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"451532f7-8fa5-4a9c-96ba-0f9b24ff68f7","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":106,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"81acf543-1b5f-4c96-b3ee-aeb46356fb17","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":106,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"fbce6126-340a-48e1-891f-d4d45a06a175","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":106,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"68be166f-c1e1-4ec1-983d-7fd0ab519b14","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":106,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"c87dbe9e-7409-48bb-96e0-402360802348","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":106,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"d11f1da6-d22c-463f-8a98-aab813f9c030","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":106,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"bd634f77-e4c3-4ac1-9c41-5326095bdf03","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":106,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"501f475b-dc1d-4363-a173-00ced7c44b3e","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":106,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"fa345ea3-034d-49c6-b813-5f5e5be8297f","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":106,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"7e598ae2-5974-42e9-a807-f282b3c38ea9","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":106,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"5001f4cf-e371-4492-baac-1569dfb33781","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":106,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"a326bfc0-32e7-48da-aaf1-d2a67da84e7a","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":106,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"70ebe045-3030-4a7d-8838-f79d839108df","block_type":"box","text":"Tender Option Bonds.","page_number":106,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"5233dcf0-0eee-4c00-9a2e-32f33e30e7f0","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":106,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"845d410b-b035-440a-924a-f0b6234d1235","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":106,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"64609f39-3a13-4cfb-86c6-e40b8ad3425e","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":106,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"9a2f5368-2ae0-48af-8e52-8e650c093d9e","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":106,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"40f98aaa-4d96-46f0-9af9-02d209395147","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":106,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"6df7b926-f786-47a8-b880-9a2b9683fd85","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":106,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"200e7ca8-4fc6-45c5-ae08-739db5e79a0a","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":106,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"bd70c54c-f6b1-482d-bda3-9e6ac1c1ef6e","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":106,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"70c9ca1c-1330-4777-92c1-6b18fcc6f3b6","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":106,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"30cb9cd8-6293-4d33-8606-eb299c909f9b","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":106,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"4b846266-53d3-442d-9d9c-8a8c2564d7c4","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":106,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"8c9f477f-3f56-421f-98fb-952c47ce4fb3","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":106,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"30a743e1-bc9c-4c1b-b17d-c0e96fcfbfec","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":106,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"3ae35c22-2796-4e3e-a538-75ba25186944","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":106,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"64b4fcd0-a9d8-40c0-9add-a9e63748b0fa","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":106,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"bb4dc07c-0e7d-4f2a-8090-9059e1084161","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":106,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"e8db3bba-de67-4802-8d8e-ae4f4d795170","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":106,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"e8758314-ef6f-43ae-a598-13f20976df71","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":106,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"18b39ada-9a40-4a0a-9cb7-12d2d46cc405","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":106,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"69379ec4-76bd-483e-bfc7-16e2219a7581","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":106,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"987083ff-9616-4d39-a345-19d4f04b9e60","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":106,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"24bdafe9-2d65-48fd-aa79-4a164ee0cb42","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":106,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"50c92f39-c6a1-4a2a-b29d-13abfe37a13c","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":106,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"cc2aeff7-d88e-4d3f-8d97-1ba967d97802","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":106,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"fcef7eb6-8a10-458e-a535-2d10779e5f22","block_type":"box","text":"II-59","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32e6380c-f460-407a-b1a8-cbb37f60eb2d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fdaef3d-1d0f-4cb4-b65f-0a146ccb8972","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":107,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"32424628-d5b1-4fe0-a405-2dda0c623f83","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":107,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"35074892-0226-45f3-a54b-afb312056f9d","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":107,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"5f30d202-3dd2-47e4-9530-c49e7d09cccb","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":107,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"61c93b65-1b96-402f-9250-a485452234c6","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":107,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"a5553679-1591-43ce-9509-7370aeabbfee","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":107,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"6a16e93c-3d52-40e9-ae70-268d2f42c502","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":107,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"a3e69660-67bc-4ca8-8a0e-f07fa2dab8c0","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":107,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"9479aad9-8fac-4a91-9afe-43e8732c05e8","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":107,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"21ca89a4-3fc7-449a-a805-b4cac4ac53ff","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":107,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"2b0ab3f3-3b96-443d-940d-97f717f185da","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":107,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"226b103d-a570-41cc-b5a6-450cce58e73a","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":107,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"38b578d3-f7a8-4178-a566-bbd3132c5ebe","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":107,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"30c6892a-e999-42c2-ba94-7f1bff88c10f","block_type":"box","text":"issues.","page_number":107,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"a3d289b2-f2d0-41b2-818b-6cbbc7e9f844","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":107,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"6c5aba9c-f4d9-42c8-a438-2ab25aaaeb39","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":107,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"cc30a124-c60b-4884-8675-9aa67b6c3974","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":107,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"3c6a1df9-1f2b-4323-a3e1-3099674047e7","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":107,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"937509b3-919a-41e8-9b9b-31b56d4646cf","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":107,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"f2e0b589-687f-4f6c-b392-8639ca7d023f","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":107,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"6428067c-737c-470c-a59b-008812642fc0","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":107,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"76f4793c-ed4a-4ff9-8c7f-fc598b29114b","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":107,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"d278b4a8-e52b-46f4-9030-b3a78d775021","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":107,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"a5a56a0c-dc6f-4365-9e1c-dd02a17bb91b","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":107,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"eec3634c-4300-4ddd-a54e-8c09efb4a44c","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":107,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"bfc46bcb-1f62-47a7-ab34-282dad6c5a94","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":107,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"6b3fd71e-d9a6-44f5-b2c8-b99024d81db7","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":107,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"1710343a-a36f-458c-96af-c2cdfda22818","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":107,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"cedb7e49-b74d-4ca1-bca0-757907aadf27","block_type":"box","text":"i.e.","page_number":107,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"c6b3aa96-f386-4452-a930-1ffd017303b0","block_type":"box","text":", the Fund). In contrast, in the","page_number":107,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"4e8e5109-7870-40d5-9f06-6b32978c4622","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":107,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"9e84fb53-47d9-4236-b556-fb5afd35a009","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":107,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"d01b36b4-1609-4206-bb11-b5cd6d69012a","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. TOB Trusts are typically","page_number":107,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"38ac1a3f-8fe1-40a1-9d8b-ab1b4c892e1d","block_type":"box","text":"suppor ted by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”)","page_number":107,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"31a129d2-3984-4bbf-a5fd-6108e34bd0d3","block_type":"box","text":"that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued","page_number":107,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"a634262a-9d90-4bd0-a410-ef8ce8b4307c","block_type":"box","text":"interest on any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure","page_number":107,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"ff8af532-ef1b-45ba-a451-a1f26cba21be","block_type":"box","text":"of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a","page_number":107,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"8dbae6fc-d72e-4cc9-928a-19fe5a8f5fbd","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":107,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"5b6fd9fe-f962-4ced-b5a2-edc759c68c63","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":107,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"00e3bdfe-39c4-492c-bf90-2fefa8038600","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":107,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"7305173f-14c1-4163-adf0-0c96a16ab5b8","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":107,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"86b19086-752e-477c-a116-be85072e89e8","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":107,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"b431bf49-b63a-4c04-91ca-c323dba25204","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":107,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"5674967c-7361-4e7b-b097-0c357f3a84c9","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":107,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"31d3d0aa-eda7-4659-8781-443d9835cdf4","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":107,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"4fe59ff1-ca06-4574-a5d6-694a8ac1259d","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":107,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"68f206ef-7df2-471d-af10-551e3026800b","block_type":"box","text":"Trust.","page_number":107,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"4ac41e0c-4213-4721-8b19-d2ee138bd2fc","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":107,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"3b2394ed-0ee8-4b5c-96c4-a074eedba93e","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":107,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"3136ef01-25fe-4ec2-a548-4fc7260f5900","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":107,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"84a634b6-b713-41b6-add9-88c0d152a792","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":107,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"a3a9d2ae-74c2-4eb0-b7e1-2f0aca5d8c5a","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":107,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"13b9dab1-faf0-4f72-9c81-580fe10e6fe2","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":107,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"f1557345-a159-4f7f-8698-840ed34dc213","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":107,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"35ef8af0-c6ff-41ba-b27a-2105143d87cc","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":107,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"247e5f30-bdc1-40b8-b5d6-be0fbafcb080","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":107,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"54f7ba3d-fefd-4136-8824-80ed238867fd","block_type":"box","text":"II-60","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d7016f4a-11d2-4f57-81bf-d2496d8066fe","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ad9a632-371c-46c4-b7cd-40ac4f33d8c2","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":108,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"19576d56-f200-47c3-8c30-4ebc18e2f2e0","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":108,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"ce8c7d80-8c03-451c-b92f-c9102ee5821f","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":108,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"5f62b449-b6af-4d8c-ae57-9306cdfc239b","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":108,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"d52542a1-8907-46ca-8dd7-87ebc471c44c","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":108,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"51c01e64-83bb-49e5-ba6a-d60e69241551","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":108,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"68a7ac80-5bc4-404f-8315-8e3f766f2c8c","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":108,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"edcb39e9-5fa1-4961-af2b-03b037ef25fb","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":108,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"0c45a9da-0b81-4f05-8ec9-5ac1d494820c","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":108,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"6fede5dc-1777-4ee6-974b-8ebbd7d425f9","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":108,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"db9192ba-cf4c-46f0-9838-753be4b44db1","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":108,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"c31001a8-a710-443d-8051-df607343794e","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":108,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"0c5289b9-ad35-47bd-bafa-bc10fb9e746d","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":108,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"d4aaa804-3bdd-4ac6-8cd7-601f2bdf1035","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":108,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"8b2c2af9-2170-4b76-a1ff-beed61b9cd7b","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":108,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"4a724072-3499-45d3-947c-a56acbee7afe","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a new structure for TOB Trusts designed to","page_number":108,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"c2674085-9a36-45fe-ace4-ec89d8275179","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":108,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"705a153c-d87b-4a0b-9a90-67c5e54d0eb1","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":108,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"f086fa96-6515-4536-a0d3-b54644094a43","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":108,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"51f5d581-3ad9-4cdd-ab58-0d78df0e1f61","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":108,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"7a842139-57d5-429a-b4b3-abce69b4398a","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under the","page_number":108,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"b5311a57-8b97-444d-95fa-d93706ab945f","block_type":"box","text":"new TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":108,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"17eeb2d3-ba42-4819-a1c9-993039780f3e","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":108,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"d349eec1-c06b-42c8-9d1f-200da9b8c2c5","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":108,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"85008a0a-fdf0-4bd4-9afe-4551563ef9f6","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, the Fund as the TOB Residual holder. Similar to the","page_number":108,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"7a0dabdd-4c8f-4aad-80e5-91f3cfa3adfd","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":108,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"ecc8471c-c509-4939-ab77-a9106e8f0ef6","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":108,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"0a63c0ee-f16a-4d2a-90a2-e73ad94ce229","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":108,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"19eda108-07c4-4a0b-8d5d-2c183326a4af","block_type":"box","text":"i.e.","page_number":108,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"8cc8cd03-bcf2-4c40-ae88-79817196cb34","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":108,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"b72b588a-2880-448d-9be4-95367dfffd92","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":108,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"7b0789ba-d01f-42e3-ae32-c6e3088493f6","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":108,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"5298df67-fd12-4e74-b51a-62a0249c65b7","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":108,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"369cc370-39f0-4e12-b461-cb50e4365267","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":108,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"e15ae44e-5301-4080-8f73-3b1e8d50e240","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":108,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"312e0e8b-7f94-4a43-8d93-0dd2fa322ae5","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":108,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"eaf66455-2bc1-4d63-be95-a94540d959ba","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":108,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"689ee7ef-5659-4b4a-8f1d-e254fa18d9f4","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":108,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"719c56c0-e3bd-4843-b8eb-e8cd8e36c117","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":108,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"2561e4d2-2d4e-46ed-ad5f-bf54fc052a29","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":108,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"6001e421-f6ac-4fe4-a9b1-0145c14e58ef","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":108,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"369a59f6-7190-4221-81d7-83d3d20f5a8c","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":108,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"9b3cba4d-115d-44b7-842b-e3953d64fbc6","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":108,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"36c66ad9-7fbe-49ac-af6a-e0f83c50fa87","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":108,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"c6c486be-383a-4e38-bf26-d4faec2fb9c7","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":108,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"92dfae8a-4304-463c-a09c-f5d2dd65af27","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":108,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"b832150e-c819-4a83-b2c9-55062adac16f","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":108,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"a27c4f6b-f623-44c3-a7a9-995e2960d98e","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":108,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"553e22cf-58be-4431-8c35-cb9343b9f11c","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":108,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"0bac1630-f693-43f3-a174-ec662521f464","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":108,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"cef1071e-d94b-4989-bc80-23269bc020eb","block_type":"box","text":"market is not yet cer tain.","page_number":108,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"78c8ca8f-ee74-4f95-ab08-ae5f3e6cb324","block_type":"box","text":"Yields.","page_number":108,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"5d89eb15-55f0-41a9-95bb-ebd1b09db499","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":108,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"a56de2b9-4b5b-4082-a5fe-a8e6e64292fd","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":108,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"2ca34d3e-b60f-45d5-b99a-beda767965f0","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":108,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"5bea5c48-822f-402e-a36d-35c584541a54","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":108,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"21474b2f-c9fd-4a72-9576-aa57b302e2f1","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":108,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"5c161768-e81c-4e50-911f-f830319f632a","block_type":"box","text":"II-61","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32f1361b-1a36-4145-80f9-07f53bcb8b8f","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be079a94-0fea-4775-b426-4b557be4a2eb","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":109,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"94fbea55-1d9b-4305-a9cd-ac341f989db2","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":109,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"503da103-9857-4b5f-a719-590195d6461c","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":109,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"62394c60-261c-4618-a319-66972c051868","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":109,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e67343a2-2e73-493d-9b3b-6d235bdfa138","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":109,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"9b0b4c24-d0dd-4a92-b540-93b6cd7ed1e3","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":109,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"ffe0c7a0-a09a-4271-a00c-59c3d727c857","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":109,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"9a8b6523-4124-4567-acf6-3b289b05c179","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":109,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"335fdcc6-578d-46bb-9cac-eb486fdc688d","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":109,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"9260d04f-3ce9-48fd-a01b-669ac6a5bd5d","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":109,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"fa3136c3-cc80-4dd2-be63-86749f70a39a","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":109,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"19972ed9-7046-4bbf-9b51-ce1f4fde3b3f","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":109,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"3af89ac6-8871-4808-8dae-e9e5f61d721e","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":109,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"a724676c-0613-48ea-b8d7-5b57fed572b2","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":109,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"8f72d571-91cd-4b39-8a4a-ee228150bc89","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":109,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"f4a8870f-7337-4e36-8dac-dcf6be7010d3","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":109,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"16a44880-c227-4a14-9bd7-50dd335a908a","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":109,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"821e0926-5606-4b7b-9d93-9bbfca9e44a8","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":109,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"f52e5e17-5539-4120-80ef-744dadd0752a","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":109,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"1f5541e2-0939-490c-a481-9e62572ae039","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":109,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"071facea-b0f0-42f9-99ab-13f77b46e021","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 tax","page_number":109,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"35414cfa-fcf5-4190-bce3-5f50c85a686d","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":109,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"c6dfa8a4-69ce-472d-8433-c1b22026e100","block_type":"box","text":"rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new","page_number":109,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"04388c94-35b9-4fae-ae7d-8e70eb78360c","block_type":"box","text":"issues satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from, the","page_number":109,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"5d5ab387-845e-4fb8-a090-da7ebde4f423","block_type":"box","text":"Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a formula based on the","page_number":109,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"d1bbda85-eb2e-4248-bfd2-142d8181c866","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":109,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"4b1e4825-f2ae-4737-89ae-c80d0ac13f56","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":109,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"d62ba97d-5ba5-4c71-87bf-c95d8a413203","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":109,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"b906af83-1b1b-4a7e-b060-4605ce042ea5","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":109,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"9182a88f-09f0-4fe9-be2a-4ab4d212a2c3","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":109,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"b3c1a07a-4529-4d92-8c51-affef60fc621","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":109,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"d81cd182-8f0f-42b7-96f5-153ef62b8972","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":109,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"dc7aedcb-ec83-43c3-a574-eadfffa3ca7e","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":109,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"69391800-e22b-4086-96b9-cfca11fe5e8f","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":109,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"89645f1b-e46b-444e-b01b-1794509c92a6","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":109,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"3907eb84-0a10-4ccd-8602-52be4b24470f","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":109,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"34e3e271-96f3-4873-94a1-dfe336abc29a","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":109,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"e29ffa47-22e7-4f21-978d-fb455ec5bbda","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":109,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"556a1734-5260-4012-9cf7-12591a8a24c7","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":109,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"00d82977-ad9c-4b65-b5c8-bc3d2f7f8cd8","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":109,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"070cdc23-1bef-4a92-a20e-312ccceb591c","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":109,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"b5dfe119-312f-484b-912e-5db7daa6ddab","block_type":"box","text":"contracts were approved for trading in 1986. Trading in such futures contracts may tend to be less liquid than trading","page_number":109,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"5265b1e1-d1a8-4077-b6bd-803b22bc7700","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":109,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"998da177-e776-4255-8869-1dd922a7c5c2","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":109,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"fe8176f9-6c3b-4d96-860f-21ab371df7ce","block_type":"box","text":"Call Rights.","page_number":109,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"1d557100-b45b-4e75-8033-86c91db6b449","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":109,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"09405bbb-3dc0-49ce-9852-c80ab24b196a","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":109,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"c14cad08-87f8-4dbc-85f5-f810866b3ea6","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":109,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"f4051d8d-586c-41e1-95fb-932e174e743c","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":109,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"ef14cc42-27d9-4efa-8325-869e01e172a7","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":109,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"73010064-6478-4597-9b3f-3fe9a8e37d6a","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":109,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"1fc88ba9-96ec-4c02-b822-9d1439114b48","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":109,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"c50a4174-7a5c-4280-b09f-90bcf2be8b70","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":109,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"53a2a7e2-df45-4c50-8bc2-ec5bd9103104","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":109,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"a172a1b7-1b11-4cc9-a4e9-b608f243ff29","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":109,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"8b5881eb-5756-4856-aa6b-1b2738d32f9d","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":109,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"a3469bd7-f2d2-42cc-ba1e-25e23dc70604","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":109,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"f4f49ec5-15e0-4645-b830-30cc525aab93","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":109,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"86d602a9-5fc5-4100-8254-2fa3e37f9e5b","block_type":"box","text":"II-62","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d196521-c38a-4f3c-b796-660efbec265c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e879a1cd-4a22-4308-94f3-a07ad35490b7","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":110,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"f7f6a7ea-73d3-41be-b7e6-2b1382674fba","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":110,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"d1d8b9d3-fb11-445b-aa5b-e6c6b4f2de75","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":110,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"ee2ece17-de83-4f42-b216-d60a960f0fff","block_type":"box","text":"i.e.","page_number":110,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"0869bbff-199e-4531-bb77-05fa9306cae8","block_type":"box","text":", wide differences between shor t term and long term interest","page_number":110,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"237e7fc6-2321-4eca-99e3-5d6d049bbb22","block_type":"box","text":"rates).","page_number":110,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"41752a8b-e1a4-424f-9f3c-82bcaacefc2c","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":110,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"2660f453-d730-4cb7-9d48-2aaccaf4da44","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":110,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"94f3b7a3-99bf-4bf5-8ee4-9307e07a9846","block_type":"box","text":"e.g.","page_number":110,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"1426d440-6af6-402f-b2c3-40c394736fe6","block_type":"box","text":", an exchange of fixed rate payments for","page_number":110,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"7c48d1c7-8c8a-4823-ab30-b9d79890b59d","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":110,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"47276fd0-bb83-42ad-95dc-722d9235e497","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":110,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"ae8d08aa-ed3c-4a88-bf37-b725deebaa4f","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":110,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"67dba2da-2fd9-4f78-a846-5c1fae6c5fcd","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":110,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"80913654-b363-4911-8bef-57d4087014a2","block_type":"box","text":"with the same attributes as the swap (","page_number":110,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"b4f5371d-8f4c-4125-9bfa-468abcfb2efb","block_type":"box","text":"e.g.","page_number":110,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"d3c36164-1fdd-42d8-9b0a-0a569699b24e","block_type":"box","text":", coupon, maturity, call feature).","page_number":110,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"24ca2942-e93c-4bdb-99c5-8be37d9c77dc","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":110,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"145e45d4-50af-423d-b951-9a74d306039c","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":110,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"50ab0a69-046f-496b-9228-0c4e236c374f","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":110,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"9f07cb19-60ae-4823-8a64-284bfd702604","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":110,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"360076e3-aa7e-4cda-872d-17f33e9c6dc5","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":110,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"47ca0939-fc4b-4e04-9fe7-09ceef80cb25","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":110,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"6bbd1b30-d4bb-49ef-b52b-ddb6088b34a7","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":110,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"d0e63236-859d-436c-9120-5cbe33fa5b25","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":110,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"d857c8a8-797c-43db-8860-151185b1f60c","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":110,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"0abef182-5ab7-46b5-b8a7-9d4e3c1f58d7","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":110,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"9849c0b9-7c45-4809-932d-8b2d4c751d59","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":110,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"25210fb6-6522-4fb2-9f3d-7ab0f24c88a9","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":110,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"8b150138-47c9-4f3b-b744-457aecb2dc4a","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":110,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"a6061afe-bb1d-4486-ac9f-8621b5c11b2d","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":110,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d3680b9b-a3ac-425c-9234-b3b31e9689fe","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":110,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"307f83ad-79ba-4627-a327-aa49fcbaad8c","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance. A Fund has no obligation to enter into SIFMA or","page_number":110,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"67ccba4d-f1fa-4881-b9d7-980a7f88cfae","block_type":"box","text":"MMD Swaps and may not do so.","page_number":110,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"36a018c9-a249-4d0c-a8a6-db851d4cce47","block_type":"box","text":"Insured Municipal Bonds.","page_number":110,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"939c1a23-38ad-4fc9-82f4-a3bef17b0d08","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":110,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"7d4ad78b-caba-4195-a818-3da7dcfefb21","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":110,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"dd7543fb-a49c-47f5-9bd5-0e9fcef0ef3e","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":110,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"56b01af9-2084-4bd8-8958-fcb7fc7b5c65","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":110,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"81ce9a6c-cb3c-495b-b30d-dcc0d6a0f963","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":110,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"659e5731-401d-458d-ac79-e0d5197b0baa","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":110,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"60d31a38-6adc-4350-87f4-0cc3868951f4","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":110,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"b83e041d-364b-4633-a81f-5d971e944916","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":110,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"a6af48d3-6096-4304-aea8-2543aa9179a0","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":110,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"d181475b-d5f7-4fe0-aabe-7ec56a0a23e1","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":110,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"1316e437-e197-49ae-b88e-a7084c29837e","block_type":"box","text":"bond could drop.","page_number":110,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"cf45a2c9-6946-401b-b433-54e0cbbff048","block_type":"box","text":"Build America Bonds.","page_number":110,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"0e086632-7486-4893-8b7d-9321b353eeb7","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":110,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"1b50dbc2-921d-4c0a-b63c-7fecebc5cf75","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":110,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"13416223-92ab-48c1-a242-87cf628552e0","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":110,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"35a91132-2894-4d07-b5f4-1d63ee243220","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":110,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"b4a2b9e0-7cca-4dfc-9c05-790566cc3ed5","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":110,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"2c28d7b6-400b-497d-9556-33808f1e07f3","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":110,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"32de6502-0d75-4950-9110-4624243e2d04","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":110,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"c65ebe64-0477-4685-b463-50d3d72ec799","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":110,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"142cfbec-3245-4273-891c-85e94b5aa7a9","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":110,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"dddb7e19-69bc-4428-912a-b2b5f750908f","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":110,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"e8008052-ddae-4c26-a030-c4231a69118e","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":110,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"0c7bc3db-62a6-430a-a816-4b738796988c","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":110,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"428429c7-beb3-48e0-a2e8-b78668f89f8a","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":110,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"83c5a2dc-46bb-4d42-bb38-d5c5f7e4fc13","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":110,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"1fe164bd-8a1e-442a-868a-e57e6df16a9c","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":110,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"28cda9a9-7df3-4e8d-9adf-2aeb2446fa0a","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":110,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"c4603f66-af66-43fc-bf7b-897e8f78ab4b","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":110,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"27864bf6-e44e-4636-ba83-c35013110fb4","block_type":"box","text":"II-63","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e98f43d4-e147-4a90-8179-080e676b24d3","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5440eba-acc0-48c2-9d60-fadd2027837e","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":111,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"0e07f830-56d8-4d5b-b47b-0fd4b175c1a9","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":111,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"6573a47a-9649-4b24-b8d9-09f23276acab","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":111,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"82084883-7db3-4574-a4dd-8ba9e865481d","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":111,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"77a4feb9-1cc5-4bd5-83c2-edce566969e5","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":111,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"1f6c538e-34dc-468b-96b5-e66f900c36c3","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":111,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"246c33db-85c9-4586-9a6f-ba22cadd8c3c","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":111,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"5080991a-02fd-478e-9e3f-8346eca3ff0d","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":111,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"33f56cce-3b96-47bd-be63-857c9de81fb1","block_type":"box","text":"their face value to the sponsor (","page_number":111,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"7f9a6b28-aa03-4346-bd7c-647a91821bdd","block_type":"box","text":"e.g.","page_number":111,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"1cfde1a8-0e2d-4bb5-8b70-f4a609c3cbe6","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":111,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"452aded0-a230-4c43-b449-fb118e7d2bea","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":111,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"2cbc14b5-481e-4bc8-b569-aaef55ea9de0","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":111,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"ab666b78-60da-4d3e-9e89-66ed8100a052","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":111,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"aca3b6d3-a6f0-4f08-969a-fd2cbbccdb40","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":111,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"32db8338-e775-49bc-bc1d-04387b464843","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":111,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"21fa39c0-d7f8-49cb-9cd4-96bd5b3c9df6","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":111,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"abd40635-78c7-41a8-a7ff-f9d292603950","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":111,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"74f67d5a-7600-4b30-8d7d-8054614848d4","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":111,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"bb1d4f8c-762e-4de3-b2b4-249886b1e8e8","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":111,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"bbfc1191-b0da-421d-8629-4d227dc36592","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":111,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"4eb022f2-645a-4530-8469-21e8054a2fe2","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":111,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"c76f5e49-29ac-4b82-9227-b710b7b8ef31","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":111,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"268f74cd-f14f-49d7-b910-7c0f1c2aa881","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":111,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"b8c17d4c-f82a-4a7e-9807-6fc647ba05a4","block_type":"box","text":"such opinions.","page_number":111,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"86fe31c0-7a18-46c8-a491-1d74c1aade0f","block_type":"box","text":"Participation Notes.","page_number":111,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"b39a8627-416c-401f-a7d6-f0212163ab2e","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":111,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"59ea433a-8e39-4d78-b74c-84dbb490f89e","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":111,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"17911963-8e4d-47c7-a6ed-483a1f351319","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":111,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"bf499256-d28f-4231-8ec6-541a55bd9e7f","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":111,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"329f216b-96ff-4ecd-be59-363e0c0cd3b0","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":111,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"24902b29-3c7b-442c-b782-fdf49d96dec5","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":111,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"28829cfb-ba2b-4758-9fe2-7460926adf98","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":111,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"27a21cc4-1946-4f31-b43f-be80f19ceaca","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":111,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"5f997427-6ca3-4813-af1d-d0ad53a8e909","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":111,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"6ff29969-67a1-47e1-a817-dabe2a8f14ad","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":111,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"0b7991b0-93b7-4e11-9b6d-66ac2f327500","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":111,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"207cf41a-b1ff-4803-bd92-5118d7de4676","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":111,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"67b942eb-41f5-481e-b477-45f0e6b76aeb","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":111,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"6ddd8951-8b57-4b5b-87de-5e184b1d623b","block_type":"box","text":"creditwor thy.","page_number":111,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"d64e7206-d560-4b21-b211-87458130aa74","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":111,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"81ad7b69-6c2d-4a77-96da-876547ebf937","block_type":"box","text":"obligation. The fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":111,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"7edb8de5-4e04-4afd-8f69-90e4a2ffbe11","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, that Fund receives a","page_number":111,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"8d859734-0dd2-4ce4-bf12-501225738add","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":111,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"b059d70f-e186-4d83-93e9-6599e251af57","block_type":"box","text":"transaction costs). The price, per formance and liquidity of the par ticipation note are all linked directly to the","page_number":111,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"820c7baf-a04e-439e-9bba-874a25f3ddfb","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity","page_number":111,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"210395f6-b0fe-4a1d-b89b-5ee36a95bf6c","block_type":"box","text":"in the local trading market for the security underlying the par ticipation note.","page_number":111,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"0ea1546c-c301-4667-adcb-030d1e4ab6bf","block_type":"box","text":"Portfolio Turnover Rates.","page_number":111,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"636af6ec-47ac-46e0-aa36-1c337b4a33db","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":111,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"7df2614c-b5e4-47cd-8406-9c6b38d941d4","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":111,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"e176a457-9326-4c42-b32f-47bf044ae3ea","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":111,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"a39c348b-7cdd-4f13-b87d-aa48784d2ea0","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":111,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"b0145016-696a-44db-8467-d0c97ed14525","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":111,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"7f3af76e-a71e-4a44-bf89-1c3a413570f4","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":111,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"6d5a1f8d-a277-427d-b339-d37eb35761de","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":111,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"8fe30597-81ee-4f6d-a051-21b86cbee3f6","block_type":"box","text":"i.e.","page_number":111,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"36b25782-443f-43d0-9877-9c24895db586","block_type":"box","text":", 100% or more) may result in","page_number":111,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"3cb7f492-aff8-4b81-8dc9-d6248a75a278","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":111,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"ecd386ec-9979-414d-9964-27c1e7e16696","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":111,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"c53bca06-afe5-4ffc-bfc9-cd70a0a9a6a0","block_type":"box","text":"II-64","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5fdbb874-0a78-4c98-a5f2-9f44f0b39a5f","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"079767a3-7c40-40a7-937d-1f8af560a423","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":112,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"decd3cf6-81e2-4287-97fc-59ec39141aef","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":112,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"70ac7418-7145-42ef-bfae-2f77516621c7","block_type":"box","text":"Preferred Stock.","page_number":112,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"00717c88-e1d0-4d33-ac2f-7068a19eaf9c","block_type":"box","text":"Cer tain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":112,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"3c454c04-b33a-4949-8d79-c93bb64c3000","block_type":"box","text":"common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all","page_number":112,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"b65bd6a2-1a44-4aa5-92ee-76e11e313d5f","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":112,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"8f38ff4f-3905-4efb-adf2-11232dd79e78","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":112,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"7d078450-37b1-467b-84e5-74b6d34e994f","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":112,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"7eb1d884-dccf-4067-af21-17b351d4c46e","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":112,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"db75ee5f-f686-4b3d-94d2-4ec247badb37","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":112,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"c7d5708a-92b4-45ab-b3bf-aedb76c3e2b3","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":112,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"04cb1b1d-f5e2-4ddf-91f7-822debc18f7a","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":112,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"c03db29f-409e-4573-9478-2cc336e2e5e5","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":112,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"0c72e4f2-d8f7-4a5e-9983-f894212ab6c2","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":112,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"e5e1e146-d739-4d0d-9f8e-868a07145e65","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":112,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"e545b478-becb-4423-a267-90636cbbebce","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":112,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"3c12382f-99ac-4320-8c04-a633e3186555","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":112,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"89778ee2-7066-424d-9319-fea8dfa2acb0","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":112,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"3d5be79b-68da-4933-9f3f-46515f07adf8","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":112,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"dff071c0-7dc0-43f7-a05e-836ae76896b0","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":112,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"9f03a8ee-e1e8-47db-8e02-fcde06bfa092","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":112,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"13bb7669-4693-44d4-bb91-647938701bba","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":112,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"4fcd8d65-84be-407a-bedc-1f3a13c967a7","block_type":"box","text":"Trust Preferred Securities.","page_number":112,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"45a5e09a-8732-45f0-896e-47128f65ef6c","block_type":"box","text":"Cer tain of the Funds may invest in trust preferred securities. Trust preferred","page_number":112,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"a6b3451a-e8b9-4bb1-81ed-af64bd52c091","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":112,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"abc1fd73-25c2-467b-a495-14834f9a2404","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":112,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"07a74dfd-ac3e-48e3-a29a-ab8e1d9580da","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":112,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"afceb850-c1f3-4da5-938b-8009c8604835","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":112,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"00eba6d9-c540-451a-9341-6c8b43ff9e82","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":112,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"cc991f19-76c9-4e6e-8732-b0c6866c8b5a","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":112,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"a11aa301-b713-4190-87b0-8b01e8a89f4a","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":112,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a8cca945-e068-4fc4-adc1-edbb221c7c16","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":112,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"2ca88dd4-30cc-4044-a3f7-ce20c3caedc9","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":112,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"d4148a6c-ee84-4327-b1a6-9afdc3c81709","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":112,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"3176bd7b-f542-438e-a9a4-ff50ea14a4f1","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":112,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"f1438cea-74fd-44d8-a3e6-eb68a84452d0","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":112,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"b059a0f9-8665-4879-9d25-a86902547939","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":112,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"39b63d67-e8cf-4d3b-9214-e2d257a81ee1","block_type":"box","text":"®","page_number":112,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"b56640c5-1b91-4cf9-a738-78182e9ec3fb","block_type":"box","text":"”); monthly","page_number":112,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"f71cf8b7-4c71-4d82-b35e-45aac09ea44c","block_type":"box","text":"income preferred securities (“MIPS","page_number":112,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"aee7ac2f-7e68-45b3-bb11-ba22569a28e8","block_type":"box","text":"®","page_number":112,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"349358f5-efa0-47dc-bb84-e5e6d4a42260","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":112,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"454b308a-65f0-4e6e-8136-ce78a64159c6","block_type":"box","text":"®","page_number":112,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"2e216d5b-1905-4900-be1c-2a36eb861f87","block_type":"box","text":"” ); quar terly income debt securities","page_number":112,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"7f8e4436-c612-422d-a8ce-519fa98297a2","block_type":"box","text":"(“QUIDS","page_number":112,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"3a87e5b1-5b9c-4a08-87ce-61186089ad41","block_type":"box","text":"®","page_number":112,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"438754a9-a736-40b5-af81-1c73ed9102ca","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":112,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"719a9aeb-f837-4415-80e8-d911c0854806","block_type":"box","text":"SM","page_number":112,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"315cf52c-3ede-4274-a8f4-1bed8a1b400b","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":112,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"cd7c15fc-9fd1-485f-a6ce-a19b11482a02","block_type":"box","text":"®","page_number":112,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"c02da711-9bed-4162-a9fe-1d6a409c914e","block_type":"box","text":"”); public income","page_number":112,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"280f622f-ff90-43e5-8fd1-77ef8e98498c","block_type":"box","text":"notes (“PINES","page_number":112,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"e0ed6ef7-7ce8-457c-a42a-fd7a301ccdef","block_type":"box","text":"®","page_number":112,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"61d12713-b108-4915-972e-688ce645de4c","block_type":"box","text":"”); and other trust preferred securities.","page_number":112,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"f41b30cb-5557-4c1a-b130-844f1bf2bcf5","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":112,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"db29d56f-9093-4c19-99f8-a1b5b12bc037","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":112,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"09c1280c-1881-4d21-86c0-a6b30b23f8e2","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":112,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"babae6cf-936b-4013-ace7-85d5c3476bf7","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":112,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"87b56dbe-aa90-4bdd-bad5-751064d956b3","block_type":"box","text":"regard to whether all payments have been paid.","page_number":112,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"4cdeeb7f-9b13-45ac-9b51-366e4e924f47","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":112,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"ce89fcf4-0f3e-41ed-b60d-1ef4b7de38a7","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":112,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"3ac6e62b-84e4-482e-b6da-09f708095c63","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":112,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"e5a6e8ca-4988-44da-8ca4-015326f8380a","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":112,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"ac931b6e-8c35-41d1-aa83-dc01cf0624f0","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":112,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"e1143737-ade3-4027-982c-8537f286c418","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":112,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"5c9d9c7c-a130-4953-863d-55b284520ce4","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":112,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"034d6121-6ea1-408e-8bf4-fd53ce3d2745","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":112,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"759b0cc1-f144-4422-9163-fa41169db72f","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":112,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"c33d6617-491a-4048-837c-2b780dfcbd3c","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":112,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"ac445763-dc27-4f26-a9d1-83e4cb0ee15a","block_type":"box","text":"II-65","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d65fcee-d7cc-4739-932a-7851b78be94b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0401020-2b31-4644-9aa1-d814cc7926f9","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":113,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"6a6a0fb7-742c-400b-b6d3-36d44f852d7a","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":113,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"e3369469-20d4-478a-9fbb-9a571fc7cc8f","block_type":"box","text":"debt securities.","page_number":113,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"91d9e3f5-289c-4d04-98c5-d0914970840c","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":113,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"8f747342-fdb5-4aee-bdee-08cf26c9abbb","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":113,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"7ff6f6a6-4070-4057-82d5-2eaba3467b20","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":113,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"fd173c1c-6612-4006-8662-6bcdda886ed8","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":113,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"93fa2f30-1464-4be9-b93c-4d0ad2d6b7ef","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":113,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"1a563c57-5a10-48da-b087-00824845bdf2","block_type":"box","text":"i.e.","page_number":113,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"08ddbd19-db19-4573-baba-249762dbdab4","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":113,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"0bc5f942-5a37-40ce-936f-c36e743c01e3","block_type":"box","text":"buildings.","page_number":113,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"57c3c5b7-e49a-4bba-8cc6-86c34bc422b2","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":113,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"b074b8a0-3889-400d-8892-1a27dc64e4dd","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":113,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"d409de44-3738-4218-8028-0d3135518e21","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":113,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"8709ed02-5577-4df9-8944-3c11e3a46b2f","block_type":"box","text":"proper ty; they derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":113,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"6d84bc5b-5650-41cd-9748-2dffeb3b9b50","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":113,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"072f11ce-327d-45f8-aba6-f78ac302ccb7","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":113,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"01d08104-8e14-4efc-aa00-3817dbc497a6","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":113,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"24ee4c4d-c16b-4ac6-b54a-20127a07252b","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":113,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"441c30fc-3285-4936-8f4a-f23247908b8e","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":113,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"f0dc8c84-09a4-4c94-8d1f-0b863767bf01","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":113,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"369d27ac-4820-431a-8a7a-98a1f66c5dd5","block_type":"box","text":"attractiveness of the proper ties, the ability of the owners to provide adequate management, maintenance and","page_number":113,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"9370be08-25d2-4d60-88f7-a223363c0fc2","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new proper ties,","page_number":113,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"b643f0ca-8e2b-4802-8172-61c8390df2ed","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":113,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"e3b3c1b6-77e7-4d3d-910d-4602786a819d","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":113,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"b1f879b4-75d0-475c-9464-d43abc9def70","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":113,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"18e4b5b2-89b9-4358-97d5-540e9189a899","block_type":"box","text":"other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs","page_number":113,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"10c695a8-5e12-4140-a9bf-95b364ca2f65","block_type":"box","text":"may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on","page_number":113,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"e3603e16-7e4c-436c-a805-a0ba6f4185ed","block_type":"box","text":"a pre-tax basis) than operating companies, to the extent application of the Fund’s investment strategy results in the","page_number":113,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"2d9edab4-9c67-4762-8b73-147aee3d0897","block_type":"box","text":"Fund investing in REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":113,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"5890659c-eaf6-4015-887e-6b6213980506","block_type":"box","text":"exceed the percentage of the Fund’s por tfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":113,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"228b7c07-a59b-469c-ba76-c8196af22b3c","block_type":"box","text":"the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":113,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"c8683109-569e-4214-b062-cccfb211369e","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":113,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"e7ae567b-b37f-478d-a47f-6388869c31f8","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":113,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"b034b841-1c02-431f-a1d2-91069834c97e","block_type":"box","text":"repor t dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":113,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"a6e6295e-0aee-4067-8bfe-f967ec795be6","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":113,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"48426c7a-a2e0-48c3-808e-c645128ea22d","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":113,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"ac5eae14-c78b-4cea-b5ec-4d289e763481","block_type":"box","text":"holding period requirements.","page_number":113,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"ab89ed54-3a1f-4fe7-8cff-0448ef9c6829","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":113,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"ba88b18f-a5c3-40f5-8876-5ec96932faf5","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":113,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"cff04258-ce98-469c-a64f-364e52917e2b","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":113,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"a5ed501c-75b0-4af8-b36a-180430c34c80","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":113,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"6fe0492c-013f-4fcc-820a-9a81c597e0c0","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":113,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"3733ac05-fe37-400f-9909-ed691235ffe2","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":113,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"222fcced-4e9e-44e2-a95d-2cdfc5db6252","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":113,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"a3205d61-60a8-41b5-8972-8c7bf2818788","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":113,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"846d3c12-8020-413e-9cd3-456d1f42b773","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":113,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"e1976a45-0dfd-40f6-b3d2-6803828fd9d2","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":113,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"a0a1982f-bd19-44f8-ba75-548903c32cbb","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":113,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"a748768b-1c88-4da2-a192-a7590305924e","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":113,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"99b35773-f9f3-4f1f-b82b-ec406015a5e4","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":113,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"b39aef94-da14-4d46-b9f2-da8d05bc02e3","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":113,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"2ddf2260-f4d2-45d5-acc6-fecfdad90a2f","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":113,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"7cf3031d-cfc0-4a3d-aa55-9ce338ab56c0","block_type":"box","text":"Recent Market Events.","page_number":113,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"78081247-4678-45d3-bb8f-4bf93d1525a2","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":113,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"d50bc86f-75fe-439a-ae2c-ab37405031de","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":113,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"99586397-0db2-4e9d-abe1-701dcb06ddb4","block_type":"box","text":"sometimes limited to a par ticular sector or a geography, continue to recur. Some countries, including the United","page_number":113,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"e568fd80-a3b8-40e2-b3a1-8a6333f17538","block_type":"box","text":"States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the","page_number":113,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"a1c28209-83e4-4f78-8624-e4403524031f","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":113,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"9c416560-27eb-48d6-8c58-ac7419e60a12","block_type":"box","text":"II-66","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9af9c357-b98e-492e-81bb-2b0329fc73b5","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8365bd24-4bff-4fdd-8223-46b452fd765b","block_type":"box","text":"The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":114,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"ded1db16-d8fa-4b96-8486-55180e4fd20e","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":114,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"e68c6bbe-952c-4e1d-9e7f-9c0dad650050","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":114,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"6ee509a6-c57f-41d6-bd17-16bf4dc04e67","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":114,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"c8067be8-086b-44f6-9abe-7d8df1a20a9e","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":114,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"b59b0255-ba60-4994-853b-2757ce6406eb","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":114,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"cef9bc3e-ea6f-4ce0-a461-3781a56fd4ac","block_type":"box","text":"As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":114,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"77a16b98-5723-45ea-8436-4246abffbae8","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":114,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"569206de-d560-4893-97ce-3fe962cf1baa","block_type":"box","text":"negatively affected by such events.","page_number":114,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"88ee1fc0-012c-4d50-a8fb-a9fa62b8ee8a","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":114,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"ed882ac6-ad62-4d0b-b633-3072ecdfa361","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":114,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"390ade53-82bc-40fd-be8d-841819cdac9c","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":114,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"bce9d628-3161-430f-b8ba-026c1b74370a","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":114,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"9fd8c792-fa3c-498f-b085-079ba021a840","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":114,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"861e7ac3-383c-4a6f-bb1a-e45b38a004af","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets, and could adversely affect the","page_number":114,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"f4625655-db67-4cc8-8af5-7b6000126c47","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":114,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"cedf2950-0c97-44cf-9106-1ff0c6f5ab96","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":114,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"49967ef6-5c09-4a38-a269-aaef80eff442","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":114,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"a2ebe87d-69ad-4308-a8af-6e4e3b59d0d7","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":114,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"c35957ac-8361-455b-9066-a1dddea9ef6e","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":114,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"6d819bea-03b1-4d67-8fb7-06362c6737c3","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":114,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"f2d296bf-67c1-4235-a59a-f7adf2452457","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":114,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"cdf0b240-846c-4b8a-a504-cde4c6bd23c6","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":114,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"016c7afd-9059-4347-ab0f-daec6e3206cd","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":114,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"d8dd65aa-bfbd-484c-af67-24c278de6f48","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":114,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"5986d4bd-d84b-488c-95a8-2c6d409609b4","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":114,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"6d85d2dc-d603-4277-9220-c8c0f5a3f426","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":114,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"4bda3b6a-9da0-4bcf-808f-dff562af7101","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":114,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"b1567fbf-8249-4af8-a1d4-b46cd0532ce9","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":114,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"4972cd17-1166-4082-abba-c4fbf1db8c1d","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":114,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"078a55af-2817-48b1-9421-dd4fd5659cea","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":114,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"b1ad5768-d394-4228-9d28-2774748ce05c","block_type":"box","text":"investments.","page_number":114,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"1b824c0b-b364-4c28-aa33-46346d08a026","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":114,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"7bc3f384-6193-4e6c-8c67-20e849988095","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":114,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"0e5643af-64a4-4657-b915-32c20c66c0e9","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":114,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"0a6d9281-e5fe-48d3-87f9-85551ee8f3e6","block_type":"box","text":"customer activity, as well as general concern and uncer tainty for a period of time. The impact of this outbreak has","page_number":114,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"f6f4a67d-bafd-4954-89af-998c29c54664","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":114,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"b6e7d117-8a7d-4cbc-80f4-55ade314908c","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":114,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"2051dbf2-038b-4057-bf51-066f3c38803d","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with cer tainty.","page_number":114,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"f739d987-a397-4268-bffd-0c6432529ef5","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":114,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"3d1bce9e-438c-49cc-9d2b-128862bf3cf0","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":114,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"1f964126-135a-40e8-b660-905e58d9f7bf","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":114,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"2aa6b317-e447-455d-9b08-a6337b35a836","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":114,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"3fc7acac-33f2-41ab-9069-945d51e02837","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":114,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"269a4e6e-0dc3-4eea-8f26-2998e52b7fa0","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":114,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"23731d2a-7cfd-4c76-8022-a0a59aa71356","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for cer tain legacy contracts. The Secured","page_number":114,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"76198418-4007-4815-a2fa-f14208261e48","block_type":"box","text":"Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":114,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"f59419b1-33ff-4c43-92d2-6b64e822bb1c","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":114,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"8254e09b-1ebe-40c3-a09f-39102c815e71","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":114,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"a4f31bf4-953e-425b-8c28-58ee84a4d6de","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in cer tain financial contracts.","page_number":114,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"51592a66-cd01-4917-8a28-3ca2648d9283","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":114,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"d1a2397e-32da-45da-87a3-e0137b7e3cc7","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":114,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"320c9e51-efa6-4ee4-84ef-eecd3bb273e1","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncer tainty regarding the effectiveness of any such","page_number":114,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"c953c565-8d33-4c44-b26b-e71148051e86","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":114,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"5fb75524-b2b4-42c3-9a76-8d2391baac56","block_type":"box","text":"setting provisions and there remains uncer tainty regarding the willingness and ability of issuers to add alternative","page_number":114,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"0cc48d16-c0c2-4495-a0df-51775154974f","block_type":"box","text":"rate-setting provisions in cer tain existing instruments. Par ties to contracts, securities or other instruments using","page_number":114,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"c5d422bf-9f4a-4cb6-81ec-8194511fb5f5","block_type":"box","text":"II-67","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"56226034-6225-4c9e-b8e1-c0e2e030b562","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7d805b7-9227-4f0f-93b3-14977681da42","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncer tainty","page_number":115,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"b14da122-51e7-4fed-9450-3adc0c63e2ec","block_type":"box","text":"of per formance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":115,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"0e6d1116-7528-42bd-8c9e-83f3bf2605a6","block_type":"box","text":"that may also cease to be published in the future.","page_number":115,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"e0450f2e-1928-43b2-a5d9-3a35887c8b74","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":115,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"aa022368-ae4b-4d88-a560-1829b3de6e87","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":115,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"f764f229-c90c-4d36-ae96-f2540775b5c6","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":115,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"bfc19063-c810-4d34-bfb6-7ee9c69f5504","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":115,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"88111b93-53ca-40cf-a681-86f52dc4e68b","block_type":"box","text":"term of the agreement.","page_number":115,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"2d395619-01b0-4fd0-9660-f93acb7dd3f3","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":115,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"713924ae-cdd0-482f-a288-42c95cb490f9","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":115,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"d6b84252-dfaf-4a0c-8582-6d40d49224e8","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":115,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"c9aa1160-90d4-47dd-b4ca-770a1be7b044","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":115,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"ea0399c1-4e7e-4079-88a5-eec4eff74649","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":115,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"1aa7983e-8f15-4864-86a1-e7e5b7d4f79c","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":115,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"c5a75a2d-c066-4c63-bcbc-049c9d95cbf9","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":115,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"a1c06a8c-12aa-45cc-8a1e-6b2eb3b84401","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":115,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"8c9db6c6-72e7-4d64-9d05-2d4d88b13dbf","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":115,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"2139c728-f56d-48c0-8efe-c289ded38f44","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":115,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"ea6e328a-99fe-4fff-8a12-1318f576f768","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":115,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"868b1d40-a8cf-420e-b320-72eadad879cb","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":115,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"5078b925-a4cd-46f2-8c54-c118aa91e512","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":115,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"b340ae1e-9345-4086-a2c5-bf537ea0c694","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":115,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"26639115-f1a1-417d-aa1b-22ed49b89db8","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":115,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"cb922930-6c4d-458a-921e-445649d5d3ef","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":115,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"1fc6d006-d016-496a-9cdc-355186d610d0","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":115,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"671889f8-454b-4d18-837a-b7d7d2099e52","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":115,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"a9cdd8ad-05f4-40be-91ca-4a35c54ca277","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":115,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"728c09fa-ce6d-4afe-92ed-497c9a0883cf","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":115,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"f88d66a6-a2e5-4b32-adca-39242910ac59","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":115,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"c84fa2ce-e0a9-490f-8e49-22be117df36b","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":115,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"951ca517-d1a2-4a3a-baf7-f563ff3668e1","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":115,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"37cb2d3b-f8fe-4aef-8825-ce4345bc7a25","block_type":"box","text":"or by another authorized securities depository.","page_number":115,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"624c084f-adf8-43ae-a6cc-e89e840d8c4a","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":115,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"f69de211-37c7-4af5-ad72-097ed615dc03","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":115,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"31715e6e-1abe-4fd4-83e3-8fa802ec6b63","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":115,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"a1589911-e149-4f03-9fce-4cc6560b71c5","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":115,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"4cb23c44-74a9-4fcc-bc6e-26023fba66e3","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":115,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"75e6f19a-b2c2-4d77-bf0a-8c92011cec7f","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":115,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"f1e63834-e1bd-4d92-baef-443e5cc8423a","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":115,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"b2e9042f-8e3a-497c-aa82-deb0c3a1d266","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":115,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"9e507d2b-6b38-4ffe-822d-c5a1b2ed66c3","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":115,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"de10f0fa-be36-47b0-9394-5c9e25c5d830","block_type":"box","text":"the repurchase price.","page_number":115,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"bf914adf-def2-4a5f-91e9-80297f237dde","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":115,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"d9a16ebb-1ada-495f-b98c-af3687127ded","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":115,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"9adac68b-a693-4b40-bd56-64e76e3cd344","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":115,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"ed1773af-0245-4548-a4f0-e834beeacf06","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":115,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"81acd18c-a45c-47b9-ad24-a907a328f577","block_type":"box","text":"strategies without the repurchase obligation.","page_number":115,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"13866a56-8d82-4d60-9da5-62399e0dc465","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":115,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"6e362cbb-bd96-46f8-a96a-39f5cd9841b2","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":115,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"6194e0d4-505c-4005-bd4c-ced514b56901","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":115,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"0a5035a1-70da-45aa-8587-7d6bb5402e58","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":115,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"faa2ac72-80ec-4007-9ff0-920a0e184585","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":115,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"aa4d369a-16d0-4c60-84c2-524a733cc7a6","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":115,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"a31018e1-1933-45c0-b88b-5dc581b850d7","block_type":"box","text":"i.e.","page_number":115,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"27db0218-e043-4671-90b9-6b282e34a6a0","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":115,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"7a628e14-3296-4dfa-b8a1-2f54483dcd13","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":115,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"66f70390-b740-4fba-a1f6-4a058d968f9e","block_type":"box","text":"II-68","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86a5030f-56c5-45e1-8204-11bf4617b7a9","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96ecfdd8-6bce-4b7e-b69e-16acb1ff7053","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":116,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"c8692f21-703a-4bc7-a793-cbad83cd58d9","block_type":"box","text":"and income involved in the transaction.","page_number":116,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"2894460f-13e2-423d-af71-751a69d464ec","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":116,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"de6e3c08-e0eb-4285-ab2d-fcdb90b8347c","block_type":"box","text":"that have capital of at least $50 million or whose obligations are guaranteed by an entity that has capital of at least","page_number":116,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"ba454cac-afd4-413f-a0f1-0652ed4ab7ee","block_type":"box","text":"$50 million.","page_number":116,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"b4e6f3da-ec89-4a89-b5f7-8efbb2499bf3","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":116,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"02acd9c1-4732-4bdf-aa9d-bc355a1b151e","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many repurchase","page_number":116,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"f8dd329c-0716-42f8-b814-67524df2486f","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterpar ties, such as a","page_number":116,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"0a94f815-cefd-4da1-8960-a5c2bdab8c85","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":116,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"d423e890-da55-4e54-96b5-4af08130f830","block_type":"box","text":"credit suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or","page_number":116,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"ea400907-93a3-4ef1-bde1-67cb492391bc","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":116,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"6957c838-32a4-42e6-ba5e-3109815f68fa","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":116,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"a604e931-5592-421f-a53f-46a5e4358b1d","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":116,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"09d883ca-b949-4351-8ebf-8992a54b23ae","block_type":"box","text":"agreements.","page_number":116,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"043c0d43-0389-4617-ac2d-9eacf6b30340","block_type":"box","text":"Restricted Securities.","page_number":116,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"bd6e9bb6-dd54-4ca0-81de-fd1819a61bbc","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":116,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"8deea369-7aac-4758-b2e6-30c3fec60862","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":116,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"d83ae616-0923-4816-8200-b64085c0bb12","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":116,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"6139ffa9-c87d-4797-98e7-f6d2a66e66aa","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":116,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"1f1fc089-55ce-41c3-851c-d3ee2fc44170","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":116,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"d03ca8c4-6729-4862-9b06-ca74e9a3fb09","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":116,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"a18f0623-2509-45ff-a8dd-68f298adb9b9","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":116,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"4e7abad7-70aa-4762-bae6-21d27ce4c56f","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":116,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"9456ab49-05af-4ef1-81ce-eeb6dce46a3b","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":116,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"e964d5b1-028f-4218-a474-b2a7f2604699","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":116,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"b75a824d-e1d4-42f5-a1d8-9923fe77ae0c","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":116,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"0cbaf79a-7ee4-40ca-ab2b-aaca392c7c84","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":116,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"9c7cabc4-e32c-4f3b-b213-d58f31bbe83a","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":116,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"a7e2f671-11d1-490a-befb-b2d0b0cc32d8","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":116,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"fcc2aae0-1918-43ed-b23c-24228d02e681","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":116,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"51df4e98-074c-4c67-b0a0-ebe82f7e4cf9","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":116,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"203ab938-40ba-4194-bc78-07cf4a1611e0","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":116,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"e025a4c9-5698-4f03-ad0a-6813f7263404","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":116,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"8380389f-cba3-4524-bb4c-83609068addb","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":116,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"6d107cfc-c0ab-43b7-8549-83a63c11555b","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":116,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"c157c344-cf38-4ad2-bbff-8c3a4941338c","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":116,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"55ab6109-1ddb-4ed3-9367-9d124b1b0c87","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":116,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"da90d0d7-499f-4231-882b-d0907e68d402","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":116,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"4ed93cba-0be7-48cd-a264-1db6ae3524ba","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":116,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"f45c75cf-d803-416e-b4aa-49ecd7e29aa5","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":116,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"97e6977d-2a37-46a2-869c-31a6ed860fcc","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":116,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"4024389f-1973-4e46-9838-a73e30ec136e","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":116,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"70067640-5a11-46ae-bf05-d9778329fb83","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":116,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"5f1d6323-dac6-445a-a8f9-b6ae2b718b9f","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":116,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"8a77b653-68e7-498a-9286-82bf14424778","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":116,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"2932918d-782b-4a7c-a13d-8629033a9156","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":116,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"27b6dfa6-1dee-44a6-81cf-35c63877f005","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":116,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"b123e2f6-19f0-4104-9b0a-3188e85c284c","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":116,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"4259b01e-79b5-4e51-a1ad-2d9df7b943ed","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":116,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"2386db71-ea9a-4b2c-936f-0b6067a5a25c","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":116,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"299f6406-7c60-45a6-b10f-555e0cdf44f8","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":116,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"ad663955-b51b-44fb-9381-2ae3b50b16fe","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":116,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"bd203bda-0f20-4fff-8bf1-7b6b3b189117","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":116,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"9572a209-7c89-4d55-81d6-2295cb29813d","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":116,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"18d808f1-a0d2-486f-9b19-afd0789df798","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":116,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"3d36d1b5-b432-41d5-b68a-f2580a8babf6","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":116,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"51d0f98e-f779-4efa-9359-f1d4108712e2","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":116,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"e94e9328-ec73-4cce-bcc2-56bd32156e6b","block_type":"box","text":"II-69","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eb8964e0-5233-4b3d-8c3e-2818bed9e85d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ce4a2a6-26a9-4d1a-adba-ab767caa6d5b","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":117,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"f408ef2a-54a0-490b-b0e9-ceac18306eea","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":117,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"38794fcb-e51b-4aef-a4a3-13acba69a120","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":117,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"3557c2ab-8b7f-479b-978d-3398fc346d18","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":117,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"1e3c6987-d79e-4c66-b326-f195ca1b1b17","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":117,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"f7740956-6d21-49b6-a90f-311c469c1c9a","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":117,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"24cd8242-5025-411c-92a9-664a3a67fa3e","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":117,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"a893b787-e78e-4630-924c-eef9e9d5ebaf","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":117,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"03125f24-3f1b-4d70-aa22-7afd4bc9269f","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":117,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"fff8e67a-c1a0-4805-9cb6-5b2a0e2281f9","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":117,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"6bd721cb-c343-49dd-aba9-792c96caac40","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":117,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"9f647e4c-5988-4fe1-a653-485646b17b78","block_type":"box","text":"especially as that Fund grows in size.","page_number":117,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"d2723e37-3a7c-4320-9d49-ddcc55ca7aa1","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":117,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"1970cffa-1f33-44f0-b264-ee51db42dfff","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":117,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"ce9a29a3-b5b4-4e5f-9894-f49449d85e10","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":117,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"663c19b0-0daf-419f-aaed-b775b04a9d6b","block_type":"box","text":"value. Due to the inherent uncer tainty and subjectivity of determining the fair value of investments that do not have a","page_number":117,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"747975f4-376b-4064-898a-85d8fd91f9b2","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly from the values","page_number":117,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"b15885a2-f2c8-47ea-a50d-c18e85da0f7b","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":117,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"b9a4b664-05fa-4ee5-a4b2-ad15e4855884","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":117,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"5f4fe6ed-7d20-4eae-a3a7-b91112c72598","block_type":"box","text":"of the Fund’s private investments could result in the Fund’s shareholder transactions being effected at a NAV that","page_number":117,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"0694afa6-8fd9-4d28-846c-d39141f2d72b","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s por tfolio, potentially resulting in the dilution of","page_number":117,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"2fb1da42-50b4-416f-8455-60beb744ac54","block_type":"box","text":"shareholder interests and increasing oppor tunities for shareholder arbitrage. The values used by the Fund to price its","page_number":117,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"6bad36be-f27a-494a-a1d5-4e7a8728bd3c","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":117,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"bb8740b6-a383-4c1d-8dd4-6934c87bc991","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":117,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"072c746f-09b9-4fde-9227-8823ee31a436","block_type":"box","text":"values of a Fund’s investments that have no readily available market values may differ from the impact of such","page_number":117,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"f16644b0-ce56-4f01-9ddd-d9cd51eb997d","block_type":"box","text":"changes on the readily available market values for the Fund’s other investments. A Fund’s NAV could be adversely","page_number":117,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"84c82a96-a9b8-4511-bf0a-911c0c5e97e5","block_type":"box","text":"affected if the Fund’s determinations regarding the fair value of the Fund’s investments were materially higher than","page_number":117,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"83efe003-b18d-4124-9d87-3badef69bfd7","block_type":"box","text":"the investment’s actual market or fair value or the values that the Fund ultimately realizes upon the disposal of such","page_number":117,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"1ac003ff-434b-4763-8467-941659d63add","block_type":"box","text":"investments.","page_number":117,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"4486cf97-3cc8-4b4e-9b12-c8ab47c864ce","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":117,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"59cc3a08-2504-4b0a-9d40-68126c1b1f0e","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":117,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"dd9dd7ec-8765-4e23-acb3-9af4620d32c5","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":117,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"a4bffecf-c809-4561-b995-207703ae47b0","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":117,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"33b95d7a-7396-4db1-b0fe-d78dd0534f67","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":117,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"d215c301-0b80-410d-9fe5-baaab686a62f","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":117,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"bc1da00e-153d-4ba2-a072-0ed04543c39c","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":117,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"30279f95-fab6-41a0-8dbc-c76821e5c3c2","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":117,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"e42dea5b-e5cc-4c5d-a93b-d631b10aedb3","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":117,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"5a51e39b-ae45-40bd-b6d4-3aff307f58af","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":117,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"18de4b9c-29f0-431c-b066-0f3213433972","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":117,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"b929e28b-a590-41a5-b32d-b811707cfa71","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":117,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"4bc0cfa5-a46f-4241-a909-2a1d726c232c","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":117,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"ccd4f209-3992-4332-91e3-811fa2c0714c","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":117,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"f495a3bd-3797-491e-8d2b-d7d8e402635f","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":117,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"2456678d-bf30-4a2c-8d1d-e2e0a11628b4","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":117,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"41ad65e6-0b1d-49b2-be02-c35e3221b086","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":117,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"dbdf1a84-7576-4fef-a248-7bb993036e70","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":117,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"11e4d6a9-67f5-40fe-b9e5-4aef415c2608","block_type":"box","text":"similar financing transactions (","page_number":117,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"68f1ee18-b0a7-43d0-a128-f622ac6b5195","block_type":"box","text":"e.g.","page_number":117,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"edecff72-548f-4249-b6da-2625c63e77a9","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":117,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"d5354ea2-ef2b-4ab0-8a89-cfa442876fce","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":117,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"943b5445-5e36-4140-bc19-2f3f86481ab0","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":117,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"5af6db4e-909a-42ed-9c19-4bfcdfb2bab9","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":117,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"3386aff4-6a94-47c7-90b7-753e8e07ff7d","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"a067ffd5-affe-4426-988e-5a86f789ec45","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require cer tain bank","page_number":117,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"df05e1f2-41aa-454c-8cd9-de3fd9e270a5","block_type":"box","text":"regulated counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":117,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"5292cfa3-a49a-4c0a-be9b-b05c55ed2831","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":117,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"fb07e337-420e-4f1d-b85e-92b5f2c3ed92","block_type":"box","text":"II-70","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5a91f77-7faa-4919-9896-7851b2476653","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"740c4295-89d3-4e89-8b7a-3032f9499609","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":118,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"d8f6a05e-b4d0-41a9-bdd8-b060368dbf25","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":118,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"d7168c20-4f29-422d-abc8-1d94f2c8cf9a","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":118,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"2279eb87-230d-478e-8dd3-241275565a17","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":118,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"940194eb-16c5-47ca-8186-de8e06a4ba75","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":118,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"49c4b2ad-9511-45e9-8685-22717367fceb","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":118,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"d438e619-a498-4ae3-9086-4ba1f831beb5","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":118,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"38075ce5-1d33-494d-aac9-034ea342cf03","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":118,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"3c4f67a9-f6ca-4296-a6ba-6a50b4323a06","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":118,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"df556510-6d6d-4319-bf5b-3c4cde773cf7","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":118,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"4f7dcc38-4648-4e61-b7b4-9a88043e41f4","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":118,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"bcffce2f-0c38-41a1-9cd0-351d044a4d78","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":118,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"0564ac49-b57c-48ad-885e-480ba0284e68","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":118,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"4bb2349d-bb27-4c76-8161-885efac4f214","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":118,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"bc1c2ea5-3815-40bc-85dc-3769aa29f39e","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":118,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"f51f368d-a8a1-49f7-bf7a-7332d5fd04f6","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":118,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"6089dabc-fdc3-4511-a8e6-3c90f9aa4d57","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":118,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"e8aa974c-b18d-474b-a7ed-d4f07f03f45f","block_type":"box","text":"Rule 144A Securities.","page_number":118,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"2bc70b48-1c0f-41d2-b843-01e6f118c76f","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":118,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"54a04176-4d13-451e-ade7-b4f61d250e34","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":118,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"deecad4b-ea78-4c15-b8fa-3aa812c3cc90","block_type":"box","text":"Securities Lending.","page_number":118,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"561a5bad-2dd2-49c3-b287-e73cd8345442","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":118,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"4dd1c3d9-27f0-4ba8-86f8-c9aa8c919967","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":118,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"a833a761-0b08-47fa-86df-06679f81b72a","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":118,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"8c282537-e0d3-44ba-ab0c-76db79a0bb7e","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":118,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"99f3510b-a65f-41f7-8759-81838b2d0fcb","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":118,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"d6895c66-0342-4334-9f7f-997ef478d89f","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":118,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"37ae8ff6-b6a6-4c29-a01c-48535fb7bced","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":118,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"7cb4d157-c58a-4333-8f99-be9d08f5e735","block_type":"box","text":"the securities were not on loan.","page_number":118,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"40ca1def-10e1-4f23-b5c7-5a32db1c2302","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":118,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"1717521a-9030-4301-8fec-4b4f8027d9f2","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":118,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"9ca46012-cbf1-45aa-b009-820ea58c9535","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":118,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"da91e207-868c-4518-a51a-c5dc5540a5fe","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":118,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"9975c062-64aa-4502-9afe-d41761b39889","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":118,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"f05a08c9-939a-469f-9443-2ea7fd00cb8f","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":118,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"f7670539-4e75-4bc9-85c7-47c74ce496f1","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":118,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"d79c339e-2bf7-44f0-bad1-c105c9ec3d1f","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":118,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"c499ed31-249e-440d-ac17-65017a1f3140","block_type":"box","text":"i.e.","page_number":118,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"a05e4225-096d-4a6c-a43f-04262dfac394","block_type":"box","text":", the risk of losses resulting","page_number":118,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"612f2acd-6d79-402e-8d84-f6c2617f04ad","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":118,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"baa30286-979b-4d2f-be2a-6a625ff98d69","block_type":"box","text":"i.e.","page_number":118,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"26aa4d67-22ac-440a-8901-62dd4c9b78da","block_type":"box","text":", the risk of a mismatch between the return","page_number":118,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"ecad45c1-c179-4cb6-ab5f-7038d4955c57","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":118,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"dfc4fabc-5f8a-4b67-a201-33f88b5c0c18","block_type":"box","text":"i.e.","page_number":118,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"2d673819-7a5d-41ba-80a4-60e980f0ee9a","block_type":"box","text":",","page_number":118,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"caec920c-bf0b-42d6-a65b-8d9816cf808e","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":118,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"0631a69e-25c6-4115-a7c6-942e0aafbc96","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":118,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"6a5826fe-1b71-4c4b-aec1-d98570040a3b","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":118,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"713924a2-4cb1-4c10-80b0-00290a551496","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":118,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"ead02b03-5e60-4492-bed5-ee825eaa0f59","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":118,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"c7eb12c2-f346-4f2e-90ad-b4c23199ac4c","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":118,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"cbcb90f3-b28a-4a17-9375-8c7b24613b64","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":118,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"dc7c662d-6ca3-4af8-b363-2d4260564387","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":118,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"609874bf-cc9e-4acd-a37d-e08e7c53c219","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":118,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"f0eeb55c-09be-450f-b09c-6881932f5843","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":118,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"afc1dffe-a8d6-47b7-8b51-94c3eb2d816f","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":118,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"6a725914-3696-450f-b16b-eeabfd417ada","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":118,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"4297d107-b892-484f-b266-53f6a12002fa","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":118,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"6540cb1e-3ed6-4975-8c08-b6a2aef10831","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":118,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"b3036de5-6631-4b44-8a50-e52273430804","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":118,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"661e386f-0f9b-4a02-901c-18bfebce59b7","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":118,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"0ceb13b7-1766-4c64-af7d-6ddd18dac74e","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":118,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"3f46ed77-2aa7-42f7-8947-78d2c8f0e9a5","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":118,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"7dab2021-7890-4fd4-a35c-0e8be2bfb055","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":118,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"853cd80c-4b1e-4aba-84db-433a904f436b","block_type":"box","text":"II-71","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d0a2667-c4ee-4c97-afd1-9c53acf59835","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60f22fda-cf14-47b8-abe9-b25a32c71489","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":119,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"212c9597-2fba-4db1-a163-a91fcaf5ed46","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":119,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"3e01076a-81fa-409b-923e-3f4943d9dbed","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":119,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"ec9e9009-2427-47c4-8a8e-3074cfccbb5c","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":119,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"7819f2fe-d3d2-4c98-872f-6cff39b02d66","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":119,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"6f6d2215-89d7-4afc-9ebe-56bb5afc1340","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":119,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"ce8e07b7-ac00-41fb-88fa-10d4ca4e174e","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":119,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"4a6635a3-a409-417e-8a7a-971fc8e7fa17","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":119,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"c383f0aa-eee0-4db1-b1e4-eed7e001b8fe","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":119,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"a96f21ad-2d3c-4781-8dbc-5a15416b0c75","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":119,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"6920f0ae-1e7b-493a-be65-0e553f9888e0","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":119,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"e03dc9cf-5a4b-4589-81a0-4ffd616692d3","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":119,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"00613057-7b27-4c31-9954-5d4536038201","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":119,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"cd654c7b-3d33-4e7d-805e-add74d99234a","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":119,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"d126ea8b-5eec-46b2-9944-39bb98b4b905","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":119,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"43ff8be6-0a08-4c1c-b48c-1fedc15f16a6","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":119,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"757c6982-4365-43ad-be7e-51172042acd2","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":119,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"b6ce71d1-a494-4f57-867d-73afbe21db6f","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":119,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"cb9eadd1-668f-452c-a5e0-c2d548a06bf7","block_type":"box","text":"Short Sales.","page_number":119,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"ab6e3eef-c2d6-4756-b449-b05c5628e77f","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":119,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"b18e1a32-8b00-4113-88fe-35f6bed74401","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":119,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"dd635b5d-6260-4433-af52-d945bb92ca45","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":119,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"adfeed67-f097-4c19-a343-244df0412c36","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":119,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"24fde5e5-8bc8-4b5b-bfad-b1ff9a9e5c79","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":119,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"33dcb423-1cd0-4881-8928-afc19f78735d","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":119,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"c7f9b711-2e08-4f62-a365-a520e434a499","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":119,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"f61ee4ec-5549-4caf-be0d-962fe778256c","block_type":"box","text":"securities to the lender of the securities.","page_number":119,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"3e05040f-f2fb-4a21-98b9-451d738db93a","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":119,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"12e6c953-98fc-4d39-992f-2a2d41f546a5","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":119,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"f7ac8a7d-e93f-41f5-a1e0-8d785f87da8f","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":119,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"3bae2112-36a0-40d4-914a-a0c26e7c455f","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":119,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"07037b76-ad64-40ab-8129-ea3842875903","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":119,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"6f3b54d4-04b6-45fe-8840-3fbc96e5ca1e","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":119,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"39511e82-d41f-4255-9a66-a5df03560aaf","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":119,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"0adc554b-c78d-4ae3-9176-03947bdaca5f","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":119,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"76b43b9d-3262-41c4-81ba-6b06d7bdb3dd","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":119,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"15fe70b9-f441-4232-b008-4bed61e1ae22","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":119,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"a0845f8e-b649-4afe-b892-9ef075a676b9","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":119,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"ce4ac224-43ac-4390-9486-9d27e9888b9e","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":119,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"cb663dd2-e19a-4b74-9455-e36a12393910","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":119,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"10418100-20f3-45d5-81a3-a1dbcf2f6fba","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":119,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"88f93aae-d22c-4ace-9265-209a7eec393e","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":119,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"a2d136cc-1692-4df8-b08e-901b8c64f67b","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":119,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"9fb459a4-bcd8-468d-b145-25b72150ffee","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":119,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"18653733-9277-48de-b397-381c58ec3d4e","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":119,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"b3399ef5-0e9c-4984-9cf7-0f4435e8a23a","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":119,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"ab96d810-5624-4c94-9203-1cdf99878f82","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":119,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"50442530-bb86-40f0-8385-56933974646f","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":119,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"e9f1e52f-b097-4bdc-975c-baac6592ecdf","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":119,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"9f6797e5-3a61-4549-b34b-be6a582e03d2","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":119,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"8f54122f-7404-4f2c-bfff-d6d38de94c55","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":119,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"212feec5-39dc-48da-bb6c-63af893f94db","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":119,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"096efa1b-89c0-4cb0-807a-c0da4485e8d0","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":119,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"71348415-37ce-4365-8c99-ab638b14c3df","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":119,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"5418351f-d988-4b53-b1e5-328b2728d470","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":119,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"9369433d-5db0-4881-8460-5e2509c14f5b","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":119,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"80661650-3123-42fc-96c8-1f0f992b0ca1","block_type":"box","text":"II-72","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f65a7d39-8294-46f9-a13b-babd5b0ae7fd","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b060062-cba7-42aa-94a6-316b923e9b38","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":120,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"8b211d9e-bf7f-4cdb-856e-f9ded0a504c8","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":120,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"ca1c8a20-4273-4241-a54e-b1ad4bac1050","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":120,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"3011ca37-c096-4f09-a4b4-79cc1c8502c1","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":120,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"232fe4b6-6adc-449e-9d05-984a072a1d31","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":120,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"f1f52c93-d996-455e-812e-df32314748b3","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":120,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"20bf1a17-eac1-4154-905a-797a5495c9ff","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":120,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"d0c50404-18ae-4376-865c-0ff1f3b6dcce","block_type":"box","text":"There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions","page_number":120,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"0c80564e-4dcd-4815-8e2c-7af716940c83","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":120,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"00b19343-16d3-4de0-9bbc-af2f11c8842f","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":120,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"b51d4a91-bbbf-4b89-a171-251fc9a814e6","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":120,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"2ad24d7c-0880-467c-9d25-e8c0ec6b5cce","block_type":"box","text":"Standby Commitment Agreements.","page_number":120,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"458f3459-3e97-4b65-a8ad-c11246938ff6","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":120,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"c9d3e838-581e-4a18-a50e-f7928099e61d","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":120,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"c8883851-2ee1-4e86-ad3a-2b92809aaed2","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, the Fund","page_number":120,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"12ea7d99-23f9-4394-9ecc-8b6a12b2db00","block_type":"box","text":"is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":120,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"06ba0419-cf6b-4e1d-8f1e-9f962e62d94f","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":120,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"eb50b1af-d0b2-4a2f-80c2-8d505bcf403c","block_type":"box","text":"advantageous to the Fund.","page_number":120,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"c373d8a3-8988-4664-a93d-fceec274ac20","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":120,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"9b6d22c8-36d4-4dd7-b7f6-1a1f7db885da","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":120,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"b372219f-9b5d-4b6e-8ccb-3c43eb679843","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":120,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"626bff3f-e59c-4f64-ae6e-93306e850c5b","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":120,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"fbf56079-01d2-41f3-8c28-d82efc17e4c9","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":120,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"3679da04-bdd7-4e77-be72-9344f697c9ef","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":120,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"7a943dae-4dd1-4c37-9767-93a2d255c3cd","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":120,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"50c52424-8a72-4fdf-8197-fa9a7c1d4cf0","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":120,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"fa2591e4-98af-49b1-b6b7-515cd1532419","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":120,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"08a2bd86-036d-469c-b24b-c3f82519e41e","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":120,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"20d4e3b0-ca6b-4658-ada9-d2e60962dc8d","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":120,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"8a78a58d-0240-4ed4-b736-3661d30632e6","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":120,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"1424093a-0e6f-4a29-9dbc-805425cf83c7","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":120,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"fd112716-3c37-4c8c-a3af-4da9226df8cf","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":120,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"64ca1f7c-bd49-4fba-9630-da3a66050d7c","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":120,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"de4cbae3-ee4f-473d-a3c6-9cd349d916cd","block_type":"box","text":"Stripped Securities.","page_number":120,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"a6814948-97a0-43b4-bebd-820d8bcf6ffa","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":120,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"3c80c1ba-487c-4608-bc4c-885a63d7b04d","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":120,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"b7faadc5-722e-4341-a687-743235867dd6","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":120,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"137226be-51d0-4010-a6c3-d65144a021a2","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":120,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"8dd21eaf-c358-4b37-aa45-fba4db15b5c8","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":120,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"b1bd2b9a-b97a-49f0-b210-f1a4c20fa9b8","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":120,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"957481d5-efd9-4c64-8f05-a313586dc6fa","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":120,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"27ce9104-bade-4cb2-b0a7-3332d14ce6c2","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":120,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"16c0556d-13b4-43e0-92aa-b54a4075f330","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":120,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"d95bc8f3-c27c-41c9-892d-089134420b25","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":120,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"811f3a5d-576f-481e-8f4c-13d112670334","block_type":"box","text":"Structured Notes.","page_number":120,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"edf3d633-2508-4393-be36-63c0a8e86a67","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":120,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"6f9e43dc-066a-4220-b246-ba5fab3aa3fb","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":120,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"2d78b0f4-356f-4667-86b1-595c78b68a98","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":120,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"1d694969-8f16-48a3-85d2-c3a006bc434f","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":120,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"6b9a8dda-3c99-4e83-80af-d78214590047","block_type":"box","text":"or decrease, depending upon changes in the value of the reference measure. The terms of a structured note may","page_number":120,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"8f8352d4-8ec2-4317-b5eb-a24498aa863f","block_type":"box","text":"provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":120,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"86a68fb2-f7e7-48dd-aa30-ef7ff5221dce","block_type":"box","text":"capital by a Fund. The interest and/or principal payments that may be made on a structured product may vary widely,","page_number":120,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"b8e67428-1868-481f-b704-f830b674ba51","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":120,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"bc2241ef-ffed-49b2-abf0-2fb0bafd1327","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":120,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"42164124-ce85-4f76-bba9-72a712845123","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":120,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"a122d5ba-04c1-4933-aa8d-252bb71fa790","block_type":"box","text":"II-73","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"175fa050-aee5-4519-b875-baf2c73eb263","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7501a16-e7d1-44f5-abfb-1f25b0f3d471","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":121,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"7960e108-e9df-4e0c-b0f0-7d12f2df31e4","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":121,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"cea3765e-9208-49ae-8ca4-05969fdd16a7","block_type":"box","text":"the risk of loss.","page_number":121,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"2f920288-8aff-40de-851e-cbaec533056f","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":121,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"6f0ccbf3-5356-46b2-87fb-83627b43a143","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":121,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"235a839d-b1e1-4376-97a1-0958fa141ee1","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":121,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"ec2a02d6-1626-4aa2-a177-ead9836f02e6","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":121,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"3a16b982-3d82-4eee-ad27-97a1e3c6d949","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":121,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"47f4c66f-7fd2-4606-90c1-7d56867ae141","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":121,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"df370547-f49e-4afc-a5a4-4f37b950504b","block_type":"box","text":"Taxability Risk.","page_number":121,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"ab1a2214-a7e3-4b59-9c0e-614eebc8d2bb","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":121,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"e568fd11-ac85-4eeb-a955-8ed9a968d626","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":121,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"dafe44ac-a2a1-4c5a-baea-2fc9cfb0511d","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":121,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"2a270372-ca41-45d0-892e-daf44c9394a9","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":121,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"3fb76632-9ead-4462-8fd6-9af619ec8223","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":121,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"168b5113-9a55-4cd2-9f5b-f16b38c31022","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":121,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"38e456d2-9b6c-4447-8d9e-3d305ba778cf","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":121,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"a188967d-6f80-4bc0-aa5d-4d116ecf00a7","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":121,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"afb372b5-bb2d-4d52-8440-f751bb74493e","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":121,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"06659244-e853-4768-8ee1-d497af659d7f","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":121,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"35f854df-5160-491e-bb06-aafff06623c7","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":121,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"62f35ebf-a719-4a51-bdcd-ea8e286d63b7","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":121,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"3d031f7a-5bcf-49d6-82ef-1de897d68c5d","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":121,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"bcbb2a73-5fb3-413b-bd29-f80270183014","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":121,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"a092be89-f3ae-4bb3-9a26-27d947eefa0a","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":121,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"141173be-6abc-47ad-8733-61d431000972","block_type":"box","text":"the value of an investment in the Fund.","page_number":121,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"0c2eeda9-d2bc-4898-ad53-4544198fc7a1","block_type":"box","text":"Temporary Defensive Measures.","page_number":121,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"4005aab7-2de4-41c5-a0d3-b9d378a66347","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":121,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"1ec12a80-a335-4113-9397-e4804fc723d5","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depar t","page_number":121,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"b84f3483-5dd5-400d-a8f4-41bce8a8d332","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":121,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"23864480-af18-4968-8c03-246e41c1890c","block_type":"box","text":"Cer tain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":121,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"c7d466fb-eb8b-411e-bc1f-71638cdc25aa","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":121,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"63836851-d342-486b-a794-7f3ee3dbe243","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":121,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"0fd993e1-63d9-4b12-a735-c68422ce8875","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":121,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"18e1717c-df4e-4fd2-9544-543f69bd6384","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":121,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"848c37fe-5a24-4eb0-9c18-4adc56ed8e15","block_type":"box","text":"may mature within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":121,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"41d53d86-ebb0-4c9d-a121-05f89a5b6721","block_type":"box","text":"to achieve its investment objective.","page_number":121,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"e0c65db5-1c12-430e-8454-6517a5a05dcb","block_type":"box","text":"U.S. Government Obligations.","page_number":121,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"6e1904da-1de7-4698-a551-c301e64e391e","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":121,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"9df1ce59-1eea-4987-bd0b-52fbe1321ce0","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":121,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"e4a7079a-697d-4344-a486-9a0d38ee33c5","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":121,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"19d57388-927c-4a89-b254-c6d6dfa1f066","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":121,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"5659b6ae-4797-4a66-a88c-01fcfc9cc0aa","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":121,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"a2ed6614-2b9e-4a74-9d3e-6cfe8e469a4d","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":121,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"a7eab537-21e9-4c7b-a686-252c6a92589f","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":121,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"e7389e22-4e66-4803-b140-1255566c4533","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":121,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"d5fcdbb2-5890-4a84-9af4-b468f09f812c","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":121,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"832640ab-4072-4efd-a56e-4fa442521fb8","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":121,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"7616c9fe-5d4d-4607-8fae-d81dfe0b4f52","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":121,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"b572d57b-6c07-46ec-8849-45980ab052c0","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":121,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"cd8ad841-5faa-44c7-a993-42c329ca1881","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":121,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"6308a78d-96f4-4ffe-82d4-fb90b9146932","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":121,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"5652647a-8aec-40f1-8fee-3fed970a797c","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":121,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"138a1cef-b6fc-45ec-b961-6753fb217013","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":121,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"906c29c5-76f7-4c5c-9567-536921922001","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":121,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"450ccd6d-eef2-40fd-9373-108cc3eeb69b","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":121,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"77bd3ca5-534e-4b70-93a5-1244769f6626","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":121,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"880237d1-d892-44f7-bf65-198ee5474847","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":121,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"950df5d9-4961-448b-9cdb-cb4726ed0bb7","block_type":"box","text":"II-74","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d57f2056-d7bf-441b-a79d-3debee34e758","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f764e67d-d183-499f-afc7-d96afd4a97f3","block_type":"box","text":"U.S. Treasury Obligations.","page_number":122,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"543abf57-1388-4cb2-8044-69dbb0a0f8fd","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":122,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"a7453671-9a62-456e-945e-04d729fb0487","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":122,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"1359345a-7da2-41bd-a8bc-277494f2bfe0","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":122,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"0b820dcb-68f3-4303-9c43-698aa3cf426a","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":122,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"66abbfe7-7b00-429e-90cb-2c7a248e9ea5","block_type":"box","text":"do so.","page_number":122,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"62171f6b-a6a5-4ee8-b1a2-1705a41c796b","block_type":"box","text":"U.S. Treasury Rolls","page_number":122,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"e851053f-d56f-4e3f-81d1-46dd602095f8","block_type":"box","text":".","page_number":122,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"6f25db5b-a728-47db-b0ea-7f50f1a9cc31","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":122,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"d513ee29-cc77-4d34-91cc-7e22ed7cca8f","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":122,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"c73887e9-7536-4515-9deb-326a1fdea98b","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":122,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"46c81f81-3f5b-4cde-b6c4-14d64c918283","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":122,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"b82f3f18-da8a-4e4c-8f89-1182c475ce20","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":122,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"e78c8400-987d-4b4c-b3f4-1e993af738d8","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":122,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"cd6fd5a6-95d2-4ea7-bf0b-cffb80dd0437","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":122,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"ff60cf77-f50b-4e28-bc59-925f72402656","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":122,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"f2d0ebc6-7e74-4459-ab81-b9f406d23123","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":122,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"850186b8-85c9-4f1b-bd5e-b2b835ec3a0e","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":122,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"f2b7a7df-e02c-4cd2-a1dc-3907b1bd1b1a","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":122,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"59736e62-7bd9-4d3d-8400-883d0587567e","block_type":"box","text":"Utility Industries.","page_number":122,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"6317e3a5-ca83-41e6-a4a2-51701a849899","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":122,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"90653c23-6d63-40d6-8189-b0d9cc093445","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":122,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"e2cd8e07-6918-4551-a157-2c8083279d73","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":122,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"f55cbeb3-3be2-4ed7-bda9-7c452869b5bb","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":122,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"d2513d5b-4755-4548-853b-0deb353d8be6","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":122,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"74104c21-1d86-4d05-a6d6-c15038d8659c","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":122,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"1316b099-30aa-47ff-8e7a-9dcb9930b243","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":122,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"7a003545-cf55-4ea9-a333-9ad0adbdfd19","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":122,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"0714416b-ff0f-45ed-a762-46ec3e1c232a","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":122,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"c1fb8775-480a-4acf-aa47-a3ea9e7a3d6d","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":122,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"83602554-ef81-413f-b137-c5f24fb99caf","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":122,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"2540bb1c-f7e8-497f-b4d4-fecb63ff4ee9","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":122,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"6a89445f-6f74-4d44-9bc5-9e515510dc2f","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":122,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"82cc4f8d-ee71-46fa-a623-86f5c2ab26da","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":122,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"1653f4fe-322d-4b45-b4fb-05d1a063d83c","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":122,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"73e33031-19a9-4844-9a9d-681b5892e897","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":122,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"32c88ac3-ed63-4c5f-b28e-02bdf61a6d78","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":122,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"a7483909-d399-47fd-8e4d-f512b80c52ad","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":122,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"03c2d897-5a55-44d8-838a-4f61688632b9","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":122,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"03b8d9d0-e2ca-4d5c-ac48-56931484d90c","block_type":"box","text":"utility.","page_number":122,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"517db834-507a-4910-b431-6b619c5eaff1","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":122,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"e041a542-7942-496a-8b0d-345e6334d398","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":122,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"ff0a6854-f489-43be-b0a5-6d963a2387c3","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":122,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"79c2f7eb-e5cb-44e0-8ef1-1fa4fea0826e","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":122,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"e3ac98e9-9ef4-4ac5-8e91-a7301d62a3fd","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":122,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"30f53b53-abdd-4130-9ae5-58e8875947de","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":122,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"d2d9910b-61a4-4b61-922b-8ee50fc48655","block_type":"box","text":"continue in the future.","page_number":122,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"41cb8ac0-11eb-42ff-870a-915347de7e47","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":122,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"5720e694-3ec9-4d93-8f65-bb48dea75b09","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":122,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"7455ccfc-e4c0-4ceb-b18d-1b580c9b5392","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":122,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"9579b81e-f540-41af-b575-e0cd90fcc7ce","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":122,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"a548ee35-465d-4102-8196-48e707396913","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":122,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"cc0a7160-1d66-46a7-a75b-106952b1c75d","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":122,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"a3b72340-57ad-4ec8-89da-04c76d32ad42","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":122,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"e5a2d845-ea76-4af3-a87f-6d84a98721b0","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":122,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"1f21769f-b1cd-4bc9-8c31-062344428e81","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":122,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"246ab2dc-1193-4025-bc4c-d7baf3666c50","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":122,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"ccad2c58-2b35-40ef-8929-219cde1c8d7c","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from these","page_number":122,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"98bd3f08-e546-4e6e-835b-8cd2c56616c5","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":122,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"e67e9379-5f97-423f-ab6b-fea22bdfeaa3","block_type":"box","text":"II-75","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81398056-f02c-4cc5-9452-14af4a800845","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af9a3fc0-2626-4619-95e0-7b87466bd9d2","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":123,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"eb81fe76-48cf-4f7f-9a7c-f3ebe27ca22b","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":123,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"4cca9d24-1427-4043-89c6-9d7cf1f6ddf2","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":123,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"a62172bb-783b-4060-b085-3f45264478f0","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":123,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"31035c70-5851-42c8-9c83-5f3f4b757762","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":123,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"90db4243-29b0-4820-a461-b728c1d620df","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":123,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"46d7323f-970f-4581-a812-687acf6a347a","block_type":"box","text":"ways different from regulation in the United States.","page_number":123,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"a0f68f92-6243-46f0-8443-837c73dd8b92","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":123,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"799cd273-fb7d-472e-b606-d648e0ca5e4d","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":123,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"44e801c9-1843-4087-9bef-9e6185ffca81","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":123,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"8655e46b-5f26-460b-9be9-d69ce5cdedb9","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":123,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"fa61abd0-6a6b-4bea-b4e6-6de968b3733f","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":123,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"6e2517e3-e1dc-4c02-ab84-8e11a20346fe","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":123,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"ee265542-8798-4877-90d9-98f1c12481f6","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":123,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"2adea41b-2ebd-4f6e-b546-8ce90cb23553","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":123,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"0c8c48b0-99ad-4524-b2f4-b71dfb47fdce","block_type":"box","text":"increase.","page_number":123,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"97bb28ed-0d2f-400e-a2e7-ed189548d9d3","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":123,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"e4969e90-5a98-41e0-bfb5-ecf33e9db6d8","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":123,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"b48112b0-f163-4409-bd1c-29584599a4cc","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":123,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"68d01682-da9f-4b51-a3ef-85c66c368b93","block_type":"box","text":"Electric.","page_number":123,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"069cc658-0be3-4f51-8ccc-2fe1643b5fdb","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":123,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"a1e5963e-78e4-4916-b020-a6cd564ee8d3","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":123,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"ed308d07-a759-49d5-80b8-321b0eb82957","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":123,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"416bbb52-42b5-40b3-ad25-93d58ff3eaf5","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":123,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"773bb90d-700e-415f-a9fd-e06f4de2ead3","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":123,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"55b4729d-9f21-4ac6-b865-703678d04fd1","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":123,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"4073cafa-eb6c-4488-928e-8e4cca1a8d75","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":123,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"49901d2b-eebb-45ae-8e49-c4310c80a617","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":123,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"66f898f3-d2c3-4eb3-be50-178b689bd26a","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":123,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"5d38957c-d751-447d-a691-831978fc390b","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":123,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"d418a51b-fa51-4f0a-b721-bc8db4ccec33","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":123,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"375ddb60-b0ba-46d9-9f8d-5f8678fc6aae","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":123,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"1b8e2fbd-32d0-4c89-8f3c-b03df19b132c","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":123,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"303fc511-40cd-496c-8bf1-d9b758eb4ec5","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":123,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"f54a37fc-2d4c-40b8-9c67-321e72eb61d6","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":123,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"eb68e929-6be4-4fb1-bf46-a0df769172cf","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":123,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"a1297203-9d4b-4c38-94ff-53085272f562","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":123,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"0d4f62f2-edfc-44d2-afff-a76abcb5b6ef","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":123,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"ab8c5b36-d13a-4465-8f38-c3565bb6d2f0","block_type":"box","text":"and for decommissioning such plants.","page_number":123,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"cde85cdc-029e-4427-bf00-3e6b428c2c22","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":123,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"902a39e5-1572-45aa-8689-b05408456c5f","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":123,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"7174e666-6f12-42a2-8d2e-4a5c3b027b38","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":123,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"869eaa39-c10f-4b20-bcb9-4768e34ff620","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":123,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"c994b5f9-8008-41fc-825f-7c1e58129d66","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":123,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"e08ed71d-eeab-4543-b2e3-c315797e84a9","block_type":"box","text":"greater predictability of cash flow.","page_number":123,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"b38fd746-5b66-49f2-97f2-2a0ffca9f883","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":123,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"e6790fea-147b-4728-932e-0f3880dbcc9e","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":123,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"bdf9463a-268f-4495-9d77-e659e09ce2d7","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":123,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"928c2cbf-b738-452a-9296-6293f5201754","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":123,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"27aa3ee1-d418-4c7c-9227-f41bf49296d7","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":123,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"d0ab2950-b643-40b1-af29-9bd61cccb1c9","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":123,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"4a3bb529-6b5a-4db5-8fc0-65dc7580b7cc","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":123,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"35ffb13b-ff6f-4f43-894e-9eb8b864161e","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":123,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"a5f9112d-bca0-4a5b-8063-5132297281c3","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":123,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"0764036d-5ee6-4fb5-902f-232185f4e626","block_type":"box","text":"Telecommunications.","page_number":123,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"342b8f8c-e246-4c3d-8c3a-e952baae5f2c","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":123,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"a13b4f76-17ff-4628-a1a6-494f6cd26e90","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":123,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"643fc511-e741-43d4-b643-4b4a6ef92c4a","block_type":"box","text":"II-76","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f303d21-55b4-4b5f-b660-4f43ced5fd01","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce12a5f8-f3c0-445a-b726-ebfa9c5f75a1","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":124,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"d682b6ec-c362-4c00-b012-c958c205528e","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":124,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"c7b0fdcd-6370-415e-893b-3b159bb76c53","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":124,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"5645113a-3f61-4858-8009-45fad1cccdba","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":124,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"b796cc5f-6859-4b39-a858-902eef4cf308","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":124,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"7971b11f-dfac-4911-a717-6c18d7b59844","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":124,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"81ef7cbd-6f0a-4f65-a3aa-1787ad36aba1","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":124,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"cf9b874b-78fa-4e80-937c-746b4c1f58a8","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":124,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"d96c8d36-7051-426f-a532-da071df92a51","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":124,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"2095d48a-702a-4b84-97a8-8ca57b62c44e","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":124,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"603b0627-a55c-402c-8a0c-c5adcf1304dd","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":124,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"a4791f48-da92-4257-a60c-a60270cf331a","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":124,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"f2c47bad-3c38-4136-84ed-7abed939d474","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":124,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"f22caa9c-2c92-411c-a501-8a73133b7562","block_type":"box","text":"residential, corporate and governmental customers.","page_number":124,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"53486b79-91e8-49a6-8135-954f3d634970","block_type":"box","text":"Gas.","page_number":124,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"bd4ffdb8-2e5e-4d57-a517-833ab9823e5e","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":124,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"0c58679b-00d5-44a6-9f96-da0e985db419","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":124,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"a3754703-c67a-449f-adb9-e4e4cf8e4ab3","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":124,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"e52829ec-f098-46f8-babe-7c4ff0cdd391","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":124,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"d67d9b93-533d-43ec-88c0-df4b7be582e3","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":124,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"12091b24-3a51-4c8d-9e64-f2006bf3c4ad","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":124,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"8c0c50f6-7b78-4b66-a5c4-964c413a108c","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":124,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"9e396690-661f-448d-869b-7db62abd19ab","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":124,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"7716c571-9660-45ca-b64d-fc17e664d4c3","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":124,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"db6fe474-aa46-4d97-864b-4db68982d261","block_type":"box","text":"Water.","page_number":124,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"a79201af-610b-4c80-bfe8-17f7697817fd","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":124,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"f823adef-135a-462b-a37b-8347e01d663b","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":124,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"8c95a9a3-58f7-4143-a1a5-f02f8ada536f","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":124,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"59502a73-0e73-4318-bd25-09daba574998","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":124,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"29448496-3538-440b-a094-b352551afc7d","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":124,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"0cbf7c24-33f1-412f-ad6d-9d30600043f4","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":124,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"f699faf3-b0dc-4f3a-a425-aed806845db6","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":124,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"95e1cf81-ebb9-4bf9-8bb3-b7eab07ddd3d","block_type":"box","text":"Utility Industries Generally.","page_number":124,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"bb70b0a1-9f87-4a19-bfb9-a290fa0ab37b","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":124,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"126c4cdf-3a3e-43b9-a268-3c46ba22371c","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":124,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"00a88079-0ebd-4ea7-aade-b664ca2496f5","block_type":"box","text":"not develop in the future.","page_number":124,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"8407fae0-eb3d-4f6d-a478-d0e8b76e9999","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":124,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"5037e38e-12fe-4408-9b48-bf3371ea214c","block_type":"box","text":"A Fund may purchase or sell","page_number":124,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"f69fe5a1-e87f-4be2-98fd-5ac9b534cf2f","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":124,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"c446409b-d610-47f3-a328-c6656c27feb0","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":124,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"bf96a8db-4c8d-4139-bc09-74a1f3c58150","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":124,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"1ac7a637-93f1-42b6-98b9-47d5ecfaf745","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":124,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"31086741-e009-4c3a-a04a-0bb9c9b34589","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":124,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"5b2949c5-a948-4aa0-b727-b35ff9a6452c","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":124,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"ea4b1693-0e21-4fda-b86f-71b81452daba","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":124,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"a789af2d-d1e3-443a-930b-3e7f65d57b25","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":124,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"f8959f44-32c3-4ac8-890e-044b48a62ecc","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":124,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"6ccb9c04-7d28-44b6-847f-bcd81f7c31fa","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":124,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"61631a92-04e9-4355-b7c7-1f58f0b5fadc","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":124,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"3e812329-41fe-4cab-a162-83a38d4aac85","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":124,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"0686b54d-e409-4e21-9d48-1b8a43da9167","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":124,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"a3df2572-5472-4c38-889f-a9939a6b06eb","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":124,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"55ddeef8-e6eb-4ff8-b03d-d28d60374bb4","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":124,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"d6661a1e-7bb5-4b7c-9228-3e40e6dfb302","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":124,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"711efcd7-41d5-4024-a044-a0ede0486f0d","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":124,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"79c99cd1-1d49-4900-b5ba-a68de65570cd","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":124,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"673bc182-19c8-4356-93a5-992001b8b0cb","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":124,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"2cd47065-c71b-457e-aabc-8e70091cc982","block_type":"box","text":"II-77","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d858e8a-6940-4d7e-95a0-526dfbb8e509","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b69017dc-fe2b-485f-bcd3-f3bea66ec451","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":125,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"804467f0-acd9-45f3-85c2-3055c64bb921","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":125,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"f32469e5-2e61-4942-b0ef-0d862834ad59","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":125,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"30afc071-79ac-4f45-b39c-01f2f35b0610","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":125,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"0899d143-2f06-44a7-8095-3193f157164e","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":125,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"d74c874e-01b0-4095-a5ae-63b050080b02","block_type":"box","text":"securities (","page_number":125,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"bda3c354-3342-4c11-b1d7-2c2cd7442f97","block_type":"box","text":"e.g.","page_number":125,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"5b25069a-9e59-42e6-9909-d1925a3edbb7","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":125,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"5a03be4a-b33c-4c4c-b356-97038f6f5040","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":125,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"c16949a7-7d9b-4a29-8974-2d7f6c8e3f90","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":125,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"d4edf375-4d26-45a0-ae66-42661e486f3d","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":125,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"8fba54a3-c5ba-42df-af57-9101e8bf9a31","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":125,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"f0c033cd-3b3a-4d7d-8ada-032096ccb9eb","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":125,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"6beb12e7-8ee0-4aba-b616-e21a59a1b3ca","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":125,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"b71ab16b-20d8-4b7f-9fb6-930c822dc644","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":125,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"c2edd36c-ec3e-4ede-bddf-3cce5660217b","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":125,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"5e0ea39d-75e8-42e7-8c40-e58bfcd31ad1","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":125,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"bc0ff371-3a3d-43ea-bb74-7f3534f12a50","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":125,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"529928a3-2768-46d5-a6fc-040880ba6965","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":125,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"b62e2002-b642-4dfe-b384-a23124a6d6b3","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":125,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"a7e5d688-5fa9-40df-9d8d-9dc38ef2796a","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":125,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"d5c849b7-1641-4a37-bb86-e61963d5b89f","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":125,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"0703e616-5ef3-412e-b406-86c73787af43","block_type":"box","text":"agreements.","page_number":125,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"35ddbccd-1c18-4ab2-9552-875d66c9a3f6","block_type":"box","text":"Yields and Ratings.","page_number":125,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"ff1cbece-da3c-4588-9f47-6a90c85d72fe","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":125,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"5d937aab-9b0a-4c41-8650-69dd04ecf640","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":125,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"80c3e731-e656-4b95-83df-031db45051ad","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":125,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"239edac5-7fa1-4e93-b518-20d0a6e9a50f","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":125,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"f179ec8f-e627-42bf-92af-b608fb36b7e4","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":125,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"99998e92-26af-46cc-a850-d074aeba8776","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":125,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"9fc482a1-23de-4ab8-9109-fc23f0f68b41","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":125,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"58bf1526-73af-40e5-93d3-5bf530e86e0b","block_type":"box","text":"continue to hold the security.","page_number":125,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"60c5e722-b465-49c4-bf4f-fb4a3f57584e","block_type":"box","text":"Zero Coupon Securities.","page_number":125,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"025cd28e-6e7e-4c48-8d0a-61ccf2b63b78","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":125,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"c77aae20-ce0d-4eec-bc81-8a98e09e4303","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":125,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"6efe178e-eaa7-4c16-90f0-4f96662524be","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":125,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"1c550b7a-41ab-4d0a-9694-9452a0133601","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":125,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"fa0a1a84-6172-44aa-b88c-6db6c7a5645c","block_type":"box","text":"security.","page_number":125,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"338c1451-e39a-4996-9616-8c40d217b06f","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":125,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"4fe2acec-5731-4959-8e6e-221cb0b44448","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":125,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"148b5bc8-b41a-481e-84fc-4363246343d5","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":125,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"17e28dde-6e07-43d1-83b2-5a5509f561d4","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":125,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"41d0fc0c-ebb1-437e-b9fa-c4176af5db40","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":125,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"f330dd69-deab-4864-b725-54d308d0c0d4","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":125,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"d11766ad-61d6-43e3-a4a8-81b27bc0d482","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":125,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"8841bc5d-f239-4125-9dbb-8185417799e2","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":125,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"85606ea9-525f-44c3-b174-57bc5e62e46c","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":125,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"6e2a6627-7ade-4bd8-aa91-1608c090f66b","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":125,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"28a5476b-629b-42f8-bda6-8424ee4f75dd","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":125,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"d5db4c36-2809-4585-b584-99b3831800d9","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":125,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"7c3df163-9e48-4315-9e31-9c5d72a55f3b","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":125,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"c5b27b6a-1471-4371-8495-ca5afb69c283","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":125,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"913ec00f-703b-41fa-8d04-9bb5a6cae2a3","block_type":"box","text":"intervals.","page_number":125,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"2f8062f7-a548-43c0-a176-bde7e5293778","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":125,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"a43d22e9-b1bf-4193-a928-b48f4d8278bd","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":125,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"15524ff9-e69a-459b-b63a-1aa0402a5f47","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":125,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"3ad25eb9-2422-4afc-82be-0c378b43ff26","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":125,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"c3b39377-f696-47e1-9b27-93b68a724b0c","block_type":"box","text":"exposure to zero coupon securities.","page_number":125,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"e0fc975e-5ca1-43ea-99b6-217e039333f3","block_type":"box","text":"II-78","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d3d32239-7368-495f-96af-73b0e716a22b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30ffa03f-e6f8-4d91-bfc0-4a8cda9847cc","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":126,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"a994a092-2302-475c-8560-50e19bea3a7c","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":126,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"41af3c7c-57d0-48ce-9ea0-5eaae77cf1d9","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":126,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"77bea5a1-a8ea-400c-bc8e-4fd490a3e14e","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":126,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"4628cf9a-7587-4757-bd5f-9a6cfec4f083","block_type":"box","text":"Suitability. (All Funds)","page_number":126,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"139b2b22-c329-4ac3-801f-a1d4d0b694e6","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":126,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"861def96-aba3-4098-9041-a58032c9775b","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":126,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"8add3f89-4aa7-4944-928f-9529a73d0349","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":126,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"9a5e738b-e298-47ec-a474-f50c7d208b21","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":126,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"d8e48fff-ecd6-49fc-a749-51af84fe11ff","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":126,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"fb641c0a-5a7f-4a53-81c8-a6498e8254b8","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":126,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"624a3ec8-4d2d-4efc-a968-c11df20b26bf","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":126,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"d4c322a8-5a6a-4290-be74-aa8c54ae9651","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":126,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"83a98a60-15fe-4b2e-8e5c-9f28157d1988","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":126,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"20a766db-25cd-46da-96dc-18109639b025","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":126,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"59696680-c8e5-4d05-8f22-e923526b4096","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":126,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"0472aa68-1675-4c77-9c31-a7539657e33c","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":126,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"ed18f68e-7930-4bfd-92ee-a9f95b8da855","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":126,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"f1cbc57e-dfb7-44bd-8936-a7c81c91a0d8","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":126,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"409a1af0-9828-4026-995a-0b5cb40b3f99","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":126,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"b8676d9d-c80c-403e-b7a8-e1bd7ea08416","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":126,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"fdf319c1-9824-4c63-b494-bdd38ff9ddcb","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":126,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"60f5d32b-3c6a-46ec-a4eb-7b875901cba5","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":126,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"886de6fd-a341-4384-b7b4-56ffc986d5f6","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":126,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"45d96827-a641-4e46-99d6-a523da1a52f0","block_type":"box","text":"(","page_number":126,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"67bb9a38-46c5-477e-929a-7cefb58f52bc","block_type":"box","text":"i.e.","page_number":126,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"70249805-a4b8-4fd1-ba93-5f614844845d","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":126,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"cc654214-8479-45f9-a297-00a785bcbd38","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":126,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"03851147-f432-4717-afa0-28316325690f","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":126,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"6f8deb91-3ed5-4136-a28d-ba7dd60c7019","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":126,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"a7761223-9c39-4f4a-b115-1a598c9e6bc3","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":126,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"d711ee99-11ed-4b06-8f72-0fdf41b6bf54","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":126,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"1ebe832c-2517-4b35-90be-aea91c682696","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":126,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"66432b84-051b-4e58-8e6a-fcc40ae15e22","block_type":"box","text":"regarded as the sole issuer.","page_number":126,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"ca8d6d7e-e57c-478b-bd99-cfcddbdfe94b","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":126,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"df8d5573-13e1-4512-a96e-2169e974452e","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":126,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"f97bdddd-a037-4f8f-add5-91192fc1659b","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":126,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"e5cc2be1-9995-4a95-8a41-f634d4f97566","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":126,"box":{"x":70,"y":619,"width":747,"height":11}},{"id":"c0af8bc1-feb5-46ce-8460-a689a15a91a0","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":126,"box":{"x":70,"y":634,"width":834,"height":12}},{"id":"6b8321d1-beee-4ebc-8624-0712c5469a06","block_type":"box","text":"75% of its total assets.","page_number":126,"box":{"x":69,"y":649,"width":165,"height":9}},{"id":"b00c2328-2ebc-45e5-95f6-fe73299677fc","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":126,"box":{"x":268,"y":679,"width":442,"height":10}},{"id":"c1b87fca-e03d-4d14-82b9-7ee47d924ef3","block_type":"box","text":"Directors and Officers","page_number":126,"box":{"x":69,"y":709,"width":159,"height":9}},{"id":"caa8f8e5-e5aa-48dc-a2e4-5646bffaf50a","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":126,"box":{"x":102,"y":732,"width":733,"height":11}},{"id":"f1550631-d6e8-453f-8513-717454cb5b86","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":126,"box":{"x":69,"y":747,"width":783,"height":11}},{"id":"6fc8d6f2-7cc0-4ca5-b572-6891e8dd3fc9","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":126,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"826d3023-cd8a-41e0-a9d7-63e543761944","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":126,"box":{"x":69,"y":777,"width":789,"height":12}},{"id":"2d7645fa-3a36-4d33-8305-7642791c18d6","block_type":"box","text":"Management Arrangements","page_number":126,"box":{"x":69,"y":808,"width":202,"height":11}},{"id":"11f04479-6c90-44ea-ba44-ecba3cf77f5c","block_type":"box","text":"Management Services.","page_number":126,"box":{"x":102,"y":830,"width":162,"height":11}},{"id":"661cb866-f594-4009-b09a-82a80f86155f","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":126,"box":{"x":270,"y":830,"width":615,"height":11}},{"id":"1932f53b-9c06-4c0c-9292-a62a06ca557e","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":126,"box":{"x":69,"y":845,"width":836,"height":12}},{"id":"3b25592f-1e44-482e-a0b3-b38279a17797","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":126,"box":{"x":70,"y":860,"width":820,"height":12}},{"id":"2ff86387-3d6b-4d94-926b-6fa3ccb5592b","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":126,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"77ad954f-d829-4996-9a1d-ae42d90a005c","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":126,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"34a056bc-ea16-4d8e-a39f-e41267a9d2a5","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":126,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"576186d9-8577-452a-b72b-1c79fad6f740","block_type":"box","text":"II-79","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69e11364-8e00-4f14-869e-7b4fe90da6df","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f9a7845-c9e5-4950-82d3-ca7e4946c2dc","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":127,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"2a40d967-e211-4c5e-87ee-53b0c334a1fa","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":127,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"52c140c7-94a7-42e0-9b4e-f4247633e96a","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":127,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"79f35efa-e606-4b31-ad0e-6c4bbf9bb6a8","block_type":"box","text":"Management Fee.","page_number":127,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"c5bc0885-3b0e-4c76-b4ff-00777835f16e","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":127,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"4b1cfd37-cb4c-417f-bfbf-49613da663c5","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":127,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"b5462005-4295-4b37-b804-81b31a970d66","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":127,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"c5026a5f-462c-4065-8558-5aa0d4588809","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":127,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"1c36edbe-f15b-468d-8f78-20d96d78d230","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":127,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"87b0ab23-984b-4e5f-8e1a-c5efeb6009ab","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":127,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"2a2b9b55-54f5-44aa-918c-137d271f18cc","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":127,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"694706ba-2024-4b86-a41c-e9aa6179839a","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":127,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"0283fb58-6b32-4f28-8564-1d2a759d049f","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":127,"box":{"x":68,"y":226,"width":797,"height":11}},{"id":"c03245ce-6957-4831-8832-eb795aaf7c31","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":127,"box":{"x":70,"y":241,"width":830,"height":11}},{"id":"9f56e72e-cab1-4019-9629-f643aea173ac","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":127,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"42beea1f-aacb-4140-8ab8-742448f1126d","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":127,"box":{"x":70,"y":271,"width":809,"height":12}},{"id":"f5cf636f-9b5a-4bb5-b11b-f35f3dba5a85","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":127,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"60d1b278-9017-4ebb-9f39-35674e410d42","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":127,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"1d4f1250-c8ad-4673-bfca-e0833bf6f769","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":127,"box":{"x":70,"y":317,"width":784,"height":11}},{"id":"d2cc2825-8d25-4c5b-b0d0-06903fc30055","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":127,"box":{"x":69,"y":332,"width":767,"height":11}},{"id":"238e602d-a59e-4a62-b2d8-eee4e0de0572","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":127,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"0501e496-3ba9-4584-9d4d-28e313505398","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":127,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"6eb62f90-107f-452b-9357-38bc7ccb08aa","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":127,"box":{"x":69,"y":377,"width":794,"height":12}},{"id":"3da39ad5-c8a9-4318-941a-50c460b92066","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":127,"box":{"x":69,"y":392,"width":786,"height":12}},{"id":"5fcae1ea-2f26-48ef-ba99-aa564bd8c574","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":127,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"e2cf44ac-e0a0-4225-822a-68c8bcb96ea3","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":127,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"02c2b4e6-4736-437c-9a85-1cc2f403b05e","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":127,"box":{"x":69,"y":438,"width":767,"height":11}},{"id":"bfbefb57-22b6-480d-bac6-8c3d620c50d6","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":127,"box":{"x":70,"y":453,"width":743,"height":11}},{"id":"cd4a26c1-3fd0-4469-bdad-051259488245","block_type":"box","text":"Sub-Advisory Fee.","page_number":127,"box":{"x":102,"y":476,"width":124,"height":11}},{"id":"b7c82ebe-6438-403d-a93b-9bc283597b46","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":127,"box":{"x":232,"y":475,"width":643,"height":12}},{"id":"6dcd4eb9-f975-4d4a-9864-158f27ef2688","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":127,"box":{"x":70,"y":491,"width":839,"height":11}},{"id":"56572096-436d-4172-b30c-8f7aea7b1f1b","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":127,"box":{"x":68,"y":506,"width":830,"height":11}},{"id":"2e8ac130-3eff-4369-9d98-df3bc6cdd14d","block_type":"box","text":"Organization of the Manager.","page_number":127,"box":{"x":102,"y":528,"width":204,"height":12}},{"id":"ab0cea5a-333b-4bf7-83a8-cc3ec2207678","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":127,"box":{"x":313,"y":529,"width":560,"height":11}},{"id":"2e4020ce-1303-492c-85e5-9915d6fcc140","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":127,"box":{"x":70,"y":543,"width":819,"height":12}},{"id":"6693f99a-6513-4090-aca6-848bd5e1b3bc","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":127,"box":{"x":70,"y":559,"width":817,"height":11}},{"id":"99d88109-b5ad-454e-8f54-27b3664f13a0","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":127,"box":{"x":69,"y":574,"width":768,"height":11}},{"id":"b9d18807-bc82-4892-8bae-4c1c3d343adc","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":127,"box":{"x":69,"y":589,"width":821,"height":11}},{"id":"daca6de1-bdc0-4b88-8ae9-65799b67d074","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":127,"box":{"x":69,"y":604,"width":517,"height":11}},{"id":"5d60eef7-eda9-419f-8e88-ef7f57fabfdc","block_type":"box","text":"Duration and Termination.","page_number":127,"box":{"x":102,"y":627,"width":182,"height":9}},{"id":"39b42bf7-f548-43c5-a263-16d4289dfac2","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":127,"box":{"x":292,"y":627,"width":613,"height":11}},{"id":"7b190f32-f92a-4f4f-bd5e-c75359df7892","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":127,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"6b245c29-ae7f-4da0-bb82-f686049c0bb0","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":127,"box":{"x":69,"y":657,"width":803,"height":11}},{"id":"8dc15ede-6310-4cb0-83ea-a5f06c0fc367","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":127,"box":{"x":69,"y":672,"width":839,"height":11}},{"id":"b3239ec7-83be-4ee5-bf5e-fc38829755e2","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":127,"box":{"x":70,"y":687,"width":778,"height":11}},{"id":"2251b2c1-7c4e-4b9b-b159-b74ce96b2ad5","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":127,"box":{"x":69,"y":702,"width":832,"height":12}},{"id":"b22b9c2b-b6ca-4cb2-bd44-2938107058b4","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":127,"box":{"x":69,"y":717,"width":388,"height":12}},{"id":"18e6abb1-0e7b-4c24-a2a8-1a9210b3c390","block_type":"box","text":"Other Service Arrangements","page_number":127,"box":{"x":69,"y":748,"width":205,"height":11}},{"id":"64f9dd33-66f6-4152-9095-d78e35d13406","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":127,"box":{"x":101,"y":770,"width":338,"height":9}},{"id":"e7fba56e-3dbf-414e-87d2-857949bc78ed","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":127,"box":{"x":446,"y":770,"width":439,"height":12}},{"id":"6e2b6a06-5b13-48e0-ac71-a741c1a8fd06","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":127,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"ac75a2f0-5f8b-471b-bc25-e8ed58c1d321","block_type":"box","text":"SAI (each an “Administrator”). 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Such contract is not assignable","page_number":128,"box":{"x":70,"y":158,"width":810,"height":11}},{"id":"db25a02f-ec1b-41bf-a84c-3ea8f4175111","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":128,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"85a42029-7df3-4244-905c-22e794749955","block_type":"box","text":"shareholders of the Fund.","page_number":128,"box":{"x":69,"y":188,"width":181,"height":9}},{"id":"83760a3a-51a8-4f5f-beba-597110c6a9e4","block_type":"box","text":"Transfer Agency Services.","page_number":128,"box":{"x":103,"y":211,"width":180,"height":11}},{"id":"e03bcf99-1500-4a94-8631-bb490daf9f5f","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":128,"box":{"x":291,"y":211,"width":595,"height":11}},{"id":"2c0c5f4c-ce83-4085-aec5-9aa0ae10d40a","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":128,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"6b30e4d9-b375-4152-b1b3-58c407345a6c","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":128,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"44ddaf8c-6fc7-49f1-bac2-054b5b36eadc","block_type":"box","text":"with the Funds. 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Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":128,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"438a621c-028a-4461-a0b3-0f0cbf575ea8","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":128,"box":{"x":69,"y":430,"width":627,"height":11}},{"id":"3b1a90db-83b7-41e7-a0ec-fcd7de232ea8","block_type":"box","text":"Custodian Services.","page_number":128,"box":{"x":102,"y":453,"width":141,"height":9}},{"id":"d1980771-41b2-4e68-b3cb-1f0b773b9198","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":128,"box":{"x":249,"y":453,"width":654,"height":11}},{"id":"4163520b-a5cb-4ece-a3f7-9ebc67008a8c","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. 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A Fund also may use special purpose custodian banks from time to time for","page_number":128,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"ae7344f9-3928-4919-b87a-1fec8a3d078e","block_type":"box","text":"cer tain assets.","page_number":128,"box":{"x":69,"y":544,"width":106,"height":9}},{"id":"0f9623f1-0a88-4ab1-83ab-68ecffef0170","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":128,"box":{"x":102,"y":566,"width":716,"height":11}},{"id":"d76deb4a-b311-46e6-b36d-42e43af0ea97","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":128,"box":{"x":102,"y":589,"width":803,"height":11}},{"id":"ae969a1c-12ce-460b-9691-632d71006a36","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":128,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"07498de8-4f7e-4030-a133-bc91b48ecdde","block_type":"box","text":"credit”) or a charge based on that net amount. 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The Distribution","page_number":128,"box":{"x":68,"y":853,"width":807,"height":12}},{"id":"6010b69f-c43c-4410-95bf-9f40e3b3a886","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":128,"box":{"x":68,"y":869,"width":842,"height":11}},{"id":"6287ee7b-19d6-44e2-8a8e-89795309c0b5","block_type":"box","text":"the Funds. 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The Distributor also pays for other supplementary sales","page_number":129,"box":{"x":70,"y":45,"width":799,"height":11}},{"id":"eb63075f-dcd6-4592-8117-11c4ad7c0044","block_type":"box","text":"literature and adver tising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":129,"box":{"x":70,"y":60,"width":788,"height":11}},{"id":"6d3dad0e-19d9-403e-a10c-5a1879f76453","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":129,"box":{"x":68,"y":75,"width":513,"height":11}},{"id":"0113e5bb-0f00-4f2f-963f-e5cff979df90","block_type":"box","text":"Code of Ethics","page_number":129,"box":{"x":69,"y":105,"width":105,"height":9}},{"id":"525440fb-89a5-476c-8eb8-0ad1762a2c18","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":129,"box":{"x":102,"y":128,"width":780,"height":11}},{"id":"0b300067-26df-4723-9abc-7cd8fd40d4f6","block_type":"box","text":"17j-1 under the Investment Company Act. 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of","page_number":134,"box":{"x":272,"y":45,"width":605,"height":11}},{"id":"5c76753a-9d1f-4253-ae2a-b7fac23d3eb8","block_type":"box","text":"Fund Por tfolio Holdings to the following persons or entities:","page_number":134,"box":{"x":70,"y":60,"width":420,"height":11}},{"id":"226b2074-973b-493b-8b9e-326837b593ce","block_type":"box","text":"1. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":134,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"73dc0623-efe3-4b3c-8546-fc2b27532b71","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":134,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"f05bccba-7bf9-45a7-aa1c-88849401c184","block_type":"box","text":"13. 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These are considerations of which investors in a Fund","page_number":134,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"5f8aea10-2322-4114-9934-069bced0d97c","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":134,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"25408d17-eaa5-4ec2-8ed1-7796b7ec0b0f","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":134,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"5044aa5b-c2d6-4aed-8ac5-91c796d1edf1","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":134,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"f4b4dbae-82cb-4053-82ec-dad9bd521266","block_type":"box","text":"or sold by a Fund.","page_number":134,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"508705d4-ab31-4cb5-b191-9ddbe2303e7e","block_type":"box","text":"II-87","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cb8fee71-7354-4089-8413-1d25e33ed0c7","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d87c723a-5ee0-49fe-a030-dac26b19b317","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":135,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"0a16c57d-df0e-4c57-a2c9-fab3472a953b","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":135,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"e3e2458b-c849-455e-8382-b117bcc53da1","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":135,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"bf202145-94fd-454c-a3c4-eb8c86f576c9","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":135,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"6c5e6c41-d034-4bdb-8f31-c533ff19c8d8","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":135,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"99fce506-6c43-4055-9c2f-b641d07fa527","block_type":"box","text":"services provided by BlackRock","page_number":135,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"6d3cee95-c100-4374-aefa-4f37fb548860","block_type":"box","text":".","page_number":135,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"f9d3e9f9-2fca-43d1-9d11-0d7abba05b43","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":135,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"140dee3b-cd5d-4ffe-8037-94883e4c7ae1","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":135,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"a0768385-7459-4d94-91fd-1e5a1f492358","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":135,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"c69f6119-6b73-4fe3-a492-611333d5d93c","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":135,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"4b885fae-d46d-44cd-b019-f5585544ea2a","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":135,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"98b454c9-91dd-443e-ba5b-fef125911470","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":135,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"fa9afe39-2e73-4379-a05b-3f908618c12a","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. 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In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":135,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"d942d470-29d6-4ead-a04f-4f43f2a16eee","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":135,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"f088a89a-fe4b-4f66-b5cf-f6ff16a12eea","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":135,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"84f1911c-f6ea-4d2d-8d72-3dc1f185bafc","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. 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When BlackRock implements a por tfolio","page_number":135,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"7e551fc4-aab4-4c94-b3f2-50be6fc76ed9","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":135,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"5be0075c-bfa7-4318-b0ee-0818432a91c1","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":135,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"37c5c4fe-cc13-49f7-87dd-843b9d6f021e","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":135,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"f4c0c3e4-726a-4057-ac03-7750960b2aa0","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":135,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"ecaf6541-1c83-4ce9-a41a-246d322c1b11","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":135,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"a5440115-67ef-4011-8641-ebc275ac3c5d","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":135,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"4f03e90c-23b7-45c2-b88e-32e1ffeb4fcc","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":135,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"7834d300-249c-492d-913f-53ae241c18e6","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":135,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"a810ad95-1f53-44db-bef7-576ed87accde","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":135,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"5ecf3bb5-8935-4c7d-aa0a-3471764631b8","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":135,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"62de5830-591a-4886-bfd9-d73ce7f10f11","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":135,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"7120f162-ad3b-46da-9af4-f6b8ebd9b35c","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":135,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"749d768b-15e6-4adb-bfa1-9468fea612b1","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":135,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"cbb2c185-95bb-4a9a-86e1-a514d0aed931","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":135,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"d54ec7f3-08f3-4eb3-93d1-ecffcbaf3e47","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":135,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"6ade0102-94bf-48a1-b743-871509561cc4","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":135,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"54aee716-8d8f-4b44-a5f1-5e56124c755a","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":135,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"e9ddccb6-5cd4-4c2d-8d86-ab0f568b3ec1","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":135,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"98310f66-61b9-4f50-b2a9-4d76471a699a","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":135,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"65640e4f-1198-4e80-ab89-530a3973ad74","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":135,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"b454947c-64e7-43f1-914d-1d554dd4d423","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":135,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"cb52e321-05ab-41bf-86da-d89e1370f560","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":135,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"8dc2cea2-0faf-4f0d-aa66-2b66b61493fc","block_type":"box","text":"Funds.","page_number":135,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"92c78331-56f7-4d68-b69f-f5e8895d4ba3","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":135,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"8714aa90-86c0-4ef0-baa6-1fafd27b7d04","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":135,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"fece8f7b-6f0e-4862-a392-272a37964e3f","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":135,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"1a11a508-17c2-498a-83ae-35bb97f4f724","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":135,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"0a73f8bf-20a5-4f4b-a848-79a409e5065c","block_type":"box","text":"II-88","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f7f529cd-4532-46a9-a97c-9be111389c49","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2a46915-8c0d-4559-b169-17ebfdefa639","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":136,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"da8db9ec-68e2-47f5-b0be-2fd870c41e66","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":136,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"6f973989-4d56-43e6-b997-84b560fe475b","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":136,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"8a6b8c27-14d8-4fce-b457-e54d58c71531","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":136,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"da03b1c8-733e-47a7-a5a8-2d5917253759","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":136,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"cbd7047e-6315-422c-bc74-87bfd33a7c7b","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":136,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"401e0022-c5fb-4815-948f-58572048e2d4","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":136,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"472578ba-5df0-4afc-833a-bec8651890e6","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":136,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"b49f6faf-5789-40ec-8d22-c4f48bc4d1e8","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":136,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"3e6df918-e995-4db4-bf6a-f1f99087c690","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":136,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"37ddf5dd-b38d-4c01-88f5-2ba7a8e6456c","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":136,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"f0711cd1-bc79-4e6f-aaff-59857621370f","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":136,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"e7cb0ec5-8116-4f32-8e7f-a630bafd45de","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":136,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"f18d6192-0905-4142-8891-2969a535681f","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":136,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"a647a786-30b4-48eb-8794-4b1e62acc8f5","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":136,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"f00050e5-27e1-4637-ad3d-d36ee8676219","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":136,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"5d2e87d7-f047-4dd8-a434-c9b1559182dc","block_type":"box","text":"case.","page_number":136,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"9e6bc6be-0a44-4b16-9b57-fc77fa8e2255","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":136,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"367f6268-ed8b-43be-a42f-68daeaa6b187","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":136,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"a442f3c8-c6a9-48bf-9262-d14828a6c8b7","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":136,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"477d2321-64f8-4e5d-85ad-69e81f84dc3a","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":136,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"836f841c-3949-472f-b573-c21f70881edb","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":136,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"9a82afcc-38ab-45bb-9c9b-4e8c62da2f95","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":136,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"43c6309d-7be0-4696-b5f6-cf3ebf7bdeac","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":136,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"a1ff8d04-fa97-419d-b121-06cf5f2a8c66","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":136,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"5994948a-e90d-47c9-ac19-c11207d96839","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":136,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"307d6136-ab77-457f-803e-3da02e7f4d2b","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":136,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"bcbc7d88-4a1c-49e6-b8a2-f043514b3860","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":136,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"82486e99-d974-48e2-82c0-8e90ff84e479","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":136,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"e2069692-ee7a-476f-9c21-ba59577200aa","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":136,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"a9ec415a-9777-4a94-b0df-cc2d48925ac9","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":136,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"8dec606c-a2af-410e-997c-590174e5c7ab","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":136,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"ee121984-b9c3-4c42-9971-c33a6f47b44d","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":136,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"1566878e-b02a-4e98-91b8-b819879536d7","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":136,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"32ecd852-dc01-4839-9f6c-3d406d439f3c","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":136,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"4b3e2b58-694d-470c-91e3-236be40b450a","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":136,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"31d35ae4-0539-49a1-9a62-453a8f698371","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":136,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"c20e63f9-951b-4d30-a491-fac16af08bfa","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":136,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"db566476-27c5-40b7-9386-203d1ea88bc3","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":136,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"9d8a2b96-0c82-4516-b4c8-60a94db66e49","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":136,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"73694ae7-1cfe-40e0-b208-5681cef96faf","block_type":"box","text":"managing a Fund.","page_number":136,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"2be9c1da-bf15-4fcc-9559-4f46b3f2171a","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":136,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"7bc2e242-8106-4337-a841-08e860db3e1d","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":136,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"099f5a64-a82e-49a0-ab53-5926320d1256","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":136,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"6c1a809a-d284-49f6-9583-c27d79031a0f","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":136,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"98a1aea7-d72c-4845-9242-7df8bac4f764","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":136,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"24432797-3d20-4117-8a17-f06f97937f4b","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":136,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"fff0b1a4-c45f-46b6-a151-e3e42fab8511","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":136,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"6b8b080f-f160-432a-b30a-52e1d262a12e","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":136,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"586973e0-c77a-48e5-9c5f-dd6253e9ae65","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":136,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"40316f6d-80ee-4f76-8141-1810470bc6a8","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":136,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"cae0ca81-c3e9-42ce-9141-6f0747e87134","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":136,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"ef3bd554-f191-441f-adb5-e1473707b869","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":136,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"9fec619d-c561-41c0-9b39-3af3c49113d7","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":136,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"edbb283e-6941-48a7-8e5d-829748981b3b","block_type":"box","text":"II-89","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a889034f-9e5a-4e6d-96e7-1b19b5be03c2","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c5e1023-ac79-4659-9c98-016b0ecdcb66","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":137,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"619f8bf5-db31-4f88-807b-fb67056e1e8b","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":137,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"c5533a37-d4d6-4251-81ba-49589316b36e","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":137,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"470cc9ea-e2de-42dd-bfd9-bad2da097c41","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":137,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"f473c2d6-fae5-4b61-b8c4-c4392122df06","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":137,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"837ba4f0-1898-41a2-8003-c2d93c74e391","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":137,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"2a86b7ec-0232-4996-b8cd-2aa6cebeb086","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":137,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"2982fe51-2d1e-451d-89d6-a51a8d4959cb","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":137,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"e00be3ec-a58f-48c2-aab4-3edb066dd7ee","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":137,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"c47bb8cc-bc0b-440f-aae5-0bd4f451eb9d","block_type":"box","text":"under management for BlackRock.","page_number":137,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"5de5471e-df77-438e-a7cb-4f893a800677","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":137,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"70c4c3bf-7ff2-44e6-99d9-c0a0dac3743a","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":137,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"51c6804b-ad79-4e22-b9df-b7243f0d4943","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":137,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"3d9d43b8-e4c2-402e-955f-8831fd72f7c1","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":137,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"aa0a4cf5-17cd-468a-b44c-3b0e49320a28","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":137,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"02e0c6b0-0336-41f2-a938-c8e759e1d102","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":137,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"4037dd17-3d93-41ce-b84e-eab06f0ddbb3","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":137,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"5f491778-09b6-4fe6-b1d2-db3c9f2b703b","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":137,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"e585dd07-ecb2-4f88-937c-5814fb5eefd0","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":137,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"ea6259db-c10f-495f-ac46-e808e76691ed","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":137,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"2dbd7344-ea81-40f1-9d53-6a6d15dea127","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":137,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"021de1e3-26b6-44aa-89b3-3b36434ba320","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":137,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"8c36c906-e9e8-41c1-a43f-49df751e9815","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":137,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"15c75689-d7cb-4938-9f5a-c4d06495a07d","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":137,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"f655558d-b90a-4096-a087-339acf615129","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":137,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"bb6b7436-277c-4477-8842-af05ef218830","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":137,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"1931cadc-e1c5-4366-a1cf-9b1ad281bedb","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":137,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"adf01fff-64a4-428d-acc5-35d359894051","block_type":"box","text":"any such fees or other amounts.","page_number":137,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"db47c86a-af3e-49d8-b3ef-244502f5c2a8","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":137,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"1f7e53e2-6a74-4979-a6ad-75f60236ca84","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":137,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"56b8f252-063f-4e18-b061-2e6325435d3e","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":137,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"1fddfb2b-04c5-4bcd-8866-29642b6a8d8e","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":137,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"ac9cf071-b4e4-4173-adf2-b6823073dbcd","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":137,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"fbaca9f7-b315-469b-ab8d-1dc8d1f95956","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":137,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"04e3157c-bdc7-4dfd-ab3f-c9dec1333c5c","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":137,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"f7cdd6f2-d580-480b-8e76-c24720b9e055","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":137,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"8113f709-167d-4e8c-9417-38dfea22b2bf","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":137,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"98a78c3d-9132-4124-9ef1-a7868683ab32","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":137,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"e849a3c5-09d4-4876-bf15-08c5b7050d1e","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":137,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"6f17b81c-c278-4c98-a2e6-1589be10eadc","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":137,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"99865bc9-5897-4f6a-ace3-7039cc20f052","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":137,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"cde12595-49a8-4688-b857-a1de22f1f854","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":137,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"1b2ea24d-bc77-41a1-8073-ff2afe73314c","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":137,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"f9a8230e-7cfa-44e0-b2e9-ec421d32b301","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":137,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"ca5c20ff-44c3-4372-8226-56e9b4520dc1","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":137,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"81762e8b-494d-443e-9fca-93036fa1fe68","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":137,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"1b8a8605-9daf-4003-8fb1-499fe0729d61","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":137,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"819532d3-69e3-40e7-811d-657096e37a13","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":137,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"24557fc2-eb5f-4874-844d-b4202343b874","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":137,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"8cfdaa1b-6638-4b4f-a68f-169831fe36bb","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":137,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"378c7cb3-f298-401a-b1c9-5bf1c81ee7ee","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":137,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"8c196931-33a5-4007-8602-d1b87f9c598a","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":137,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"8d1b8220-a7d4-4bf7-bfe5-c3e1a1e73098","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":137,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"1334ae17-1424-4af0-9a7f-14143679a14f","block_type":"box","text":"II-90","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5175b8fb-7a19-4223-b808-4de66b790186","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b3f1935-2795-40eb-a09c-a934ea02646f","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":138,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"c51ed050-feb2-42bb-9802-dc42cb12a917","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":138,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"5ed9f698-fd0f-48fe-b719-0e83a805e943","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":138,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"fb350e93-c6b3-4d61-932b-9025571d9834","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":138,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"6c0d6ea5-2a85-44d4-8656-d94b0d1cb523","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":138,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"b6ea98be-ebe3-4125-ac27-3746af305c7d","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":138,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"ccae415c-889c-49b7-b7c8-d5ea6582a617","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":138,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"e5f2b8c6-cd9e-4174-8f6a-d12de8d5fdfa","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":138,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"b2e3f06d-60c2-401a-ba05-225bbf40217c","block_type":"box","text":"regulation.","page_number":138,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"1c425ba4-4857-4bbd-bc85-adbe12be5f53","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":138,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"8969ba27-9826-4b1b-b0c2-da2be6b62429","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":138,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"fb4f1844-4aaa-4b31-99be-22cb652c7790","block_type":"box","text":"various program limits (","page_number":138,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"8e876daa-d1e3-433f-9795-cba17d30f1d3","block_type":"box","text":"i.e.","page_number":138,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"9fd9c1c3-3591-4298-8f78-02caec755ddb","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":138,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"65c88242-4cf9-4536-97ff-a62e103cc8fc","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":138,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"6a908e8d-665d-444a-92f4-c79ecd385047","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":138,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"0721440c-e4d5-4921-869c-de0916e61c57","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":138,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"e44fa745-4184-470e-be21-ce8ee89f12b9","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":138,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"30bff33b-26a4-4d7a-902d-fc9ffb758ab2","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":138,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"79967785-bca5-4208-940f-8efb639d3576","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":138,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"5eeb6132-8547-48cc-8109-cc10d2dfec96","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":138,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"45012642-460e-4262-8f4a-d5bd7c3fd903","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":138,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"a76eae09-663e-4045-82ba-f3af1b9fb942","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":138,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"4a4822dd-f927-4468-b6c6-74e6d2cf8ef6","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":138,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"3f035774-a17d-436a-9a9f-22ee94c4a59d","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":138,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"b0d02b5b-a2ee-4b32-9450-37bf1206354c","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":138,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"ca7a2180-2144-41cb-b82e-5dc935abe931","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":138,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"09d72677-07b8-4b45-b027-113231c6190e","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":138,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"e8400ba0-cc47-4675-8982-84e93a34f0d3","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":138,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"caf2503d-eeef-45f8-b9a3-3573ee0384ec","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":138,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"95ce382b-c851-4fbb-a956-d128cc51cc36","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":138,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"1761e6bc-f083-45af-b407-a91787432d97","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":138,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"ad25e086-030b-4b42-bed6-56504bbb7fb0","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":138,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"c9909bdd-3822-4099-b223-7aa797bb5e71","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":138,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"b919ddcf-9eed-480d-8804-8020ced81264","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":138,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"43016998-65e0-4b01-89c9-1e28d9a56e0d","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":138,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"d64d51db-7d26-4d4f-bf9a-cf6c3d87cf22","block_type":"box","text":"than through client commissions.","page_number":138,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"70a72212-1296-4108-91ce-abd291edb15a","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":138,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"7bf76595-9e40-459a-a8d0-ca956a6c18d7","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":138,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"da36aa01-3901-482b-a13a-c4a324e3d27f","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":138,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"18896ee8-56d5-40a4-a7f1-c528cd41cc50","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":138,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"875b0317-68d4-42c0-84a7-ef3d8f490c22","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":138,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"00509df3-02ee-43eb-8fee-0b15c54f5d55","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":138,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"4cdb372e-c3d5-4f8d-ae9a-c97f9f4142a9","block_type":"box","text":"research-oriented software and other services and products.","page_number":138,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"7e5496e2-a8cf-4bdb-b292-53b3aadfc3e9","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":138,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"3ebc5ff3-3187-419e-aa5f-a23a9199af54","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":138,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"a17b2adf-3797-4304-bf20-2e5d232fe957","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":138,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"11a1a35e-539d-41e3-a7a4-b24a6c20840f","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":138,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"b05efd5a-fe1d-4701-96d1-092368df5203","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":138,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"f3684d80-3015-453b-b8e4-27713723c295","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":138,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"e92738ba-d06a-4144-bf69-2ebbcad4c256","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":138,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"c7ed6ff0-4374-49b0-b616-4284b4554e24","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":138,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"bf02ccaa-bd5f-4ec3-8c9c-c61baed37ec7","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":138,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"fccbe849-51c3-414b-be36-110cd961070c","block_type":"box","text":"and services itself.","page_number":138,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"550cb100-a020-4443-b5ba-1dbd542b7773","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":138,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"7dad6a69-56fa-472d-8277-1a16b5540fdc","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":138,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"195e4a3f-5795-43ea-b8a0-0726081f33a7","block_type":"box","text":"II-91","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"509a6816-cbf3-4105-bed5-8088895eb2c6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33f28d3f-e481-4263-b7bf-04a97596f49a","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":139,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"211dd36b-2a5b-414c-bd00-511f50668415","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":139,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"f527f310-2e40-4389-b414-487260d12d45","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":139,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"d9038f53-7837-49f0-a694-d9b491ee4022","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":139,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"c3bd25ce-fe1b-465b-8243-1ea2431d713d","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":139,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"7a9a931a-fa26-4889-8fe4-7e1549e0117b","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":139,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"a0111912-86c3-494f-82c0-9f2439624b1a","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":139,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"a81a409d-55d9-4293-9df3-953c6416512f","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":139,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"53a0f61a-0244-4ccd-9931-f266cd57466d","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":139,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"eda37178-7bdb-450c-a44e-dc503651069f","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":139,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"9642b3db-a582-4b39-9f3d-a43b28a2168f","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":139,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"9bf741f4-6b0a-4859-a9d9-5cc62c4d4b4e","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":139,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"917a9966-9261-4be3-9317-b0438d178b7b","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":139,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"cae404df-59a0-4c48-8597-f8f8fcdd4b56","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":139,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"9a0e9518-5c2d-45b6-8011-467bace02f30","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":139,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"66e386c1-a7d9-4c5a-9da9-06b6253abf6b","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":139,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"06bd70e0-0462-4546-aa59-47e264cdfc20","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":139,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"165cef32-34de-4c1f-9f33-fbf8d61f98eb","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":139,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"3d11ffbc-0c63-4693-9322-19db0a698949","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":139,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"126c4af7-b791-4d87-9983-8e89330a1199","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":139,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"575b923b-bd74-451d-8668-b119c15bc3fa","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":139,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"b8a95606-40d7-4cf6-9311-51b98ca7e1e7","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":139,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"09f7cc4e-01cd-499c-adc5-6e4c24f78050","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":139,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"82971c61-3317-43c4-879d-ac6da41bb0a2","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":139,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"6dc2f5ac-ea7a-4c1f-befb-7cd295262802","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":139,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"3a0c8f9d-fab1-4bbe-befb-b6d573722990","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":139,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"08b61677-78a2-4824-9f29-f2ca7cf9b229","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":139,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"05385299-ad0f-4393-a3e8-fbf769c83342","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":139,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"49eeacfc-3fa3-4540-8946-af510f3773f1","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":139,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"58dafbc0-5696-4e22-bc34-9e901bf80bc5","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":139,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"a51e96f1-3c6c-4520-8009-354916725525","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":139,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"567cc655-7dd9-4c23-8d89-f8b5dc54678e","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":139,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"44b52b14-0bac-44c8-9238-6eb47506b8eb","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":139,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"9e1d40db-6935-49ab-8e20-f21b5d5505de","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":139,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"15e1e8ac-acd6-4931-b0d7-53e011fe30f5","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":139,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"d260dd10-5731-4ec1-9dc8-012a2cffb8a1","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":139,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"e98663b3-1430-453f-bc74-12ac38130085","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":139,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"e35dba68-6bc5-474d-b48d-de2b7bdb126e","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":139,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"52e1066f-7922-4980-ae86-d143b61fab52","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":139,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"6575816e-a239-4ede-9dd8-206530e2a0aa","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":139,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"97236fa9-9eb8-4a97-81a0-c740624132f3","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":139,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"e4718ecb-2d99-4298-807e-2613fb1038c2","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":139,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"d590391e-f78b-4733-85ec-8c31ddf0d21c","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":139,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"4a7b214d-c472-4343-869f-d08a456db288","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":139,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"74e541f0-e57d-467b-a7f8-6d9eb00eb23e","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":139,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"52ea4aed-16de-44bd-a22c-541950cdd11d","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":139,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"4d8703de-df2f-4ba5-94e2-2ea33912c131","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":139,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"d897f11a-3d51-430a-bfa4-f0dd82632566","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":139,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"3919ddc7-e8c3-4ada-8623-0efbb0393635","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":139,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"0c48a65d-47ab-480a-8716-a7b5baf12b54","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":139,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"04f2b370-b2ac-4fec-b366-14a2438e3535","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":139,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"7225f899-0b7a-431d-bd83-204e8f3bd018","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":139,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"718304c6-c97e-4547-9bf4-fc6ac5fb4689","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":139,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"55b9690b-23be-491b-a96c-d0649e81493e","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":139,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"d311d681-9a53-466a-ade1-9e612d81f911","block_type":"box","text":"II-92","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9ec21e1a-3327-4146-9662-42ccc21b783a","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"44c95063-2fee-43a7-a369-c2faeb7616fc","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":140,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"d165f0ed-7075-4412-906e-7c4d42ec942a","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":140,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"fe1d0660-a88a-4e06-b48e-3a4338ddaded","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":140,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"e1a27d0e-8106-4a4f-ab04-0f40dcf4a743","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":140,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"74919089-74d2-4ea7-a6e1-d336907b83c8","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":140,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"25b1bce6-19d0-40e0-ac08-9e17b15eb21d","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":140,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"a6b9c204-57d9-4622-b2af-c570730642a9","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":140,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"3dbb3bba-f9a4-4a33-bc2d-7b3fcbd6cd82","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":140,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"796bb95b-b704-45dd-a6a5-c157f5433ee2","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":140,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"adc70bda-2d0b-4d0f-b75f-880b6b1e97ba","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":140,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"e8a45cc2-574a-4f5d-9732-dc406cf2dd3a","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":140,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"11589eaf-cf22-4505-9af0-6afe31b0c266","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":140,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"90b91e3c-e7b2-4f99-b9e9-25baa50fa8ec","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":140,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"fca36f9a-ea90-4383-8714-fec8b2c8278c","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":140,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"6ab6d9ad-f3df-4345-b726-a56b307ced31","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":140,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"334bc660-6948-4977-971a-9a178a0d72a3","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":140,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"3120a289-c5a2-44ea-9bc4-b7adf85ba308","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":140,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"1c07582f-fd43-4e81-8b66-5447806daaf8","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":140,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"12d8e90b-ecde-4736-b75e-affa39148474","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":140,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"51d53ae6-1bbc-4970-b457-0c949af1fe87","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":140,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"c31dc579-c5c6-41c9-b2fd-8b5d5795bd44","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":140,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"81d4f779-da2b-4ccb-83fc-2b54508fc687","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":140,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"f042aa3e-c9da-4e2e-b07b-333b77753e26","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":140,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"93651f70-c75b-43f5-a72f-1f7c3d531d14","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":140,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"32b38a39-a170-4f27-959f-36874f637355","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":140,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"14c839f8-2a32-4b76-8f5d-54ebd3d11f92","block_type":"box","text":"some additional expenses.","page_number":140,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"c178f9b6-ef9e-48b6-90c5-5943867a0e3c","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":140,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"e01ce934-3a63-48a9-8bf0-0c85323eb8f6","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":140,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"d82e4fc6-cfd4-4330-a7a4-f76e8b917ee6","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":140,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"b68be3eb-1537-47d7-99b6-27be80fa329d","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":140,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"4640d49b-de04-491b-a60c-dfd83eaf0c7f","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":140,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"8e1ea194-38f7-4993-9823-93da7f2376dc","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":140,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"1994f28b-1dc6-4046-ac91-5beb6d7a8d75","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":140,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"7bc38c51-f20d-4bfd-93fc-ce88f0beacf6","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":140,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"b732fad9-8b37-400c-806b-56b1ccec7b96","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":140,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"a6c53a9b-c064-4eb5-bd8e-3e3025dac06a","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":140,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"5ebad532-4e5e-45fe-817e-3ab44bb9a8e0","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":140,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"d4396f3e-e5cc-4b18-b168-f1d8ecdbc76b","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":140,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"8a788965-22a5-4932-a5e7-1ae9f59c2a4c","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":140,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"85276775-7edb-4183-9d33-4518233c9a19","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":140,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"7e5a124e-37ec-444a-8f0a-85a1d4359fb2","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":140,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"67c8993e-40c3-411f-bdc5-f592736a3e5d","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":140,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"b5e2760e-4693-476d-ad7c-88f4eece2ae5","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":140,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"f5704e9d-1ab8-49ef-abb5-6254bca4641b","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":140,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"42608e15-2fa9-430e-b40a-506505eaac94","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":140,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"68ef8bd8-4eb4-4d83-9715-a40a1db6068c","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":140,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"64b3d935-c110-410f-97bd-1b5ea16ebfea","block_type":"box","text":"recommend cer tain types of transactions, or may otherwise restrict or limit its advice in cer tain securities or","page_number":140,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"88d43d23-1971-4662-ac30-30461caf751f","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is per forming advisory or other services or has","page_number":140,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"524bcc51-2f46-4e84-88be-64c549f02a1c","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":140,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"b3a157db-de95-4805-8a2c-f39a815b8912","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":140,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"10d718f9-d527-4917-b52a-34796643589a","block_type":"box","text":"of a Fund, par ticularly where such services result in BlackRock obtaining material non-public information about the","page_number":140,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"f828ca26-265e-431e-ac75-3ef11e711be9","block_type":"box","text":"company (","page_number":140,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"c18d61ea-aa31-44e1-beb1-231dabe97020","block_type":"box","text":"e.g.","page_number":140,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"52c5d110-c241-4764-a268-eab0fd9734d2","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Similar situations could arise if personnel","page_number":140,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"2aed75e9-73b1-4b2e-840f-b5681d02a15c","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":140,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"f3a0fcc1-3769-47b8-a50e-8928e7369d62","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":140,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"6f128f6b-5510-4b01-a9df-0079e1ace5da","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":140,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"7ef25456-5689-4a77-9a98-6938d39e4be0","block_type":"box","text":"II-93","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54cb39d3-4297-4557-aeca-d86e62ad2952","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e2b4357-e3d7-473e-929e-312383770f22","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":141,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"f483b4fe-d93c-490c-abaf-d8df53703481","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":141,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"89bdd01e-977a-4989-b885-d6d68fa48636","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":141,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"d6c56e47-8396-4a1d-89bc-a306d0d9b724","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":141,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"2d37f35f-07e5-49d8-9c51-623c2ca184fd","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":141,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"df1b52f9-7444-4f17-a3e3-45c790fcc822","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":141,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"2f67b249-1030-4ec8-a4c7-201163633e24","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":141,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"0c6e71e1-c3e7-4d79-b799-ff6f6eafdf29","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":141,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"0a0be7a1-4da8-4d7a-8d8c-84a57a5a5bb1","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":141,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"8b01eec1-e525-43c1-8314-cb8aae46feac","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":141,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"fdf7b75f-b678-473c-8e18-322973f892bd","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":141,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"66c9f7cd-9bf3-4176-8b47-712a72a922af","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":141,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"344fd778-709c-434c-8c78-012a25612bbd","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":141,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"cfafdd7d-24b7-4bf1-9e27-82b8d9005cdf","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":141,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"2cc44fae-8310-44a8-9b84-a1041c9c7d90","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":141,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"9a14d619-1de0-4b26-9d21-fd23861cf2f9","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":141,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"3e31c217-814a-470f-a781-b1adee379dcf","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":141,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"6e0a4b26-edf3-49a2-b368-67789e211096","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":141,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"378181cc-9bcb-4ce4-bfca-273d387abec7","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":141,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"1b9a9966-20a3-41fa-b7e9-13f08bf1b841","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":141,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"012c57a1-5321-485c-b2ad-020b170d1548","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":141,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"9eee445f-bcde-40b8-9a80-70858fafacce","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":141,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"7c298c1e-91e2-44d7-bfc9-982b7194ef35","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":141,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"b9d1292b-3881-4963-9a06-c801fceaac6f","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":141,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"ee09fed4-450a-4cd3-acfa-66801c11c3dd","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":141,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"80b8e66a-f7c8-4039-89c4-6368c5fb86b7","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":141,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"76983713-5bab-4cb9-8e4f-823881285123","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":141,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"451fe776-2ed8-498e-bb12-4eddb7ce8b04","block_type":"box","text":"a barrier.","page_number":141,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"7db4ea80-5d9e-4ef0-8fd4-1b1fc1d89fcd","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":141,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"dca833ba-a42d-4e99-90ab-ad83c767dfbf","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":141,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"0f9be972-c9d1-4738-91ce-41e94a2ce8b0","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":141,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"57c7bf0e-e588-4275-9e3a-e432d594caaa","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":141,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"64c925d1-a7b5-4a7f-822f-167133ee59f4","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":141,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"3be4239e-5edb-4de0-95fc-53f7c2ee56a8","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":141,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"902c6da7-4f86-4b24-88ae-4f0e6afe4229","block_type":"box","text":"that operate in cer tain industries (","page_number":141,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"76040706-241f-4b07-8c97-73ec3807cc96","block_type":"box","text":"e.g.","page_number":141,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"dd9349a6-eefe-4553-9569-48001e222d6c","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":141,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"fbdb3a28-8967-4611-affa-6fcd0e7fb911","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":141,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"538c9591-9ed7-49f4-a992-32bc047c73c4","block_type":"box","text":"e.g.","page_number":141,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"33c9d80a-d101-4c64-81d4-d84c62a18cd3","block_type":"box","text":", with mechanisms such as poison pills","page_number":141,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"dfa3b889-e4cc-4581-ac3d-5a568178920a","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":141,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"63e7fd8f-715b-4c92-8c35-37f5492c4520","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":141,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"3cf5ca46-861b-4c41-bc86-949aba0c0b03","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":141,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"63ebfcea-b9c8-480f-b984-a52c700e7af1","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":141,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"a7018fae-2de0-4e51-a420-6bfdf9282902","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":141,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"cbf3a422-5c42-4741-9942-02ccc8a94f0d","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":141,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"7f16cc41-1867-427a-a72f-a4ba8b319a6e","block_type":"box","text":"seek to make indirect investments (","page_number":141,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"f2fa0ff2-3b8a-4900-b932-63ef8c085b04","block_type":"box","text":"e.g.","page_number":141,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"6ba8d13c-9376-4b6b-a96a-e15c40111247","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":141,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"c39a1a9a-b0c6-4015-8ce0-898541d9a655","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":141,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"8e9a8476-6a9e-400f-bcfe-b81da5ba958a","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":141,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"1baf4f56-9225-4288-bdb2-fb7487f2f38b","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":141,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"26887295-3757-4457-9d82-63edb2eacb2c","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":141,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"b9ca3362-aa7c-4d4d-ae25-2e7bd0b7028e","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":141,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"d6090519-2e68-4dae-b54d-e00fed757dd5","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":141,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"5a070297-34c8-4905-af13-d39cdadcf4e4","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":141,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"933d4045-a0f1-490e-a17b-891fe9dea73a","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":141,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"f65161ed-c9ab-45b4-b093-d5c44c7b75cf","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":141,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"bcfc83db-dcfc-48d2-8eca-aaf340829882","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":141,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"058146af-ada9-4b8d-9179-14559ec6c7dd","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":141,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"c6a22c1d-a3a0-48e2-9021-aef979d89c85","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":141,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"c3f4a82f-bd0f-480f-9720-29664c0b9147","block_type":"box","text":"II-94","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e06cecbe-1963-4105-97f3-4c93e68a30b5","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85dc5ab3-971a-473e-ba49-7b7a2fc69797","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":142,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"9a202ed3-7529-4237-895b-c0718f89aecc","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":142,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"2398aa3b-a2b3-439f-9eec-f9c06e11e328","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":142,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"21bd4ece-85f7-4a4d-9040-f88b9a3ed539","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":142,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"77ab9191-15f4-4228-b416-6605656c3794","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":142,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"f39fe425-4998-4022-88a0-6c06f09971e2","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":142,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"d92fceac-ab60-457f-a72d-af0d5d00d83f","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":142,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"1a36d87d-ac13-499e-adcb-39c3346ec161","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":142,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"5d4ed336-3248-484d-ad60-ab975e3efb76","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":142,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"c7510b8a-75d8-4dc5-b893-a31600a5c2f1","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":142,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"0798e5fa-0a46-42d5-9ca8-ce19f80b14f1","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":142,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"54d57fa8-5c27-44c4-b60a-0bdbd19795d5","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":142,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"aa67ca98-294c-4801-bbf9-04f1c59f79c4","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":142,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"b85c83a6-2e8f-4a5f-974a-9984c1fff2a9","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":142,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"a7affcbc-7516-4c3f-8909-08f83d4b30ed","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":142,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"46b0d23a-5a8a-4ab9-aaab-41eb7ad1d83a","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":142,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"4b598daf-ced1-45f3-8973-7f7c55fc2031","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":142,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"1c2af36c-b26c-4140-92ec-7ce503fda778","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":142,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"586c21ae-66f2-44dc-a011-73a16b769ebb","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":142,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"a7b83690-8d1b-4904-a561-108957dbcac7","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":142,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"5c69ba9b-8d0b-404b-a2ed-44954e868370","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":142,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"6b2de435-da9c-4e45-acd7-95434339f89d","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":142,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"2e4c2f10-2579-4a31-9f88-2c67fc49ac6d","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":142,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"857c6587-01a5-486f-989e-fcd7ea3d5611","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":142,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"d213b8b0-edec-4b2e-b615-6b683df488d6","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":142,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"aa8e82a7-84f1-4e24-a9cc-b7c48b215a61","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":142,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"e59ee9d2-f27a-414e-b6e1-39c0669b158d","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":142,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"432051b1-78ad-442a-a1bc-4723caf00da5","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":142,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"cd4ded53-73d4-4433-b6e0-46af5dc6e8af","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":142,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"9ed33826-30c4-4e57-90f3-2a161c37da81","block_type":"box","text":"strategy with respect to such security or asset.","page_number":142,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"60c11f97-3323-4cb1-bc03-5b8fd0849739","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":142,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"781d5387-d245-4c05-b58a-e75568a61b59","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":142,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"5aa990d8-111d-40e1-bb2d-89696630f3e5","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":142,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"3bdbbd0b-63c6-46a2-92bd-bc2b6c31c55d","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":142,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"0ba4e565-86fc-46b3-a98c-b5064937802c","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":142,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"f30602fe-e33a-4e4e-bc30-924f56cc372c","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":142,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"d86898e5-b52f-4432-a78b-e07346bf01e4","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":142,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"8b59850d-ef5b-4534-ab75-841e1a71ec33","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":142,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"64596cca-f761-4385-94de-79374cfd30c9","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":142,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"6bd29550-0d28-43c1-9419-b69a49d4d21f","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":142,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"276d6238-673c-45b4-9fa8-d2fd3c8aed55","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":142,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"8d0891ea-dab9-4278-8440-86495f09d3e0","block_type":"box","text":"e.g.","page_number":142,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"6955c4f7-75a1-4fac-81de-b256287a8b7f","block_type":"box","text":", custodians,","page_number":142,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"8ca82280-bc61-40d4-a1c6-b29b4030ddd5","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":142,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"531fe335-8f01-4638-8918-d4175ec5f036","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":142,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"dda515e0-dcb3-4d54-b69d-1a71a941615a","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":142,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"2636fdf8-4056-40ea-82b9-7a4d758f6382","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":142,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"dc29f888-af23-44d8-b368-4e1383dadb28","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":142,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"c6e5e81f-7a0a-40d7-bffe-cc197497b588","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":142,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"a3674537-8177-4328-8a74-452ac6831860","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":142,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"942b2bf7-bfc5-40d3-91b3-fcd9724e1d80","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":142,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"ab4077c1-d369-4e85-aa75-ec81a33d9d9e","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":142,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"82bdb256-ebe0-464a-8113-52bd9fb2e433","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":142,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"8fbc939c-b132-48f1-8286-b95a0f2ba946","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":142,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"869daff3-1f68-43d2-bf43-deb583efdcf3","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":142,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"6864fab0-9da8-4b38-bc08-b6ee741ce233","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":142,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"e35b6cf5-8fac-4608-b55e-a50be72881ea","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":142,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"2e0c2abb-5b4d-4f69-8cb3-e53bf9035acd","block_type":"box","text":"II-95","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34692602-c9f9-493b-b915-7535610af66b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88002956-5c2f-438f-8189-edb13c1f5bd3","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":143,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"ec6e1f95-db28-44b0-8dca-b836b6f73ea9","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":143,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"1a148de3-93c9-4015-b158-bf6a840cdb3b","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":143,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"b1fcbd92-8fcc-42bc-bd7d-aa203417c983","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":143,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"abb8338f-314b-4393-8fd5-9129622bd3cb","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":143,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"9eee96b1-7324-481b-91c5-e11ab310a742","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":143,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"9339171a-efd3-48b6-ac8f-c0e4fccf06d8","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":143,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"d072fac6-f994-475b-86e1-789ffdeebdb5","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":143,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"4225e441-e58b-43aa-a061-0d0a516f1642","block_type":"box","text":"provider.","page_number":143,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"9255413b-317e-4785-b19d-563cdb3f30c2","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":143,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"24bc8f9e-6b91-48e0-9ea5-187a0137f694","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":143,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"25a87f6a-c216-4081-8bec-11fa314d3fe9","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":143,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"ff003b7d-767c-4d5e-bf7a-f0b2f51b27f2","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":143,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"ba42f473-5401-43c2-8201-8dbd0a8bf225","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":143,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"77eeac0d-846f-40a1-92a7-b24d27ebdeff","block_type":"box","text":"PURCHASE OF SHARES","page_number":143,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"2466cfdc-b394-4244-9fb7-8749efbbb675","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":143,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"516f252b-cf28-45a0-92b9-593851287a8c","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":143,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"0ebfdc66-6dbf-450c-9e67-35aa550bb792","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":143,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"a17f63c5-a18e-433a-abcf-a41df5a4d4f9","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":143,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"3ff40fcf-a419-4aa0-a0ba-a15d0d552318","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":143,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"5289ece8-e912-49fe-b66e-777156f7f3b7","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":143,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"947f5d3f-a5b8-43c1-b065-ef0912f4b9f5","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":143,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"1047871b-e94c-4da3-aa72-d23f358c1642","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":143,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"586920c7-1ca4-44bb-9f17-d19a0cd072a2","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":143,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"eecc5893-8943-495b-a37b-c3cd5b80d0f5","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":143,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"687faf37-e82e-497d-a221-52e5343873ed","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":143,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"ece265dd-40b6-4be3-897c-03d230e21e87","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":143,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"b85004ff-6ccf-4f06-a69f-3c800e36b6a9","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":143,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"d4f48c51-8ed2-4aac-bb81-8fd9697e7477","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":143,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"6aa22605-6220-4e84-8cbe-857ff77caffe","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":143,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"1dd69d77-288e-41bc-8ed6-6e0c1b1eefbc","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":143,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"0c2fb35c-40ff-462a-b7b5-910112a4657b","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":143,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"831cd069-b508-42a9-9172-9b19de5205bd","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":143,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"033e3f4e-3d6f-4c96-beac-20db29195fe4","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":143,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"381a09cf-5bcb-44f5-a75b-404b662e460b","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":143,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"9ca4ffbc-2e74-42c9-9b28-4882dca1293b","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":143,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"efeda6bb-468b-47e0-a38c-220d46998dbf","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":143,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"577dd733-fe46-4646-bbaa-9343c11bd197","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":143,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"70b936a2-2184-40ae-b206-a76e53f90580","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":143,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"dc1854a5-c606-4ff8-98b9-795ccca0aa04","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":143,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"e529e615-12f2-4251-b7e3-30d078f48594","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":143,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"f8da5f3f-1a9a-470e-a1d2-ccf3a1b42c85","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":143,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"259ad88a-cb4b-4796-b359-b1d16d7604c2","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":143,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"1a8aed93-e931-432d-81d0-51fbfc9db435","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":143,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"fb03654c-54ad-4b30-bb5e-5c43bc29adb3","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":143,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"d69acaf4-313c-4668-b3ac-713bc727f825","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":143,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"30a6a06c-4b0c-4caa-a8f0-eff5156b07c6","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":143,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"bf1d14df-94b3-40a3-8e23-25626200f8c9","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":143,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"b73877c1-d895-40bc-82d6-b7264b1640a2","block_type":"box","text":"investment is $25.","page_number":143,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"0f65d440-e15c-4675-ba3a-dbac91616a03","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":143,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"4f5075b3-0c9b-49a4-9659-412d98d7f91d","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":143,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"0ad2c654-120a-4ae0-b700-9629dded229d","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":143,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"cc436dba-b5b4-4c5c-9a30-438135cf2e4c","block_type":"box","text":"II-96","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d897f36-0d93-41ba-85fc-4376e3cc403d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21d73435-3d7d-45d9-80d3-5578cc5ef47d","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":144,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"524d1a14-8497-4c5c-aa2c-c22d9702d8cf","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":144,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"e6fde474-9316-4163-a10d-0d3eb2b4439f","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":144,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"745d3aba-093b-4035-961b-460103f09b76","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":144,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"e4c1edea-5b16-47a4-a864-40d547e63e7f","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":144,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"b93d9ed2-4205-4c95-a0a1-00aa4b24b26c","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":144,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"f7198e79-cc51-4d9c-b0eb-cd8697b9c00e","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":144,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"c2ba9a62-6720-4b05-8d83-101316623efd","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":144,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"6c35aadb-77b1-42f9-b513-3b3c5669ec2c","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":144,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"4d210e87-148d-42d5-af93-d3dcf5025f08","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":144,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"bc2fa51b-39c4-4711-ab09-121e08df4e4b","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":144,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"e9247d8c-0296-490c-b480-51db2e93833d","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":144,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"52784008-2474-44e5-8177-302f548c6747","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":144,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"dea2a5ed-e467-49b1-b7a0-60b39e3b1361","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":144,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"43b6bf63-1134-4846-b75f-83d99a8125d7","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":144,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"543a3d69-a0eb-42aa-8a33-814db18893e4","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":144,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"d0e645eb-7c78-4b5e-96ab-0be950d1b76d","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":144,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"97bf6969-60c9-49ce-872c-a406b6f73cf6","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":144,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"e0746657-ef15-430d-a40f-988fd9f4fff2","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":144,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"6054f086-7049-4acb-92fb-a81a00e0a7c6","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":144,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"cfe46e69-eb0c-4bb1-bd6d-74d96c47913d","block_type":"box","text":"adviser.","page_number":144,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"af4729a0-0c3a-4b19-a826-c7d1828baa75","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":144,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"6e8359e8-a763-4995-a717-9e1420c6e064","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":144,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"53ad7d29-e119-4e57-b53f-8f1de10266c2","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":144,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"5186b226-3cb5-4faa-8e6e-7bf9e0307a4e","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":144,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"3b960732-1988-49be-aaec-5bbc2443df4c","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":144,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"519f680f-937d-4356-ac4f-9f806b3d3e21","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":144,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"f341189b-20b4-43e3-8e24-35e375ca3fd3","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":144,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"5f991320-b96b-43ea-a87b-a51ed82a0aa5","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":144,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"256918cc-8eee-4799-ae7e-97ed8097115b","block_type":"box","text":"also be restricted from making additional investments.","page_number":144,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"adba7ed7-e58e-4a5d-85e2-aaabb90be2c1","block_type":"box","text":"In-Kind Purchases","page_number":144,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"3d9d2369-1b18-4931-98f8-ca1f5f1261ef","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":144,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"6593c728-ee8b-425a-952d-2b8534a123e3","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":144,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"5c5c3adc-15d0-4ad6-8953-b710bc714aef","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":144,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"42cb5c99-c15c-455f-9804-bf217b33e59c","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":144,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"a8008257-ec7e-40e6-8d88-20315f3d3422","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":144,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"e37e4b63-0126-4558-af24-f63f73153965","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":144,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"54d2edb0-354c-4777-9290-b71e2d2754c7","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":144,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"a743891c-fe39-43f4-a6d7-1d7677d3f635","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":144,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"a6d84584-e4ac-47fe-bdcd-ae94500742ba","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":144,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"88d140e6-f477-40ba-93e1-70f8c8396516","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":144,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"662aeb78-c44c-4b46-a9e7-de1f274a42db","block_type":"box","text":"has settled.","page_number":144,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"fae95244-fb2e-434f-b6ca-50c953cbb4ed","block_type":"box","text":"Institutional Shares","page_number":144,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"04a84f6a-0b69-4321-8bcf-e21b0e1a6745","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":144,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"65602150-2fbf-4f89-b84e-87591ffb3c99","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":144,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"c22e8ae8-8392-4cd0-b01a-a0f907873b84","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":144,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"60d4680e-09bb-4a98-8a1e-7a686c0f05c9","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":144,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"ccb9c22d-03ea-474a-aafd-f4f1cf69b84e","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":144,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"4883526f-3ff5-47dc-bcf9-06d7748e46ae","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":144,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"0d73c9bf-7197-4f6a-bfd0-b8713205583b","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":144,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"b94f85d1-f2bd-484b-95e8-b852e1f1e65d","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":144,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"44f9004a-2996-4a4b-8ce8-0d9696894db3","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":144,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"e78e5eb2-3783-4514-9ba1-67e8b517e288","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":144,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"1670fd40-9fc2-44e6-809e-85c03416b1a8","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":144,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"58c47140-9f27-42ae-8967-5fc03b2f2536","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":144,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"c90c8f45-78cd-49b5-804f-c4b45f968fbf","block_type":"box","text":"II-97","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12ce3834-0b05-4b01-976f-905485560855","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b30b9131-54ca-4c0d-8394-a99e7baad48b","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":145,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"930bf5fb-a2d7-4740-88c4-9aced576e163","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":145,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"0ff8c1e4-020c-4df6-9d3c-df60ea458e9b","block_type":"box","text":"these fees and conditions.","page_number":145,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"d15eb0b3-9c55-44b3-aa76-35fed781af9d","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":145,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"5f50c3a8-39e9-4010-ae69-3ac1f7e4ce44","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":145,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"b8a5e1c2-55ea-4874-97dd-a745769137a2","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":145,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"2ea64efd-3b03-497a-89d3-7e3fffcc7a7b","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":145,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"5b7d29b4-19df-47d8-bd33-0f9b3056eb97","block_type":"box","text":"incurred by the Fund.","page_number":145,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"57436862-fc45-41e9-8a1a-3dc702310b59","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":145,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"7f6a6d93-6042-412f-87c8-cc7ef102fcf1","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":145,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"93988e5b-dcd0-4417-b507-4f610926d455","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":145,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"4e05673f-06e4-4d1f-a8c9-3702b2af01ff","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":145,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"9dcadd0e-9d5c-42b9-a801-b789301e1144","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":145,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"79498204-f9be-4c3e-b52d-877719702ad4","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":145,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"ab9b2ef1-125b-4c5e-aee6-8f0027dc5aa3","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":145,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"25c273de-0926-484b-b6df-8e7ce880e12b","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":145,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"43a11492-3399-432e-a308-53b8240664eb","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":145,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"3e3eec53-5943-4a37-86fc-179137e0882d","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":145,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"8fd2568d-abaf-4f02-9b9c-d6b3a1e22e79","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":145,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"2fc246ef-5bcd-4816-9350-3c78c8d900e8","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":145,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"5f47e8c5-74a8-44af-aadb-3d15a92378ed","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":145,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"76e02654-3a89-48d8-b837-32b0c129564f","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":145,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"cfffc284-7747-4b81-bec3-2186a51b553c","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":145,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"3980b0bb-ad81-4a70-9046-85575d4e2e00","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":145,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"29fea0a3-db7f-446d-bc0d-72d43207f9be","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":145,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"b36665a5-408f-47e4-b4de-27cf4838c020","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":145,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"7326fc06-6742-42d9-8429-0d9a6167daff","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":145,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"c77c38d9-ee01-43f4-9b9e-fa276c70067d","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":145,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"0334f2cb-65ea-44ab-8018-8ba68e34c2f7","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":145,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"6a81ca1e-4688-4339-b08f-a123356f1939","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":145,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"17cb8dae-1cc3-454e-92ae-a22f2dedbc0f","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":145,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"430f70ef-a68e-4e5b-8eb4-16f7f25ce1fd","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":145,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"ca2a174b-06a8-4c0c-affd-6c3e36aca575","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":145,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"ad71be62-9090-4d00-9116-86c489a00e0a","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":145,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"ef25908b-c85c-4893-8c47-8bba7f379252","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":145,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"57db98ff-6f49-467a-a8cf-735e71ab51e4","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":145,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"11457ac1-3407-4507-bf89-9f8ecc4b6de5","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":145,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"aa1ed776-0a06-4cc0-986f-e132de4cac90","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":145,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"d1e84181-7d76-403c-9e79-6a0ed90320ae","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":145,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"979cb398-8d30-49eb-8e76-67fb548d6551","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":145,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"8951ae47-1f04-4cd1-bf8e-d14a5f4dd60e","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":145,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"80fb9683-4791-47de-af94-f914a997d381","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":145,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"c59b680c-9211-45b5-a6f3-878cba645ad6","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":145,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"cd4e3b68-d2c4-44d1-8170-04ab9bb51438","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":145,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"a2d41d7a-2768-417f-aa28-5c9d46fde358","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":145,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"9f8774a2-3482-4172-bdf3-df90391712ce","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":145,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"04d3f8f1-5250-4f7a-aa84-322fd8cd463c","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":145,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"32cf5d20-8e15-4608-a22f-58db8ee07d93","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":145,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"638a9443-51c4-4be3-b731-c40fa164e1f5","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":145,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"5e31c1ee-c250-4ff3-8469-a9fea776567a","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":145,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"4dc44689-a00f-420b-9f24-c04f0176fc38","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":145,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"dcd5bdd7-9a8a-4abd-b1c3-0b6d8aaaf1c9","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":145,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"6d3e0d6a-5164-407c-85bf-cff4f24d345b","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":145,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"cff46d52-e293-4988-a9db-08caf1050392","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":145,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"5fa863de-24c2-4a44-bc28-97e351b1a8f3","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":145,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"8cb04f20-8e21-486b-8ad7-4b77ec6b4066","block_type":"box","text":"II-98","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d071c7a4-9421-4bfe-be37-3c58e5b84f5f","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0758a579-3c4d-4aed-86f4-3f85a8a4d5d0","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":146,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"a5374508-0068-42fb-a122-e28f4750083b","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":146,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"0b42b2d8-38b2-4570-8335-23acfa286031","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":146,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"d446dcb5-1853-43b9-beb9-79c7130aff06","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":146,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"2f848336-3271-4722-95fc-391a497e1fd4","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":146,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"4d3fa07c-a7b6-4062-ab9b-c8b2c6bf0684","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":146,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"19f0b28d-4ca5-4fff-bcd6-353de3277ad0","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":146,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"954b6f2b-44dd-459a-adeb-6fcb1561869a","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":146,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"fc28670c-b820-48be-a9db-d6cbdffcc4f3","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":146,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"1964bfb3-10d2-4fc8-a103-b50128bdcaaf","block_type":"box","text":"periods indicated.","page_number":146,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"55ed73df-0d38-4802-b5e7-b5b86a9bc278","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":146,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"b4dfbea2-6e55-4afa-930d-5a3d3b9d9b68","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":146,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"0e24d39d-dc9c-44b9-92ed-3d1f81adacfe","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":146,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"a4d0cf66-2afa-4133-9fc7-faddd97bb84f","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":146,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"b866f853-dd9e-4f43-a977-09b17a2cffaf","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":146,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"dece50a3-ef28-4541-b4f7-2f556d5af9f3","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":146,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"ff6d7dd9-03fd-4f97-ab84-64cef8999997","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":146,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"c9ec86bf-11cb-4941-8b06-033ac759c605","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":146,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"dd4d9e7f-2cdf-4f20-ac5e-1ff35c2a010b","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":146,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"2f2148f4-66c5-4349-a80d-bd4f9e186480","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":146,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"e0819dd1-e8d9-48b7-90a4-1d4f545ff4fd","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":146,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"74b14ac5-a51d-45ca-afce-b8292ac0b33f","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":146,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"2943cfec-f85c-4cc0-bcd5-a429fd72c61a","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":146,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"3d75035f-9c53-4892-9651-373c2a8099cc","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":146,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"b713bfba-cdec-4157-bce3-55e83af987aa","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":146,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"75b32608-118e-4d62-9531-5a2f73dfdbd7","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":146,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"f5e13486-d8e3-4ebd-b9f4-58cf08657caa","block_type":"box","text":"Reduced Initial Sales Charges","page_number":146,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"2e84ffc3-6ce8-4e65-869e-d18348c7d494","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":146,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"1a34ca25-f0f9-4b2b-8916-0af206d6b957","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":146,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"09730cc8-3d7e-41b9-9bea-cb62d9499928","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":146,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"1f0a5298-eeb1-4fde-898e-e20d926b4665","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":146,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"8fbc3767-a86f-4fe6-bbb0-96a30c22f6b0","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":146,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"96ed286c-344a-41f3-8981-d97047f41d26","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":146,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"cd88bf12-9a80-4cc6-8264-5ac87e094d3b","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":146,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"6fed1761-52fc-4de0-8700-ea874a5f1cb9","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":146,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"c1daf4a4-4e86-4f55-b01a-c35908992316","block_type":"box","text":"Reinvested Dividends.","page_number":146,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"f04fc531-494b-4c4c-8ceb-c30422abbcfb","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":146,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"8744e923-404b-42b0-80e4-0613627f004f","block_type":"box","text":"reinvestment of dividends.","page_number":146,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"9af64ef7-1777-4061-8197-b8362a796164","block_type":"box","text":"Right of Accumulation.","page_number":146,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"fd759253-1f18-49b9-83d5-9fcdd7d98a17","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":146,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"93468b2b-0816-445f-823d-54739ac31178","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":146,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"62aa04f3-9ec4-4cf4-8232-d9cba995ecf7","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":146,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"5b23c9d7-91c1-4f04-91c2-2850395e66e1","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":146,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"285b97fc-1a2b-4e29-a2df-b13e01c0c110","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":146,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"b30b167b-ea67-42ea-8a6a-02dc2689fd01","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":146,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"a25f8bde-e7f7-4fc0-a169-e8bc029d4d7e","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":146,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"82c564f4-82a4-4a09-903b-9125e1ce42b0","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":146,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"dc4af320-99b7-4c6d-9a6f-cdb3e06759ad","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":146,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"13fbfe59-d102-47ab-9942-a14698ed1d21","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":146,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"a4d827f1-746d-44d5-843c-b0a691dc6e97","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":146,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"b46ab7a3-18a1-4bd4-8598-19bd405dc04e","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":146,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"9c46253e-178b-4cc5-9da3-a23d911d4faf","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":146,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"eccae125-2101-48be-b844-71ac74d13509","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":146,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"6be141cc-02e6-4cea-84df-0a797757ae60","block_type":"box","text":"II-99","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c6b8f2d-59fb-494d-b531-26045e8bfb15","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc26ed09-b1fe-4101-bd93-48cb01ccf13c","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":147,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"f4391e49-258b-4d21-ac69-9ff7d15e0ae2","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":147,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"a6da3f75-da01-49b4-893d-55592991de5e","block_type":"box","text":"Letter of Intent.","page_number":147,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"2e7edcc0-f5c2-4d57-8958-35307e2129e4","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":147,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"61333273-bc4e-487a-8e98-421d8c4b80b4","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":147,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"50f61eb3-d2ea-4038-b74e-6a704a3e993d","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":147,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"d22566b2-bfc1-4a93-a1dc-3ac4de2478f0","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":147,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"ee224d04-384f-47ca-a99c-2da1cf2a611e","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":147,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"1ed95f67-a235-489b-91c0-3838a7f6bddd","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":147,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"17e18acb-4781-471b-940c-4f5c55dfd7ec","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":147,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"b0c2472d-366d-4a7a-b09f-b408000fbf7b","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":147,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"2beab3f8-9716-4a7e-ae90-79bd9b1e344e","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":147,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"3e3af9c2-2e25-42ed-9739-aae485cdd54d","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":147,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"4a94dfd5-fe21-4f1b-8e25-1f1ddc8a355b","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":147,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"d19f689e-bf45-4f75-b9b9-f5bff96a2e5d","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":147,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"1a9ad5df-9736-4c45-8343-a72757fb15dc","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":147,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"c34592a3-0e47-45e8-8992-435c975ba308","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":147,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"6cd7b38f-64e5-4cd3-8e3c-11314204fbe7","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":147,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"60c2cb83-343e-4d0f-a52f-f575d05d7b8e","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":147,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"edb025af-e0f9-4c9d-99e2-0af040a8b4e4","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":147,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"70a96a43-34f0-4f47-ad20-cc5e90455633","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":147,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"bff3f4b0-79ad-4e7f-b3a3-442b6a0fa1ef","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":147,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"c73f426a-c502-4914-bdbe-6cb43369c9a7","block_type":"box","text":"Placement Fees.","page_number":147,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"0f71d7d6-5088-4fcc-9995-43888d6f4401","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":147,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"d63e4ac9-2982-4462-ad6a-5128717e7a27","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":147,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"b121ab99-b42f-415d-ab39-3424ad8c74ca","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":147,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"131a1ef8-0292-4fbb-bc1a-cc2e6510621b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"90cda6c1-1b4a-4ec2-8565-ecf9616ebf87","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"c19d5935-afb8-4b41-b106-1f9890e53542","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"30ba3a69-6b94-462e-8a7b-7575f14f7f3e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"24947c83-cf80-4421-be1b-ed6182c80f26","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"c1029b6d-1c3c-4a89-b8d5-3d7a8b8b6db2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"003cab1f-5d40-4927-b1bb-ed1bd8369dda","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":147,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"8327ce51-9cee-4c87-b78b-ceb71f6ca06f","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":147,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"d98aa9f0-df6c-47a0-a6c2-37d618759d41","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":147,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"31a4ae0f-babc-4257-8baa-ad67a4969c15","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":147,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"97dafdfd-5de7-4055-b251-8cab1ae02ad3","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"8eb03b8d-3626-4dbd-b8ed-8b831481754d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"a27e57b5-8fd3-44f5-921b-1f292dd0b634","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"0afbd910-41fd-4998-bb0f-695cba69c670","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"715ba745-1ebe-4dd1-b2dc-717e0219669d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"8e6ae2e5-0f34-4af9-9bf0-0d5a4c211938","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"a7801ede-651c-42da-a144-2972c375e438","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":147,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"f6aa6eb6-03f3-4d1f-b3e8-b6fcc5de8b07","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":147,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"a1642033-ede3-47e9-97c5-5f4b7f8b2ba6","block_type":"box","text":"SM","page_number":147,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"a2667f3b-e59e-4798-93bb-73b43116a50d","block_type":"box","text":",","page_number":147,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"a4a7bdba-701c-4213-8dad-bb243888f798","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":147,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"dc0800c0-e8d8-4ac4-a753-15f59f96c95e","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":147,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"3e50fb4d-d431-4cbb-933a-07c8dc0ba755","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"2bb50ffb-caf5-42f0-a953-0eade4167f73","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"b6e397d0-c7c2-4dba-80c9-3e18e9876b2c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":147,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"d7573a29-d081-40f5-a938-73699bf59ab0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"d5c0ce20-f2f4-40d2-aead-8189483c6dd2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"42bc3111-3c4b-4dcc-a16f-56cc82cf37ac","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"4560f6a4-0455-41fa-8387-85997450f614","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"65a64785-ae55-44e2-96b6-6aedd42adf18","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":147,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"89c6b8b0-e615-4276-8445-8b15396cf887","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"11f61454-21a3-4365-937a-39305d729a2d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"01eca19e-0da6-4f98-8364-7913eeabc8a5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"0c6fdb9e-5861-489f-a74e-584f936680c5","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"e43ebd96-2e1e-4bc5-884b-1debcd20e934","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"3a5a92e7-85a3-4a08-beb4-6edd27bcac94","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"210e2419-659a-4a2d-b1c2-99f711d46a27","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"4345a1e7-4eac-4fb3-88fb-507a4325e2c9","block_type":"box","text":"II-100","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d26910fc-47de-475e-8341-99a42b313ea7","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a8fbaec-eb4b-43fd-9367-1edc86e4cb4b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":148,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"e7f122ce-f5b6-4420-98e1-06eca3960f78","block_type":"box","text":"may be up to the following amounts:","page_number":148,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"2eb207ba-71c9-4790-a0fa-c2ebd049ae42","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"a422f2a0-f5f5-4b0e-bbea-19eb7c26a4c1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"1915a0fe-49d1-4b42-9b60-33b29802dae4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"795360d1-5b5a-4838-99ec-3ed8084039d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"5b22a666-994a-4b19-8d82-5e1d7da675fd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"5557b7a9-b2eb-453f-b36c-5249f133aa22","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"c2eee33d-0792-4fab-9110-28ed70808df5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":148,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"2f5e1484-1961-4877-a449-05699a977281","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"08168a46-3087-4f6e-a449-f590df478690","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"3e2d2f84-482f-4b0d-a725-5ae059e27666","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"1def46fe-7cc5-4cae-818f-b7f3c09ae11b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"cd669f5f-316a-4db3-8382-9f1938b2639d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":148,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"438e96be-3f0b-4122-b85a-a36c70ff44d0","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"0f59e960-804a-48c2-8b54-376678d03c6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":148,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"600c6f01-354f-413b-8a1d-1b8a700213e2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":148,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"be3d6be2-570a-4b10-a8c6-aa02f5bc3b26","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":148,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"fe56636b-b1c5-472e-85e9-3d7f6d436c4b","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"73bfc2f3-89ac-42d3-84be-912b8f0f1c96","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"e4bd7111-6a06-47d5-9c22-aad1f5f34237","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":148,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"2f21b8bb-d1b1-4bde-a4c2-d369711c9a69","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"07f642ed-33dd-4abd-8243-46792ec41291","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"18e966b8-d1f9-4d71-b9ec-b65f147ddabf","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"c6e5ea14-7150-41c7-a4fb-e48a029f716d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"da637995-8792-4b9b-8126-2e91a52faea2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":148,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"68255ece-a958-4ad3-8089-98cd903234ab","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":148,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"59067d63-5821-4552-a84c-0470528f2712","block_type":"box","text":"$250,000 and above . . . .","page_number":148,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"cb7d8b70-f35e-4725-b394-aae11f4f7afd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"d8102289-4b1d-4595-a98e-3f571ce7ed1a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":148,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"25657cb2-35d7-4ec9-884b-112b72a76b85","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":148,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"d3454c6e-d036-4b90-bbc9-dc796fa2a6f1","block_type":"box","text":"the following amounts:","page_number":148,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"4798f56e-a61f-4e0f-8064-e924305347c2","block_type":"box","text":"$100,000 and above . . . .","page_number":148,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"4fdb3503-4068-4428-a174-88f42997e9a3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"a0bf81bb-f095-4ef2-b698-74531f880f2b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":148,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"39b6991c-7dc3-413b-b97d-fa9402420b89","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":148,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"03611558-86d8-4fa6-b1bb-a7df2aa16ab3","block_type":"box","text":"$250,000 and above . . . .","page_number":148,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"c96dd3ea-23e0-4802-9137-f7b00603d1bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"614a4274-ee8d-42dc-adcd-d18a22dce043","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":148,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"96ff6fea-c161-430b-93d8-9ee031acbb2c","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":148,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"4e097698-a903-4e2a-aebd-763a1415421e","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":148,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"da8b07d7-d483-4cab-aef7-9d582ac0a384","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":148,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"808b95d2-df63-496f-a8f3-41ecf562d0a6","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"aae464ea-c955-49f4-87d8-aaa9dcf72d9e","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"ed01c64d-e96e-4cbe-b078-395d32f69fe5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"cc16e4db-46ba-4630-a0ef-89b898002e9b","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"5d536157-e274-42fa-855f-6d7fb5446f48","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"f28651b4-6347-46e9-b103-15852935a1f8","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"3212ad08-f1a0-4a4d-a7a7-b6840c6e3dbc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"65d3df56-3217-4252-984d-d635bf8af69b","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":148,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"89f37a1c-1ee2-4adf-b751-3fe2d4cc619d","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":148,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"10caf2b2-e508-4fd0-a3e8-7613791b63b5","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":148,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"a91123a5-d153-4b52-83d3-edcf4979fab4","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":148,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"3feb19f4-7e0c-48a4-ad9f-64d0c5241ed7","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"ba0ba8c7-bb90-4721-af9d-e0ce64be2f22","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":148,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"02d239a5-d314-44b5-ae07-f72d0203d605","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"9b364dd7-a322-42cf-a352-54ead1103811","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"a6a90954-fda7-4404-adf0-162c2f0bec63","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"7e8ff476-4c4a-4261-b083-456aaa2fc192","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"de823e1a-354d-40da-a335-95c79b6222eb","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":148,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"095b665c-a10c-4aba-aa8a-c71d928b4ae7","block_type":"box","text":"®","page_number":148,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"42350fe3-a948-44ba-b074-7fd72e8dc38f","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":148,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"ba22ac2f-4cb8-4170-9d6e-2fdcad1a1644","block_type":"box","text":"®","page_number":148,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"acb3de9b-9597-4e29-9b78-88471643b49f","block_type":"box","text":"Index 2035","page_number":148,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"7dd54132-1f03-4c91-b366-17b2a6ee68a0","block_type":"box","text":"Fund, BlackRock LifePath","page_number":148,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"26a47e0d-4c81-43d8-9dd5-0bd7580b1cb7","block_type":"box","text":"®","page_number":148,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"8b835b92-3bc4-4ed7-a5ef-a8591743bc7c","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":148,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"9c38e963-2f72-4b72-b914-0a5c804bf6e3","block_type":"box","text":"®","page_number":148,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"6e9c5252-ff0b-4890-9db5-da9a8d8972de","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":148,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"c5b71ed7-3914-4f91-b71e-a55f8d9a04d6","block_type":"box","text":"®","page_number":148,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"f29455af-16c2-48f3-9c0e-c6426336f4a2","block_type":"box","text":"Index 2050","page_number":148,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"f4500677-b97d-4930-9ceb-a15557731c73","block_type":"box","text":"Fund, BlackRock LifePath","page_number":148,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"22dfe7b5-2375-4e37-9abc-008e6bccaba1","block_type":"box","text":"®","page_number":148,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"cc8f1732-4ca6-43b5-8363-5a0b5584c4f6","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":148,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"3adf6943-efc5-481a-aeff-95388732c247","block_type":"box","text":"®","page_number":148,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"c2122f52-02cf-4449-bbb9-9b494dea5e1c","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":148,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"c2ad1388-86e0-418f-a719-060c853f0ea5","block_type":"box","text":"®","page_number":148,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"1138c268-3819-4745-af57-b873d2949e1d","block_type":"box","text":"Index 2065","page_number":148,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"8cf922c8-64ed-445f-b86f-60685699bd2a","block_type":"box","text":"II-101","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e88ac7f9-4578-4de7-9777-bf3455ab735e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6f46d40-9cbb-4572-9bf9-daa677759445","block_type":"box","text":"Fund, BlackRock LifePath","page_number":149,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"7d63c993-9d5e-4e7e-8a35-87731569955e","block_type":"box","text":"®","page_number":149,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"6630a196-fbf3-4932-b747-3b61ba43a905","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":149,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"e98586b3-5986-4459-861e-0ba2256ff2ba","block_type":"box","text":"®","page_number":149,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"95a3cf80-aefb-4b11-b0f1-467ef1bc7078","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":149,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"bcda53ab-7478-4826-8515-2ad7ed67eea0","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":149,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"7e38e166-3eab-4c5b-8771-ca957b72bb60","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":149,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"70ba5b80-f27f-45fa-8cc7-f77417c7680e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":149,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"ff1f3005-ae35-424b-a660-e273f3560a1c","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":149,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"0304e2d3-f4b3-42c5-9b60-26b8fed2f485","block_type":"box","text":"SM","page_number":149,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"f24156e0-36d3-44b0-b5e4-9e038672e7e3","block_type":"box","text":", the placement","page_number":149,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"8d33c2ba-8d4e-48af-ba1b-2149796a12e2","block_type":"box","text":"fees may be up to the following amounts:","page_number":149,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"435ab2f8-47d2-440b-a71d-c8638eab804a","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":149,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"c42ae346-1bb8-4501-8e9d-6c4f07b90daa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"075c3998-94ee-4faa-aea4-ef24129db0a0","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":149,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"7de9bbbc-9204-4355-b991-6a3973b6a990","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":149,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"07d6799e-bbcb-4f67-b689-a53c0887fa3f","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":149,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"50a77a24-7897-4df0-95fc-c3bad46976c7","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":149,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"2cc3df57-1f14-45b5-90cb-439daba68b3c","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":149,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"2df240cf-b66a-4eef-8760-d0a1ce40c932","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":149,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"86fcca8a-eb8a-4e4e-9e92-19b5a0afb107","block_type":"box","text":"$1 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has entered into a Class A","page_number":149,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"c7a6fef1-f85b-4bea-92cf-291d93acdc40","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":149,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"07f18928-0c94-4079-a021-64d7e9d16b66","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":149,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"2fbb8731-280c-42b4-8de0-5c189791b73b","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":149,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"62038e5f-c737-4289-8493-68360673dace","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":149,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"e2d860c2-8356-49b3-b311-cd71a039806a","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":149,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"fdaab5b8-9742-4e59-8bb2-e48a618d79e4","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":149,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"08e591c8-4bdc-431c-bb19-d0d42f0678ed","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":149,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"b6cc9058-1d58-41b2-a4ad-89b3327b91f0","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":149,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"ea932b70-a294-4d60-98ca-e770d8dab8a3","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":149,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"8352bb1f-dff8-4daa-ac44-64ace459b7d7","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":149,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"fd3b99e1-4041-4f09-b9bf-4b083a1d8ade","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":149,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"5c13bca8-45e4-4db8-95d7-de35351dbb37","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":149,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"751f6c02-8524-4a0b-9ba7-d819fe8f391e","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":149,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"0b38891a-830c-41a3-95a7-4ca5474c3847","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":149,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"a7d1a0a3-fd93-4ae8-a94c-94034895fdb6","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":149,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"88205bd2-54f9-44ca-be2d-4275b06bf150","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":149,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"767e661e-6f63-4590-a570-e2f76bfac6ce","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":149,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"1620425e-c0dd-4424-aeda-89f41cbb41af","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":149,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"0f80c0eb-983d-42cf-83ae-3243b815dc3b","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":149,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"83298ff4-51f0-4c51-af8c-e32868a0c236","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":149,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"64d45ba4-112a-41ba-93b1-7a355ad9a58e","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":149,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"b45d9958-af82-4729-be14-6755def06660","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":149,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"c7096549-6c39-420b-aba3-ddd90e4b4f10","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":149,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"d18621b3-1ad5-42c1-b655-01f0fe71203a","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"b49eab1c-9d05-4baf-a30c-408fb4bb74ea","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":149,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"38a476ce-1ef4-41ed-811c-6105c9244fa7","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":149,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"69acaaa6-8b8e-4f52-aa67-e06803dda5ff","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":149,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"caa83d19-346d-462b-8117-e6654ff0aae1","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":149,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"7598752d-f830-422d-a8f4-4f141029b964","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":149,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"e199a23d-7463-40dd-84c0-03ece5937486","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":149,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"93f19783-80b5-47ac-96b0-ccffe00a3b29","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":149,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"4018ee7d-f08d-4028-bb8e-2315ed02bec8","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":149,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"3e22514e-39e2-4c82-86cc-de7c8a96faae","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":149,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"24d65607-5265-4894-bca2-eefa49b33b51","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":149,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"7112f0cd-b9d5-499e-9a4d-6fb12da499c4","block_type":"box","text":"II-102","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"957abb87-6f5e-43ef-8e0f-b45cedd80a6c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2f66e68-d6e3-4d33-bcd7-382bbb25ee92","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":150,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"79c59b4f-b45b-4fb3-af38-d3cabac01a8a","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":150,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"91f39f93-6309-4cba-bc01-940d52eee20f","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":150,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"268a86c2-13a0-494e-8a3b-ce5e135f2382","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":150,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"8c4ef3b1-7c02-4187-a324-419007106cff","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":150,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"1e3521fb-c256-4269-84fd-c2c340bd3d8c","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":150,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"03b0fd2c-78f5-4b47-be6e-f37e85b1ae2a","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":150,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"170898c2-4609-44b5-ad3f-9f423d9382a0","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":150,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"0db40cfa-594c-4a21-9a39-31105c9ffc54","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":150,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"0f400b4e-f9cd-45d0-b4e5-0374b1c3f911","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":150,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"be5c7590-9cbb-4278-826a-ea2cca7a12b1","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":150,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"8a0204e1-94b3-4938-9d34-25f3d2480ce2","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":150,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"3b60b853-fdec-49ea-8c55-e0fdbaf6c74a","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":150,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"c25c0a12-d713-40ee-b5db-191db001ab2c","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":150,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"3e134764-b011-4e69-a4c3-aff553be6471","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":150,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"af6bb64d-2fcd-4901-ad5d-0245b83dc76f","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":150,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"dfe66945-6359-493b-a43a-4f7542c215fb","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":150,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"922f4856-c79a-4404-a7f9-945246d347aa","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":150,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"5a619c0f-bfc8-4b7a-8153-375bc5c89682","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":150,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"8eb36150-2173-48ab-a91e-e805d6d845b7","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":150,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"af6c5a5e-ac4f-48d0-8377-d6ed17351ea2","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":150,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"3eee1b60-33b3-4227-a48a-ef136616854b","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":150,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"de6b0717-0f2e-4a54-8ea5-3c754da91982","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":150,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"b59945cc-0cf0-49b9-9226-2c4187600216","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":150,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"5f4083cb-8f28-417e-8b31-9c1e3ffd88f2","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":150,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"3a94f37e-e07f-4755-a3da-5ebeebedf4aa","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":150,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"bf8cf2b8-afcd-4723-af60-c85e97d70c08","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":150,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"a920d23d-0371-44eb-8baa-ed9cb9804047","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":150,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"b601bc7b-a341-4da4-bf3b-9e52b437e776","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":150,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"38111ea2-bc4c-4b34-b563-71ea9b8c82db","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":150,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"e6312ae8-dd04-447d-ba32-c5028cd57eea","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":150,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"8c2a7b8a-1747-4db1-89fa-4af0ee91bf4e","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":150,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"b77f86b0-77e1-4c3b-b578-3f22793b6dcb","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":150,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"b2a2b621-1076-4d32-be7f-a95cafcb9a42","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":150,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"88e81779-9480-4f72-a28f-721e88c47fe9","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":150,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"905bf812-07d4-4543-aa75-e5bed591fa3f","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":150,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"38d190b1-9a39-4e4d-ae18-ae92ea0b9173","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":150,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"a51c7272-d84a-4ddd-b260-18d0e97e19e9","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":150,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"1e5537f9-9108-429c-b0a7-7c9982b558a1","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":150,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"e975a8f8-a27d-4d1e-8d4a-7806db59e1b5","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":150,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"1f56eaa5-8dd6-4878-a956-eb4c949c6dfe","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":150,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"6ad750fd-691c-4ceb-a709-4d9e30ad2d48","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":150,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"25781ac0-46e0-4309-8f0c-d25799008d24","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":150,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"03a88c9a-1ede-4bf1-9ba4-10a15aea4442","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":150,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"7b8896bc-f761-49e6-8aab-cf3d28c97ef2","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":150,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"899fea2a-bf5a-4075-89b9-3919659823a7","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":150,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"12271c6a-6b2b-4910-9b4c-7bbaf917c88f","block_type":"box","text":"public or private investment company.","page_number":150,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"fd90b308-33c3-4990-9341-aef4c0589513","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":150,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"6027f2e5-f54f-43aa-a006-286d61ab2069","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":150,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"24084202-6900-4ea4-9fcc-f0b9f9783b04","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":150,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"2e3e700a-1dcb-4824-b407-dbf4c9a32702","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":150,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"6e61e55b-c9e5-4c1b-99ee-ca2315896e01","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":150,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"0d45f74b-5bcd-4a1a-9cb8-7528b0a0d544","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":150,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"428eacf6-20b4-47b1-9f39-b38d0ed2a52d","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":150,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"091bed08-392f-45dc-a62d-e892ce46a7be","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":150,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"e95efef1-e223-4559-9b9f-4b29dc6279e1","block_type":"box","text":"II-103","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"694e96c6-6106-488d-bd51-3ea1d6d146d0","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3bbb325d-1f15-4c7f-b855-5b2d17f76c6c","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":151,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"97547d1a-d776-4868-80c2-a3c218c8e9e1","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":151,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"45838c67-c291-48c3-b21b-8bc96ef08e98","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":151,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"1028af82-050b-4a1e-956c-507bf089e2c0","block_type":"box","text":"intermediary associated with the account.","page_number":151,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"901d38d4-d8ea-4794-af7c-b5f7d30e9592","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":151,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"277a7513-5375-4995-884d-e68a194dbb36","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":151,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"d88bf94e-81dc-4a38-ab18-a0f76512965a","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":151,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"a78ea5f9-d848-4f3b-bf2f-2d976b8ee474","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":151,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"cb501292-a2d9-4613-9c52-340745e02d0d","block_type":"box","text":"CDSC shares.","page_number":151,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"103bbfe5-9137-42db-95d7-5c1ceb911812","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":151,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"869c8575-e865-406e-ba95-54caf138b4e2","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":151,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"a27ba67e-24ba-4792-b25e-8dd9d99d6199","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":151,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"3f7ad9ee-5495-4e4c-aef3-33cfc0cff790","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":151,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"2e92ffe5-a3ef-4531-b705-2788772ff968","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":151,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"e7cee99f-b43d-4faa-ace5-f2404337caa2","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":151,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"13e41e26-7b66-4487-825e-53a8fc803e9b","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":151,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"4ee75345-519c-47cd-8fca-5168d3919527","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":151,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"d94c72cf-1508-4f4d-be27-ef70e61459c3","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":151,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"d94dd250-2ada-41b7-8dcc-ce49b2b79422","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":151,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"7e38ee48-ddf2-4573-bee7-37843c3eade5","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":151,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"b632a5ee-f94d-4c83-ab00-236752f54f31","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":151,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"572637c0-00c8-4ed7-9003-453a75c09c49","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":151,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"f042b7ef-25b3-40a4-bf1d-faa5c95a5bb0","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":151,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"28815337-7fb3-42fb-9fdc-2bbc5dd9ae3b","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":151,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"77b815b5-58bd-44a2-9f8c-14fbf6e96345","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":151,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"17d64afd-eb0b-4e53-9d7b-a93610deb853","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":151,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"d18a3d10-c2a6-47f7-9128-a9b8d9b57879","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":151,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"e9a0bbe1-4f32-40b4-b48a-aca1266dd0c3","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":151,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"496775b3-8467-4bd1-bbac-b0645bb6433b","block_type":"box","text":"Investor A Shares.","page_number":151,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"64a7475a-ff31-483f-b72f-0c2e0ec231b1","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":151,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"03c65198-4dcd-4534-8609-d8c50ff90c7a","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":151,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"972e7aed-f351-460c-b06b-305fc16f1680","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":151,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"155a361a-cd70-4b4d-b2c5-dc4d142ff45e","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":151,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"b34af227-ef60-47fb-8be9-64ae681dc618","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":151,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"3cb68c91-d6fd-4a59-8639-72f5c7384eba","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":151,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"a7cdcb28-4e77-450f-b8f0-940dbe05f1b6","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":151,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"dce490f4-ecef-4e77-9b50-c4d97265b039","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":151,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"408d0857-e1d0-4ad0-8ec4-1d5837b7ec67","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":151,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"222dfc42-1fff-426a-b9bd-2b29886a3f73","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":151,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"dd2194b4-347e-4a90-b695-3995b1777fbf","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":151,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"b474a75a-7354-421b-aa05-df7be43ec762","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":151,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"618b1b91-cec0-4250-8510-59baa9ff10cb","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":151,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"a97eba8b-a0b5-4d2f-ac05-ad1dbc6a8cab","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":151,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"6a2e2c41-5891-442e-a2b8-9efbc6028da1","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":151,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"57a69b2d-031c-480e-89d9-505c0d357750","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":151,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"164406f6-db1f-46ac-914b-a6e449d950bd","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":151,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"6fcc7e5e-bc69-4ea7-8ac3-9cd69e53bf69","block_type":"box","text":"“Investor C Conversions”).","page_number":151,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"4d655606-0bb9-48ef-8af0-07c7d855a83e","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":151,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"200864fa-2a65-400b-bbaf-2fe134e1a382","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":151,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"ac379f82-8736-430b-8a6a-5444b26c52dc","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":151,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"2fdc0966-9fca-4a08-b785-fde2fdcc564b","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":151,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"4f7981be-a1fa-4ad5-93e1-76a6e40da581","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":151,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"ca1307ca-b563-4877-8ced-6e3f5fc5878d","block_type":"box","text":"II-104","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fecbcf56-e695-4841-89af-bd1928e79765","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d5fe825-94b7-43e7-9327-7e16b0636013","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":152,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"d54ca321-eb00-4b49-92c0-77d48f7788ee","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":152,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"88adbf63-177d-4492-9012-369816695eb0","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":152,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"0d2293e6-15bc-4db9-b819-ef7b47840ce9","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":152,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"f31eea8b-5f69-49b1-bc1f-a3e0841ee4a1","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":152,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"df8ebbc9-b17f-4403-a202-1742f8b5a46e","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":152,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"7ae2016a-253a-464a-afe6-4300df1eb8de","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":152,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"713f61ea-cd59-4d30-85bf-d576afb1cae5","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":152,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"f17648de-f8c4-4d62-97f1-99a69e3c89a8","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":152,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"9485a954-a827-46fc-9b59-68e72929c821","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":152,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"2ab4e5fa-8c92-499f-be47-aa66e48bb681","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":152,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"5a2047c3-253e-4d5f-ac1c-436ee22db390","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":152,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"003e27f2-c146-4c49-8643-ee2d04637fc7","block_type":"box","text":"redemption.","page_number":152,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"874f9477-b25a-4597-b8eb-e557032c07ec","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":264,"width":734,"height":11}},{"id":"28c09f57-df6b-47ff-8301-16b31c4c1e7f","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":152,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"4033c420-0349-49c6-9a13-1ec02a08ce70","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":152,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"e58116a1-52a9-41f1-8bdd-2eada1d95524","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":152,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"1b4525f9-3901-441f-be63-a701afe3b160","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":152,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"57222aa2-69c6-4500-9812-cfd9c1597b25","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":152,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"0f39271c-8f0b-4550-978a-4ae94d06e495","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":152,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"7f7af7b0-2b9d-40d7-8ea1-3acc473e6928","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":152,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"5fcdface-d401-437f-bb40-09d71e66185f","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":152,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"80213e98-e3dd-4a1d-b4a4-29dc2a92c4ad","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":152,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"2261996e-47ed-4967-9ccc-40a43a9e5938","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":152,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"dcacad95-808b-4a00-9f5f-5acdf1247a83","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":152,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"0ecbc3d2-47ef-429b-a862-c06365e97913","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":152,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"10bb7202-0edb-4445-93b3-823d7f2cb8a0","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":152,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"24558ed8-107e-4782-9d7b-99e0f2f4e2a0","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":152,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"2f888daf-dd01-4c6b-9a78-0727103a58aa","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":152,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"dbfb8da1-e0aa-45f4-921a-07cbf3951b04","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":152,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"24005a69-2949-40db-815c-00e9faad7308","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":152,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"6c7d3a3f-a596-40e5-9e8c-1422e043c1e6","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":152,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"40933431-df8a-4ab0-9b1c-8f6da20b03b1","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":152,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"57426930-6c3d-4e7d-b4f9-b417a3d87e1d","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":152,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"789cc59e-1163-404b-9f53-2d8a71f4a65e","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":152,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"4846dfdc-9901-4676-92ab-8f48b78c886b","block_type":"box","text":"Class R Shares","page_number":152,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"87a3d495-2b6c-4170-a676-9f5c16c04382","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":152,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"4ffe2824-560d-4e0a-b395-7a6df9bf58fd","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":152,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"13146764-c541-4f4c-9926-09ac3c9a4864","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":152,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"35bbb672-9379-46bc-aefe-daf14c1110c2","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":152,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"13391f13-7a4f-4a31-81d0-127dc67e62a0","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":152,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"860d8570-4e81-4c36-9125-0af565199964","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":152,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"7abac425-12c0-4d3f-a2d9-8d023a9a7181","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":152,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"c075bbbb-1b53-4119-a4e3-bcf2637c60e9","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":152,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"9cbb95e4-f7f0-4424-8aee-ed40703caef3","block_type":"box","text":"Class K Shares","page_number":152,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"3492d286-cf86-44e3-b07c-36d2a45f0e85","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":152,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"c3edcaf9-9fa9-4cfb-bc39-87f5a5762c18","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":152,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"c83840a5-3a09-416d-92cc-923dc1d600c0","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":152,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"62aadcff-321b-46b9-a19e-2d24af1f92b2","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":152,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"d7f33c36-fbc4-4736-9dab-5e6935724004","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":152,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"ba31591f-9aa5-4031-96ab-cae2c7711043","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":152,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"66cfd0a2-a8c8-4496-ba8c-bc9104b74a84","block_type":"box","text":"II-105","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"10b96f90-f3bb-4deb-b35c-73c3923c6be4","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"628b9b32-0bb2-4c9e-ac88-0495ea94e3ed","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":153,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"01bc7169-40d8-4bc8-b42e-b160c41a8dda","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":153,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"bc8774f6-e79f-4a68-a791-64b85f965e6c","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":153,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"362c93d4-9f86-4c4a-b22d-e663e04091bf","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":153,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"df408579-d3bf-4767-b1e2-66a76abc3f64","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":153,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"db7b908b-fecf-4de9-b07f-7f8e15dddbed","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":153,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"6faebfb8-0155-4265-a2f8-cee3ca04a0a5","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":153,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"abf5d2b8-93bf-427d-95e8-53605aeb1417","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":153,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"0f2571bb-6890-479a-b62e-8abdfba749ba","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":153,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"6acd838c-fae3-46bf-b871-b9e784f0378a","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":153,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"ed4d91e1-3370-435b-8479-d2c11fdb7e61","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":153,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"b1b0273b-ab6b-4a01-810a-361b3abbd568","block_type":"box","text":"distribution and marketing agreement.","page_number":153,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"a9f0a03a-e10d-4772-ab5f-f5ce48875237","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":153,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"08ac2e57-50d8-46d8-a2b4-f38122f034f6","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":153,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"77380c9f-c9bb-433a-926c-8a86dfdeb895","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":153,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"065b5ec6-69af-41a5-b478-3c62fa3edeae","block_type":"box","text":"Class G Shares","page_number":153,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"99a248e1-00d4-4125-b723-6a1ebbfcd66e","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":153,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"b3103a81-f391-47a5-bbf5-03e92027791e","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":153,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"cdca08f5-87ed-456c-8132-ba5f76e3d2bb","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":153,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"3e7447d1-d03d-4b35-8d6b-3d9e7095e089","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":153,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"77a077da-ec27-4744-80b1-0421a7d4553d","block_type":"box","text":"eligibility requirements.","page_number":153,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"7c00ca66-a24f-4b4b-8b08-fcf5f9471e75","block_type":"box","text":"Service Shares","page_number":153,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"6970a350-85ae-42c2-a3b4-e6b7bf77e692","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":153,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d6a4fbd2-bf03-49e4-96c7-79109ad0b987","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":153,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"b4a9e244-2d09-4e13-b405-4fc779bac48b","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":153,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"bce0a6cb-7b50-436b-a5cf-b2ced453a411","block_type":"box","text":"®","page_number":153,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"6adb3679-aa80-46ae-b201-d3d7a1e7346c","block_type":"box","text":"Fund in 1996; and","page_number":153,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"b11bee17-3999-4ac5-850f-07f1b60a47bb","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":153,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"d53fcef2-3e68-424c-9693-060f886e492b","block_type":"box","text":"SM","page_number":153,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"347f1946-3821-4522-a207-4aa1d50a6fa3","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":153,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"4c51d3cc-af34-45b0-83c3-5c34bde11fe5","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":153,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"e2aac617-373b-4d83-8e8b-9b0f93764757","block_type":"box","text":"BlackRock Shares","page_number":153,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"e64599c4-3ade-40e7-9ac5-80d473961063","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":153,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"84b56ae9-50ea-4aa0-aa0e-e1248f1fd052","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":153,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"69e7ff65-d16c-4ed9-958d-b6bc5db89cc6","block_type":"box","text":"fee-based programs.","page_number":153,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"ca7e53cb-da2a-45b2-87b2-488384deee53","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":153,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"5f29e59c-528b-4e88-ad4f-388c203f779e","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":153,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"f3fd9015-ea3a-4f1d-a599-5fa5ee61b382","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":153,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"25cc40d6-35ed-4602-9d53-45012e86e56b","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":153,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"4b8529d8-831b-4294-96bd-ee25b26eabb1","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":153,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"5b2b6f57-a2dc-45c2-898a-9219c6c351f2","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":153,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"23dd6a4c-7770-4489-ada0-2bd559f84a4a","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":153,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"42984f89-986c-44e6-b447-bb4778b26c9e","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":153,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"ac77b4cd-5aa9-4d5c-ae3b-690a1e0a8f9a","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":153,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"09b55315-b8e5-4426-9004-c425fe1979eb","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":153,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"c2fcac3b-4357-40ef-ac3e-22e18e2d91da","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":153,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"41974560-2577-4526-82d0-d927a754d28f","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":153,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"1f3020ab-cd5f-47bc-836d-075ded945e6a","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":153,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"9a764852-6a0f-4e60-800d-9f166319a02c","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":153,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"23ff8ce0-333b-4fb9-b811-7f3e174cfb5d","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":153,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"d2614ab9-5e6e-432a-a067-2fa4e9a4cd6c","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":153,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"844eec5d-1b30-4c30-81b0-585c47a5b469","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":153,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"545996bf-429c-448a-8ce6-15bfe342d4a5","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":153,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"8c1a3e8c-2543-424f-a067-4c34a3abbb6e","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":153,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"f924c0d8-7fc0-4ad5-91e1-35d5345e94f6","block_type":"box","text":"II-106","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7ed99ee7-3b69-4eb2-8089-fc8a9ca4dd74","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dec4e21b-c892-40ea-bcc1-22fe978a44d1","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":154,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"52f57152-8295-4523-871a-e409b04b0f74","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":154,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"eef3b310-a522-4928-ba9a-90a313b231ea","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":154,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"66356d9b-6ba4-401f-bd1f-b0d500746e11","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":154,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"231de9ae-d9e0-4ce8-93d7-f3af5745a3f6","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":154,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"75a02fa1-f748-4884-9c72-a07626ee5075","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":154,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"7dfb1aee-948e-47fb-a21e-ce3ad230afd6","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":154,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"0420bf18-f433-48bb-946f-a58e0139b7bb","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":154,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"b2fd7328-5de2-4f30-a56f-00f6ee28bbd6","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":154,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"55b84466-3326-41c5-905a-6f939619ee57","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":154,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"b749d8e5-4a6a-49dd-9d6f-7576e4c6d8bb","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":154,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"d1af971a-1b37-4d30-a07a-240683572a98","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":154,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"8cd8d22f-eb0d-48a1-88dc-93a2a5392b96","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":154,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"e4b9610c-7571-409a-a96c-addedb49543f","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":154,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"b50afe36-9ea5-466c-bc2d-0160964ace0a","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":154,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"5215a63e-59c4-4ee7-9ee8-8533d8365135","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":154,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"ccd3d367-86cd-40a1-b980-472f164d0664","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":154,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"908be8e9-51ce-4cbe-95e6-08c0a29f1d9d","block_type":"box","text":"compensation for selling different classes of shares.","page_number":154,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"0e9c2a89-c083-4319-92db-eedaecae28bf","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":154,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"bca597b9-96e2-4a31-9af0-719b7d10fe1a","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":154,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"7257c7ef-3c66-4e56-83c9-3ad93c8e5444","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":154,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"3e0b0a8d-473d-43c4-a107-53914bbb576a","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":154,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"e30d1140-3f64-4532-b16b-2d6192f85b90","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":154,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"ae07eaee-4e04-406b-85a2-9ea51edeb86a","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":154,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"e9d73e90-b7e4-4cc5-bdd1-127107361626","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":154,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"6b6b8deb-1d7a-4b51-bff5-eac26f252f01","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":154,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"9d0d508b-854d-4a7b-84e3-37585b06cd5c","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":154,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"f824f128-2984-4816-8b12-335135231bfa","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":154,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"8595d92d-1398-42b5-914b-e1d5a955c5df","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":154,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"6c29ab0c-2d62-4199-bf35-73983ccbc424","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":154,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"db120368-947e-47e9-995f-4eefab08398c","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":154,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"c8e3fdde-6326-41d4-aca7-056d4886f6d0","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":154,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"ce18748b-8fbc-4418-8b29-47836e1c0122","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":154,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"1a03abd7-0509-4ae8-a4ff-37a608644036","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":154,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"d569e318-6fa8-4b30-94e8-91214246e5a1","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":154,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"168235d1-e3c6-4dbf-b990-f419681f18ad","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":154,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"96f15b51-59db-420d-84ba-c717e8385510","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":154,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"95488a98-4dfb-4a44-9bc9-6c2b3341f025","block_type":"box","text":"easily accessible place.","page_number":154,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"55d0fa1a-b0a6-45dd-bd06-e20754336313","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":154,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"ba4f7b81-8edc-44a0-b520-1c4b385c9c72","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":154,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"c1eb0268-aef5-49af-9ab3-5cbbee48625d","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":154,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"876f1ca2-8cf0-48d0-8e12-30dd3f4d44c6","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":154,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"724c2857-0fd9-49d0-beb4-89ef4777b3cb","block_type":"box","text":"fiscal year.","page_number":154,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"3c1bf479-7e0f-40ef-9084-3443801f58ca","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":154,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"90460859-731b-4cc6-a05d-717ac76e638c","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":154,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"edd07ef1-0cc7-497a-9336-277fd9cbe36f","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":154,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"427f325e-4fc0-4fbc-a578-51981a04fdd7","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":154,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"4462e9e7-7d37-477a-8d6d-2e57fdcb6636","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":154,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"0a349527-a4d0-4f18-baf1-286ebda45581","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":154,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"57b097e9-d242-4d63-84a0-ae56e0b612d7","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":154,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"0131be7c-b435-4b8d-b8f1-9aff18b690fc","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":154,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"d79d8d75-08e9-4f2b-b88e-1bb8efdb5450","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":154,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"7fe9e8e3-8170-44c2-b7d5-b3ddd7e9848c","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":154,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"eb74b098-2129-4e60-8dbd-b294bd7a7328","block_type":"box","text":"II-107","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2f09ef20-6bc4-42db-9320-de2a14f769fe","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2309acd2-c924-4180-86fa-117e19ffea50","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":155,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"4c181abd-2b89-49de-95dc-3f035bef63b3","block_type":"box","text":"and Class R Shares of your Fund.","page_number":155,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"50ab4dbc-eb5f-4cb3-adc4-944490895c1c","block_type":"box","text":"Other Payments by the Fund","page_number":155,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"32bf0a4a-9706-48ac-af50-1cbd78458bdc","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":155,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"f88d97be-78b4-4188-9d76-f8b6dbcb96a9","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":155,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"fe8d743b-ee88-4e8e-b031-e771d4aa3b50","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":155,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"4469acd9-c071-4506-977a-3fe10811cae7","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":155,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"a23774e7-efb1-4f37-84e5-b179aca81e40","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":155,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"fca4a0ba-d737-4409-bb3e-f41a6ac82f70","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":155,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"1c8b3820-0509-43f6-a0fb-db9940977c68","block_type":"box","text":"of these payments may be substantial.","page_number":155,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"5a68c53a-9baf-420e-84a5-a272d73649dd","block_type":"box","text":"Additional Payments by BlackRock","page_number":155,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"935a71f9-29e0-49e2-9f58-ef525dee7a16","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":155,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"aa000d0a-0496-4cf5-a604-fb94611a4840","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":155,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"18ea958a-e7f9-4565-8f83-7e567bae50aa","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":155,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"35e923c6-3e06-4d1a-b622-8c72f9086c67","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":155,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"3bd776b3-6767-43f3-ab0e-84ed2d7c9425","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":155,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"084adbf1-0ef4-418d-be40-8da0c6d5058d","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":155,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"c8d472bf-9438-4bcb-ba80-83320bcf3b88","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":155,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"56020ade-ae60-425b-b99e-88edbd1b1282","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":155,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"c4e07c7f-548e-4d54-b973-7791c075dba9","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":155,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"57714753-5975-4a01-b24e-f230892b5537","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":155,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"b4fd9ab9-eb44-442f-8f51-fb44faf57c34","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":155,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"b7eb0bfc-0cc9-4ef2-8762-d34f9c2f3a43","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":155,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"71969a9e-69c4-4d58-8864-fb390eab67d5","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":155,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"30f8eda2-bb48-4124-9413-b9193af674bc","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":155,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"98ed388f-0b42-4819-83ba-8d5d3f3f4802","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":155,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"cd2be3ed-6a1b-4da2-bcf9-71d3d62e455d","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":155,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"8047e91f-7308-404d-a773-d43717e75823","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":155,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"971fff7e-d444-4ecf-980c-3976bedfcd3a","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":155,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"84c49552-e905-42a5-b44e-3a5b828d9569","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":155,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"2ffb5975-0d08-40a6-8a3e-3da193d5388c","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":155,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"43a877ea-14be-4a39-9e42-ad3242f47c55","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":155,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"49cba62c-ce07-4476-9375-2c0246bd7413","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":155,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"5b9e4f57-5e82-44cf-898b-8c92cf58fa08","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":155,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"401d9563-67da-44a9-a680-87968c76f557","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":155,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"6762cc77-d642-40ae-9f43-92df27af9095","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":155,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"d75e7e91-321b-4705-8dc1-cbe97bbd5c19","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":155,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"7bf0c4df-8587-485f-b0b0-83b6d6a48cfd","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":155,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"358cb52b-ffad-49f2-a2a9-6e47c9df2f08","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":155,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"aa4559a9-afde-4fed-bf7d-808664cb0c46","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":155,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"a503424e-16bb-449b-834a-48926592129c","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":155,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"fbc51ff3-3591-4496-9296-bf737d351eaa","block_type":"box","text":"Funds.","page_number":155,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"0818adcb-9bb5-4f20-ab38-b9baf9625058","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":155,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"d1d10360-3f5d-42d8-89ef-958ecdea40d6","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":155,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"b5d098e6-2e1a-4f8a-b937-ec9090575895","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":155,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"09a6e91c-f90d-4bd1-9411-1bad8458b70f","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":155,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"288d152a-11c6-40d1-9bf6-17ec5fa425cd","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":155,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"5ffd90ca-33c0-4202-804d-61050fc15e34","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":155,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"9a97de86-8532-44d1-9e50-6f741666e9f8","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":155,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"40b06e44-4940-4329-8da6-865644a45ad7","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":155,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"4001bf8e-9278-4f5c-9a73-bd8c2c47d2ad","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":155,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"10558e1b-c330-4b20-a965-bfacefb2226d","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":155,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"ad7ef304-7362-4b78-acc5-4a9241eefc5c","block_type":"box","text":"II-108","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ec854ab9-c67d-42b5-9d09-949a256970d6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33fe8954-de52-40ad-8e39-38c779df2714","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":156,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"b7c934b5-2282-4a06-ac10-52754d5854c3","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":156,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"e0120e58-7643-47a2-a230-626517ee80fe","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":156,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"fe8a4205-c4a4-4d4d-9ee4-96e49c1ee0bd","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":156,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"cb6de385-db61-408e-93c6-2483650974b6","block_type":"box","text":"B. Shareholder Services","page_number":156,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"b91f1247-29b7-45f4-8f31-d2fc1fa2ee04","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":156,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"e032f4ab-116a-43d1-b724-65e4a3b12631","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":156,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"da951fce-2a48-43f6-9a1e-c1d9038f4697","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":156,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"0462c34c-783d-47e1-b7b0-6eec98e11d4a","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":156,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"ff429cdd-11a7-4212-810c-4d8d0fd3d328","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":156,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"5bc9b45e-c8c4-4836-9630-defaa756e6fd","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":156,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"c0db7c89-6505-4f28-b94f-98998490ceba","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":156,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"ce76c26e-0888-41cd-be53-1ef0d8fc0aa2","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":156,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"cf8ddcc9-b5d8-4b8c-acb5-cec6016b3faf","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":156,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"69d0e9cf-c3b2-4a2e-affc-1cb03dfdb4f7","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":156,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"0aa7da94-06d5-4206-b111-267380a5b44c","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":156,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"03499306-ff50-4a58-9ea5-f8bcdd28c90b","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":156,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"d88cbfeb-c997-41ff-92c0-da1fb2f9c9ec","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":156,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"af4ad003-5c2d-4c26-bd82-972313eb601e","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":156,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"0cbf2eb3-7067-47ce-87b9-5b0f29ca5b6b","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":156,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"fa9a1189-875a-430b-8fe3-6835832bc2d8","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":156,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"faceeee0-9289-4ed4-9329-706aab7f0704","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":156,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"c790c36d-bfe3-4ccc-aed1-9a847a0ef031","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":156,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"4d238bc2-1177-4604-b324-03af5b85cf7e","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":156,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"9a0bebd5-989b-41ad-bc07-d2b22f708807","block_type":"box","text":"&Par 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The","page_number":160,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"b77a9d60-4112-4c69-960d-4401004cde92","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":160,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"3588888f-b010-4ec3-983b-8aa87711e540","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":160,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"3a64fe36-6141-4108-9ee6-14b919a2ba98","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":160,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"99df997c-b9fb-4382-99ce-25f7ef8571fd","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":160,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"75e678bf-49d4-4960-9220-200af6fec7cf","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":160,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"b63d39b7-253e-46b4-8189-df8ace5bfa0e","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":160,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"986d16f7-8f21-45cc-b394-fb4714d1f5b3","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":160,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"4198e4ca-d7bc-4497-a2da-96240825f238","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":160,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"59e4a2e6-ef8e-44d1-b6f5-276c7d92a1ae","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":160,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"ef768571-f484-4b38-921f-e8e130c480f3","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":160,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"040cfcd1-17a7-40bc-a68d-806908dca8ed","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":160,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"f640f5ff-41ff-4d9e-b402-3544451bcb09","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":160,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"1ad57e49-1ccf-429b-aa9d-56b11a783a2b","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":160,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"112af8fd-394e-49fe-9552-93dc7816e0d2","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":160,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"8edfbca8-b968-4940-87fb-7bf766ea5765","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":160,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"9e49a963-f766-4d19-a577-a9f419ce3d96","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":160,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"08adb1f6-7458-4558-84de-5a050e2b44d8","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":160,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"9c85a555-1485-4b66-9d07-d938fb39c2f4","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":160,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"13d5b000-898c-49c5-a4ce-a306b25f8105","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":160,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"0a54debb-58b1-48ec-9530-d3558a9d3f93","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":160,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"42963c4d-3051-4dd9-b5c7-3f7e57952599","block_type":"box","text":"Redemption","page_number":160,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"332f05c6-1dd8-4706-9449-763c0bea0686","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":160,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"f3669a89-896c-4ab7-be60-f0e2bfc5d367","block_type":"box","text":"Redeem by Telephone:","page_number":160,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"f4189608-886f-46a1-9f9f-d6302ba3695e","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":160,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"6e1d85c8-1b10-461e-bd91-55a8ea189098","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":160,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"0b7937e8-c618-459e-be8e-82c800cc9e4b","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":160,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"f15436df-c27f-4a03-8a00-b9a3d211b97e","block_type":"box","text":"II-113","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e921bcca-ceaf-4c88-bc48-4d945cfacfa7","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ec22fab-8b60-4d06-b407-d79a2c1b2d87","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":161,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"1ff1e5e3-2844-4dfa-9624-d3d9fec966ed","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":161,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"36a49aaf-3af5-4731-8604-f923e8cafb22","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":161,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"0621d42f-d7e3-47eb-a505-2e8809138d18","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":161,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"b3f9d13c-9382-430a-aa53-a0b1fb4742db","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":161,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"e219a26b-fef0-43eb-ae4d-7775e1fc28f1","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":161,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"986e6769-2c76-4d93-a1ff-9c9d6a3cdb75","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":161,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"d18fb9f3-8dbe-45e0-a94c-aade5afdf69b","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":161,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"6576e10d-c6ee-4826-87b3-9bf772b3bce1","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":161,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"babdaa7d-65d2-46b5-81e3-abba5d4340b2","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":161,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"bac46248-9b06-4df4-bee9-3550aac390ef","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":161,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"ac7be23e-5ce9-4a8b-bd2e-8b595cb013b9","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":161,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"fa86ced7-5a80-4c12-88c7-e78b5f505065","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":161,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"5e2381b1-fb20-4571-a9e7-90ec5d3b13a1","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":161,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"79cb084f-369e-4b22-8283-2ff93d7a8e23","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":161,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"a80b7bdf-81dd-4de4-b5d5-9aaedbb5110e","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":161,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"63800cd5-58a3-4ab0-9ad1-d0ae4dea39ee","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":161,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"92765083-3e90-4f2e-9ab7-e2d4ef0d139a","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":161,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"3e3d434f-9879-4fd3-94f3-cc0fa9b4b336","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":161,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"de0cde1a-3fb1-4496-ab04-830b0542fafb","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":161,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"eed1ba2e-9c0d-43b3-82da-9e6bdfd3ce87","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":161,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"6d2ba7a4-3904-47af-ad31-cc10d5191886","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":161,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"e5927781-760c-4e82-9238-f9050759dac2","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":161,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"98dcb656-d068-4278-9612-b5b635851da0","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":161,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"9dbf681e-eb98-4f8d-914a-4fcd6a9dbdf9","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":161,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"c16f5929-5b1f-4d51-b23b-a50b551c1a19","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":161,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"8a522a12-2a2d-4aed-a778-0e046cce66af","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":161,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"fd9cb7e4-7cce-43fa-81ad-4ccd0f543982","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":161,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"a12e7f5b-4488-48f0-bea7-f4ea548fa317","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":161,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"adbc4737-b1f7-454e-bb43-7ab98ed0675a","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":161,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"0d77fb2d-2f3e-4170-9577-ec584878bc68","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":161,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"ce7b7f1e-ff4e-461e-933b-02d337521cf0","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":161,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"ee854375-f0bd-44ff-8f04-9fc114c3ae42","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":161,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"3e9a5152-1c01-440e-9ea5-fa8f21ce2772","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":161,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"c354fd02-c157-424a-a3b5-22f785c3f29a","block_type":"box","text":"Redeem by VRU:","page_number":161,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"3a366941-3bb2-4628-944b-e7fda588fecd","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":161,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"77d0c85f-885a-49fc-a810-6f88fe68ae54","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":161,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"0b2324b4-30a1-4da2-91d7-ad80cc70133e","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":161,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"e0b55f92-645d-43f3-af89-473c6cc5d4ed","block_type":"box","text":"Redeem by Internet:","page_number":161,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"5ff159e8-f561-409c-87a0-e4d210ee77aa","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":161,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"d134f38a-eeda-41c3-abb4-0ef3aeb80910","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":161,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"16c5c3e8-727a-4b7e-8d8e-f7fe29b00dad","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":161,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"043be197-a5d5-4da0-abff-c5a8545e30c9","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":161,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"ae135ed9-e6af-4f58-9145-28b4ba866613","block_type":"box","text":"institutional investors.","page_number":161,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"915ab77a-cb6c-43ed-8cde-59904cfd6a26","block_type":"box","text":"Redeem in Writing:","page_number":161,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"46917f42-c21c-4e0a-931d-5ee40134c6a1","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":161,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"45dd0ccc-11a1-4c92-b98d-9c903e0bc3ed","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":161,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"dbeeba08-d48d-462d-80b9-0b59972408ba","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":161,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"ffd53c7c-0913-43bb-9b26-c1da57dbd3ba","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":161,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"9a90c8a5-eb73-43cb-8390-3ff238f17215","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":161,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"dcda1f6a-cb70-4dd1-a2c4-e95afb3bf29b","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":161,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"20119d2f-caac-44e5-89b6-e23cadb9581d","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":161,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"8b1effa5-f96a-4268-bc22-d97c09049dcb","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":161,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"f110ab32-e9cb-4e65-84c4-f305bafeb39a","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":161,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"9f2bf0ca-7bb6-4fc7-99f6-5f3c35e18c12","block_type":"box","text":"the bank account of record.","page_number":161,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"db57c502-1d7b-4f9c-9517-471d8039ecc0","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":161,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"f97d31b1-e0d2-495d-b85c-46c22efa46d2","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":161,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"bb9b04ee-7e3b-437b-8fbd-4f3158c3390c","block_type":"box","text":"II-114","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2789a946-5319-4522-b7b6-2c366c70d725","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a39c4632-9f25-4940-81d0-1d3ace66ccd8","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":162,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"95028ed8-7a71-4252-b70c-16379691b1c2","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":162,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"9d82251d-65df-4d53-a9de-b493c51797c7","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":162,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"0dcb9933-f8d9-4ab9-ba78-cae464b7c7ed","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":162,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"3363287f-3ac0-4622-832f-5dfea5bd8340","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":162,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"ca567b5d-a491-4fe1-9dfa-f95349137561","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":162,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"971f9634-2e6f-48aa-9061-eb7f59b7bd0c","block_type":"box","text":"redeemed by the Fund.","page_number":162,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"2207a592-bdc0-4893-af75-461b9964a89a","block_type":"box","text":"Note on Low Balance Accounts.","page_number":162,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"266a68de-bbea-49c5-a7cf-eb25dfaffb4d","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":162,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"1b7dc16b-d399-4974-a13f-a76e768378cd","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":162,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"e7a6cce9-26e4-4468-a7b4-87f15e558928","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":162,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"5478ee54-ed82-4157-8c45-5f2ff6813192","block_type":"box","text":"for any reason, including market fluctuation.","page_number":162,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"a320a344-1ff2-418c-b8f1-cba48d9a937e","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":162,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"c411ac6f-d27b-4c82-852c-83febbd6de18","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":162,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"7f1b28db-e120-4900-ba65-ec9ce5438a4e","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":162,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"12f1977c-005d-4138-9a5d-d4ac744b5e1e","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":162,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"aee20df5-4b02-4e70-a164-830a4789089c","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":162,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"ecc6eda9-5371-438d-9366-cb8c00699170","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":162,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"bbdbf9e3-0df0-4922-aa1b-66b151cd1992","block_type":"box","text":"Repurchase","page_number":162,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"5329ad67-dbae-4e5c-9f5e-461081413641","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":162,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"dd01fa60-ff97-42b2-bbb3-52c61c7364e7","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":162,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"b8afc1e0-4b00-479f-b72f-5d30a531756f","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":162,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"060fef65-8773-46c3-9f5d-27d0b452ce32","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":162,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"cbb7bdea-e893-48c0-a321-60820a9cbd32","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":162,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"877db8b0-839c-46e4-a63a-f0aa32d5f717","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":162,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"8b5036ae-daf9-4487-8a09-a5e4cf9ff43b","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":162,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"f57b9dc9-4bcf-4d13-877f-39e6d8b567ac","block_type":"box","text":"next business day.","page_number":162,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"57da9151-cf60-426e-a2d9-0d37fc2b90c6","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":162,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"6f4520ab-2660-439f-9e42-22463ea10954","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":162,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"f97f0932-c29b-465e-b36c-3e0ac6a8e87a","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":162,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"b8b05ff4-650e-414b-83a9-583fe263e788","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":162,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"cbf77cb5-ae19-431a-b369-20e88970cf6f","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":162,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"450c34bc-c7dd-4933-8604-0715ac4b5585","block_type":"box","text":"redeem shares as set out above.","page_number":162,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"7f6a71f7-0006-4c85-acc6-2033a044a842","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":162,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"50129fda-8ff3-4082-8874-38222a3dfa50","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":162,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"44e64d35-6634-4f6d-bb4a-60f221c46133","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":162,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"453da04d-e67c-44f3-87af-5a6716782df9","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":162,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"c8202312-e61c-4a99-9b67-e5cc6b2d55cd","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":162,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"809f35eb-e99b-4dfa-863b-27153efb2471","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":162,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"aeca3fd1-7e25-441f-a21e-e6afecb2c778","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":162,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"f134c142-745c-4c58-8dd0-7cc4c9942354","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":162,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"adf61726-549f-4338-af5a-5e6b3805bb23","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":162,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"f2890e0a-48b6-4bd7-b12b-fc44df17b6ec","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":162,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"bd224dec-14fb-4e5f-b3ed-d77f5e7ee02f","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":162,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"1c875911-a7bd-4600-9c84-ad2e89c63bdd","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":162,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"e528d63e-0e0e-48e2-94f9-867b45feec08","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":162,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"9d2198da-b808-4d02-a749-8e4c9b1b041b","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":162,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"ed2e3c89-71ac-4bf7-bdfc-eaf8a224270c","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":162,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"7255b22a-132f-48df-8717-6d74d9317171","block_type":"box","text":"II-115","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6a5d00d1-82aa-4dcf-b872-9d8adf30ec02","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"305a95c8-a01b-4615-88c7-77c9faf39de4","block_type":"box","text":"Investment Account","page_number":163,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"0a9e9f79-e067-496c-bcf1-b115f92d98b3","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":163,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"370a78e7-ff9a-4e89-8b77-6570e4548fd8","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":163,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"d99badde-deee-4f60-aadc-a307a4546489","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":163,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"fa7bb628-b64b-4375-86f7-e8b4ef028d0f","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":163,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"f3db10b0-1c67-4954-aa50-473f99b6b877","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":163,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"81e6ea95-8dd2-4cdb-9766-55b3edb8dd23","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":163,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"c252bf28-250b-4410-b32c-872c36af118c","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":163,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"30b7b187-9347-4558-a20b-730c0605145b","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":163,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"dfb79a7a-e4c7-4d65-a9f5-bbe4bd1b867c","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":163,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"e34d47e3-20db-4eaf-9c76-cf9996af3f22","block_type":"box","text":"automatically at the Transfer Agent.","page_number":163,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"544ea230-b982-4671-bb9e-59d9248adbe7","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":163,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"f0cbbdf9-106e-407d-bd95-43d7fd78c089","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":163,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"4aabdea8-5207-41d9-bd0e-ae5539c267e6","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":163,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"910b8d66-1a5f-4170-aad9-8ac123ed5f8f","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":163,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"e2e90105-2d15-47aa-a95c-9b378f13c921","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":163,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"16267571-f606-4678-be13-e34b82406933","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":163,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"96190904-33dd-469b-8af4-c28c237c0b02","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":163,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"98ce483a-774a-4d58-b559-a6098afa2087","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":163,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"e283dcb2-93ec-40d1-a8cc-ac3e9f0fd751","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":163,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"eb65cdea-21c6-4eeb-8d08-132462588f05","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":163,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"9308b3de-10c5-40fe-8134-26c4d64aa468","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":163,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"60e57114-b5fc-415b-8033-1423bd1c28db","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":163,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"e8fdcb92-0a1a-450e-a42e-a512c6b3cf25","block_type":"box","text":"issued.","page_number":163,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"6b5ad656-a0ca-492d-be2c-59ecbb6c165d","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":163,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"302f1c07-3449-4d63-9fd8-17acbfc2bd72","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":163,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"e5b078d3-886d-4fb9-8ced-4bb440c00d18","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":163,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"a778d36d-a5ba-4cee-acf1-5f621dd4a8a5","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":163,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"846cd577-84cc-495a-bebf-4bb3b0ad214d","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":163,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"268e821a-30ab-44c0-a046-a74680c2d453","block_type":"box","text":"Exchange Privilege","page_number":163,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"3cc6fba5-61fe-490d-8479-e688678c35f5","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":163,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"839aa763-b777-4b86-afdc-b87ec4c72dfc","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":163,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"1b626169-67c1-42fa-8cf8-290aa93f6c46","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":163,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"2de89754-9516-456f-a00c-e579a092053a","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":163,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"04b93899-17ab-46bd-b7a5-986202629596","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":163,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"6782adbd-1f1f-4134-8229-eea2a6d33b58","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":163,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"e7cc1f6e-ed8f-4d67-8e6c-42fe20665b83","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":163,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"1a30d56b-fea9-4353-9211-cad5ada0e4b7","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":163,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"8160ac56-8e60-44db-8ba1-151b24693de8","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":163,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"fd5de25f-454b-4ec5-9f72-e37d5ce4ffb4","block_type":"box","text":"Institutional Shares","page_number":163,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"0e404ea6-be06-43a0-b824-79d9abd22e7c","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":163,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"47d1af1b-d78a-4876-afd8-e1e99a8a73c5","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":163,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"fed7de2a-67ca-4a06-9677-9ac82b7a7a4e","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":163,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"258a246a-53cd-4bcf-bfed-7bc6202914ee","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":163,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"ead128dd-463f-4973-a303-16152b6ece00","block_type":"box","text":"for Class G Shares of other Funds.","page_number":163,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"ef8a2381-cc86-4f73-823e-c21ba234de73","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":163,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"0c086cd5-3b47-4e32-9a72-8a28feab77e5","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":163,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"0dc88341-2e52-40c4-ab04-9dac966550d9","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":163,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"641c13ee-dba6-4d69-b11a-127ee1360880","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":163,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"935cecdf-1bbd-49da-9481-519ea9228365","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":163,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"2a2ce1af-285e-42d3-b07d-52e4655ee2c3","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":163,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"5a2fdaa1-e959-4e5a-89de-d89e77ec311a","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":163,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"fafd5a79-1d66-4da7-8a8a-4b85beb9f58e","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":163,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"14e589fa-6893-4a56-8461-6e47afe1cfcf","block_type":"box","text":"II-116","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cefb79c6-e85f-47a5-9b83-2381a1d38734","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84855e04-4320-4a84-82bc-19d29b2d1178","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":164,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"be13301c-8575-4125-935f-889b6179a2dd","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":164,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"afd221bc-7a6d-4bef-bdc1-58576aeccbc1","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":164,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"82ef657e-5091-41f7-b5dd-186a33511840","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":164,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"01a51b97-f535-4432-b91e-8d1888be841f","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":164,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"5928b656-12ce-4c6c-ba9a-e125e542f483","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":164,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"49958b6d-a643-4fc0-ab39-630fc0d881c3","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":164,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"82143b39-1e9c-4008-bb9b-bdfb1f6652ba","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":164,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"f9dd0582-6da0-4a80-ae4d-0eda36c50d5f","block_type":"box","text":"Exchanges of Service Shares.","page_number":164,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"b007b37d-728a-4538-ac28-205f649bbdc4","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":164,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"46f9ce2b-ed97-4a7c-ae3c-f02915c4c78e","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":164,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"97899a6e-393d-4e25-96bc-794a8d819b86","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":164,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"979cd41f-3976-4b40-98ff-5f3fc1f6efd0","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":164,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"ef093cbc-ece3-421e-a5cc-7b2f3ced9264","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":164,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"ed602033-ab20-4db7-a6e5-e4bde40d5299","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":164,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"6798e6b0-3e9b-4892-98ce-d360d346be55","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":164,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"f1b133f1-9e88-42b1-bfb3-a4cd0fdfb3c0","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":164,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"059f9b65-90ea-47a6-9bdb-78ea5a8768c7","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":164,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"d20ae9d5-2fd1-45f8-8497-5d3a294281de","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":164,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"ebd40fb8-6e10-4cc2-940d-a2a8bf872b45","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":164,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"84392e4b-4b3d-4b54-87d2-fcdcf1e457de","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":164,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"084268d0-31ba-42ae-bba0-742282203a0b","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":164,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"dfbeb20c-fc73-494a-905f-480ef194f7d5","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":164,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"8015dfb1-5881-4479-af97-39a2b04d49b8","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":164,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"db971ef9-6b31-4e0f-8895-c64a42a8fda6","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":164,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"423d58bd-ab56-4dcf-a561-8f3974af5aa2","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":164,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"d70f42bb-0271-48c7-b242-4091654983cd","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":164,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"c17375dd-f479-4490-9aeb-fa3150d8721d","block_type":"box","text":"exchange.","page_number":164,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"da589f06-d0e2-413e-ad9e-db893bcb1e12","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":164,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"3ad07c4c-c469-4de2-aad8-dac6799f7085","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":164,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"327f23f0-f0c3-4681-9bd2-ce118368f7fc","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":164,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"8b2ba33e-2ad3-493b-b890-b2eb0aeae0ee","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":164,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"5df8ce9f-0ce2-4c57-8a96-1fad82b945e0","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":164,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"4f1c1e36-dbbe-4bbe-8a07-77f342fa717a","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":164,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"c0d30b07-90a7-418d-9d0c-b0740a358256","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":164,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"7ab509a7-6602-4232-b833-91bf8bcfd23c","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":164,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"be4a2850-5c1d-496e-92d7-310c7f051ad1","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":164,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"08b8fecc-fd3c-496b-8511-e6a1b1236a06","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":164,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"a821bed5-b296-45b4-8f30-68830fe63ae8","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":164,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"aba3311c-3c67-4372-a77b-4444f2df0a9a","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":164,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"b0149caf-c217-45fb-8c5d-c9baf58675d0","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":164,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"e75e3158-b114-4edf-8238-a508de15dfce","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":164,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"edb64110-e63a-4aed-b6e4-ed550c7ec6dc","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":164,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"a1f6578e-e294-43f5-bade-fafaae8edd89","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":164,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"915d9cd6-f1ef-43d0-9883-7078458bcc2d","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":164,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"91540561-7ae2-4da1-be74-c31a52118031","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":164,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"8fb5484c-7b74-4486-bcd6-c033e6f236e3","block_type":"box","text":"Transfer Agent in writing.","page_number":164,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"4ef0e7c9-3e5a-4127-9ea9-8a7add7fb625","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":164,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"59205843-1d72-404e-930c-9052baf48f56","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":164,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"bd6b8e9b-5554-41e5-949e-74b7cfd91721","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":164,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"a3e902a6-3cea-4253-9218-a6a0798635c4","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":164,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"5dd8629c-8a3f-4175-a316-a8b7f5bd73a6","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":164,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"96edf8a6-53e4-40b3-a694-4e5a1adc7c8c","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":164,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"d733c855-17f5-4623-ba6b-f41053bb8533","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":164,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"0e7dae73-4601-4f69-888c-73de1cb607b2","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":164,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"7c4253b2-ee38-47ab-9de5-fe34d3013a00","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":164,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"0f07497f-dc6d-49c7-b04a-6e1e780596c0","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":164,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"b2bfc58c-d821-4dbf-8553-04a09996ff3f","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":164,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"2f2c6504-f5bc-4500-8e3f-afeffc4e1751","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":164,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"896bd2a8-2767-46a2-82f7-90b90d517a21","block_type":"box","text":"II-117","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f972c864-d13a-42b5-a59f-e00f89557798","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"560e6ea9-b85e-48c4-8cc9-776a0b4bc9a6","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":165,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"072bd598-66f0-4c5f-a55d-8c1f5bfce85c","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":165,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"33859a75-74a3-43c6-82b2-b9039feff382","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":165,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"b0ea848c-f0bd-4f00-af7d-b13eca7ad4c2","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":165,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"6dc29c93-0be6-4273-bbd4-8f119f8c0566","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":165,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"bf05bf05-17dd-41a0-a9c6-bca36bc7d1e9","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":165,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"f8eafbe6-28ca-4c33-b816-db20f8b4b99a","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":165,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"cd9015af-6ed7-4bff-8b59-318a9f9728b0","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":165,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"2d3ddb60-335e-4166-a63d-a939317a5aa5","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":165,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"92c99235-159a-4837-8918-f4810bce5dd6","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":165,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"d9be3d92-ec72-4d2e-b799-e4ce21375cbe","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":165,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"eb445785-4970-4c74-bad6-863cbb0a739f","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":165,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"89a79912-061e-40ac-9184-7d0adf19d376","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":165,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"386bdd0d-a59b-4df0-93ba-e766fcd4f9f3","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":165,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"b174ca83-8235-4373-9776-4bdd2788feb0","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":165,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"6748a505-f0bd-42ff-b836-d695241848d8","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":165,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"b99c23a3-0c5c-49b9-ad4a-4120a4210e85","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":165,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"d3b24c95-3973-484c-8ce8-06a653205be5","block_type":"box","text":"may be distributed by the Distributor.","page_number":165,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"a922b9db-6516-4b97-9981-896082ade7e3","block_type":"box","text":"Participation in Fee-Based Programs","page_number":165,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"6c27083a-7c3b-4523-9e11-6c1a6df4784c","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":165,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"246ec8d0-dd8e-4908-99a0-cf439997a1ab","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":165,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"73c28adb-f21b-412a-ab50-2a219253aa20","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":165,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"ec66071e-b75b-430d-9c6f-5f0c97edb7df","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":165,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"14c80644-0207-452e-9c86-bccba7c2d3db","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":165,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"b7c347d4-74e9-4bdd-a2a3-36a62fb31863","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":165,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"0d2849d0-d25a-480a-a269-4fe2e28f9164","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":165,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"dcf33f97-5756-4773-a4ab-4d8f85ec8eb8","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":165,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"93078a60-075a-4ea8-a9f1-9b16fded12e4","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":165,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"6034f1db-a872-4cdc-839a-89cc4e255e1c","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":165,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"75933524-9447-4aec-9670-565629199f07","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":165,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"3331b39b-4fb6-4241-9d35-81d4bfae20ed","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":165,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"a25477ba-d8ea-4cfc-9afe-571cea557855","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":165,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"76d8bdfd-b214-46fb-93de-bae0e6ec76fc","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":165,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"1a052a00-ff23-4fd2-b59e-7e18731f16e8","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":165,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"e7b1d5f2-e377-484f-aec8-6bc208a8edd3","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":165,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"4e36decf-b9b7-4089-aaca-e7b4ebb8f439","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":165,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"597d3d74-a68a-4b98-ab02-f58d14fd004e","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":165,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"e1672998-dd51-4f0e-8d1e-5d8182103f39","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":165,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"31f1b3d4-87b9-42ad-9c8d-43f0db989113","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":165,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"71e5a2ac-ee99-41db-9757-374aee0d1ba9","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":165,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"9f47ac60-fb93-4847-9f5c-fc46127560c8","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":165,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"afd5a974-df20-41ab-888c-12ecbc5c0782","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":165,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"94f72c4a-9fcc-49af-9f2f-7e56f3c07943","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":165,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"f0fc98fc-0587-45a1-bbb6-c673441ba387","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":165,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"12864502-f172-4458-8927-4b656fa84018","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":165,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"e64eaf7c-148b-4817-b7b7-551d51ac3cc1","block_type":"box","text":"information.","page_number":165,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"ded4024a-d95d-44fe-8bb3-8457dbc33ffa","block_type":"box","text":"Retirement and Education Savings Plans","page_number":165,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"8df9b7de-ddef-4f82-915d-d09ed06acca1","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":165,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"fcee7e3a-d63a-4058-87db-bf5888d98a7b","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":165,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"52e3d0eb-bda9-45fa-9091-c0e16b2b29be","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":165,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"be87e233-7536-463a-95b5-1afb0c048c3b","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":165,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"12d53fa5-f7f9-4f5b-997c-0c2e1e25123a","block_type":"box","text":"your financial intermediary.","page_number":165,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"00f3a60c-a864-4168-a202-d738ae21f5a5","block_type":"box","text":"II-118","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"61dd5923-930a-457c-a18f-b06f4a2a4f83","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cfb342a-36d7-407c-8ee2-1930d3079f9b","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":166,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"173456c3-5772-45f6-97f7-b29a57ada3e8","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":166,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"da3c4be4-70ba-42ab-ab1d-a5dd87d6beb9","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":166,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"19a4d673-7fca-4878-9be5-d04e17af771f","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":166,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"2e416144-c9b8-405d-8bd6-a8a839e3df06","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":166,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"3fe0b13b-e3c4-467f-adb3-6c89797e285f","block_type":"box","text":"Automatic Investment Plans","page_number":166,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"233a9448-a95b-41cc-bc09-b4c54ba225f0","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":166,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"8945d423-3585-45f5-afdd-703f018a10c1","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":166,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"91d1cff5-bb77-4fa9-a744-71cc9a3ecc3c","block_type":"box","text":"®","page_number":166,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"7f54fb1d-96c1-4085-9260-98827dbd9aa5","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":166,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"b0954976-9d7e-46a0-87d0-71f88699ae0a","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":166,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"bc2234a9-1eec-4cb9-8ef5-63dfa93505cd","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":166,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"70a95c0b-55c5-4546-b3c3-c5e70c8dfc26","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":166,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"f3a39d18-a7f5-41b2-93bc-69eccc29956d","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":166,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"3c579bee-3624-489c-a553-ba26cda65851","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":166,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"55993fe5-d03c-4d24-ae82-164305184c3e","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":166,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"7005ff1c-b470-4b6f-b7bd-c6420616fea6","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":166,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"168fc218-d078-41ab-806c-048d5a357b9c","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":166,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"9d1c41ec-6a0f-477c-a765-fa7e7baf6471","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":166,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"623043a7-0f31-4795-8115-0880ad478562","block_type":"box","text":"Systematic Withdrawal Plans","page_number":166,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"b90e79ef-d3c0-48a1-ace5-988e76d6f81b","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":166,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"2b235be3-087f-4ed6-9ae8-875723ed65ec","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":166,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"f0aa1f81-01cc-455c-b39a-bbb3e6281a76","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":166,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"4bc6287f-e509-40c4-9184-630b26133631","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":166,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"ca0f3d15-8bca-4c46-ba07-89816fde1fd8","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":166,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"7e593173-c5e4-4319-97f8-a29632819db0","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":166,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"2f97b11c-ea96-4cb9-b8d5-434d35f7e8c5","block_type":"box","text":"www.blackrock.com.","page_number":166,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"a477cb50-9972-4fc9-817b-58e2090f2d4d","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":166,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"612166bb-86f7-4087-bb93-8d9dd95224e5","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":166,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"72006174-dfe8-4329-b014-36e11a8938b0","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":166,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"1921ad95-d695-46fb-b6b5-b554fcb67152","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":166,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"cad34800-cc4a-466e-9c48-e9244a0b8e12","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":166,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"8e1f8a0e-fed4-4f67-b2a6-b4016a7847bd","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":166,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"21de9e47-e386-4f5c-a46c-84ee26b85eba","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":166,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"5af64b59-6502-4408-932d-f2357d26e242","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":166,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"87a7cd18-f498-432c-a177-4083b72e2912","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":166,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"4042252e-3d31-4d47-bc1c-81182bf45da0","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":166,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"a6759ff0-ca08-4214-90b2-5a839834d795","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":166,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"d2eae4a7-0e2d-4b5c-837d-814a7c055840","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":166,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"41f6ed89-87bc-4a6d-b213-aa2701cc26ee","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":166,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"550fdf7e-8524-4b75-ac0c-033323196568","block_type":"box","text":"Dividend Allocation Plan","page_number":166,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"2a65c4e1-a8e5-4408-aee4-7205f2d934e7","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":166,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"f2db6464-70f8-4ed2-9554-a5fd2557a3b9","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":166,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"7c2374a2-7d1b-44b0-b70d-7bac00dcca12","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":166,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"285aac98-015a-45b6-a14e-15f8e0257a92","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":166,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"72e15411-097f-4838-b1b6-c942d0e15715","block_type":"box","text":"PRICING OF SHARES","page_number":166,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"ce2ceb60-32f4-42d5-9acd-e08c37061e76","block_type":"box","text":"Determination of Net Asset Value","page_number":166,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"6c6bc124-4331-4d5d-bca5-1885f4175cd9","block_type":"box","text":"Valuation of Shares.","page_number":166,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"2772f365-5dbe-4658-b6bf-19c65d5780ae","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":166,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"f1b58f44-0845-46d3-b9fc-36481da07c92","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":166,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"31b3b9d2-5e9e-4bff-998a-9896282c546e","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":166,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"1f896eb1-cc2d-49be-8e4e-7833ae17266d","block_type":"box","text":"II-119","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eb34aeda-130c-45d4-b49e-7ebb844325f0","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"305da4c4-82e0-49ca-aea7-ba75ea8ce3c8","block_type":"box","text":"Equity Investments.","page_number":167,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"025b25ee-d4c3-4621-ade9-223a22164a76","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":167,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"cdfd1468-f732-4287-8a34-b17ee2f567be","block_type":"box","text":"e.g.","page_number":167,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"8cd46cb7-f9bb-4cfa-bd00-3329f20f7e37","block_type":"box","text":", NYSE), on separate","page_number":167,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"aec8b7a0-ab7e-4707-ad24-83a32534ba0d","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":167,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"15fa7974-0f41-4d13-8bf5-39154cb8887d","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":167,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"110d412a-bdf4-48d1-acf9-059e8748f150","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":167,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"7d2defae-c3e7-41da-97fa-64e1339b01a2","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":167,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"86750f89-1ea1-40fb-b7cc-11527a20b55a","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":167,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"eaf2e491-6ae5-4022-b359-99d47cb8849c","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":167,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"135c49bc-a3ed-4d74-aafb-48379db07863","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":167,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"e4e8c285-1e12-454c-b4bc-097ecce1bcda","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":167,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"8c2cd716-2b34-4dd3-851d-b0e390fc8229","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":167,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"cd3ecb05-08ae-4750-b499-e80ff55895d5","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":167,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"1bffd5b0-74de-4be2-b2a3-55ae07a925ac","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":167,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"a5d1d74a-b033-4487-94b5-966e0bcd0371","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":167,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"3d5ac401-bd6d-49b1-81a1-eaa2ccb1b4eb","block_type":"box","text":"defined below).","page_number":167,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"ecbab3b2-0b03-4cf4-8174-ea76408861bb","block_type":"box","text":"Fixed-Income Investments.","page_number":167,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"2db124b3-cc10-42bd-a1b5-af0e8f8e5d48","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":167,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"b1593c03-2ae7-43d3-a7e3-9c7cc082e123","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":167,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"2b61b540-1ab0-46c5-abcd-ca6af7089912","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":167,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"0ff675f0-c909-4088-af69-5aab79541e83","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":167,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"bf650715-4284-40ac-8fc9-39cc1feb51ec","block_type":"box","text":"e.g.","page_number":167,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"afdddf48-c6cc-47fe-8495-3d6a7c76b536","block_type":"box","text":", recent representative bids and offers), credit","page_number":167,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"7ea4018d-c13e-41e5-8c0f-a8a97eb763ed","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":167,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"6c63db3d-d1c6-4783-bbd1-4edfcc5e0ff2","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":167,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"35dfc8df-e309-4f08-9bc6-8afadb496e73","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":167,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"8d780fce-d96d-4751-be1a-e2d2e7f6d33f","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":167,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"f27fff08-3734-4753-9000-9a2293eeb4fa","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":167,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"23a7451e-3f13-458d-88ed-15475bdd2038","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":167,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"5503c253-eb8c-40f6-bbbb-3f57ab800a0d","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":167,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"260743ef-4a88-43d5-90ce-41f077649a5a","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":167,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"6aa6fc6c-9521-4542-b6de-632dc95f7870","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":167,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"973a929c-4b05-4d73-ae99-fc246b5d3723","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":167,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"e31e174c-88eb-4e97-a934-3d4502b2ee6c","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":167,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"b5fdd239-e6cb-4a9a-b227-072309af10ec","block_type":"box","text":"attributes of the tranche.","page_number":167,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"f9951123-8fa9-4c6c-a715-7e9e64fd863a","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":167,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"f53d328c-323e-40b1-8e0a-85526c1b0173","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":167,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"771d158a-2d2f-4af5-8b1e-431d130d28dc","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":167,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"b4bb0b00-6b0e-44c5-8546-8857e171e92d","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":167,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"a22d62f7-895d-43fd-b356-5b03d3f385ea","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":167,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"9c7527e4-4d6a-4b17-8ed0-6cd5eff96389","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":167,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"602cbcd0-bccf-42b1-9223-3475c350a798","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":167,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"c4670efa-ac32-4918-80ff-d319db79acf2","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":167,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"77f284b4-097e-4eb7-b239-3338c8c6a150","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":167,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"ffced31d-12ff-4099-9770-040f052df217","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":167,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"6c463518-aa58-4af1-8494-190910223ddf","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":167,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"eae79bd2-40ad-4122-9201-e46fa7f5d50f","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":167,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"2bab142e-8647-4d5d-80ba-036f5de2b3af","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":167,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"c1cbba9c-7837-47bb-9137-339e733ae351","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":167,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"bc5b9acb-659c-4fbc-94b8-d540826da25b","block_type":"box","text":"Underlying Funds.","page_number":167,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"2a369c5c-0c4e-43cb-9ed3-24f616cd4f42","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":167,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"41ac472d-c89d-489e-97e3-16a9b49da35e","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":167,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"cba1da05-2d02-417e-b176-42ec00546142","block_type":"box","text":"General Valuation Information.","page_number":167,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"b34b1892-e30f-48ad-8f0e-0be91377d652","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":167,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"0651fcc4-030b-4472-a43c-408735a86a87","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":167,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"d4e18289-cb07-4755-b89d-369695e2654b","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":167,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"b63a52f7-8579-4d05-9c2a-0a2749c6885e","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":167,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"eaca9fba-6290-4ba7-ab46-6ef576aab5c3","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":167,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"afeca8a6-2b50-4197-97a9-c5fb31c3bd5a","block_type":"box","text":"the revision.","page_number":167,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"e306a297-a0a9-47da-9a81-1e9bc5426f14","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":167,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"e2f04eed-8473-40bd-8d07-b35364891a45","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":167,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"11139778-da15-4ad6-aec3-38e9d53d1b91","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":167,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"f831c9a0-da94-40e3-a618-b7073e06499f","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":167,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"f75c117f-ceae-4209-afc1-11f1fd75492c","block_type":"box","text":"II-120","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b7d2c154-b770-4f43-843b-1f0e65713588","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a80d4462-1cc8-48e9-8ac0-1b41466ae736","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":168,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"bd42312b-5fad-48ef-9316-5293be9b98c4","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":168,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"6fd42e9d-0b8f-4dd7-a22a-e155f361586c","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":168,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"6c2cf455-3a62-4849-85f1-e60546ed6cdb","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":168,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"3672e0e2-3e6d-4be6-8a58-0d4804307883","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":168,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"da1a05ac-a908-49fa-90ce-c01ab82e8799","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":168,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"1968220f-bd33-4e7d-80ea-e33408075cfd","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":168,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"0bc57d59-47ba-4198-a445-a8b799eebd23","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":168,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"b301ab20-4029-4cdb-b6a5-8d01833d4d01","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":168,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"81872b15-3053-4523-ac63-1e0411ba87c6","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":168,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"589e72ff-08f5-4614-b0ff-aa0e0828e713","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":168,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"5078cfaf-509b-4ccc-a792-6a84129fc782","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":168,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"2b8f3979-6e7d-48de-84eb-c25ad0dfd5a3","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":168,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"1533f651-ccc0-4087-b12a-6e6f6b58440e","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":168,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"3b49e6ca-c651-45d7-ae42-702d5d2beecb","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":168,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"cb324449-3945-4559-9092-2f40d389b4a0","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":168,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"4791df85-bb61-45af-a05a-5e5a4792f110","block_type":"box","text":"Fair Value.","page_number":168,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"3e627791-e311-4414-ae61-6ba332913e53","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":168,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"c0457007-1e36-455f-8803-00bb767b54f8","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":168,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"88977dff-e2f9-4d26-ab33-8eabedf996f8","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":168,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"00d291d7-b6e0-48fe-84e9-6044570d98d7","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":168,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"b0e2a55c-2a66-495d-aa2d-0ee129b629ac","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":168,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"59dcfa63-2f6b-4353-87db-3ba98356475e","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":168,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"34c635e5-128e-4c28-854b-b15c47dc6a1c","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":168,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"3e826b8b-e0cd-4ae7-a133-133a7284dec9","block_type":"box","text":"(","page_number":168,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"e2ef0a3d-2108-4fb4-8d96-c5b44ec350df","block_type":"box","text":"e.g.","page_number":168,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"0662e57b-0ec5-4021-ae4a-d06482e71193","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":168,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"41635584-f5b7-4fc8-9bd1-33b1b1f1516e","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":168,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"5e564be4-bbee-4bad-aa42-ecb9c4ec74e6","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":168,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"f28c5e5e-b7f8-4ef5-bcaf-cf095379f00f","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":168,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"2322f7df-34fc-4b19-a35a-3325498df002","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":168,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"2564fc94-3377-4229-824a-dcfe199c80de","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":168,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"a3de8c3f-dd3e-441f-b2a3-555dc8e2978c","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":168,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"83338e03-c1fc-4d46-9c56-8ba55cf6d04a","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":168,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"467cb6ee-7890-42ef-aa05-1add626440e0","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":168,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"3b14f123-99c1-4b5d-a86b-551233c691ca","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":168,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"71826abd-c6c4-44eb-a5d3-66c206580c7e","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":168,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"c1139f06-5645-4e8c-aa8f-712c315becfd","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":168,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"095db9b3-a818-4d1c-9232-df30394a593c","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":168,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"f4497d2c-6f9a-4d17-b768-bfd3edeece92","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":168,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"742a5f56-afbf-4f66-a8c8-ff4282e70fbe","block_type":"box","text":"pricing time.","page_number":168,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"aeb0ef57-c08a-48c3-aea3-e42af704e66d","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":168,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"8911dc23-9b30-413c-ae2b-71f1d8648ac0","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":168,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"b33f6799-9480-4e2c-bfc7-57a0b047ed8b","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":168,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"1c8e8549-d6cb-452c-aa25-52e007a14fe4","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":168,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"4737d5e0-b5ff-4c47-a808-c2252968d9f1","block_type":"box","text":"assets and liabilities of the Funds.","page_number":168,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"8a13a8f1-07d6-41f8-b8bc-78a29054addd","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":168,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"99a4b448-4c4c-448e-8dc9-26cb5e18f091","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":168,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"af0fa159-a3ae-4e4a-a609-b93122e1d995","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":168,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"5f4b5cb6-395e-4bfd-ae7f-35f6e291fcc3","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":168,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"bed8bfe7-6950-4904-b5cd-384b063fec4c","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":168,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"8fe39c27-2e16-4c31-8b1a-7531b2444acd","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":168,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"79adcfbe-5293-4825-a9c6-7ca03f0ac4c5","block_type":"box","text":"valuation models.","page_number":168,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"c47d6ca6-dafd-4226-89a5-fe5a7ae70f97","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":168,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"086cc004-f3f5-4f79-bdf2-65f200815b4e","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":168,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"ab7f2e42-b4e2-40b4-be10-e7f8670abdb0","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":168,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"5c263bc7-7298-4327-92c3-1cb1210d3a5b","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":168,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"04168bdf-fa1f-4dca-876c-2e0cd9698943","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":168,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"e1ca4ca0-e2af-4155-b946-a2bd52779e1c","block_type":"box","text":"II-121","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8960b777-cddd-4ded-8c51-db3fd63b3868","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca8b2125-b122-486c-9f54-386d788ac3f6","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":169,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"2f80d703-7679-40b5-b7b4-e3841e68177f","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":169,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"7d11871b-564f-405d-b4c9-7ce22dff894e","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":169,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"f24ba0c8-3034-49a0-8499-2a2a58357c1a","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":169,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"7fc7bc40-4044-4eae-91dd-89b5258ec215","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":169,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"205311bf-6850-4179-a9dd-3bedd57ca6f0","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":169,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"d5bac713-e023-4ad3-b713-efd95da2ba92","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":169,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"532806fe-a3bd-4b3b-a319-bc97e22b2076","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":169,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"ca185d0c-77f8-4ced-b38e-f77aa1cbee9b","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":169,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"8e591b8d-25df-4a25-af5d-9e57ce89fb69","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":169,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"393b5370-b3fb-4dbd-869b-db19ab280e0a","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":169,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"0399c136-de7b-49e3-bd72-4675ce6b0f42","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":169,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"90ef6d8e-37c1-48e5-8dad-0cf64846117c","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":169,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"f02b5b6a-c5e0-4a48-8cdf-6de498040c49","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":169,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"c81e0d8b-f396-4829-9dc9-25df0fa71f79","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":169,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"fd02507e-2c64-4e5f-8569-7fdb2e9352ef","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":169,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"df468719-af1c-4397-af71-90e7335afccf","block_type":"box","text":"par ty determination of fair market value.","page_number":169,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"8b9a8097-c666-49ce-8611-4a0ce5c845a0","block_type":"box","text":"Computation of Offering Price Per Share","page_number":169,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"aa06652b-54a0-47b7-ad4c-d8f740457ba1","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":169,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"632d64fd-c3ba-4f8d-b156-a5b5c4351472","block_type":"box","text":"the offering price for shares of your Fund.","page_number":169,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"64e8cb4a-2693-42d0-bf79-6aa80889ef67","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":169,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"073e959d-4bf7-4b10-ad3a-62bb00a391d9","block_type":"box","text":"Transactions in Portfolio Securities","page_number":169,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"6cfb7279-3cc1-465f-adb1-534202328300","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":169,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"6209f0dc-8767-40db-8c68-c936f025e3df","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":169,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"68593b00-54d8-4c14-9fce-9104ed9a0664","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":169,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"7e36ce97-a54d-4b09-b038-7232ec0b35be","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":169,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"ca31cd98-5466-436c-ac2a-0f35a1bfe042","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":169,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"5ea0a08b-651f-4d48-8d80-8417645818d5","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":169,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"6a6c6ed4-d91b-4e6b-aa85-ef377c513963","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":169,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"cae67c13-65fb-45d9-bfae-9115a3a820c1","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":169,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"642cea1d-77f9-44c5-b615-66b0d64bb693","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":169,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"f5c91711-01fa-497f-8a00-c8a4232ce885","block_type":"box","text":"reasonable in relation to the services provided.","page_number":169,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"2eb84ad4-64e9-4eda-88f7-d122b1735c55","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":169,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"a34eff0c-f0dd-44af-a48b-c5fb7411e169","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":169,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"1f49fd55-3db6-4e84-80db-1f2e0f8036ac","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":169,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"eeef1363-69e0-4ab4-beb3-b9d4caf78181","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":169,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"897ebb77-10c4-4c63-ad0b-7db735112fd5","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":169,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"0ba5a288-a336-4ac3-ad09-08e30874409d","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":169,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"7775e640-07d0-4bad-864f-a4e5b681004f","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":169,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"f720fdcb-8419-48f0-aebe-2cff925a8d62","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":169,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"c9053bff-270c-4f10-a6af-08f873f62e13","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":169,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"9c95e034-0703-4441-8651-cde61b9e08dd","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":169,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"33ec1159-3d2c-437d-88d5-43fb25f36a3c","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":169,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"5efa8c54-52de-4637-b970-d6a9ed7e4fad","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":169,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"5c710a69-10e8-461a-8b38-97affdcc4462","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":169,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"96313bdf-0da6-4033-90aa-c4dbef26473c","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":169,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"87847e62-eddb-444d-885a-b0de957cfa8a","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":169,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"e6ba91f1-1f50-4e53-ae24-584e96efb8f0","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":169,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"c78b69c5-ad5b-4f35-928b-41b81885b2da","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":169,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"15a50990-32d9-41e9-9587-f1353fbd3ba5","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":169,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"8d9b4ee2-9109-4b47-8db0-2ed28f705be4","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":169,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"27dcb765-3f1a-4d68-a765-474b0fee80a6","block_type":"box","text":"II-122","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e01584dc-fcbc-460f-a2d1-91560f43967e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9051339-9f28-441a-901d-b20c8129b5e3","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":170,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"e4828ff8-d89b-4eee-86f6-64695d067b89","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":170,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"d3687836-b9a6-479a-b665-9a153356bc96","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":170,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"fd8b723e-8dce-4e58-a9f7-d461dc04d7c4","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":170,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"c94da050-57bd-4d81-aafc-1d0af410529f","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":170,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"e13b441c-8837-4667-b5c9-2c8ecce407f7","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":170,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"adfe4bd9-6039-427b-8e03-c2b41d1f32f3","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":170,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"a34577af-ee60-442b-a597-9cac24a041d0","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":170,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"954f4a2a-d2c2-430e-94d8-f218e9e3087b","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":170,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"a94613e6-cebe-4362-a89e-3a89bbba9bd0","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":170,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"9e7d76f8-cae4-492e-b256-9d540263f506","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":170,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"7bf23d83-c454-4651-93d7-293c4e94d18a","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":170,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"1752cc82-3d67-46f5-b35f-c713b643c058","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":170,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"9c2ddaf4-6781-4e61-ab36-dd980a5e2068","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":170,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"a8d2d829-4a5f-42f1-b14c-68aa8a8b433a","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":170,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"1ab57b93-e693-4928-918d-07fad5c4e2c3","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":170,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"ee2f6a8a-fa38-44af-a940-b3765ed3321a","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":170,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"e918731f-c2ea-4efe-a27a-feea54e77cdf","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":170,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"4eed3c4b-cb3b-4db2-8a9f-df154fc2e692","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":170,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"1b8de1d1-6330-4d24-bdf1-6bd7764642e2","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":170,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"624a72d5-0c7a-4921-b37c-ed2d7f4fd60d","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":170,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"d951ab77-b0a1-46e9-9008-8541f0ee8e0a","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":170,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"d45cebd5-e83d-4ca1-a975-e44808f8f01b","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":170,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"5a4b4114-f4b0-4c8c-8ca0-05420f77465b","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":170,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"59ef8843-7d14-4210-a32f-3b413f2e80f1","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":170,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"076a3942-7fc3-4430-93dc-bc3e1a32e7c7","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":170,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"8b4f28bb-77ad-4b61-9a07-baca6c2173a0","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":170,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"49846f7f-a5cb-4029-905b-ec34a2d30ecd","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":170,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"89004cc1-c32c-479d-ad62-da5329ea7226","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":170,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"d620e798-18eb-446d-bbe9-a57295e69492","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":170,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"f2858bd5-5ede-4daf-b935-0e11ffea7ebb","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":170,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"a07d86d0-2229-4a84-8b12-5f8eea618c12","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":170,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"49a2c2cd-ed51-4c6a-9af7-bec64a331cf3","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":170,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"66ff4ae2-d183-4e05-afe4-35f155b0b1bf","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":170,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"eccc880d-1141-4e35-a680-df80a2a91c1f","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":170,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"73d1e79e-2233-4619-be2b-a1e7ea5335d2","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":170,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"3e63e2f8-3cb6-4c92-9366-2e905f204a7f","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":170,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"f4ce678e-dc22-46b7-bded-af4d868d1f0c","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":170,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"63e3b547-129c-49a5-8bc7-c13b259c04be","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":170,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"ee108dfb-2e19-4ce9-af8c-782cdbcdad68","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":170,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"41ed202c-b46c-4c15-8ae6-e273286e3b7e","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":170,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"511d6808-4ec5-4e71-95f5-8ad44ee69499","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":170,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"69d7ebce-3506-428a-ba23-a13da2920f7c","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":170,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"762c2b7b-ff7c-41c0-83be-7c69e5c6925f","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":170,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"49d94a0a-ec90-4fc7-80d8-7e601179e7ec","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":170,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"cec28401-6026-4f91-9b57-95716e199098","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":170,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"7770e3f9-c261-4cc7-ba8b-4346b5f75169","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":170,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"c4269b69-e654-47f1-8040-4aa9b12e3401","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":170,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"2c5ef013-e162-48a1-aab0-ae0afea42ee7","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":170,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"a2ffa31a-3fee-49eb-92f3-1270387e3e55","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":170,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"a030274e-7207-4b89-b3cb-0b699f523241","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":170,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"b67bea41-152b-42ba-a342-bd9cd4c98a9f","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":170,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"bc9bdda8-665d-4b6c-9cec-fdc5d2a38e8f","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":170,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"6fedd4c2-3a8b-489d-831b-3ef54ff28ba2","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":170,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"99f81e38-a500-4faa-a9b1-c7de9d682bbe","block_type":"box","text":"brokerage.","page_number":170,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"03b257bd-39f9-4075-aca3-7be0b26063df","block_type":"box","text":"II-123","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d4cb48a2-7db3-452b-87bd-af724e449c34","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50476d9f-8307-4b32-b8bf-bf5e1121d902","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":171,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"c6924a83-e719-44ab-b566-344563c0831d","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":171,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"c0728432-3e7d-431f-bd2e-912d44325230","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":171,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"b6fa8d89-aaf1-4876-bcec-254e6f33dd43","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":171,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"c22349ee-eb1a-4036-b216-683e941d8737","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":171,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"19b96777-05b6-4d32-82be-981f2bfd1bca","block_type":"box","text":"Section 28(e).","page_number":171,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"c72287ae-0b8f-40d9-a106-3fb2bb638016","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":171,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"7113d6d6-00c4-4316-a6d8-ae9f5edc5706","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":171,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"4ee90cf1-2ea5-4f02-b1d7-b0dd899b3e09","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":171,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"e3be242e-1a18-4b3d-a80c-40ade1d798cf","block_type":"box","text":"execute transactions for those mutual funds.","page_number":171,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"b0971650-6ae8-40ce-b218-d6df2164c23f","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":171,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"c15bbfce-40d0-4879-b172-9fdf986f9baa","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":171,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"7d8c2894-e695-46cb-bfd3-7353c033c305","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":171,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"3ca83216-2443-490b-be9a-1b0cfbb02563","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":171,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"4871cf6b-a2c0-40a3-9fa2-1f960a8729d0","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":171,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"3246586c-e258-4353-bdb4-a5da9d4680a1","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":171,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"5f239eb7-489c-4c44-bc71-e7c3c330620b","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":171,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"aa660f20-c922-4d59-88e2-14e0ebb2d627","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":171,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"2bf81f86-7070-424a-a58f-690df699e8e4","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":171,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"f12df10a-1677-42c1-9fd0-c76068b5ed9e","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":171,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"e58fbefa-05e4-4e1b-b110-b622f58253bd","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":171,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"35d83ddd-53ea-4c99-aa52-c4a4bb232c91","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":171,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"990c5bc8-3fa4-4dc6-8525-4902fb317d74","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":171,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"99f9918c-fd99-4385-a761-a592872b4da2","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":171,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"f11427a2-325d-45e4-8bd0-8728ab4cac06","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":171,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"c7fa4e8a-24c3-4978-84a2-0248d3ecf6b5","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":171,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"aad09ed8-8385-4729-9fcb-589c0176f860","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":171,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"9591d959-6932-454b-94bc-25a77aae7a01","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":171,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"2087d51b-3e5a-463a-8089-653373384b15","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":171,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"39adaaa5-ea75-47d8-9d25-829be5ebd5f6","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":171,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"ebb1c43d-c0b4-4ea5-8ee5-27edf27df298","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":171,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"3c1383f4-b1f7-4b77-9dfe-c254da9dbfb2","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":171,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"df2da714-12d9-4306-a714-5899e05960ba","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":171,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"efa4503f-9892-406b-9ed1-445c459ce1d6","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":171,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"c255db0b-c584-445b-8332-ecbc7f4c4661","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":171,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"a2741fc6-e606-4bc8-b9bb-372c351eb04a","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":171,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"803f67f8-857f-4ed8-a47b-e80a04645cb3","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":171,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"8cfbca4c-0f84-41a1-97db-d7729292e61b","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":171,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"68f026c4-7090-4b9c-aa1c-819611f3045b","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":171,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"0b8561bf-8c98-4356-8eaf-0488b0537836","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":171,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"aaa93f0d-0635-4fc9-95df-c77cb775eaaa","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":171,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"02cf915c-4086-4723-976b-a3d251885dc3","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":171,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"41eada33-0afc-4e76-a5b1-377ca40d9257","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":171,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"0b0695d6-c4a0-4781-bf2d-2639f5b42b4c","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":171,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"866324fd-f41e-477c-a3b9-f9f0f0c8e567","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":171,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"7f05710b-2bc7-4996-8af8-9b44fc3c0bdf","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":171,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"8a7de491-5ff5-4503-9823-a83d0c6a71fa","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":171,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"633519bb-e232-493a-9baf-37cd291f18e3","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":171,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"bdc6847e-7128-4d04-ac2f-4ca9580b94fa","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":171,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"ed63693f-f259-4541-8f43-b9549cc3bde5","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":171,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"a5737037-fc9e-426e-b197-79decefff12e","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":171,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"d56c850c-eb50-41c3-913e-b1643f9d8dd3","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":171,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"778521e6-77e3-4708-9289-cafe93b82817","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":171,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"dc19537a-de23-4452-932e-b9c892a7624a","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":171,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"504071ea-77aa-4dcb-9cac-b275e35dedd4","block_type":"box","text":"II-124","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f79aebf7-ecc5-41d3-8bbc-0b792023f8e3","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13f75a0d-87c7-4170-a01f-d1d8bb9668f2","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":172,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"efe0607b-2107-4609-a079-90b704fea89a","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":172,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"1feb03c1-64d8-45a9-809c-7913a130c417","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":172,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"be615d72-ae55-4b62-bb74-d9d5d8c837e5","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":172,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"a98c2fe3-a084-4b91-91ce-49c2995db966","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":172,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"8b74446d-c4f3-482d-be61-ae176583b2e3","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":172,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"8540516a-4b53-46e1-88d2-5b36faa8dad0","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":172,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"fe75e446-e511-4934-8135-245d6f6c6508","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":172,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"b7d63bbf-106a-4b22-9796-230482b95c84","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":172,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"9d20948b-2a62-4663-985f-565fc0bde99c","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":172,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"aac767d6-08be-4ef4-95ad-dbb71a3e3164","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":172,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"1c356696-2f7a-4f78-9d0f-60a34c16f17a","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":172,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"42742ae0-eb92-461b-beaa-385e76e1fc40","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":172,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"3399ef3c-64b5-4743-96e2-6fea73e8687e","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":172,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"032e0681-adc9-43b7-b964-e987d9fc6938","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":172,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"27551320-6119-4cea-a5e5-07bd9974f619","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":172,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"2ac28330-c996-4933-a761-b248f1ea34b2","block_type":"box","text":"accounts and compliance constraints.","page_number":172,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"d9723b67-6f70-4cf1-8774-8b78504bfddb","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":172,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"aa01652b-5f61-4aed-921e-25ab8d981b68","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":172,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"836ae07d-4675-4c81-b36a-99a66f2c3cf3","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":172,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"65c4a267-04e2-4e55-86c4-57222ad10c11","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":172,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"88f98f22-a033-4245-944f-0ae096415041","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":172,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"d1c53f5c-74d8-48bd-a317-da31c25217f0","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":172,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"36d09064-8b72-470a-866a-ac37e59a02f5","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":172,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"f9bc0118-b413-42c8-8e3a-097b9a7e63b1","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":172,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"f5e97701-3315-4fe7-84bb-e999095ef148","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":172,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"8b155bba-0f04-4bd1-afac-bb8bc0163398","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":172,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"ed0a34c4-0c10-41bc-a277-7918ff9f319c","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":172,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"375fa1ab-fbdc-471c-8ee6-27453c7bc17f","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":172,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"1c2f93f0-0891-4a37-a25b-d6dce6a94e79","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":172,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"2ea72d3f-61f2-49fe-a8dd-dd64f64e937f","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":172,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"f1b80b2c-c984-49b6-8ade-c558298cadbc","block_type":"box","text":"clients may be used as well.","page_number":172,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"15b5c53a-e277-4e5c-9d8e-a4e89107fcf2","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":172,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"f1836fb1-e4b9-4e6a-9e8d-b9d7b7ca0f82","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":172,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"94c661c0-4d1a-464e-bb93-90f4fd993da2","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":172,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"6231c62e-08a3-4914-b018-609bdc969ebc","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":172,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"c4734f0b-f856-42a4-b3e3-d57669fcc5fb","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":172,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"5a1b28fc-c006-48ea-97d9-c1899ceabc72","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":172,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"9911390b-7d37-4d82-b18f-a469735c00f0","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":172,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"96a67907-8322-41a1-a100-eedbe6b57731","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":172,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"4856f5cc-e606-4723-92d1-89f6cad7fce7","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":172,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"1238a8a5-261a-4a5b-9cc9-eba3602f528b","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":172,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"6af2c2ea-895d-45c7-a8b2-62787b660f08","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":172,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"dcdbced6-18d3-4c99-a22f-2352e1fbf1a3","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":172,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"5275a77f-47ac-4ecf-a337-9cce1704b460","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":172,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"a0418317-46dd-4203-ad3a-85e5a9d19d35","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":172,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"f0b3f68b-266f-4fca-80a3-a906b79e2ac3","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":172,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"b530579f-acdc-4a0c-a328-636124a289bd","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":172,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"2c7ec61f-e994-4158-a26a-5e95ce1e83b0","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":172,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"867ef999-d908-4cac-8490-aeb0856e4876","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":172,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"46f0eefe-3d02-4258-a274-3603320394d6","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":172,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"bfd486b1-f570-4ed6-a89d-d329d7de322e","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":172,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"b9bd6d5a-0650-4f1e-b06a-5e29e4d64233","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":172,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"5e0491c2-c052-4080-8271-f434fd3aa98c","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":172,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"1008cdf0-9f58-4419-b040-f74a47b8d4c5","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":172,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"bb43813e-30f4-4f9e-9f4f-7ade8bdd9e91","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":172,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"298ac1de-224e-4020-9e94-99c6c4b92834","block_type":"box","text":"II-125","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"12249d02-3e52-49a7-92e5-e17e8c744c86","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1fe80bc-49d6-4b1f-b1b7-403d742513ac","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":173,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"085e8823-5d08-4f69-946d-1e03516c9d98","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":173,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"ad377dec-89ac-4241-8014-52b597f5c94d","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":173,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"b2b710ac-abc9-48b7-be23-d192e2f809c9","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":173,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"53292b9c-3213-4628-a665-43b8d9d62151","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":173,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"63aa2041-c201-4394-8d4f-25cd91982ac0","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":173,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"d7e6cfee-6e28-49a8-924a-b670dd7a4b85","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":173,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"1fb84970-453d-4ddd-984d-196eef3d0da2","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":173,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"7ede8345-3d8f-436d-8840-9a953a38f9b3","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":173,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"cb584f25-a85f-4c0f-ba8d-593ccd53d213","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":173,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"b2253591-5e2a-445c-bd2b-ecee8fe3d0d6","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":173,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"b34fc83e-1795-4cf8-9f38-fa9dc5cdd780","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":173,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"c72c0d50-be30-4262-b83e-144d8a453e75","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":173,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"0b2e3186-9a1e-49d6-ba18-dcf332e59877","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":173,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"6054f084-a1e3-4888-b3c9-3205c554e02b","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":173,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"1dd54449-c8cb-4b57-a414-b346b11424d9","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":173,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"320c45c1-4a2c-47a4-b4b9-1629ba99e3cd","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":173,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"2b5e5416-0c53-40c9-9d2e-872b5071224e","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":173,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"831cd2af-5ef5-4342-9703-1899b37374df","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":173,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"51008a74-118d-4d50-a1e5-a6bb92f525d2","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":173,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"089b3461-2d48-4662-8a1b-b39f61a59f4f","block_type":"box","text":"Portfolio Turnover","page_number":173,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"96a4cd45-231e-4b63-865a-54729b3783ae","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":173,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"87926318-6e0d-489e-b9d5-434ff4552e82","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":173,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"23b9a644-ef94-408c-a4e4-e09bed305be9","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":173,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"0ff96b27-41c9-4c69-82e0-2ad062934c6e","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":173,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"272d8d8a-4b79-4a09-83ff-e45d9a7fc288","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":173,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"e4ac7856-d2c5-45ac-aabe-9a69e44418db","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":173,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"974e400d-dee5-4412-b6ee-eda20e9e5f59","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":173,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"943bab89-6e54-4c58-a7ec-a25de54743d5","block_type":"box","text":"Dividends","page_number":173,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"a70bb759-3e21-48bc-8410-c960308fb263","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":173,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"7d359cb4-c3c5-4e5f-85d1-94d240768c74","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":173,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"37dedd58-2f8a-4672-8dd0-bc392e65ccf5","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":173,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"38843e7d-72b0-4d5b-aa78-bf83a8876ee9","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":173,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"da15c3ef-7465-41d2-a246-dc9a732a81a3","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":173,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"5da0643d-654b-4556-aa0d-9ae978269dc0","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":173,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"a3518a5f-b0e0-4609-9ad7-baa7b064acc2","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":173,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"0aca28c5-9c15-42df-978e-260130001b3c","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":173,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"b830e1d1-2db1-4ecf-9cfa-bdd016274e75","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":173,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"8c10d85c-c2be-4763-aea4-e0829fbcb8e5","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":173,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"53c34a28-da75-4229-bc4d-2d3d93c0a3d3","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":173,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"d3f1c8f8-9831-49ff-91cd-88e881f4a6be","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":173,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"a23218a9-d56b-4062-b148-b67a93c2afff","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":173,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"050893e4-479f-450f-9528-7aefe78fc1e4","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":173,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"8f2d356e-cb42-4ad4-8649-84723c724982","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":173,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"db524806-2a19-4b6f-9de3-294b63872e9f","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":173,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"bfa51652-0e8b-40aa-a81a-b75a31b948e2","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":173,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"3e055c52-937b-4c5c-b845-458247e46988","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":173,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"cfc61457-0931-421d-9e9c-09e308b9993a","block_type":"box","text":"Taxes","page_number":173,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"80d9466b-3e8e-4562-b72f-641e9ef8826b","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":173,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"e41afaae-a5b1-4be2-b7b1-d272610ac3ec","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":173,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"90de1d18-b303-405e-969f-1ed78ec29f70","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":173,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"86d2ab5c-c06e-4cd9-96f1-f53b2cb81a66","block_type":"box","text":"II-126","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b357e258-c745-4f67-91d0-636f5a7f9121","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc0e5c7d-3870-4bd6-8d35-711cffdbaaf0","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":174,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"8898c1e9-910b-411f-a2b2-c51f11892c43","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":174,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"b5b94f67-6d47-4211-8910-d428721e9849","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":174,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"3d177d8d-3057-4d63-a6e2-01bf0e9e4772","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":174,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"b297ee22-2416-44eb-a180-6605a811a722","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":174,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"de2bf9d5-2b8c-469f-b603-173cd776f2a9","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":174,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"0291acde-fadd-4024-b0b3-ba0294463097","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":174,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"970de418-bbee-49a8-a84e-3d29e0b80dc3","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":174,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"2250ffa5-a896-45f1-b6d9-18a916445af7","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":174,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"de9d939c-2e18-4861-87a2-8ebe64a01330","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":174,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"2f5e7ea9-5419-4fe9-a8c9-3c0d8faba4f3","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":174,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"ba55d1eb-11f5-4ca5-b772-6b0e129c04b8","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":174,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"8e95a92d-2acc-4ab8-a1cf-6cdb9531f801","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":174,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"ba467688-cab9-4c3b-bfed-29ed1ebc612c","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":174,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"7fae49f1-baf5-4b66-a6f7-6ccb0d1889d0","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":174,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"5ef7b446-870c-4f57-9c9f-989ad7ddaa8b","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":174,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"caa43346-c02f-470c-b620-4139010a0930","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":174,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"dc7adcdd-f00d-459e-baf4-71c5a183d763","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":174,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"aa99c4e7-13d2-42ec-bb69-3105572e6b35","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":174,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"e4fcfb39-e833-452a-941d-305087a093ae","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":174,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"a00810fa-0f40-49a1-a68a-58cf752e594f","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":174,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"7f9958db-6a74-435a-a39f-04939999aa79","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":174,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"176a8b7b-a803-4065-97b9-5b0240993eb9","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":174,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"16908a86-604b-408d-945f-d158160ce4d9","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":174,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"3173e49b-d533-4c59-b99d-fd13e9de9d2d","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":174,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"70a9c15e-626a-4617-ab9a-e0fbf2413237","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":174,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"7440f13c-8823-4b71-ad9f-8a7ea85a27d6","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":174,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"1ad40416-000b-410b-9847-65bd75aa22ca","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":174,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"6d7d846d-b8f7-4c03-b413-8ebb7044a5d2","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":174,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"c80a5499-a7e0-4b09-afb1-f7c8f0f12d4e","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":174,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"0151d691-2d14-4d15-a929-f11b004091b5","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":174,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"f571098e-0356-43a3-b124-b0a2e585bda5","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":174,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"4a791087-c8c9-4082-9870-92982bdaf951","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":174,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"e928f07b-a2be-4cb2-876d-a2a4dc323721","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":174,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"bc56a763-c545-4334-981c-d74b85adc34c","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":174,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"54a028ad-6d2f-4af5-b149-7d7957fa3145","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":174,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"084f31ad-dadb-41ff-9784-aa7f7041b51f","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":174,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"9c95f63d-a225-4e2d-a330-faf2115019c8","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":174,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"59b8a3ae-791d-41a3-a9f1-fb1fab69a9c9","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":174,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"3e1ff625-081e-4a40-ba89-8e113782de26","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":174,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"676a31c9-83bf-4f76-9040-0b829208af59","block_type":"box","text":"limitation.","page_number":174,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"eb8f4bbe-a0c3-4f28-b3cd-29cb6c970d74","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":174,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"ea9fedcb-5dcb-4521-90fe-4786507c51a1","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":174,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"fda60421-3cc7-46f3-934b-9f2397f69ae8","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":174,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"bcaa313b-ac78-4f98-94cd-d3fbe9baa37d","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":174,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"4d06f07c-07e2-4540-b303-c0f6b9fee283","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":174,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"789bb9dc-cd11-4232-87ac-16f0cd6a5ca8","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":174,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"af55c0de-4793-4076-9814-28593d44a630","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":174,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"c533826a-b0be-4f6e-bf87-db7a49140c53","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":174,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"aec06b42-73b2-4243-b67f-ceb71d1af1f9","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":174,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"3e41034c-fac1-48f9-bd80-712767c0b23d","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":174,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"0cddb38d-285e-4b19-89ef-241f0ec2eb16","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":174,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"19e68f4c-7a80-4982-b8ba-300537fd3838","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":174,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"fce3f72f-e73c-4478-a41f-d0bfe9d1bed9","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":174,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"9e716afe-36d1-475c-b419-e0d028e6697e","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":174,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"dd2e06ea-4b8e-44a6-b873-c8dec9786a2d","block_type":"box","text":"II-127","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"49bd0d47-ac68-4c9b-beb5-10a08123e3b4","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8837e48d-cacb-47fa-99e7-dbe086441fb9","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":175,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"3c65bcc5-8040-40b7-aa78-fbc7b91550ea","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":175,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"a2d8e4bc-e9a5-4094-bb3f-a451ffac7e9d","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":175,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"852482b9-759b-417f-9660-d2941c93dac0","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":175,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"ee807973-b656-4c84-9e42-e21b00eb9d64","block_type":"box","text":"constitute “qualified dividend income.”","page_number":175,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"492c8470-4cab-475e-becc-d7549af5c1d8","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":175,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"f810fd83-2791-49aa-9799-017e412bfdec","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":175,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"9a1a6412-56c5-4712-b7c8-c4e6473fc5b3","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":175,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"e0e33ea9-5b61-4602-a6bf-89a9c2d6eac0","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":175,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"909b6f03-284e-4943-b9d8-3c967ef99448","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":175,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"54b4ac50-5d2e-4faf-ac30-ef76fd0bb122","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":175,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"270fb9fa-6c30-47e8-960e-f91f914aa704","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":175,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"331d9da8-919a-4b1d-bd58-5fe0d13b3a96","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":175,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"27c6ac73-1fad-4ce5-b0ce-616caaad4761","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":175,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"0aa84099-db4b-4fae-8c6d-6dd030a07fbd","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":175,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"adae3abd-2948-43bb-a7f0-b7ca2dadada2","block_type":"box","text":"against their taxes.","page_number":175,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"11a6647b-5517-4c6f-82d7-a9ee28d8c196","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":175,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"452518db-5cb2-450e-ac38-301cb767d8c8","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":175,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"441123f6-5655-4e7e-a5cc-d0dfbd3bc061","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":175,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"f669f86f-b568-4c58-bdbf-84715ff927b6","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":175,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"b99546ae-36b1-4a6c-86f1-4afc9a249e90","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":175,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"0689d5b7-0821-4fe6-9377-cb14ec7407e7","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":175,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"386cced2-79b6-4eef-9150-b25ea9369142","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":175,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"6be6c686-cacc-4511-84af-47aa4606b0a7","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":175,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"69f7c78a-bcc3-48aa-9947-96e14f7b3079","block_type":"box","text":"dividends received by the shareholder.","page_number":175,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"17316b12-b6d0-4484-94d3-a14868de7539","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":175,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"745c6a90-cd92-4e89-a1e3-e2d54c227164","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":175,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"8f79d7ca-6059-4702-a2dc-2b8a95b96e5f","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":175,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"405ce999-e7ae-4b8f-b786-9a4f64704811","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":175,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"16f70f0e-6a9a-40ee-aab8-87fcc243a0cc","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":175,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"974f3086-ec3a-4fca-96c1-46e00f1426f2","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":175,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"93122cf5-4843-4620-bc61-3b9624698c25","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":175,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"9c265c51-0134-49a8-9f41-d71126f5506f","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":175,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"e3302684-cf09-4292-9b7c-ae80db93bbde","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":175,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"2c710a74-8f6b-48cc-bdc5-dfcd5636f7cc","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":175,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"c602d358-8449-4531-992c-87e5e44b6bca","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":175,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"57234539-9766-4a8c-b6f4-12b59ff17963","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":175,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"54fe031c-6cec-428e-9f87-1b4e7554fce3","block_type":"box","text":"taxable year.","page_number":175,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"c435907c-e9e6-4e1d-b1ae-0b9a439c6a1d","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":175,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"61ee37ef-e6b8-4438-907f-cc1ea4b35435","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":175,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"ec16374c-0e5e-4b31-ac78-080973e0c2d5","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":175,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"c2f8cdeb-0dca-4f6e-880c-fb7b6451ae6b","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":175,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"64a7ce05-a246-4d6e-9c2f-782bcb9f111e","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":175,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"4d0d355f-1279-4e7a-bff8-0cafed7089b2","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":175,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"fb57f9a4-a7fe-4965-bec0-776c31e4263f","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":175,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"b07fa280-400a-4414-9776-b3273cec1a95","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":175,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"065aca58-693c-458c-8410-3d2bd7f59359","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":175,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"f613c52c-6cc7-48bc-bd78-65ca30c31654","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":175,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"deadebf7-024c-4956-b005-075217a9f9eb","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":175,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"20824813-ddb7-4a6c-87e1-33b9af6951f6","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":175,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"8b1bbde5-84cd-4442-8587-f1e91dda323b","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":175,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"009df7c8-c146-462c-a1ec-ca7e84dbad57","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":175,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"4e278b38-043e-4938-ac74-6945a36c749a","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":175,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"6e78c195-8d53-4e25-97da-1bb396698000","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":175,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"4cade2c3-dbb1-48ee-ac7c-24ec3ac5e01f","block_type":"box","text":"II-128","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c68cd833-2cd2-4e04-8328-8417cb9f2479","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2d1bba1-8dae-4ec0-8113-25be27c91f4c","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":176,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"449706fa-6ac5-4c21-a430-b9002d8508f9","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":176,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"ae04698c-caef-4404-8b02-ad3e7a239009","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":176,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"d1aaca59-bc3f-47c3-b86b-10818e9c679c","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":176,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"d51603e8-6b6e-469b-9314-2c25d22a791d","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":176,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"f5f34fe3-0519-469c-a9f8-a15c0c7b7030","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":176,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"669c9e69-c8af-4269-9172-ec04d7fce46b","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":176,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"27f781f3-549c-48b1-a781-2a96d349e0f6","block_type":"box","text":"redemption of such shares.","page_number":176,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"2c0ae4ca-f330-4559-8a94-ebb06c1c83c0","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":176,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"7accac7b-76f3-4458-a70d-39319bed7598","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":176,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"5060f0d6-e133-4ba3-8e9e-e8bfd67675a8","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":176,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"100992c4-6eb8-4cd3-be72-68da7ef5cea4","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":176,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"1cf77575-dceb-48a3-b3aa-75e4a7285e5c","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":176,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"c0833f3f-8be5-4ed8-affe-8e2b2ffafdfd","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":176,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"e744c58e-bb58-4f5c-9bb5-672415624e3f","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":176,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"0d98b833-90f3-44ce-aaba-660b5efca180","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":176,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"cad9dc98-d622-4357-834d-c8760d56b062","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":176,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"15abad68-59cf-4ae7-8dbd-597b997242b4","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":176,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"a628cf64-2312-49ec-8979-74f4b0dc0a23","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":176,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"cf52c6f8-a37d-4c74-b815-f440bfa6151f","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":176,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"8c93671f-e274-4b68-80da-990b1f9822d4","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":176,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"a80eb06b-c117-4fe8-9730-1fd9428b7788","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":176,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"cadb3017-63f6-444f-89ee-1c235ef310cd","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":176,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"59dffaf3-da35-42f6-951d-5de944120d7c","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":176,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"9bf1a62f-14d0-4af1-81f9-f22e2d976119","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":176,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"78901c87-f12a-4d66-9e83-a52f19c48bcf","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":176,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"337ff5d5-da70-4d38-9126-850967d47509","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":176,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"c655020b-8af9-4060-a4eb-95fd907536ea","block_type":"box","text":"gains.","page_number":176,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"bc7d45da-e504-4036-ad28-55fcccabaf71","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":176,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"15c514cc-7f74-4541-9746-a67157bca563","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":176,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"373487cf-859b-4c99-85e7-635a48974cad","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":176,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"9c8c215f-d623-4e54-8eac-896716a73b51","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":176,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"76680635-feed-41aa-9ee7-a098e02ffbc5","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":176,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"974e40cd-31dd-4f9c-a450-ef67031f7f18","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":176,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"a8b47c06-4e8d-4f1b-94ef-fdc2baad241c","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":176,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"d190c658-b829-49e9-bf26-68a4fb1d682d","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":176,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"8e922dba-e98c-41ed-b1b1-0d2545f7b893","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":176,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"a7755b7c-05c5-44d8-a3f3-cafee1bfef62","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":176,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"f1f584eb-5ef9-4506-bb0e-571efcaa8476","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":176,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"f220f63b-7eb9-4bcd-bd31-8f367c9da001","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":176,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"1218b3b1-88b8-4432-8d41-08f7e247cb81","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":176,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"5b396e25-f72c-4aae-b3e5-bef5073fbbfa","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":176,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"cb2bab7b-825f-4238-8388-850fe829da7f","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":176,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"8115bd4c-e029-43cb-b1e2-f9b096b291fc","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":176,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"63585d93-9406-4402-af9d-05e38ec51610","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":176,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"36cfdf1d-4085-4fe4-8491-7ca036f36ff2","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":176,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"0f8cfb67-f6c7-4dca-9886-f53863fb9c4e","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":176,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"fe1dc06a-543c-4e21-add6-446e79237644","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":176,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"4faf076f-ed9b-47e3-accc-6ecdc0804afe","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":176,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"7df3d9da-87ba-4f1c-a9d5-6fd1ea114a01","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":176,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"c2e5ee5a-aba2-4706-8528-adc4345064c9","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":176,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"dd6cf093-67ce-4ed3-9777-d37b3418acf0","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":176,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"7bf58e56-affc-4bdd-ba74-fe0c4fee1300","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":176,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"4931e72e-f51f-4705-b094-573e4e106d1e","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":176,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"760fb738-64fb-40ce-876d-c64882a8efd8","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":176,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"bfa45065-3ef7-4a50-848c-6b3eb63cf925","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":176,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"49bd440d-6478-4b73-bbbe-d5d8cd51ce03","block_type":"box","text":"II-129","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5f3915b9-a00b-45e3-a932-f37ed180b5e2","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35ebf2df-28c8-4971-8d5f-a03efab12b3a","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":177,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"76db1f40-899b-4bfa-92ab-0b7d96064f49","block_type":"box","text":"dividends under these rules.","page_number":177,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"fdd674fb-e716-4783-92a5-8f0e202e90cb","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":177,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"6b4fc8eb-8e7e-4475-9729-5185503ff57d","block_type":"box","text":"assets consist of interests in U.S. real proper ty interests, including cer tain REITs and U.S. real proper ty holding","page_number":177,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"c4777403-538c-4c94-b2b1-14db029fd4a2","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":177,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"99b71ed2-c545-42fa-9cc3-530fd26ab40f","block_type":"box","text":"attributable to gain from the disposition of a U.S. real proper ty interest will be taxable as ordinary dividends and","page_number":177,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"0a707b41-c4f8-4dba-9c81-42af631a8cea","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":177,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"89b5ce1b-ecea-4bcf-9f63-1280e6bdc590","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":177,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"4fcf8590-66a2-4a49-aa69-35915e0d4b15","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":177,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"f0efbb08-96e8-4ee6-bc8c-2b5fea27abf2","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":177,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"3f70e957-404d-4bc9-8ea7-7c279d8c3903","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":177,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"6ddfa2f6-2873-4e47-83da-83b524727c93","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":177,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"0682e100-9e5e-4a2f-be74-fec0c22e9e7c","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":177,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"36f3590d-76d4-49d4-964e-53fa4e862895","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":177,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"99c6a13d-6ace-4fa7-a016-e7982dfc8287","block_type":"box","text":"controlled Fund may be required to recognize a por tion of its gain on the in-kind distribution of cer tain U.S. real","page_number":177,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"7e9aece2-b700-40ee-aee5-a479b0c67477","block_type":"box","text":"proper ty interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":177,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"f40faccb-ef80-4c2c-bc34-e600e66a66d5","block_type":"box","text":"advisors concerning the par ticular tax consequences to them of an investment in the Fund.","page_number":177,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"c5338596-214f-43ce-bd47-a227da653a34","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":177,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"1bacd251-a191-4609-a6a0-24cb2fb5670b","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":177,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"fbbb3c92-5846-45de-814b-b1465dbd9fef","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":177,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"6ba1784e-88c9-4d8e-996e-c6b4fe88294e","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":177,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"b5cb9348-1844-4860-b534-147e18bff69d","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":177,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"dee1207d-b512-41ed-ba31-4080239fe7ea","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":177,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"838bf0ae-53e8-4ec3-81fa-f250bb05f173","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":177,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"63586c2e-badc-4b55-b8da-b476dfd70ce4","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":177,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"013ec0f0-ddcb-4c60-bafe-0f1bdac8fc3d","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":177,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"92ee4909-08f2-44fe-84e2-f72f9de8dacc","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":177,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"eaaca5a1-e51f-4c6b-bbe3-28710be336bd","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":177,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"d26cc07b-3a68-4608-a733-3592a0e1d22e","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":177,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"0b3bae1f-696f-44e7-8e64-76cbaa3515fe","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":177,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"69d69f94-8377-4944-ac07-a8b8e712a684","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":177,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"13a7e178-81e5-438e-b703-87d14742e390","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":177,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"71ca26ae-38b6-4d2a-a236-7c2144b7eae0","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":177,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"ec5c4dd6-93e0-4ef8-b9f3-8903f09a5c6d","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":177,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"7708c79e-75e7-489a-829a-10036549843c","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":177,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"e636287f-ec49-4a6f-8360-9e9f9fbc85a5","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":177,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"2996e708-a443-4cbd-b94e-8d138dd381aa","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":177,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"34160118-8b1c-44b9-96a9-480fc86aaf62","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":177,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"e3a86710-7383-4950-adb1-04f7f6a8a19c","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":177,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"575467f4-6999-40f2-a9f8-fa9d3c88bbbc","block_type":"box","text":"individual circumstances.","page_number":177,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"89ee9c88-42d4-4701-bfba-b7aaf238672d","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":687,"width":758,"height":11}},{"id":"422e0f00-b891-4a39-a45c-281d5b341701","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":702,"width":782,"height":12}},{"id":"ea6ea8a5-24e6-46c8-97fb-c7afc7fb3c01","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":718,"width":783,"height":11}},{"id":"130edf91-df82-4175-a33e-417a730778ef","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":732,"width":797,"height":12}},{"id":"3e244b54-5e98-4017-a11e-cf63aacc3d88","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":748,"width":822,"height":11}},{"id":"1b8a79a9-d6b8-4f14-a5c8-8cfec19f6058","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":763,"width":836,"height":11}},{"id":"dea4a211-6429-4b54-af5c-8e5d5b065ab7","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":778,"width":826,"height":11}},{"id":"0d2af09a-ff22-45a3-b5cd-c6099cc53329","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":793,"width":808,"height":11}},{"id":"be49d4ee-c624-4711-8ab3-7c2bcd4f60c4","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":808,"width":800,"height":11}},{"id":"fdbb2064-a23c-4594-99d6-1fd10262c938","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":823,"width":770,"height":12}},{"id":"43c87c0a-42f7-4f49-bf35-a94359ef1934","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":838,"width":816,"height":12}},{"id":"c433f252-e613-44ea-865b-b95bd9fb18bf","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":853,"width":796,"height":12}},{"id":"14ad3885-fbf5-4c23-9b78-c048e74d9d11","block_type":"box","text":"investment oppor tunities.","page_number":177,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"f789ab47-2055-4168-8467-a3a2f0f9a02b","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":891,"width":801,"height":12}},{"id":"e097f1e2-1a6f-4adc-8fd3-c43e30d9b8af","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":906,"width":839,"height":12}},{"id":"fdbd68e7-2405-420d-9fb9-5d767c81155a","block_type":"box","text":"II-130","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"23c6908d-a0b7-4d87-b942-d0fc73a8cfce","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b91dbea6-f4a6-4875-ad44-88ad85cb5cc7","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":178,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"3f30b7e9-2cb9-4ed0-97c2-8ae59b1abb56","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":178,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"86e2aeee-4fcb-4f68-8d4e-28402158b85c","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":178,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"c4a1e011-7996-4e2e-a8cf-8ddfc955a976","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":178,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"27c05440-32c5-474d-b37b-6f2232f4657e","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":178,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"161cfd2f-f693-49c3-ae09-76c7de4d2aa0","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":178,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"5f963e99-dcf9-436e-81a4-22db58629dfa","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":178,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"f4337a33-b434-4901-bab7-12e7b24ed9ef","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":178,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"4f2f2d2d-b331-4d90-a23d-3ce7ca943e5f","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":178,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"38b3eaca-6d52-4785-b40d-ff02326cd5ec","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":178,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"2c1093e3-816c-443f-b715-43a656cde525","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":178,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"62ae8eab-cee5-4217-a39e-326c2570177b","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":178,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"e496a9c1-a4ce-4682-93b4-dcebbdba8807","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":178,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"0ad13c9b-42e8-42a1-992b-4e231f4680e5","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":178,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"484f89ae-cde2-4437-8b63-33908d43f331","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":178,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"f73a9b36-1202-4c7e-b49e-67a0d7b08ca1","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":178,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"1f6d9c20-be5f-4297-8a9a-f6a424de3179","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":178,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"5855f857-0b7e-4fe7-8e69-2b6272fbd395","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":178,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"0ffd0ebb-6fb9-4347-a374-5b5d0a81a1bc","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":178,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"7087d4e0-6b7a-4ee7-b8bb-b3b0d03abbe7","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":178,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"5bae2ff8-4516-449b-9c94-685bb3a93c72","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":178,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"5b562f9e-0043-472c-b114-03e2490443d1","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":178,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"9b62a686-8178-4a9c-9abd-a0de195504d4","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":178,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"430da522-c75d-46cc-9b38-688826fe2aa3","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":178,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"218513f1-1dcc-4888-98cf-57b8797361b5","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":178,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"2a119eeb-2043-4431-aef7-1ef100b1c809","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":178,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"df58a722-124b-46dc-921d-54ce76ef493f","block_type":"box","text":"positions in its por tfolio (","page_number":178,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"099e795a-a5f0-4fb5-b257-53f92ac373ed","block_type":"box","text":"i.e.","page_number":178,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"3f0be31e-da04-41a8-9d89-13a08f276a91","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":178,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"bbf4b510-1f2d-4ba0-a5e5-23ef63b7b85b","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":178,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"fcce3732-ef8c-468d-a782-3e90dbf55a80","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":178,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"9151215e-b5f2-4746-9d07-61c0c62f7af8","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":178,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"9a214b4f-2d90-4646-91b6-456cf923ed03","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":178,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"eec1c5e2-4620-4419-8c0d-a6aef0bcca7c","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":528,"width":787,"height":12}},{"id":"dac1db23-5678-4b5c-954c-22a54c9544f4","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":543,"width":836,"height":12}},{"id":"2fcde4e9-f381-47fc-bdfc-402c089cbe78","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":559,"width":812,"height":11}},{"id":"83d158c9-07b3-427f-85eb-55ac61228c39","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":574,"width":805,"height":11}},{"id":"f66eeca2-b877-49ff-9799-592c1901d874","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":589,"width":829,"height":11}},{"id":"32a3132e-3a3e-42d4-b41c-f22490a87276","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":604,"width":803,"height":11}},{"id":"f296136e-153a-40bd-a8a0-fdd849f0fbcc","block_type":"box","text":"Fund were to invest otherwise.","page_number":178,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"747d53bf-133a-409d-83d4-355bff5b4bec","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":642,"width":721,"height":11}},{"id":"e5919159-6a7e-47d9-b2e4-dcc208887fd0","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":657,"width":787,"height":11}},{"id":"6692d77c-b6f6-489d-839a-0474a4553eff","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":672,"width":831,"height":11}},{"id":"49af197d-e70c-406d-8c5d-a5ba643cdcf2","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":687,"width":823,"height":11}},{"id":"653d348c-6302-404a-869a-9f0b4c5ef5c0","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":702,"width":825,"height":12}},{"id":"aaba90f1-b1f3-4e28-95b5-e217a0e59b00","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":717,"width":838,"height":12}},{"id":"96afc73b-d0df-465e-bb0a-f4fc3c215708","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":732,"width":830,"height":12}},{"id":"001834fa-4566-4b07-9315-1f4a777b8cab","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":178,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"a3d6f6f6-d0a7-4245-a9a2-22aecc0cff52","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":770,"width":798,"height":12}},{"id":"cbd3f25e-8498-422f-bad4-b5eba89aadc2","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":785,"width":835,"height":12}},{"id":"35afb9ff-d6e6-44f1-b213-69b2f2e26149","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":801,"width":827,"height":11}},{"id":"2c3da3e2-958e-47dc-a805-4c66ba1ca48c","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":816,"width":830,"height":11}},{"id":"e1874ccc-bf91-4e5f-ae07-93bf06f4db7b","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":831,"width":802,"height":11}},{"id":"a1379e63-c22c-4300-b191-7eef270b114c","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":846,"width":821,"height":11}},{"id":"5d0dad0f-e042-42d1-aabf-7c6aa6b805a0","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":861,"width":797,"height":11}},{"id":"decdaaf1-86d9-49ed-8939-d665cfef647d","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":876,"width":801,"height":11}},{"id":"664d63b6-bfc6-490d-9d01-192f1d75c41d","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":891,"width":818,"height":12}},{"id":"e97cc1b1-26a8-4cce-859c-21f536d0f484","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":906,"width":797,"height":12}},{"id":"29e68e42-fe96-482b-bd0d-ce88a97c0452","block_type":"box","text":"II-131","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3738d390-96ac-4056-a5cc-7c665e1eb9ed","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"905825f2-f52d-4f4c-be01-3e7418f473b0","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":179,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"12f104a2-16bd-4387-af6e-a1e376de433c","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":179,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"3c11ee59-fb7c-48d9-80ec-99fa4e4934e8","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":179,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"e7997289-947e-4f15-b5f2-a415c8705350","block_type":"box","text":"PFICs.","page_number":179,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"5e7ac5bf-13a4-4b33-bc7c-334cc6ba3156","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":179,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"72fa0337-84ea-4aa0-aa27-4aa8a6ea68e1","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":179,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"608b96c2-30c9-4180-918b-ac9c29658fe1","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":179,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"e05e7c89-bcfb-4e32-888f-5d54a2d025db","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":179,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"1b985609-1b6b-4ea6-9baa-62a07f831227","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":179,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"a167d423-d4b5-4bb2-9da2-b90aa4273330","block_type":"box","text":"difficult or impossible to obtain.","page_number":179,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"1626e415-5855-40b6-943a-187c0a73e07c","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":179,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"a2f4cc0f-753a-475b-8b7f-dcfebf0ff4d9","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":179,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"12dd6aec-a2ad-48e2-85db-4aa5247ba1b6","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":179,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"f8a9aa17-ff5e-4101-8cca-9c124e6a7d22","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":179,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"bf600cca-daba-4cf6-a0e2-f3a94a5d93f1","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":179,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"11b853b1-38ea-40b8-8bcb-e4c18e35a61a","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":179,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"a1658e4d-3d9a-46ed-944f-bf37f11064d6","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":179,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"0901119d-2a7b-49a9-8ce8-5d9bb5d45f57","block_type":"box","text":"Municipal Funds","page_number":179,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"82037126-dc78-416b-8a95-a9ba9baacb75","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":179,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"88ff8016-59b5-4c55-b15c-33aa0f9a33da","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":179,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"b63f437a-c905-4071-ab5e-166c3f1b4725","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":179,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"8c1f9c64-c5d8-4bab-9f10-2f7c85f2cd50","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":179,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"838f7789-6a1e-44b4-ad39-d5bbb88cd7bf","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":179,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"d35fd16d-271f-40b2-aad3-8a953e8610fa","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":179,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"6117e60b-1561-4377-8d09-d70283a7d109","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":179,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"ea136dca-b0c6-402a-a415-696f377bb1de","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":179,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"0d605830-ab62-4250-b783-a237a0b1f863","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":468,"width":839,"height":11}},{"id":"a0c26135-12d1-4589-a806-62c7480dbaf5","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":483,"width":835,"height":11}},{"id":"c1d680ab-2b9a-4c25-9600-660e056c939a","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":498,"width":730,"height":11}},{"id":"fb41882e-d7a2-4a5a-9596-03259708424e","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":521,"width":763,"height":11}},{"id":"6d53abd6-5996-432f-8f3a-1a6dd214fe11","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":536,"width":809,"height":11}},{"id":"ba79a94a-7ca6-4cf3-b5f4-2013b64be16f","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":551,"width":821,"height":11}},{"id":"2dc59837-e749-4f2f-8687-7b1ea9524173","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":566,"width":831,"height":11}},{"id":"1e5e73ed-c4ea-42fe-b588-41ac066725f5","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":581,"width":800,"height":11}},{"id":"cac00df0-b75c-4ef6-bed3-7ee9d2ebeb48","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":597,"width":810,"height":10}},{"id":"6eb9f1b4-a336-4763-a589-768cdfb73835","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":612,"width":836,"height":11}},{"id":"ef908590-0173-4264-85b8-c9eea0e2143c","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":627,"width":835,"height":11}},{"id":"15190dad-f364-4312-9909-083ae32742dc","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":179,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"9f6fe7cb-1d5a-4b50-a624-2bd38fa246ce","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":665,"width":788,"height":11}},{"id":"d3c9d0b3-114d-4210-8dfb-8ec36fe5c752","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":680,"width":790,"height":11}},{"id":"009322e0-4e44-4d6d-9171-9fae1c65c2e8","block_type":"box","text":"constitute exempt-interest dividends.","page_number":179,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"1f964da1-12e9-496f-8ebf-f6898352dde0","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":717,"width":765,"height":12}},{"id":"ba868332-7bf1-4b51-80c1-3784668ae97f","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":732,"width":819,"height":12}},{"id":"43d422c6-f60d-4006-a45e-85a477a16d08","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":748,"width":813,"height":11}},{"id":"51e94ac1-0b73-49d7-a9c4-4a6c8af19fc6","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":763,"width":809,"height":11}},{"id":"41be02d7-5dfd-4900-84fa-549aef7b6d65","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":778,"width":829,"height":11}},{"id":"f656a258-a996-4635-8228-510de5953b71","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":179,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"6f1950ee-21de-4153-97a4-f3cbea77cdfe","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":816,"width":787,"height":11}},{"id":"52ce8334-cfd2-4399-a5d1-0337c3eb6f63","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":831,"width":817,"height":11}},{"id":"2f06cd90-b43d-492f-b55d-ebf2f213fc06","block_type":"box","text":"income dividends received by shareholders.","page_number":179,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"47025892-7df3-41fd-a66f-b5249fccf0f6","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":869,"width":766,"height":11}},{"id":"7e3a3b11-bb6a-4875-bab0-e849477b56ab","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":884,"width":808,"height":11}},{"id":"ed07f210-7bdf-4ed3-ae34-bc876a2580bf","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":899,"width":815,"height":11}},{"id":"5aef7b40-b372-47a2-a2b1-f48b577858dc","block_type":"box","text":"II-132","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f28fd3cf-ddb6-40a2-aa45-0585d2297ba3","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de9f87b9-902c-476c-92dd-25bd99e4ee44","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":180,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"857b268b-2855-415a-9205-54fd533d8a87","block_type":"box","text":"the accrued market discount.","page_number":180,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"49293772-30cb-41af-8265-61159aece22c","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":180,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"8a40b237-59c5-444e-8bb6-53a8cd64d6ce","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":180,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"791f6b61-28c2-4e4c-ba80-0ea943cb469f","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":180,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"40873b53-5ead-4452-b2b1-ca69a0b0819e","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":180,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"5ab93fc6-b48e-40cb-8d4e-5657dcecb402","block_type":"box","text":"e.g.","page_number":180,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"943bd4e6-66e7-4902-8508-427bba4f1517","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":180,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"5f3d2e20-d2cd-4090-9efe-74e24081af4e","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":180,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"0489ceb2-4a52-41ae-87eb-d9face55540c","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":180,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"075f10fe-f1b9-4be5-84a4-5b970994cd03","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":180,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"12b2cdda-38e4-4754-bc04-578c5b239b53","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":180,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"168fd898-3071-43bb-8029-beedeec174e6","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":180,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"ee80157b-f3c3-43e3-9cdf-d667b477f5f0","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":180,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"71021dcb-f297-4933-8e6b-440d6cfb6802","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":180,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"26c45226-3249-4d9a-9524-ebb07c91af8c","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":180,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"63999dc2-fd46-4bd2-9698-9440eabd57f3","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":180,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"6a24198c-b064-4827-af72-525d68f59d42","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":180,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"81bf4be9-f1e5-4355-9dd5-1008515454ef","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":180,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"5be76d3a-8650-4495-8e52-dcc8c9845ef2","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":180,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"9d57f7be-aa2e-445f-8969-93d61858a1f6","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":180,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"7606febb-2fde-4adb-9669-50d254953da8","block_type":"box","text":"within each applicable state.","page_number":180,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"ff041efa-167a-4ccc-b7d1-3faffe80147f","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":180,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"033366aa-12c2-4d74-9cbe-57e3e026587f","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":180,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"a8f49170-e826-440c-bd27-977e3d312a3a","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":180,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"f696d149-8b0a-4a89-801b-ee77bfad6077","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":180,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"dbfeeb29-4dbf-4d00-bf68-b90260999e1a","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":180,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"bdc334d0-7895-40e6-8125-26b754c7e301","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":180,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"310f5877-158e-4270-87b5-7e84b1d01c56","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":468,"width":822,"height":11}},{"id":"7cdef779-2c5e-4676-b2c4-a3600beecf78","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":483,"width":710,"height":11}},{"id":"7a4a64a0-cda7-4f72-8bf0-70c98a13ea2d","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":506,"width":796,"height":11}},{"id":"3998811f-2c31-434b-ba43-234ef4afc262","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":521,"width":828,"height":11}},{"id":"02cad896-2887-445e-83d9-6b01b749a334","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":536,"width":841,"height":11}},{"id":"784cd8fb-6cb2-4de8-b003-697356240f1c","block_type":"box","text":"exempt from state income tax.","page_number":180,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"b9f28d7a-3384-4969-a4b4-a60f82f340b6","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":574,"width":771,"height":11}},{"id":"7623546a-aeb5-4942-9870-4ae69467ff4a","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":589,"width":823,"height":11}},{"id":"e9b665b6-ed41-4148-94fd-12265bcf00b5","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":180,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"4211ccef-8d12-4029-b9d8-7421e45f33ed","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":627,"width":749,"height":11}},{"id":"431f80eb-c3ab-4914-ba1a-c3a4b3c7c6c9","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":642,"width":803,"height":11}},{"id":"6d829649-6c51-48f3-891d-b2302541a15f","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":657,"width":801,"height":11}},{"id":"15fb6c35-d74e-42d1-b48c-0acbf608adbb","block_type":"box","text":"decisions may have a retroactive effect.","page_number":180,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"c9029157-6cc9-4cf1-96af-264ea6a5b51f","block_type":"box","text":"PERFORMANCE DATA","page_number":180,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"bc335da1-e807-4969-adbb-1dc159f5091a","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":724,"width":738,"height":12}},{"id":"8a8ec07a-bfe7-4270-80bf-85cd4fbf3e55","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":739,"width":779,"height":12}},{"id":"06d7c1e7-d964-4035-8ba1-33664f8fb4db","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":755,"width":833,"height":11}},{"id":"4889b9ee-66aa-4a77-8f48-7355aaba4443","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":770,"width":792,"height":11}},{"id":"71a7e897-0600-442f-8c2f-071ef5ba2fe9","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":180,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"68a07c62-1220-40bf-b194-37db84c0a097","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":807,"width":761,"height":12}},{"id":"98c23030-d44d-4fc0-b497-b87b880546b7","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":823,"width":836,"height":11}},{"id":"62aac7c1-5b6c-4aea-92af-f298c9aef8be","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":838,"width":798,"height":11}},{"id":"53329d26-1fee-42be-b260-9dac1fd6792e","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":853,"width":765,"height":11}},{"id":"7d24f824-e3cc-45d1-bc97-b4360d24b6c8","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":868,"width":808,"height":11}},{"id":"fab94dc6-f8aa-4d7e-9fc2-f492893a2509","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":883,"width":813,"height":11}},{"id":"63037000-2bc9-48d2-be95-13af72a599de","block_type":"box","text":"II-133","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"860228e1-73a5-45eb-bb3c-41e20a14da7b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c00c7923-16dc-4ac0-9b07-a1d46d6fc1a3","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":181,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"5d6641d5-0437-4fd0-ac9f-aa8daad7b2b3","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":181,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"c5229bc5-39b4-41ea-aaa9-de47c2688156","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":181,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"1bdd13eb-8cd6-4162-ad7e-b14ea6596eb9","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":181,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"32d0a3cd-4906-4c99-b766-521f4087917f","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":181,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"4c934327-8897-4ede-a0e2-148a350f2568","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":181,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"d6d6371e-414d-482a-9f8e-06303ce93753","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":181,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"79e4f6f4-aa31-4399-9683-a59aa96a98bf","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":181,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"61252d4c-acef-4c50-85ab-dd345127df01","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":181,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"db4fbd8e-ae3b-441d-a128-dc0c2d991588","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":181,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"14cb7a12-7bd8-4a23-9700-a3a49c09149c","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":181,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"4b283386-b3b1-4e64-91cb-bd200e71e39e","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":181,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"d586df12-8940-469b-945e-e5f841747df4","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":181,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"189c62d6-94b4-4f39-ba19-c57ba6af07e9","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"c484b4d9-5bf9-471d-9c1f-42f7fbc77948","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":264,"width":814,"height":11}},{"id":"acb2e4d9-b0ad-4fc6-ad8d-fed2d3063d8e","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":181,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"09b94e0d-0381-42e4-bffa-229d9840c015","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":181,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"41b8e1fa-6315-4768-86e5-509755d2091e","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":181,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"c85fcea9-3335-469f-8419-7e3f5e7ab9c4","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":181,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"ebb66726-2976-48a9-a411-cd90b9446b64","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":181,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"a00d3733-27a2-486e-8110-af04438b2681","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":181,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"9e4ff71c-621e-4c66-9be0-fd1505437bdc","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":181,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"adbb8ba7-affc-4b37-8a26-aa6fc21a9758","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":181,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"2198961f-119c-493e-a405-35a6af9579c2","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":181,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"996f2df8-7dae-4a8c-8373-d9b3b37d3240","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":181,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"1901b1d7-875a-41c6-a2d4-6b9b646643a5","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":181,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"28e2aa21-c490-4ee8-92d0-3a848dd9c2cc","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":181,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"a69a79b4-b20b-412e-8e76-279cea8381e8","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":181,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"b489515b-97c5-4a1f-9a9a-22a95bb746c0","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":483,"width":802,"height":11}},{"id":"1b9bea7c-a38a-441b-b5d0-b94a2324ab08","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":498,"width":825,"height":11}},{"id":"aaac916f-1748-4041-943c-7c2031b5951f","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":513,"width":823,"height":12}},{"id":"16182dbd-e811-4e50-a165-a097068c8dd5","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":528,"width":743,"height":12}},{"id":"8efc654f-af14-4789-a38a-3337bc4430f9","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":543,"width":814,"height":12}},{"id":"fe5d860d-36d7-45ae-9c08-4bb18af82d37","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":181,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"58ff53c3-927e-47ce-a170-c6489f7c6367","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":582,"width":720,"height":11}},{"id":"e3367b99-b5f8-42a5-962a-45f5b070243d","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":596,"width":813,"height":12}},{"id":"ff8dbf3a-0a83-4441-8b4c-04a2fda58bd9","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":612,"width":781,"height":11}},{"id":"f1d8c06b-4656-472c-8d33-ba138331526d","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":627,"width":837,"height":11}},{"id":"14e97f57-1a0e-43ab-ba7b-917f53b49df3","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":642,"width":817,"height":11}},{"id":"f487db23-5b41-4a18-8b5c-1795392cee53","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":657,"width":815,"height":11}},{"id":"417f8d74-d38d-4ce2-b9db-7224381c2005","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":672,"width":801,"height":11}},{"id":"a644fb98-e623-4200-94e3-591b215af56c","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":687,"width":819,"height":11}},{"id":"6bacca2f-a705-491b-bc0c-7dde461dc98d","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":702,"width":811,"height":12}},{"id":"2e24b52f-cf98-4c84-86c0-8ee0dd8a2562","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":717,"width":686,"height":12}},{"id":"47b1d71b-9c68-4162-ad2e-44ebb2337236","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":740,"width":796,"height":11}},{"id":"04ce7464-96ca-45d0-981d-955ce8f80f33","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":755,"width":821,"height":11}},{"id":"e727aaf1-29ad-4f0c-b6ed-8c5a2bc268f1","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":770,"width":817,"height":12}},{"id":"a4ba03ce-8f66-42d5-b68b-ca51e928c73f","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":785,"width":837,"height":12}},{"id":"22036053-06ad-421a-b0c0-a8a2c6736b75","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":801,"width":759,"height":11}},{"id":"8b4a0c06-9a7c-4f6d-9de5-d2e596fb876f","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":823,"width":779,"height":12}},{"id":"f97f630a-0a8a-4b94-8ea6-a3a23a29f9b4","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":838,"width":819,"height":12}},{"id":"24afcd8a-b958-4804-850e-57746dda24a7","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":853,"width":830,"height":12}},{"id":"db184d6f-0bd5-4706-9d51-65f6e18a0601","block_type":"box","text":"less than their original cost.","page_number":181,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"44712975-4377-4304-b0e6-5e9d3ee3791e","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":891,"width":782,"height":12}},{"id":"cc2a4df1-c873-42e4-96ab-c100c46c44e8","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":906,"width":836,"height":11}},{"id":"d9e88d75-d5a4-40e1-a64c-2b8533b52050","block_type":"box","text":"II-134","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"be9acd81-4881-46b0-ad6f-6d718604092d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcd97c4f-7e51-4d07-be23-24895ce806f3","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":182,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"e6113df6-68b9-4ca7-9afd-8b585fcbb0da","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":182,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"cd2c2723-fd87-4e42-b587-3dd1c4a069f5","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":182,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"ff4dd774-5183-4ac4-abcc-00f10e8d190b","block_type":"box","text":"lower amount of expenses is deducted.","page_number":182,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"07c15ada-15fa-45b6-87ba-06ae1a574c9b","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":182,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"f6f63778-72ad-423d-837f-2b5711fbf92c","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":182,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"0500d3d2-b2cc-457b-8b19-34a95b07d08f","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":182,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"16400ab4-4a7d-4e6e-8d10-af5b6a8600e9","block_type":"box","text":"Money Magazine, U.S.","page_number":182,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"09a83f64-1706-4e14-abff-1d6bf9335666","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":182,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"50c002aa-9149-4f30-b1a4-12d91219d9ca","block_type":"box","text":"or other industry publications. When","page_number":182,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"507f4247-d3bb-4a78-bcd2-17cb6e505646","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":182,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"74ab2140-a4cc-4848-a6e2-c7a38c6518f2","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":182,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"ef6a5358-748b-402e-bf3e-ccf632decd25","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":182,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"959258b9-74c2-434e-bc57-8a1d1f1292cc","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":182,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"45a9e254-d613-43a2-8e20-94e229948a93","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":182,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"a2906059-3b0d-4558-b2ca-a9f4595dc101","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":182,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"2abb599e-b573-4625-9e16-d652fce2f53b","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":182,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"3accc280-d134-4079-a68e-f86e38a5c0eb","block_type":"box","text":"developed by Fund management.","page_number":182,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"b3297ca8-6487-487f-a72f-b17cbdb44f4f","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":182,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"19320df0-0f99-40eb-bd2c-2a299fdcd756","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":182,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"fb178ca8-d065-48b0-b157-6f01f030cf5e","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":182,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"ab71de7d-9da3-4056-8bf0-778e47a7cfcd","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":182,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"7292fdb1-f240-45b4-ab67-ee219a9e5261","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":182,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"07608614-1f4b-4d6c-8496-a5c39dcecf9a","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":182,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"239b642b-7ad9-4d05-86c7-3824e7ac1980","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":182,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"02536d18-0dc3-44ae-a23a-8690ae1d4351","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":182,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"7940bf76-72bb-471d-b6ab-0fa703da63d4","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":182,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"2df57537-4f18-42ea-83d6-a6bc68d746bf","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":460,"width":802,"height":11}},{"id":"5425445b-3d4c-45a1-9cac-86d74780e73d","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":475,"width":809,"height":11}},{"id":"a7e47380-4951-4495-a2ef-1c5046f46637","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":490,"width":833,"height":11}},{"id":"e0f6c236-e482-4f91-b330-6ca8cf1b0859","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":505,"width":755,"height":11}},{"id":"e5e2a950-1238-4b8e-a785-38bbeb4565e6","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":528,"width":785,"height":11}},{"id":"9d889cca-574d-4b3c-998e-c58fae110727","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":543,"width":822,"height":11}},{"id":"72f749e9-7c28-476a-b001-4effb185e8e2","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":558,"width":824,"height":11}},{"id":"d4c0bf81-5189-4630-bd5b-aeda0c7cf097","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":573,"width":812,"height":11}},{"id":"7fd7f52b-ca3b-43aa-aa63-26f321922371","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"448b3bc4-d3aa-492a-accb-f47e2821808d","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":611,"width":749,"height":11}},{"id":"afca8ba7-c372-4702-bef9-acbf7a1d8c55","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":182,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"97629059-0c2e-4dae-9da7-4e5beaa9d0ec","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":641,"width":830,"height":11}},{"id":"e50269cf-0bca-4f4b-a32f-9591966378f8","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":656,"width":838,"height":12}},{"id":"e99dcd81-8479-4a44-9977-b2e7bd7f102c","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":671,"width":822,"height":12}},{"id":"3200e308-211d-450b-8113-4e5394b53a1b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"cbaa5ec4-51b1-494e-973b-bfda1b2e5b9b","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":709,"width":767,"height":11}},{"id":"1712768e-6f10-469b-b66c-7a864e39e001","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":724,"width":827,"height":12}},{"id":"4fef67bc-266e-498a-adc8-2936988d4e78","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":739,"width":819,"height":12}},{"id":"705e6b55-2361-4a33-91fa-5f76309438a5","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":755,"width":684,"height":11}},{"id":"220afad9-726b-46bf-ab8a-b003140ada63","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":777,"width":766,"height":12}},{"id":"7b5a781b-614f-43e7-8616-18321f5ce980","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":792,"width":784,"height":11}},{"id":"ed88ba2e-04bc-4672-a421-5fc424e603af","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":808,"width":805,"height":11}},{"id":"3343361f-c6f4-4a42-9077-09c48e59ff43","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":823,"width":790,"height":11}},{"id":"48008840-379f-492b-bd18-d94bae0df2f5","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":838,"width":810,"height":11}},{"id":"5350a439-2cef-49d9-a723-614bc7514325","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":853,"width":788,"height":11}},{"id":"fe53c363-b506-4632-bf05-01c7ee131205","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":182,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"05b68e0e-38d7-4bf0-905b-d61965bb8456","block_type":"box","text":"II-135","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7dab8c25-db87-4f3a-8958-c9e2e1593cf8","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8384d56-5da1-4a35-a09f-2bd8b352c504","block_type":"box","text":"GENERAL INFORMATION","page_number":183,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"75b16ff5-b1a3-4da7-ad3b-91d6a3df7919","block_type":"box","text":"Description of Shares","page_number":183,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"1a884c17-fa00-4311-a0fa-7322f6e393e3","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":183,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"2cb99cbd-4b2e-4152-95c5-cac652337673","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":183,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"9ab66894-51d9-4d4a-882f-6c508beea521","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":183,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"346738a8-fcc1-41b7-8d3c-a8b2d082108d","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":183,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"d0c7e967-fa44-4d6c-bd3b-5f228571c152","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":183,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"ba9c21b8-8141-41f2-859a-2d2347e98aeb","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":183,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"b334e261-0cc5-47b7-b64d-c84ff1b8fbe9","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":183,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"10e007f3-d9d1-4131-b0f2-df2120c365af","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":183,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"dcdaf57b-ed09-47ab-9ed3-64b5c4bb4738","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":183,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"d3b4d539-80a4-4e13-ae64-3c7e934d3b50","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":183,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"e62a86bf-5578-4d1b-bd22-8419a8db636f","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":183,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"1f172378-0cbe-46e3-a7a5-21f6b46b9b08","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":183,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"27dde640-654b-4b57-b17a-73a048291c92","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":183,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"c9180dec-e0c1-42e5-bb07-5f32829b6a6d","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":183,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"76e220c6-af80-480f-b35f-082b5624e399","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":183,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"50c3f522-49db-4c07-93f5-361d0ab47818","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":183,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"21eb9282-d1b2-403a-9a9d-9469f507beb0","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":183,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"a71765ff-6de7-4b71-afad-975f7675fc83","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":183,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"e2bc1da0-db04-495e-a389-ec3f3d964df2","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":183,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"1141af01-979c-47e7-b8a1-a9bc6c7637b0","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":183,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"9a2041f9-518e-498b-82a0-3f136c602f0b","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":183,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"57267432-cf36-426d-8026-e70a44c36e07","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":183,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"c096dec5-216d-44a2-b491-e491fc24cb8d","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":453,"width":824,"height":12}},{"id":"e5d85dcd-c582-4d76-a7f3-33c56b6a14d6","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":469,"width":839,"height":11}},{"id":"2ed5a3d8-e799-45a0-a545-fdef6e0bfc16","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":484,"width":813,"height":11}},{"id":"0728b18a-90c5-40c1-ae60-cebcad8e8aaf","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":499,"width":827,"height":11}},{"id":"4ada7e42-5d2d-471c-9a58-2ce483a90d6e","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":514,"width":699,"height":11}},{"id":"bf29a04c-5ccb-430f-81c5-74d4ecb823e3","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":183,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"981ff1b3-c0a3-47fd-834b-6e486d7cfa50","block_type":"box","text":"Additional Information","page_number":183,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"3362d57f-2c15-41c1-8280-8617a91deadf","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":590,"width":789,"height":11}},{"id":"78d79908-11bd-4e2e-af0d-a1f8bdea1f0d","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":605,"width":799,"height":11}},{"id":"67eb6041-4b1d-46cc-8c7f-63d8a59a3d88","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":620,"width":837,"height":11}},{"id":"715509e5-e84f-4e10-a590-6da12854d872","block_type":"box","text":"such name to any other company.","page_number":183,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"55a0217a-f8cf-4d0f-8503-a90a86110e35","block_type":"box","text":"II-136","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1f10527c-8ad6-4a2a-814b-9a880ec1d895","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64f6c39c-dacd-4900-bb66-44a21850e7f5","block_type":"box","text":"APPENDIX A","page_number":184,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"57bd88fe-f824-49d4-b394-f02c9fe012ea","block_type":"box","text":"Description of Bond Ratings","page_number":184,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"0b28ff8e-0651-4400-a6aa-91effec80b12","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":"74ce8614-4b1a-48dd-bc76-da8f7cda8524","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":184,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"a267b2a7-033d-4aee-b75b-bc8083bae95b","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":184,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"70ce124f-9e13-4b0b-a3a7-16793253b106","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":184,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"4aa3cbd5-5b98-4960-83c1-383cb29c24d1","block_type":"box","text":"date.","page_number":184,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"c1de1a6f-0fe0-4b16-894b-676a26216a5d","block_type":"box","text":"NRSROs may rate specific investments (","page_number":184,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"0660a6a9-2fb8-4346-adeb-bd574509fce7","block_type":"box","text":"e.g.","page_number":184,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"ecf1c647-3de4-4f6f-8c5d-311506603528","block_type":"box","text":", bonds), issuers (","page_number":184,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"75d74787-4b98-4393-a58f-7cc95f535495","block_type":"box","text":"e.g.","page_number":184,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"709d68ff-11d6-4b61-b480-9de52d91150e","block_type":"box","text":", corporations, governments and financial","page_number":184,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"d3ed1ec4-de9c-44c6-b7c3-ccd5a50f8f47","block_type":"box","text":"institutions) and/or programs (","page_number":184,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"28674ec3-c052-4760-a81c-ef31f045a33d","block_type":"box","text":"e.g.","page_number":184,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"05970618-fd39-4430-a362-1f0447cfd5b6","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":"b87d5641-017c-4b01-876c-daa76e8e4156","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":"112e9291-5ee4-4b07-8115-bfccd5f9a546","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":"b513d13a-0a03-45d0-afca-71e4c3271c48","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":184,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"a13bbf9e-2d02-41a1-877a-2996c0be8878","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":"7fbe5140-e4c5-4e4f-9358-78c0e14fc8ee","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":"9d3cce0d-87fd-46b7-ab43-eb39514ca0ac","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":"f4d073fb-5992-4334-8190-321583c127f0","block_type":"box","text":"asset, as applicable. 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If applicable, when","page_number":184,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"86771e24-d66a-44f9-a45a-db5e5dd4b9bc","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":184,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"7c44e1dc-60f4-4f88-8080-32d28d13c80b","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":184,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"0df97cd8-ce45-4d50-8620-461ca02d7099","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":184,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"4e013e06-edd9-4596-b34e-2e3033e8d605","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":184,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"f27059b6-6ef8-4203-a664-6efd8da231ab","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":184,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"dc7c4ec2-7aa7-40f6-87e8-0094ed5d1a81","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":"51ff84db-83c9-4fab-a933-b1340e8095d4","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":"5e099028-1bd9-418b-ba8e-0c2e3b1e2daf","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":"d31a3ca1-280e-496f-a5a9-3856c1c89921","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":"27713172-74d1-4b99-8dc0-57d49994223c","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":"3f3e4453-0a85-497b-95ae-0bb3a0b12d2f","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":"e1fd8512-97e3-4bfb-a7fb-6f6fa5113faf","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":"93ca77aa-ea15-4e28-83f5-bd73276a9ad1","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":"4dc03f47-4fc4-480e-9761-add0886b8554","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":"70655e42-104a-4fd0-a541-3f9b0584e35d","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":184,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"86dce305-d39d-4641-93ff-e951d230cfad","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":184,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"c90d11de-1277-4b9a-bd49-4cc054c1768e","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":658,"width":776,"height":11}},{"id":"fc25a380-3a0a-4440-8d9a-eecf536f0800","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":673,"width":818,"height":11}},{"id":"366b91a8-3ea8-4ada-9684-1c843ddf8df6","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":696,"width":799,"height":11}},{"id":"5a105426-a5ee-4efc-9188-409ebe1d6469","block_type":"box","text":"Fitch.","page_number":184,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"29e53786-755e-4965-b89d-a95fe8a4d92b","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":734,"width":643,"height":11}},{"id":"edd9b635-9461-46b6-9459-c7731e064c5b","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":764,"width":616,"height":11}},{"id":"8c2570c2-5d5a-48d0-870f-b2045459ee10","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":184,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"61a583dd-ee1b-4c3e-8e15-d9d1ecc7463d","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":184,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"6bcb415c-4117-4d98-974a-df6a83d26876","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":184,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"eceb7450-5598-4d92-bffb-851f4acb8aae","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":184,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"db62ac6c-48b6-4cd5-965b-fa252be3dde2","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":184,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"f755da9d-a315-4b33-a4fb-f3f4b2a62e9d","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":184,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"321f5fc8-79de-485d-9f32-c94961d56258","block_type":"box","text":"sources of variation (","page_number":184,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"d70a37c7-4cd7-4456-b3d7-31b64e4e89bc","block_type":"box","text":"e.g.","page_number":184,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"73fbead1-2d57-4993-a8dd-38cda853704e","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":184,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"6744f834-2325-43c3-8c57-1a322ec67766","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":184,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"2801a9fd-4651-4a22-a35f-a01cd731e86b","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":184,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"fdc87866-f8df-4412-8636-4d96b07950b8","block_type":"box","text":"e.g.","page_number":184,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"158547d3-d83d-40bd-b073-d3351a837b68","block_type":"box","text":", equity indexed), absent an express","page_number":184,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"e59ff1e9-8751-4bde-a77c-839a3d2196ca","block_type":"box","text":"A-1","page_number":184,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"6101c5d1-d8ab-45a4-a7be-8566f1032085","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4632ca71-bb37-4317-bf3a-95c4bb87e0ab","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":185,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"5595f7d6-b5a3-4f9d-a8d1-7779d5720f1a","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":185,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"186863f6-5bdd-4c34-9b06-67e810344526","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":185,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"a43485f2-c96e-4409-a67d-93b7aa5f9fa7","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":185,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"6c285aa8-b534-477a-a4a7-6bd224d3b004","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":185,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"a83011f9-050d-4929-b2dc-a9603869aa75","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":185,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"80696578-dc6d-48e3-b00f-1bf8f6dc97a4","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":185,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"0eaa4563-d604-4e74-b381-ce74b6077799","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":185,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"f310fd2a-7d1f-43ce-8f8d-c15e49a12b40","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":185,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"727b8dbb-959a-4ce2-905e-ea7288ab3665","block_type":"box","text":"i.e.","page_number":185,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"072b0eb8-d73f-412c-82e8-a6f9d0c5c252","block_type":"box","text":", ratings on nonfinancial","page_number":185,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"6e7f008f-7995-4dd4-bd9b-f331c8cc2739","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":188,"width":837,"height":12}},{"id":"c62dbbe4-3ce8-4c78-b25f-1485a74d5e3d","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":203,"width":828,"height":12}},{"id":"5a25f73f-9211-4de9-9de1-b595c663b899","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":218,"width":832,"height":12}},{"id":"214c51be-1824-4584-9c67-91fe6af9c4df","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":234,"width":797,"height":11}},{"id":"60c57c4d-05bf-4368-9f68-3a7e6edcdad1","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":249,"width":771,"height":11}},{"id":"8e898332-ce6f-431f-a587-8849a325ca35","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":264,"width":821,"height":11}},{"id":"0d8aada2-ce94-4371-9139-9a9076663d22","block_type":"box","text":"of time.","page_number":185,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"79ebbe84-945a-4edc-8901-587c334e9442","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":185,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"5dda598e-87bd-4a13-958a-d9bfad296e1a","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":337,"width":815,"height":11}},{"id":"576d71dd-6c04-440d-b7e1-6395dc9fbf9a","block_type":"box","text":"risk.","page_number":185,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"9489ea6e-605e-415e-a769-86ac01057ac0","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":372,"width":773,"height":11}},{"id":"49e0bf53-c70a-4c2d-a226-220526aa6562","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":392,"width":776,"height":12}},{"id":"32b89c7b-d512-4e2a-ac79-0f48697486e0","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":413,"width":813,"height":11}},{"id":"f48dbd79-1045-4218-a26b-75e417d72945","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":185,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"483be089-bb30-4e5e-8d96-622dc877930c","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":448,"width":775,"height":11}},{"id":"4842da14-341e-406f-af2c-6896d98a26ea","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":468,"width":707,"height":11}},{"id":"cd6c04c2-a764-4a7a-b73e-cf8d3cbfea37","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":488,"width":810,"height":11}},{"id":"db5fc4f3-63b3-4c60-ad26-2ea78d7ea195","block_type":"box","text":"credit risk.","page_number":185,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"745c009b-c567-40b6-9310-a0d5b3e652d7","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":523,"width":783,"height":12}},{"id":"b23f8507-238b-4409-be7d-645f75df7636","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":185,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"8619ae33-f365-4129-91c5-3b3a050bb2b1","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":559,"width":834,"height":11}},{"id":"07381b08-62fb-426e-a9ae-42000dfb248a","block_type":"box","text":"of principal or interest.","page_number":185,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"8d95b030-818a-41b1-9219-d1c2483261d4","block_type":"box","text":"Note:","page_number":185,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"4424cc38-05fe-4cbd-8b74-e31e7a8cef74","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":594,"width":731,"height":11}},{"id":"6dfe11e1-e0f8-419d-ab09-131e4d72665f","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":609,"width":831,"height":11}},{"id":"da6c96d9-4677-4b19-b4ff-1bc412299b22","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":624,"width":829,"height":11}},{"id":"20342368-e0c0-4e5e-887b-29b7fc385589","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":639,"width":795,"height":12}},{"id":"e98de254-77ca-410a-8912-a799e2a77139","block_type":"box","text":"companies, and securities firms.","page_number":185,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"fbbba9ed-167b-4945-9241-b5e0ea1c18c1","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":677,"width":787,"height":11}},{"id":"64ccc793-f69e-4e2f-9870-d34237f1141f","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":692,"width":788,"height":11}},{"id":"5c9cfb45-4872-4e8b-90b2-2cfe87233cdf","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":707,"width":833,"height":12}},{"id":"9e0cd55e-4fff-466b-ab41-6e1168e5431c","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":722,"width":809,"height":12}},{"id":"974601a1-23ac-4a66-b1b6-e2c2c42aa940","block_type":"box","text":"that security.","page_number":185,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"9fa7d7ff-1f9a-4bf2-be2b-f9613cac8b8e","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":185,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"a2f5641d-ea9f-4b85-a9af-fa8fb9a81392","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":795,"width":658,"height":12}},{"id":"c99bfcd4-9350-4ed7-b8d4-812fbbc08a45","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":816,"width":645,"height":11}},{"id":"f42e4da9-d19b-45be-bfaa-236059e526e1","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":836,"width":686,"height":11}},{"id":"64375e19-4376-4481-8dfa-738a26a777bc","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":856,"width":778,"height":11}},{"id":"cb3ff038-bc39-4d2e-8afa-03f3bd2835a5","block_type":"box","text":"categories.","page_number":185,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"83b470c8-a51e-4883-b074-b19d329efa1f","block_type":"box","text":"A-2","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"c45adfdb-9208-4cb3-917b-367cac90a047","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cf92da1-c05a-4e6f-bfcc-eb43ed50918e","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":"49794c67-feae-4e0e-9dd3-e85bdb29ce1c","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":186,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"1e99dab2-61a2-4f58-9a83-019ac97a732a","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":98,"width":784,"height":11}},{"id":"340f339b-8cda-4d62-adbd-84c30bbee34c","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":113,"width":824,"height":11}},{"id":"cfe36d34-87e1-44a8-8d74-aa9d8240bce9","block_type":"box","text":"an issuer’s self-liquidity.","page_number":186,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"a9abadf5-9995-4689-a983-3c9843203bee","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":150,"width":736,"height":12}},{"id":"841d32c4-5330-4687-b8e9-2ae6508726a2","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":186,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"ab680a1c-940a-46fa-827b-a44872cd76f3","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":188,"width":803,"height":11}},{"id":"1b5202d4-bbb2-40a2-b8c5-42d9143f3921","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":203,"width":823,"height":12}},{"id":"e6e1a05f-23dd-4597-a160-f2c6adaa89dd","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":186,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"bfad437d-5844-4003-aaca-2d29639db863","block_type":"box","text":"MIG Scale","page_number":186,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"dc55348e-c961-43ef-b5d7-fbdda441bca2","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":269,"width":802,"height":11}},{"id":"843598b1-7999-4523-91e5-52f16364bcf8","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":284,"width":703,"height":11}},{"id":"743a30c3-d374-4ad7-9927-124fe34a2e6c","block_type":"box","text":"refinancing.","page_number":186,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"f8553546-80db-4bbb-b748-5b7d0a86adda","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":319,"width":809,"height":12}},{"id":"1ace2f2f-6468-4f64-b4b2-f48da2bded74","block_type":"box","text":"large as in the preceding group.","page_number":186,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"c198852f-55d4-4282-9380-35b87bc6ad46","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":355,"width":785,"height":11}},{"id":"d6765085-c3a3-45e8-b86a-e7c02e98833c","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":186,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"a8627d41-5746-43b2-8dac-ce37aa5ce418","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":390,"width":813,"height":11}},{"id":"5263d666-87a0-4f28-8b6a-ce4379ffb9c8","block_type":"box","text":"lack sufficient margins of protection.","page_number":186,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"f06cdfce-0089-4e2b-a9c0-a599439ecb48","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":186,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"5e5abef2-3309-4e83-80da-0bf4f21d90e2","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":455,"width":804,"height":12}},{"id":"0b5a9283-8861-4639-a748-bcabae4aea49","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":186,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"23b40f73-0b29-4bbf-aa58-be23bc6ab49c","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":186,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"dec2c364-9409-469f-ae5f-74987047220a","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":186,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"ffe1f034-6f23-453e-92d0-d916f588f4a6","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":186,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"d81ef53c-6673-44b4-8a65-284fc3940b6c","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":186,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"2ef8af0f-264b-4635-8cae-d4c9621d8a3e","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":186,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"88260195-1605-4b25-9b0e-b2c5fac80fc0","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":186,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"8a9b5a88-8611-4bc2-8739-3271adba6523","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":186,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"a72c669b-fa00-406d-897c-ecc93880347d","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":599,"width":807,"height":11}},{"id":"49e1ec22-43a8-4b3b-8123-0d94ea26b498","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":614,"width":833,"height":11}},{"id":"c6f78a63-1964-4c92-ac90-afcb32a743f8","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":629,"width":635,"height":11}},{"id":"a966240e-dc0b-4115-a642-a5be6c016d75","block_type":"box","text":"VMIG Scale","page_number":186,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"d2651c46-4072-4a66-b0f0-06008d3dcbf1","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":680,"width":808,"height":11}},{"id":"9a678ce3-dfd0-4906-b17e-067f58644fbd","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":186,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"e6699117-a7dc-4db4-be3b-2f070a941637","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":186,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"61d74fd1-a696-4af1-be8d-d2232629dbdf","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":730,"width":834,"height":11}},{"id":"5e4b445e-10e4-4eba-ba7d-061fb1a65571","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":186,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"ac059508-5fc4-4bc0-b125-cbfd5c165289","block_type":"box","text":"payment of purchase price upon demand.","page_number":186,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"7bc50120-4418-446f-a531-d9247fda0d8c","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":780,"width":768,"height":12}},{"id":"70db8077-113e-4e45-b756-00ef28cd8891","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":795,"width":697,"height":12}},{"id":"2b2b3925-b04a-4c43-81e2-0196983b1492","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":186,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"986b3a0c-cf00-4b71-bff9-72ac3010f1d8","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":831,"width":820,"height":11}},{"id":"d061cd56-0930-4ce5-9730-b223504701d2","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":846,"width":711,"height":11}},{"id":"3f3816c0-4992-452d-8b54-c30070e1e247","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":186,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"b4f148d6-7435-4e7a-a627-03116b07da5c","block_type":"box","text":"price upon demand.","page_number":186,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"137de385-2d6d-482c-ad9a-0f556692705c","block_type":"box","text":"A-3","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ed04aa2e-f1eb-40b3-b984-01429bec55cc","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59028e1a-4716-42ea-9777-7088b05b1b98","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":"aa31d63b-8d42-45f4-b4b7-543bc45a5326","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":"1a801e9c-978a-436a-afcf-de51ab329732","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":"015672a6-e7a3-4a20-903e-bab5fc2f93f8","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":"5743be9c-894f-4b86-93a0-029bb62e8f10","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":"6e8b26c1-b52e-4008-984b-31546b902feb","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":"847acd74-b993-47ad-a61d-64fdd5117964","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":"925fc099-485c-4ec7-84c1-431631236903","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":"b1d16886-3eb6-460d-8078-3b3003d85cd4","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":"08090713-4593-40fb-a35f-a423a2768704","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":"a948fa82-daa8-4180-9ea3-eb52401cda33","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":"400fddbb-3014-41bd-aa6a-51ed88ca1f55","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":"b96ecbe4-f130-4d98-a9af-4be8c1377829","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":"3cade217-61dd-41c7-97ad-bf04b374ad2d","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":187,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"9f062d7a-20f5-4dc6-819d-c9e2748cca59","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":"242383c0-4fc5-4ae2-bd82-252275467065","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"e5869650-a56b-4639-8d19-fd8a2dfbade7","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":"7b14da1e-15e9-4daf-a950-79968fb4f45e","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":"f9e361f0-291a-46b2-930e-70c69c54c26c","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"8f34f6e1-bbb6-4585-8126-da8c21ac172d","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":"d809d3ea-f173-4f37-9415-0fd4c74ceb91","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"a5272440-bf57-4bbb-b731-1032ef32485c","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":"54cfa452-baac-4825-9036-7c365823bcc8","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":"06807426-32ee-4e1d-8bc2-64c0712b2673","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":"1b18e28f-3a12-4567-b376-832243e0b021","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":"90befcfa-2494-46ac-a541-a437a7422e1c","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":"5a001f98-3fef-4644-9758-42112184eda8","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":"27e2decb-74d4-4fde-b256-af7a462e4b8e","block_type":"box","text":"obligations.)","page_number":187,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"c5db39af-3f57-476f-9899-882a293cef68","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":187,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"c4d4a04b-734c-40af-bacb-d8bb41eb9e6f","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":"d990cb93-1c14-4fc0-a0a1-1ae152fa62a5","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":"9f108f71-a2c0-499d-b010-95a453db056d","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":"9edae924-14f6-4fa2-9bd0-f62afc8d4a17","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":"26ad4689-b998-4653-ac37-72f55840fb82","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":"59ea52b4-95fc-4b53-971d-677b211fdc94","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":"0212c543-eda2-4ddf-833e-8ba84cd37079","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":"8616aed1-bb6a-4d7d-8e3d-324429d755e5","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":"a66c020b-7110-46b8-a823-05e24f9d7ce0","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":"c060184d-5375-407e-8f33-8c6c4dab2c2d","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"67aecc9d-c261-4c52-b729-8d65395e7415","block_type":"box","text":"BB,","page_number":187,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"2c232a3b-4e6b-4df7-a6b7-35092c736780","block_type":"box","text":"B,","page_number":187,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"03d6b520-cb84-4e2a-a7ac-759e275eb89d","block_type":"box","text":"CCC,","page_number":187,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"5b06aae7-e02b-4bfe-894a-24374447a6ed","block_type":"box","text":"CC,","page_number":187,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"aef44e14-3cb0-4b6c-9364-ac7417463dd3","block_type":"box","text":"and C","page_number":187,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"440f5a9a-0302-404b-9bd2-3c4c0ab15bef","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":"c9da2653-33b1-4636-b836-63f2c7763848","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":"0bdeed8d-7b60-4476-8502-0a3297af4a50","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":"6cb99c7f-1c68-4f40-a476-e94ff6d9007f","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":"a3dc255d-7035-4c4d-8619-67e5fba5914b","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":"09ad7993-8daa-4668-be61-082530f9edfd","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":"dc4558c6-d65d-4168-b435-4fc8fc4eb72d","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":"d9cf6287-e60f-4460-a5b4-a073b8c2b848","block_type":"box","text":"on the obligation.","page_number":187,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"c41df6e1-8559-4e93-8078-272b9f9ab849","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":"a2c28f89-70a5-42e2-8c6a-81471313cb28","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":"829a1904-7395-4247-b3cc-acf1580ec5db","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":"484d651b-a813-4bae-b724-ef9de67cbdef","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"af852764-60b7-4f58-90ce-5848d819c548","block_type":"box","text":"A-4","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"e4f105b9-fe88-4e5b-8938-5b66b4a2b5de","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"542cc17a-075c-4fb9-a693-aef37bfd2f1c","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":"f00b7b09-303c-42a5-bdb1-bbfdb9447802","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":"e9bf69e1-e98f-437d-ae57-9b4dcc3e43d7","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":"50f4bf01-64bb-4d88-8ce2-70d00c056814","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":"28f20d3a-e874-4783-9ec3-85d2c08d70a8","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":"09b31041-0775-49b3-bcb7-443d20c7db28","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":"5c5b418d-e998-40e4-8162-6bf5840e2b0d","block_type":"box","text":"anticipated time to default.","page_number":188,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"93e077d3-da07-4e27-b0a3-7b812816d3a7","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":"7b89227a-d1ed-4c5c-b91e-2d0b8e95f04b","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":"2c4addf5-972f-4e21-8372-26bf39ed193a","block_type":"box","text":"higher.","page_number":188,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"0d2c4a0b-b945-4863-b789-bf043c6bd51b","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":"6add9677-a805-4354-ad0b-29688bc91bae","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":"0c16c67d-a0ee-43fe-bf15-42015e855132","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":"8f9e4187-1b9b-4b06-b4ce-c8fc32eb82af","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":"de7b3862-45f9-4cae-9fd3-2e264a7c67d3","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":"6867d8e3-c9a2-4f24-9a35-531c3c9258fd","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":"bbadbca2-c024-4936-bb2c-29a3ab45458b","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":"6b33ca1f-fb7b-4c30-88a2-a504e57ac628","block_type":"box","text":"restructuring.","page_number":188,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"0ca7322a-b8eb-44b3-b587-013533bdda2f","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":"b06a9f35-49a5-4885-9139-2c7dad692de9","block_type":"box","text":"standing within the rating categories.","page_number":188,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"60342e7e-dba9-4ad9-abba-b07491eaf09b","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":188,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"b3fbe0a2-67dc-4c69-9bcf-906d4c7baf00","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":"43eeffd5-1142-45a1-962c-855a1b1fb05b","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":"94e52932-dcd6-4212-a0bb-b838362bb2ff","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":"1c6081e7-189c-4677-a806-8abb22778bdf","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":188,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"c77864d9-bc27-447d-80af-aa5a884fa10c","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":"27686234-759a-45eb-ab70-fff77ba36ed7","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":"0d4bbde8-a6fb-4188-beb8-ed8d1e06cdae","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":"a6d7dd5b-0873-4d8a-96ef-8c3bf5c675ad","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":"0aa48e59-93b2-4fdc-816f-67e6459b4b64","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":"19e7a2ad-5c59-4c14-ad23-aecc6f12ebe9","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"5a79eebf-b865-4456-9a1a-42f6e6a2fdab","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":"c78290df-dc4e-489c-91be-ee1d0b34c310","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":"67c31009-9ebe-4099-91a1-82e6ac5648de","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":"4b35f4ee-ff28-4f52-89b7-86ff62569f97","block_type":"box","text":"financial commitments.","page_number":188,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"cdf25144-abf0-4fdd-af1d-9e6b74bbd7fa","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":"dcf569fe-95a6-40f3-ab09-216f41841261","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":"abbf2349-0bab-4669-b9cb-c7f5787d7545","block_type":"box","text":"commitments on the obligation.","page_number":188,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"1461a452-665b-4b10-b378-50422743ef6a","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":"8e842b18-c994-4412-97d9-923a9bf170e1","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":"76f9b633-b16f-4e14-8646-e877d0d7ac71","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":"96ff9386-7482-408e-a65f-b64ab1ca76a0","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":"d780db01-a813-461b-bd0a-24136334b6ef","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":"db91fc5e-dc72-4b2f-b21f-9eb05bad5255","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":"f8015e40-bf79-43e5-baf3-e58ee5819b71","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":"446be704-8a13-4fb4-9797-a0df4ab34cf9","block_type":"box","text":"debt restructuring.","page_number":188,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"43b3282d-8ab6-4d25-a0cb-f7eeddf6f19d","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":"f8596eda-d6c9-470d-8eda-9e7a9f55f9de","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":"91e856ca-0a7e-4cfc-9af3-03a02cc2ceff","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":"a022a4ac-31f9-462e-a80f-896adfa61a74","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":"f1019cc2-85ac-4488-aa3d-8831962ab661","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":"5ff13cda-b936-4bd6-ad50-9e193f5bbced","block_type":"box","text":"A-5","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"690ce927-8e02-4fdd-94ac-c6b31cbb4568","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8f0220e-f8bf-482b-8d70-ce84c73e6aed","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"86786e9c-01bc-426c-8476-8e5fcc8f053e","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":"71862147-7fd0-470a-919e-33bc40a7113d","block_type":"box","text":"as a note; and","page_number":189,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"51440c4f-4f25-4e38-8024-e17afb952d75","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"462f0715-14f3-45eb-bd1c-6154459424c6","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":"fe5830f6-407e-47d5-9375-6ac34c270a7b","block_type":"box","text":"treated as a note.","page_number":189,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"8f583dfe-4488-4dbc-822e-8cb111b09817","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":"976c3da9-0a97-4489-acf5-fa87d296a4ca","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":"07c00f9c-087d-45c6-9bab-3a206937ce6c","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":"9a1fa1b2-8642-4202-9510-2255fea8a9d7","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":"af8d3b0c-3c84-4b58-977c-73d9691298a1","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":"e342ce21-9219-4959-a2ce-030ac0305fe4","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":"7ba4e0d6-bcc8-4331-9ace-f420c143d291","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":"51a147a7-894a-44f9-b5c6-e1651ce906fd","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":"45a62820-3c54-47e0-bef1-668f0e0246ad","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":"711da682-8487-49f8-97ad-a1590fadb4c0","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":189,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"c30b58fd-80df-4745-a417-5ac619b4f224","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":189,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"9a4509a7-f16b-4ad6-b969-b5a03d78ea50","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":189,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"e5e8d68d-4cbe-4b2c-b6cb-7ad36d9c435f","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":189,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"5d7eaca1-9a45-4935-9a9a-4327a4a4ad55","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":189,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"e34dc22b-641a-4b7e-b97b-d6777acb94ce","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":189,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"96f6e6ec-4169-4830-ad6b-393579e2f83f","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":400,"width":747,"height":11}},{"id":"51096f82-0ad0-437e-96e2-8cebfc41260d","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":415,"width":782,"height":11}},{"id":"e218a80b-211a-4281-815e-bf41cb8efd52","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":430,"width":793,"height":11}},{"id":"e5fc5089-8992-4c07-9ee2-31a482ab4d59","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":445,"width":761,"height":12}},{"id":"62f618e1-917e-4de1-bcae-01b88fd27d36","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":460,"width":766,"height":12}},{"id":"301649e0-6386-440d-999a-fd4395ef49c6","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":475,"width":827,"height":12}},{"id":"a456667d-5fd4-44ac-8e50-ed640f826b70","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":491,"width":779,"height":11}},{"id":"5856484f-ff04-4ff0-b948-2d594dcb90e0","block_type":"box","text":"receivables or other financial assets.","page_number":189,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"c3507e03-d0cf-4ab7-b972-eed17ab57a7b","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":529,"width":794,"height":11}},{"id":"736a7466-ff0d-4e31-9120-efc3d46ced9d","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":544,"width":826,"height":11}},{"id":"dce41754-52c6-427b-93e7-3284435a3e31","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":559,"width":800,"height":11}},{"id":"dc0e8abe-56e8-42bf-9600-c44c12982438","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":574,"width":832,"height":11}},{"id":"b6137492-6a24-4251-a349-8e834791ebca","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":589,"width":793,"height":11}},{"id":"fe0f1b81-20c3-46d7-b1ed-36889f72a5ce","block_type":"box","text":"occurred.","page_number":189,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"ef8ecbf2-fb95-4c47-8cb7-04719997fe09","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":189,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"9afc0df6-8616-4823-a32d-c996283b01bb","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":189,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"59591450-03fb-46d7-9ef0-375dd74cbf35","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":664,"width":797,"height":12}},{"id":"dc220129-9ba8-4c1f-8296-f83e7fe6966d","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":189,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"888c8684-4ce5-47a0-af4d-a3819a00eccf","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":189,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"f6242992-83a7-435e-b9e6-8048753e2586","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":189,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"538bb5c0-06ce-4336-ba49-0cbf1fc28519","block_type":"box","text":"rates.","page_number":189,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"7058c8aa-dde2-49a4-a4cb-975892744b56","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":748,"width":798,"height":11}},{"id":"32adef7b-339c-4ddd-b1de-bddab86af699","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":763,"width":780,"height":11}},{"id":"b6b874b8-b26d-4601-8ac6-744594171334","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":778,"width":821,"height":11}},{"id":"da7ee64d-7793-490e-b3f3-7b1692bf2269","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":793,"width":531,"height":11}},{"id":"33b6c530-15ca-4277-b7b5-5e1d693a4ee8","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":816,"width":801,"height":11}},{"id":"9f793dc9-cbf3-406b-b269-ad31c55ec311","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":831,"width":639,"height":11}},{"id":"2e1a4653-eb0e-462a-9e4d-2806a59fb3a5","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":853,"width":799,"height":12}},{"id":"d68d2cf6-da94-46d1-8245-e12d94cf2db1","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":869,"width":794,"height":11}},{"id":"757e48a0-deee-4b6c-8023-9d2b7b67238c","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":189,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"45163c3d-4f46-45b5-8b92-58fa15025547","block_type":"box","text":"i.e.","page_number":189,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"6870e941-81f4-44ec-bf27-c088e6a5a730","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":189,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"8fff59e7-211f-49a7-909e-3c8f607ece22","block_type":"box","text":"the obligation’s documentation).","page_number":189,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"5c1cd18f-df94-4d1f-befb-2037d8194bd4","block_type":"box","text":"A-6","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"c1a04bc5-aa22-4e2e-b5a2-6927d91dc27b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24e8c3a2-5973-4391-a197-350d802b6262","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":"f7c101b8-9d91-4ad3-b2cd-e2d8a0b5d0b6","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":"65ecf728-f2bc-4f42-997c-fa34ec4a3165","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":"5463f0c5-67ee-4f68-8851-d38fbff62a7e","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":"eee07253-9790-4e16-9b89-388818c3ebbe","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":"eaf60546-201e-4fb0-a19d-d5bbac213920","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":"d115d393-4682-4661-8aec-f91bd3afd0eb","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":"40be70a7-1a51-4ef5-8d25-703ed2a2a25e","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":190,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"d9d5ad98-2d7e-4392-b9fd-c701e5d00b1a","block_type":"box","text":"e.g.","page_number":190,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"b95a71ca-505e-42e1-8a69-4175ecba1ed7","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":"ebcc33da-fe5b-4ae6-bbeb-0e54b027ee4c","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":"9d823525-5c55-4572-8006-a6de23e31135","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":"a8bc943a-6d24-484a-82e9-913af31565d2","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":"d14f6e7e-3a40-4795-9552-cf13f941171a","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":"6c9b89cc-e61b-4d8a-9da5-b871908b11fe","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":"0bdd5779-f45d-44a5-9a20-cefb6fbbfc10","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":"579eae78-ba65-4537-b010-73204ac78478","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":"ec86d571-2b7e-4904-b138-56013571d3b8","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":"fd9a0cdf-5487-4249-a721-4e00df118d34","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":"d61d7b40-6863-4a27-9965-424d5d8108bc","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":"841858be-231c-41d6-9da5-4f826be09666","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":"c2b0113c-88af-4660-88ed-4768cbb54ce3","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":"6ff3638a-ca64-4b3e-9822-b6cc0adbb7f4","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":"c44ac8c1-9d42-4c5c-819f-d7a75db4aab1","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":"8f3b68ff-79f5-43e2-9309-3647b03e83f1","block_type":"box","text":"Ratings.","page_number":190,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"df919976-1e65-43bb-82a6-e3c192714621","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":"29a1c247-98d9-49ba-bc42-8806289aca51","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":"8157c0f0-9221-4a60-b081-1ccb5b384bc5","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":"f0bcbd41-e8a7-4c70-8bb3-73ecc9179830","block_type":"box","text":"obligation ratings.","page_number":190,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"3ed8f017-3fb4-44ad-93ff-297dd4cc24cf","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":"c5e98cea-6ec0-4ab9-9020-c8ef156d3a2b","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":190,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"d13eccce-e2a4-41ce-adb8-274a505550a5","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":190,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"2b0e06ed-524c-4c19-b796-c316b088c77d","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":190,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"114423ca-0274-4258-ad51-bd1304f3d476","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":190,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"71c01d80-b359-4968-a0c1-2be59633652b","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":"f8c1075c-d2dd-4f56-a775-be6b1c18121a","block_type":"box","text":"to foreseeable events.","page_number":190,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"c209ec96-a228-437e-b893-1d65bf2a15c2","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":190,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"3dfc3ff0-d1ad-4e16-b42a-143bbb32a071","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":"1bdb6d48-2862-47d2-bcc1-975c2a7ef63d","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":"c8a3b13b-58bf-4a00-8988-bdaba2053445","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":190,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"0ab0f977-c4c3-410a-bd80-e26a713cac46","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":"d07323b5-5917-47d3-a84c-97fff7cfdad6","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":"397d063f-9f34-4df6-bad1-3a7a09a809cf","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":190,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"9d2a2bce-7294-4660-bb78-1c2ac3bec8df","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":"92a3b07d-2508-46ab-86a3-e7789b079a9f","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":190,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"ac263980-f74c-458f-8aac-aad86779bd66","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":190,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"79744578-01cb-40c0-8fbb-ff0266ecc024","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":190,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"67f5f118-c853-4a2d-bdce-be0ca45beb69","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":190,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"b33b6f1f-558d-4873-bcfc-258a364a2efb","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":190,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"619fd52a-9742-4eae-a201-a88926400168","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":190,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"9cda6597-1525-41dc-ad57-863df92f531e","block_type":"box","text":"relative status within major rating categories.","page_number":190,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"9f499076-9cae-466f-a853-0a4cdaeb2670","block_type":"box","text":"A-7","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7eab2292-11e2-49bb-aa8e-fcc244751bb6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1e04983-6b03-42f4-aec6-16dbff6ed407","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":45,"width":761,"height":11}},{"id":"9249287e-7196-4072-8812-07098deb6e09","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":60,"width":813,"height":11}},{"id":"b2592574-8e02-40dd-b3e6-5f04d661cc78","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":191,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"16594e3f-7dee-44d7-81f2-7185e158c561","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":191,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"e87b610c-023f-477b-bf78-2e34457416a2","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":128,"width":806,"height":11}},{"id":"b4ad7e0e-2a87-4d65-867c-125da569c498","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":143,"width":817,"height":11}},{"id":"18746cb3-03d8-418f-8d93-21475893fad3","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":158,"width":822,"height":11}},{"id":"338b62bd-d72e-4a4d-9100-d21cfcadc239","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. 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Statements","page_number":192,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"a1832cf4-c76e-4ffc-8b40-6eaebc494c03","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":"79e58c2f-e45e-46d7-a501-b70c5512a699","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":"b32ca34b-4f10-4df1-849f-cc7e2c82174a","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":"d0ec92f0-5b0f-48ae-bf04-ad404b02ac31","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":"f0f638f8-1c76-4978-b4b5-6429d9c3bf5c","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":"099ffdc8-3e2b-45ca-a1a5-0509fb7d2951","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":"363ff1c1-d08e-4ee8-bdf8-c9b6ba93ac9e","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":"9f067b2b-0214-45f2-9219-331d73a52282","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":192,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"a5507272-e0a5-453f-9e46-234d4f00bed8","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":"b1a8929d-1d04-4fd9-bd7d-70b5c298b0c9","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":"4cec18e4-6d79-4c6d-b547-d6202f884c3e","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":"a1b42d56-2b4a-485a-9a7e-629569a13bf7","block_type":"box","text":"Conflicts Management","page_number":192,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"f54b34fb-f510-4bec-aa8c-55c56fe6efbe","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":"77807a62-be31-4d02-9942-1f9a72842abf","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":"4e8cc311-92b9-4791-a90d-96388bb978bd","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":"0fb8dab1-25f4-4328-a0ed-38dabc4c1a2e","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":"143da0c0-19f2-4581-b035-8e20880e1006","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":"c934afb7-85e6-41dc-abb7-a25cf33cfe55","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":"06c8c7cd-72cc-4dc1-bb34-deb41639c802","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":192,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"772e725c-28aa-4227-8add-45631886e960","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":"8fb446e0-1ab1-4688-9485-ca46b266cf7d","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":"ca40527d-bc38-4893-a83c-7c67e895be73","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":"34ee40fb-7606-4087-8574-008ec817fd5a","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":"0b656b1f-cc8a-4c03-94e7-1375449fc2ea","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":"3cdbbde7-1484-4542-8387-565305041985","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":"ae62ec9f-f768-4954-bbc6-1cbc8e508a41","block_type":"box","text":"connection with proxy voting.","page_number":192,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"e63828ab-807e-43dd-8512-f28e08fd3d58","block_type":"box","text":"Reports to the Board","page_number":192,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"73c236dc-2a3d-4c5a-82db-d5e8da30a192","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":"fb2ae08c-f33d-4450-8888-8a84c1928863","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":"bb6803a4-8d28-4c6b-85fc-ccfeea800153","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":"fd48c693-6695-4510-96a9-54bbf41cee60","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":"59fe120f-e2df-42b6-9491-675ba97a1dbd","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":"8b849a09-6456-43a2-abc0-64b203a193f3","block_type":"box","text":"BlackRock","page_number":192,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"c17a53cf-be9f-40d8-8cb1-3422931552d3","block_type":"box","text":"Public Page 1 of 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. . . . . . . . 10","page_number":195,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"c7ed2022-c52b-4e42-acac-3d306ddebc03","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":195,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"d3b77481-9764-40c1-960c-44d3572dc6cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":195,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"23f66165-136d-4893-9ca4-fd98af924d67","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":195,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"f969718a-ba31-48a3-bc90-aa43e480799b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":195,"box":{"x":283,"y":281,"width":621,"height":9}},{"id":"fddababa-d57b-47b0-bce4-ac12969ec6a0","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":195,"box":{"x":74,"y":297,"width":259,"height":9}},{"id":"73cdb87a-166d-4d2a-bec5-ed2d45841314","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":195,"box":{"x":340,"y":297,"width":564,"height":9}},{"id":"bd15709a-5b2c-49fa-8e58-0f02545e94fb","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":195,"box":{"x":73,"y":314,"width":522,"height":10}},{"id":"c67cede3-9b13-46f3-a511-35ffb6839a68","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":195,"box":{"x":601,"y":314,"width":303,"height":9}},{"id":"cef19561-0435-4341-848d-1fd43d95d539","block_type":"box","text":"KEY STAKEHOLDERS","page_number":195,"box":{"x":74,"y":330,"width":151,"height":9}},{"id":"01bbcf1e-e473-4377-b4d5-48870b449165","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":195,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"3e2b5ae1-bf28-4baf-bb2b-f61453cffc81","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":195,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"ef1db2ce-b84a-48c0-9096-362e47f49574","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":195,"box":{"x":528,"y":346,"width":376,"height":9}},{"id":"2e3eb221-8484-4bfa-9fb8-27782615d4ef","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":195,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"b53de792-1bbf-4d7e-b9ed-7631b62f6a36","block_type":"box","text":". 15","page_number":195,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"735320fd-49a5-47f5-b0cc-58eb34ee35c2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":195,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cf41bdfe-9018-4ae5-b093-e69ae7a30be1","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c4585502-94be-41ba-bbc7-b2b84792d89d","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32a74143-e929-4702-a722-1a793577690f","block_type":"box","text":"OVERVIEW","page_number":196,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"a33dbb1b-c980-42db-9966-7bc6a42eaf42","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":"b410583c-f35a-4b44-b625-1e334005ceb7","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":"6b99dd59-b2aa-4c15-8f84-e80cd85f1608","block_type":"box","text":"issuers. BAIS works in par tnership with BlackRock’s investment teams, excluding index equity, providing exper tise on","page_number":196,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"dc5f67e8-5999-4c8b-9520-3ff988a4a23e","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":196,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"b014f097-0cfb-4ff9-9c26-5302b8d5a73b","block_type":"box","text":"recommending, operationalizing and repor ting on voting decisions. The guidance informs BAIS’ voting","page_number":196,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"dd405501-a962-4872-b52e-592a8e800131","block_type":"box","text":"recommendations to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s","page_number":196,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"f83ebd11-3feb-47a4-a0e4-b06f866e4ee7","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":196,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"04b2382b-5f42-4dfa-b075-17a500dfa836","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":196,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"f24b57c5-1ae2-43f1-82c9-1ab4364c0d9b","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active por tfolio managers have discretion as to how they","page_number":196,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"0e20cb29-1e8d-4d96-b5e8-9e23ca690e15","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":196,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"faa381ee-387e-4905-8d5e-f9ac5e81a406","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":196,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"aa96f41f-3a75-42b8-95fd-b7335d87f529","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":196,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"659bbf2f-916a-42f1-a6cc-d932953ebc32","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"59f0a1e4-e9a1-458f-ac65-9d16f25ccda3","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"7a7f4eb3-a0f7-4edc-bda8-8c68677cb4f4","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c8f068e-b7e0-4b30-a1c7-f318b0d1ea0c","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":197,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"fede5a18-6356-453e-b32a-05126a43828e","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":197,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"708f08cf-c5f0-4b3f-a76d-c25bf46784c6","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":197,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"1bd29ddd-e853-41c8-b63d-55992403cecd","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":197,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"c577a603-f24f-4251-b8c3-a252da18fab3","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":197,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"2b9d9d98-92d9-4b89-8263-e414a0c28358","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":197,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"ddb9ffee-d222-46a7-b507-05c4098a61f4","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":157,"width":804,"height":11}},{"id":"6ce759dd-23a6-4a8b-8723-56dc466155cf","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":172,"width":826,"height":11}},{"id":"1680fa94-4273-4da7-8624-fc8494a898cc","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":187,"width":783,"height":11}},{"id":"eb84e8cc-282f-4f6a-96e8-1994316b3f7f","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":202,"width":834,"height":11}},{"id":"bb0ddd2f-de39-4e46-93b8-b18bdd0a9e55","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":216,"width":779,"height":12}},{"id":"f4e65223-8454-4dc6-aae7-5009f0461869","block_type":"box","text":"shareholder meetings.","page_number":197,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"99a0614c-28a8-491c-a219-4189f7ac7054","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":250,"width":789,"height":11}},{"id":"37b049a9-9f14-4034-8a59-e6bc5148f059","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":197,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"9a099cbe-f2b8-4a1b-a8a2-c80cde77fcf3","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk adjusted financial returns. Generally, por tfolio managers and","page_number":197,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"8aff3ae4-4c00-4b0a-aad6-edeb10bd90b3","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":197,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"f1897e9a-d3c5-4685-8ef5-7ff8c01a6ad0","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":197,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"ae8865ab-e42b-46f8-be54-0afec3497dce","block_type":"box","text":"per formance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":197,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"b84792c8-e670-4629-b1e9-705c14812b72","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally suppor tive of management teams that have a track","page_number":197,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"c60daf29-aa41-4308-b712-21b1ef6e514b","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":197,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"4bc2f032-1b9d-4dda-a5e1-b318399dd6c8","block_type":"box","text":"on open dialogue and mutual respect.","page_number":197,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"cccfdd15-1d92-4501-a5ef-f4ef1994705b","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":387,"width":780,"height":12}},{"id":"42c8a94d-807e-401c-b5dd-a4668410dcef","block_type":"box","text":"the por tfolio manager has to make independent voting decisions aligned with their por tfolio objectives and","page_number":197,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"f705ad91-4626-4031-9e36-36db2c8b737c","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity por tfolios in","page_number":197,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"57966e2f-080e-44a5-8d33-9a57ce07bbc1","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity por tfolio managers,","page_number":197,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"fb3a3fc0-738b-4a47-910d-8a95d5b43384","block_type":"box","text":"who may determine to vote differently based on their por tfolio investment objectives and strategy.","page_number":197,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"3ff44617-2d0b-4082-ac16-bd419af4effb","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":197,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"d23dbd28-8421-442c-9254-65327c61d623","block_type":"box","text":"board directors","page_number":197,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"1b196735-533f-46f0-8554-f5c251ccf262","block_type":"box","text":"1","page_number":197,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"a69bf9c1-64e2-43ff-9c09-0ac3a79c69af","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":197,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"e410d596-8c0b-449b-a916-9698d5d628f8","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":197,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"69cd4c72-477b-4c41-a1c7-cfbb14a5d75d","block_type":"box","text":"governance that suppor t a company’s ability to manage material risks and oppor tunities and deliver financial returns","page_number":197,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"0027e1b2-aa28-45d5-ac38-3ab8a263f415","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":197,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"b484936d-12ee-4e58-9c3b-8f5822f05fc0","block_type":"box","text":"markets or, par ticularly in markets without well-established norms, aspire to widely recognized international best","page_number":197,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"5a438c00-c11b-483b-b8ac-83ecc4b25049","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":197,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"f3deaecf-a306-4821-93f6-40096333aeae","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":197,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"f6a6e45e-4117-4d7c-a054-1a3474747c5d","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":197,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"00ead794-9850-4e6c-afe2-20b6623a2f2d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":197,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"1c3e53ae-0292-414f-83ab-297fb4500469","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have cer tain fundamental rights, including the right to","page_number":197,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"20a04283-cd00-4789-a2d5-b57f40252e74","block_type":"box","text":"vote on proposals put for th by a company’s management or its shareholders. The voting rights attached to these","page_number":197,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"7c967362-7031-4310-959d-be185edd2a30","block_type":"box","text":"clients’ holdings are an impor tant mechanism for investors to express suppor t for, or concern about, a company’s","page_number":197,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"f60a18bb-a3fe-48f7-a159-7fc036e477d5","block_type":"box","text":"per formance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":197,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"7b94d8cc-76b4-4146-ae2f-325d705fda4a","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":197,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"85b5c140-d39b-466f-a012-71969b926b62","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":197,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"c4baa6bf-ccbb-4fc9-bf36-fdf51fba7faa","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":197,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"cd484412-2a02-4b69-9302-aa1b3474351a","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":197,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"43f7be4f-c6b4-44bc-9f93-8013b1aed4cb","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":197,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"445a4172-d7c6-4d74-8a4d-2dc69a73c4f1","block_type":"box","text":"a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":197,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"c855725c-63fd-457a-a57c-b1f8c1ed8ee8","block_type":"box","text":"Please see page 16 for more information about how we fulfil and oversee BlackRock’s non-index equity investment","page_number":197,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"cdd4b5d9-076b-4a3a-a590-58b502b04e61","block_type":"box","text":"stewardship responsibilities.","page_number":197,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"ba0a067c-66f4-410b-8f75-3bbed647fd2a","block_type":"box","text":"1","page_number":197,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"e34270eb-4461-4182-b7b7-e07baea9e201","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":830,"width":801,"height":11}},{"id":"4687c612-88a6-41bb-9b7a-612710ac6e7f","block_type":"box","text":"boards and their members, where relevant.","page_number":197,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"93242c2b-5079-441d-b649-c9b8a4c6f0a8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0eab2d9d-bbf3-4127-9476-4a2e706171b2","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ab90728b-6ea8-451f-835a-31a929127182","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"692a2c48-04aa-4a0b-84c4-9f1086298f4c","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":198,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"6670825e-54e9-44b2-81f4-fe8a39125b40","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":63,"width":788,"height":12}},{"id":"8b441ba7-6dea-4c48-938b-ab5ae23c38d5","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly those with sustainability objectives in","page_number":198,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"41f8eb55-1fad-4f61-9770-b99709a3d088","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":93,"width":801,"height":12}},{"id":"c8eff46d-4dcf-4814-a46d-b93082db36ea","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":108,"width":824,"height":11}},{"id":"12b693e7-a88b-4014-88b4-e16ef9f3fcc3","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":198,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"cee23826-50d9-444d-a8c4-87f5d2a976c5","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":198,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"4a07237d-5da9-40b5-9506-fd9b4cb22905","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e0aaa306-2a47-41b8-8cde-d1aa6cb6838c","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1acb100e-ac8b-4a66-8aee-cdd80aefc007","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0fce18a-f9d7-4290-8bce-64c8bcd8a636","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":199,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"6dffe681-cc24-4126-892a-528a2e343ff5","block_type":"box","text":"Roles and responsibilities","page_number":199,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"31dc9346-68ce-4ce4-af1c-92bfcca8227c","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":"8ed19c25-18be-4018-9aea-ae9009e55c7d","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":"b835d407-d968-454d-9f40-5a28916321e6","block_type":"box","text":"2","page_number":199,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"e0dd6912-2e46-44a5-9455-ae21df71d254","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":760,"height":12}},{"id":"3f89beb9-71a8-4516-b307-ce51e4b98e8f","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":"e1845fab-ba38-47cb-8b71-2042416dda27","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":"1ba13c61-3553-4b17-8d6e-a5586469b052","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":"fe6d3a4d-b56b-47a1-bd51-f226653bc313","block_type":"box","text":"per formance over time.","page_number":199,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"d7733dcd-5bb9-4028-8fff-b781df41fea3","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":199,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"03a2def9-f9f5-446e-8c38-0b5f6cd66116","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":199,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"a00371e5-db88-42ed-addb-285aa532eb56","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":"0ca6c5ae-7b93-412c-9995-11e2e675c0b7","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the per formance of the CEO and","page_number":199,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"baec263b-3b89-4862-bb62-f9daf6a965e5","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":199,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"4acfd1a4-dd93-4e32-a744-2d289d3f5571","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":199,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"cb48c360-753c-40f7-9880-36d9f9f01913","block_type":"box","text":"Composition and effectiveness","page_number":199,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"a4c831b6-5a5f-4f00-8e22-a36a3a9b23e2","block_type":"box","text":"Appointment process","page_number":199,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"587902e0-ace2-4e8d-80c2-59f590b76bec","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":"3c0e599e-d6a8-4979-a31a-d386339e77ab","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee","page_number":199,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"b75fa895-f21b-49a9-901a-45a31390ea50","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":199,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"bc2575c6-3670-49a0-b71a-aa3d995ffbf1","block_type":"box","text":"e.g.","page_number":199,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"87aa4db1-3149-4ceb-88fc-efbff7a9acbb","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":199,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"3d80b9fd-0724-4b59-bff2-2638f019d6aa","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":199,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"c44b375d-4baa-432c-8da9-c8f79facc80d","block_type":"box","text":"e.g.","page_number":199,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"6ba96088-084c-4fcf-9729-0699b9268053","block_type":"box","text":", financial exper tise, industry track record). To inform the","page_number":199,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"3c9d047a-3778-4292-929d-3805a106c62a","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":199,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"5345172b-5020-45d2-abc1-3c74b9b95694","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":199,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"321a79aa-9159-4f87-86e7-d3eb88fd9157","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":199,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"7bc4c82f-ccca-434f-bff8-e1adcf81a2ee","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":199,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"e4c4852a-95c0-4abe-952d-c50f2520a28c","block_type":"box","text":"market requirements.","page_number":199,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"04c30b7a-14f0-45fc-81e8-150aece83d07","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":199,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"231ea3e1-d50f-4c25-ad97-001e101c1b6c","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":199,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"55515c28-a072-485d-9291-679c07935b6d","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":199,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"6082d8ed-e809-4788-a080-42281df6f5a6","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to suppor t strong financial","page_number":199,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"387d5cc8-4297-4247-bceb-02aec0bcc95b","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":532,"width":808,"height":12}},{"id":"07e9cbff-3831-4486-b636-126e7be31843","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":199,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"55e4133c-5ec6-4ccd-a9bb-8bc1321c5e99","block_type":"box","text":"Independence","page_number":199,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"9e0333be-ffc5-47e4-805b-b19f64075c33","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":199,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"56445af5-19d7-4bfc-883d-0909e61049d0","block_type":"box","text":"e.g.","page_number":199,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"a1e3efd4-4778-48c5-ad03-5091f29e7bd4","block_type":"box","text":", government or","page_number":199,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"b6f06864-d57d-44b3-bfc8-a0abfe300726","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":603,"width":759,"height":11}},{"id":"4766176e-9a23-42e6-b6ad-8f8db3a006ba","block_type":"box","text":"BlackRock’s clients. At least half of the directors should be independent and free from conflicts of interest or undue","page_number":199,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"7000d08f-9688-43f4-8024-eea2139c3746","block_type":"box","text":"influence.","page_number":199,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"62ea5977-ce9e-41f1-8001-8b29171efd20","block_type":"box","text":"3","page_number":199,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"c4986f21-a92c-4c90-9950-267628e5d58b","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":199,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"fa772fda-de8d-4fea-8206-f2191636f572","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":199,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"0cbc33e5-1023-4495-902c-2d7b989c460d","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":666,"width":803,"height":12}},{"id":"b59093e0-94e4-4f51-9140-fed7ef6eba34","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":681,"width":748,"height":12}},{"id":"8f232da1-634f-4dc3-b5d2-f4f11e71e214","block_type":"box","text":"composition if this is a perennial issue.","page_number":199,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"dfb2675e-4ae8-4e46-9426-db9f138ba714","block_type":"box","text":"Independent board leadership","page_number":199,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"97dfd25d-f338-4bfc-ad6f-5fa41f3dd0b8","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":199,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"bcd89108-313d-4eb4-8b1a-f3c412a305c6","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":199,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"1c2006c4-9ef8-4ce4-b0c9-cccbfc9ba519","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":199,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"2d24f182-6c64-41a3-8070-79521f963fec","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":199,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"db544a40-746c-4bb8-ad95-b74f6598698a","block_type":"box","text":"2","page_number":199,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"cf5ecf52-e31c-465f-944c-52651642fa28","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":79,"y":811,"width":762,"height":11}},{"id":"66b19556-1f64-4f56-8bde-a41a46af904f","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":199,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"bf900d04-a37d-4e7b-88a6-d18173320d5b","block_type":"box","text":"3","page_number":199,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"4ffd41eb-383a-4383-b11b-3ef988d334ea","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":79,"y":844,"width":795,"height":11}},{"id":"f3a5a320-142f-4f79-8a2a-05f9299a05da","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":69,"y":859,"width":793,"height":11}},{"id":"f96b4926-5a45-4808-95db-a558005f563c","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":199,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"0d958db5-6c60-4af8-8c22-ba912eb5e04f","block_type":"box","text":"or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests of the","page_number":199,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"5214521f-4aa7-4f1a-80a8-e4dc94c63d32","block_type":"box","text":"company and shareholders.","page_number":199,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"2749c1cb-8729-4cfd-ba9c-557f77ce3b8f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f68bff5d-9b48-4a5e-8b59-ee9084db1154","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"65ad384e-435e-4ea5-ad82-89b3338680a6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"037aad78-1f6f-4951-b52e-4d9796c17a8c","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":45,"width":801,"height":11}},{"id":"85e31b8b-d28d-4d5b-b1b9-04ae722bf7fb","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":59,"width":823,"height":12}},{"id":"64027efe-9e28-4ace-b9f1-3f5ef3730fd6","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO","page_number":200,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"a63ae1bd-8b0f-4578-b57e-66ad8bb08400","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their independent board leadership","page_number":200,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"d5cb7962-8e46-49f9-a020-54e2b411dac3","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":200,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"c0c3cc47-e077-4757-9208-95cea7d0ba74","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":123,"width":798,"height":11}},{"id":"3e91ea8c-1c2e-4309-902a-78a464b65dee","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":138,"width":831,"height":11}},{"id":"bca8e66a-5a8b-4602-a0d7-4f84601a5fca","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":152,"width":691,"height":12}},{"id":"1a8a51c3-1585-4db6-93b1-6b0b9600c191","block_type":"box","text":"Tenure and succession","page_number":200,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"ef8d7be9-fdc9-4ddb-8f14-523794a5d19a","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market","page_number":200,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"f16139ff-e08a-4b7c-9b29-cadc41c60778","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":200,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"5b8fc4d7-6dc7-4fb5-b404-0f382e61e8ae","block_type":"box","text":"tenure par ticularly around the contributions of directors who have served for longer periods than provided for in local","page_number":200,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"f2087cc8-2759-41d5-b267-b334d3919f3d","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":200,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"6d8a4440-9e0f-4ee5-acb9-43095113317f","block_type":"box","text":"management and involvement in past board decisions.","page_number":200,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"47a3ebb1-94a9-4ff3-8676-29d25c2093fc","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":272,"width":779,"height":11}},{"id":"e05a917a-557d-49c0-94be-318144a299d1","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":286,"width":777,"height":12}},{"id":"d53cdf1a-fb8e-411b-8907-01bb92d099e0","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":200,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"d3a5ee5d-23e8-4d63-ab57-039a7267b1b8","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of","page_number":200,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"1b92b61f-b360-4f7e-bb3f-7eade9d414b7","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":200,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"21aedbb0-4386-4fb8-a1fd-d264000e7eb3","block_type":"box","text":"board renewal. We may vote against the election of directors who have served for longer duration than typical in","page_number":200,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"ee98ac05-cee0-47cd-852c-f4eb2ce68102","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":200,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"2a30fa38-8bfb-4a41-804c-337ed180531e","block_type":"box","text":"Capacity","page_number":200,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"2b0096a6-144d-4bf6-aea3-351dec8044fa","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":200,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"538cce46-8873-47bf-9360-bfb3411aa731","block_type":"box","text":"assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":200,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"87fd4e32-44d3-4203-aa2f-30baa30074cc","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":200,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"16eedf85-42c6-4608-bf7c-c491e27c0791","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":200,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"626cfd1e-00e9-4023-bdcd-a99666e971da","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":200,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"5ab1f7ec-d340-4515-8ca7-0ea2ded1a5e8","block_type":"box","text":"markets.","page_number":200,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"1fe09a17-7c6d-483c-8c8d-36845b12d6b0","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil","page_number":200,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"4ee40836-0db5-4376-9a91-a5d6beabc1fa","block_type":"box","text":"their duties to the board and company.","page_number":200,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"f9bf1029-386d-4344-9e0f-98ffad9cb392","block_type":"box","text":"Director elections","page_number":200,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"1c40dd13-6581-4150-abfd-95cee524434f","block_type":"box","text":"In suppor t of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":200,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"521b3090-0bf3-4a8e-8235-48725bf4e6af","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":200,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"52b5cd48-fa8b-45e6-bf02-a979c590b6f6","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":200,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"1062115b-e3be-4833-99c2-98f4cfbe3302","block_type":"box","text":"e.g.","page_number":200,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"a80b337e-ac32-4cd3-8c3f-ed8b09af64a1","block_type":"box","text":", a non-operating company such as closed-end","page_number":200,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"3712f04f-418d-4b65-805a-d3ae34cd2819","block_type":"box","text":"funds.","page_number":200,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"ee2f6b0c-fb1b-425a-aca2-3bafe4ae3a7b","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":618,"width":774,"height":11}},{"id":"5974d256-bacc-477c-8c25-1722c7263d1f","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":633,"width":770,"height":11}},{"id":"6213fd07-8bcf-451b-a03c-cbd56741ce69","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not suppor t the election of directors whose names","page_number":200,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"31ab964b-c7d4-4710-bee3-78fb6b6a274f","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":200,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"a87d5ddd-f350-4ccd-9ddd-4a5f07f1eff9","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":681,"width":743,"height":11}},{"id":"eff2f3b2-62f4-4afc-a2f6-9c2a975f16e6","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":696,"width":823,"height":11}},{"id":"f6fb5845-6590-4011-989d-f80ec8119d00","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":200,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"e7ca13fe-8fc7-4108-b7b7-806060fc3b7a","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":729,"width":798,"height":12}},{"id":"2194bfc8-9d98-4543-9f8a-f5c024b43ca8","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":744,"width":822,"height":12}},{"id":"9746fa07-dbcd-446d-80ef-f437f1e93684","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":759,"width":706,"height":11}},{"id":"81a0124f-b195-44b5-b209-897521e83417","block_type":"box","text":"Committees","page_number":200,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"b39ce76e-4560-473a-ba7f-16615c20fb1f","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":200,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"c46c43dc-e801-4ec5-bc13-835968983f9d","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":200,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"0273531d-07c1-4c92-b13e-15d5a8cc44cf","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":200,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"e0bbafd0-92f7-4676-a9a1-75e28df1bbe4","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":200,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"6a14bbcb-30a8-451a-926f-35a33f24a335","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":200,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"481838a4-e877-4506-a582-5a933d87a876","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders","page_number":200,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"c2847f05-0a0c-41bc-a858-44de1d1c4928","block_type":"box","text":"the structure, membership, propor tion of independent directors, and responsibilities of each committee. The","page_number":200,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"eec05c3a-e33d-47a7-ba55-fec1f0462bc5","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":200,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"4341deb2-8657-44d7-9fdb-2d1f9a2e235e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d4b8aa73-737a-477a-9291-163f180fcf42","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"62d1e786-608f-4d7d-8d77-028d33e49f78","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eec8640f-8a0b-40ea-9d8b-f80c688527b4","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"552c5d8b-295c-4585-a55e-bc4279a08d6f","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":45,"width":722,"height":11}},{"id":"12f661c2-ee57-49dc-aed6-b35164e043b0","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":60,"width":771,"height":11}},{"id":"8db2f2b2-e14c-4dfb-8538-150662223884","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":201,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"8255bc87-297e-4134-b980-df2775294199","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"5d2a7c84-5bc2-4339-a374-4d303bb67318","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":201,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"9d518080-d1a8-4298-af38-de9b3c8ab7e6","block_type":"box","text":"including the periodic review of board per formance; responsible for succession planning for CEO and key board","page_number":201,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"9b38aeb0-0ed7-4256-a122-3c4d9850fff4","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":201,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"e52b8faf-9881-4564-a81b-9105817c3b90","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":201,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"11bd236b-15e0-4497-95ef-171579842ef1","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"10491892-a6c6-4d67-9010-8502da01efeb","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":154,"width":796,"height":11}},{"id":"c80457f3-5c6e-4c71-971a-0febfb2e86bf","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":169,"width":793,"height":11}},{"id":"a4bfec8f-4e6f-4f5d-9b10-31e0afb744c3","block_type":"box","text":"firm-wide compensation policies.","page_number":201,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"4139d3c6-3b7e-46b1-859a-b1533c031882","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":202,"width":807,"height":11}},{"id":"1cdec608-ef8e-4616-b0f4-59e3ea5fe4a8","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has under taken its responsibilities. We may vote","page_number":201,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"e943feb2-023e-4a04-836b-7348b6a6a7e6","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed approach to board","page_number":201,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"93f08a78-bcf7-4f25-8a77-c9a8f84dbe61","block_type":"box","text":"committees.","page_number":201,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"f7d956b0-1289-463f-b4bb-2f1b94cbeb65","block_type":"box","text":"Board and director evaluation","page_number":201,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"0ac23a55-218e-4dd9-95d0-7db48332b284","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":288,"width":776,"height":11}},{"id":"f12e6211-4d80-42e3-871d-9c628fedecc4","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":303,"width":825,"height":11}},{"id":"1a07c881-795a-419f-bd49-169e629df960","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":317,"width":831,"height":12}},{"id":"167602c5-327e-41a6-a168-6f1af579686f","block_type":"box","text":"disclose their approach to and objectives of evaluations, including any changes made to the board’s approach as a","page_number":201,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"ae286ad1-6526-4f02-a0e5-931c48c1ff33","block_type":"box","text":"result.","page_number":201,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"03c02f23-dc40-44a5-8c80-1cff1fb46e2e","block_type":"box","text":"Access to independent advice","page_number":201,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"14eba91b-4fee-415f-8369-025de2de7803","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":388,"width":786,"height":12}},{"id":"6cbf8d06-0330-4f8b-84f9-2603c9395478","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":201,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"d0b3f75c-8a63-4b5c-865b-1e118ecc007e","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":418,"width":770,"height":11}},{"id":"1da83104-0b16-449f-9abf-6a7ab1f32c88","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":433,"width":746,"height":11}},{"id":"d5a6d154-6673-482f-b478-82e9f0266c41","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":448,"width":793,"height":11}},{"id":"9639d255-444f-426b-827b-0d418f9231cc","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":201,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"ae6fd5c6-d982-4e73-82c8-320d18dc9c67","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":201,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"5b9b8f5d-005e-4e99-bef6-678f14111d14","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":201,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"803a3485-17d1-445a-8f49-3d5c19fa455a","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":201,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"702a23ea-3d6b-4fa5-9bec-29532698352d","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial per formance.","page_number":201,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"ee97afc7-9e49-484b-b439-e9c327228490","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":201,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"2e0e2ba9-e29b-4aa7-a04e-de05033210d3","block_type":"box","text":"per formance against shor t-term metrics, share-based incentives that reward per formance against long-term metrics,","page_number":201,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"a8b71efe-b78f-46e3-b588-8662d2849e5e","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":201,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"02abb2e2-c19e-4a04-adfc-c9b6d76184f1","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to","page_number":201,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"35bc075d-1282-4a58-ae93-6cdbd617f720","block_type":"box","text":"the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and","page_number":201,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"3bd44aef-4627-4c75-bcab-b0cf9632ba5a","block_type":"box","text":"motivate.","page_number":201,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"e3350a40-cebb-4b08-9de9-bf5ee01b3539","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":653,"width":739,"height":11}},{"id":"24bc5fca-6cdd-4cf5-822b-f7cc484946cc","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":668,"width":831,"height":11}},{"id":"70fd7559-e452-4a46-bccd-4dbc4e7bf0e4","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":201,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"1dcf5175-7fb1-4beb-8a01-d0684af692da","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":697,"width":741,"height":12}},{"id":"a96c967f-0606-4a0f-b655-5aa0eafabfc1","block_type":"box","text":"arrangements include:","page_number":201,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"a6dea8ce-faa2-4ccc-aed5-8c09ef51663d","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"eb0a92d2-a9a0-49b0-b108-f3971add568e","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":730,"width":783,"height":11}},{"id":"9fc6f4c1-9096-4bde-a0f2-bb2f9d61cb0b","block_type":"box","text":"the company’s size, sector and market.","page_number":201,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"0fce7bed-289b-4795-898b-078604b8697c","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"194d6214-e5bb-46af-8c17-6c504f252afd","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":201,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"7552c540-0022-4eb8-8b0f-5f73cc4001c8","block_type":"box","text":"strategic objectives.","page_number":201,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"f3b6a451-2c23-4918-8193-b429c69eb75f","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"8f211db4-9af9-4528-8edf-1aaff17a3eeb","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":201,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"a828a921-cffc-4852-be01-fc8ca55fbcc0","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"5f3f2966-994d-4c2a-a6a6-294bae9e36f7","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":201,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"58d015fc-5433-43df-95ef-a5acd392a704","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":201,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"9fea148a-1e0b-45c0-a808-516a08781ed8","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"3e82f16e-c629-412b-a474-527dbc6ef6f1","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":201,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"c38fcdad-16a2-4854-8345-ed5974820261","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"9f689f10-a538-4dd0-af38-407ef67e852e","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":201,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"eac018cc-174a-407e-a645-ba746d191985","block_type":"box","text":"transparently.","page_number":201,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"0a6a6155-9280-4671-abe3-0540f84108a6","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"f5ad92ab-838a-46b4-83a7-ee3961a2e372","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":201,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"2a4ecd66-2114-44c7-a8d4-2b58019cc4dc","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":201,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"a4cba294-4467-4a28-86fb-6a83b623c8a7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a8125fda-7602-4e75-b2d7-b17c99539fa5","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0629eab4-9a52-43c2-9125-9739e3c13988","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f51f5d8-5a4d-453b-b1a2-84b8585410b5","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"8e255a32-3538-46b0-9d10-ab12e88168a3","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":202,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"fa70e7f2-4cdc-4e83-88bc-b81979e71ee7","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"d27af2d9-c28d-4625-951d-2f78ed056e47","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":62,"width":747,"height":11}},{"id":"2b04e168-03ac-42ce-8b23-427a90e8e38d","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":77,"width":733,"height":11}},{"id":"6bf81c1f-41e0-4e0e-9d18-5113a2ac762c","block_type":"box","text":"misconduct.","page_number":202,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"1be1f96b-295d-4809-a7e2-b445113d6343","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"961302a2-3990-4efe-82b7-de4f4a97ce99","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":109,"width":738,"height":11}},{"id":"bbeeae2d-efd7-4530-b680-989aee36d395","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":128,"width":787,"height":11}},{"id":"6d4cb855-9dda-4274-bea4-6e46400c1d71","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":143,"width":810,"height":11}},{"id":"63d121e5-1876-41b3-8886-35ef62bc4d1c","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":157,"width":831,"height":12}},{"id":"68a511b7-4f1a-478b-a639-8a68c6ce8915","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":172,"width":775,"height":12}},{"id":"8e0ab38d-4864-4b88-bb7c-a5cf659edfbc","block_type":"box","text":"committee, or the most senior independent director.","page_number":202,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"0456de3b-4c14-46d2-a45a-3f16f870845b","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":202,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"f84d08db-17a7-4b37-89e7-f4713bdecfde","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":236,"width":785,"height":11}},{"id":"d037373d-4998-4e89-827e-94801559353b","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":251,"width":831,"height":11}},{"id":"acdf5bf9-b0e9-4ab5-9fe9-610ad363bfba","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":266,"width":825,"height":11}},{"id":"fe2844a9-1518-4906-9dd6-7ad410821a7b","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":202,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"557cf191-4ea4-4a00-9142-290bbb91ff0c","block_type":"box","text":"CAPITAL STRUCTURE","page_number":202,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"024148fe-ac24-4c5a-a6b6-bdc93ed15498","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":330,"width":800,"height":11}},{"id":"fc91892d-7f66-4385-a5d0-25f6b0eb821e","block_type":"box","text":"appropriate capital allocation and management in suppor t of long-term financial resilience.","page_number":202,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"c834459b-9026-479f-ab61-4cd9cb377b95","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":363,"width":776,"height":11}},{"id":"07ace569-98fb-4cc2-85e2-f56f8bd29300","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":378,"width":803,"height":11}},{"id":"a93b7d4c-6c5a-4304-bf6b-145583f67246","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":393,"width":781,"height":11}},{"id":"cbc6b866-aa9b-4ae2-a49a-35afb2c5744c","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":408,"width":825,"height":11}},{"id":"bf9febf9-166b-469e-bc77-8655ba7cebbf","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":202,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"e6c52b66-f189-4d61-bc62-1c0908ed3955","block_type":"box","text":"Share issuance","page_number":202,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"81b6b7d5-d36f-412b-b5f6-2842ed3c51bc","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":464,"width":776,"height":11}},{"id":"c0fa0a56-ac04-4243-a117-d7b527630e37","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":202,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"b286195f-b8d8-4a60-b1cb-e6ee4b15886c","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":202,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"de78a080-c61f-4a8e-bf25-55d58fc5f63e","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":202,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"f2c0f038-fbaa-44e7-ba4d-dc45099a20a7","block_type":"box","text":"Share buybacks","page_number":202,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"ff1546be-664d-4a95-ba1e-2921cf720258","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":549,"width":806,"height":12}},{"id":"8388cd78-aa42-4172-a46b-2a52bed9c65a","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":564,"width":823,"height":11}},{"id":"06614431-2e45-479f-9a39-a9daf2395298","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":579,"width":836,"height":11}},{"id":"6e140b23-00c9-49c5-b779-313358535e24","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":594,"width":830,"height":11}},{"id":"f1e894ad-fd57-4089-b779-22692c22d0fa","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":202,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"4ef8ad1a-adf2-4275-9f94-2fa7235605af","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":624,"width":802,"height":11}},{"id":"a351abf7-8399-4f5a-be98-273cfb884a1c","block_type":"box","text":"market environment.","page_number":202,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"4b533e61-997d-4a0a-8c48-095f254c36c1","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":202,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"523333aa-3ede-413a-9009-f4df5522b603","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":202,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"a4bc67b0-553f-4a53-962f-96599288ffe9","block_type":"box","text":"strategy.","page_number":202,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"3f26c262-3a2d-40f3-b4f9-8c267d5674c9","block_type":"box","text":"Dividends","page_number":202,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"b88d846d-b678-45e7-afe5-2234e43080a5","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":728,"width":799,"height":11}},{"id":"3111d1fc-d730-435e-a6d9-bc01d7ba58a8","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":743,"width":604,"height":11}},{"id":"e75bc132-890c-4188-b9ba-03d5e289a65b","block_type":"box","text":"Differentiated voting rights","page_number":202,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"c71221cc-5858-454d-8e63-a567c4167da6","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":202,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"5309b6a0-86fd-4b72-876f-304b491ae6e5","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":202,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"f2005ff3-c1f2-4729-af1e-999cdad0092d","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":202,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"2d1440e4-bad7-490e-9c0c-e5d048405bd8","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":202,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"2b46de6f-9cc3-4c53-aa6f-d576ba861792","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":202,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"d8855613-6821-49e5-9692-a335625bf5d7","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":202,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"3d121543-ab14-448f-9099-60202cc36ac9","block_type":"box","text":"analyses of proposals.","page_number":202,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"0d3b6c40-81a7-42d0-810b-03dd463d4498","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"dd8d44f0-1795-429d-bb66-180ca336fee3","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"17ce7dd5-1c2b-4665-8803-f3bc6f234156","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22baad05-4447-4ef6-abd7-865bc78e25ef","block_type":"box","text":"Mergers and acquisitions","page_number":203,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"460e6887-3f30-4ad7-b258-2f0f97a836cf","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":63,"width":775,"height":12}},{"id":"c5117d93-d703-485a-b2c6-bf947ff76fe9","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":78,"width":797,"height":11}},{"id":"dfebb170-47b1-4f45-96e3-bc75c715bd32","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":93,"width":819,"height":11}},{"id":"bbd828af-968f-437d-b801-479c697a5190","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":203,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"7710ac25-280a-4c02-a710-9dc152929ec5","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":123,"width":827,"height":11}},{"id":"88c67fc5-b825-4dae-ad5e-9f3b50ff5b5c","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":203,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"1bf88034-3347-464b-989f-9a2159b73563","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":156,"width":749,"height":12}},{"id":"9ed02627-53f0-426f-8163-3e4fdb26df76","block_type":"box","text":"Anti-takeover defenses","page_number":203,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"f43bf717-0cc3-4c6f-bd0b-dc62f8ec33b8","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":197,"width":727,"height":12}},{"id":"fb01feee-c139-40ae-9990-3be09deaaf5a","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":212,"width":766,"height":11}},{"id":"86a93797-1129-4b05-9376-2bc8ce202c06","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":227,"width":763,"height":11}},{"id":"83c14727-2d86-47a4-bfd4-33ce5f715aed","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":242,"width":821,"height":11}},{"id":"dcc8b237-a596-4ba2-a708-63e7b948dbc9","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":257,"width":799,"height":11}},{"id":"9805e3d7-698d-44cd-aa04-bda97608708a","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":272,"width":836,"height":10}},{"id":"5617b0f0-2033-407f-9ba6-a479a83b0330","block_type":"box","text":"be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms","page_number":203,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"d7c9ffa3-a1dc-4e1e-8e4a-670aeb3c3795","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":203,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"0e294fe2-136e-476c-b961-2915d3f69f13","block_type":"box","text":"Shareholder activism","page_number":203,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"335a1ae5-0eca-4114-8c6d-5b63359fadc7","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":203,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"9911851f-d85b-4985-8e3c-143bb2575697","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":203,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"c6796110-d5f8-4415-aa5c-3883110c13bd","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":203,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"f6345c7f-991c-4825-9389-caeb44011581","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":203,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"4a71ab4b-dd18-4e6a-8f14-a94f72ce6a19","block_type":"box","text":"management’s plans; and the qualifications of each par ty’s candidates. We evaluate each contested situation by","page_number":203,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"c7cf7030-78a8-40e6-b806-9d3ca51e9104","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":203,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"67370b1c-1f78-4940-a658-c258e3f3551d","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":203,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"1489de6c-af04-46d9-8534-bc92c00ec73d","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":203,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"135a81bc-5c90-4032-adbb-1387756dfc1d","block_type":"box","text":"skills and exper tise or have a poor track record of protecting shareholders’ interests.","page_number":203,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"f66c8166-1b87-4941-a022-eb399212ce98","block_type":"box","text":"Significant shareholders and related party transactions","page_number":203,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"4511818d-9ef1-4191-bb5d-0d169d8fb291","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":203,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"e1bf4802-524f-40f2-80f0-c70f3d5ede5a","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":203,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"6a9366f2-20b2-4d64-8220-2f3118216a18","block_type":"box","text":"Transactions with related par ties, such as significant shareholders or companies connected with the public","page_number":203,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"8ce2dd4a-ef2e-4443-9110-eb6e16179a6a","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":203,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"21956542-8627-4e9b-8ab0-45b57bbf803c","block_type":"box","text":"with a non-related par ty. Such transactions should be reviewed and approved by the independent members of the","page_number":203,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"c8898a22-f53e-4e5a-9ec1-dba6038a57a4","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":203,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"90b2b4c1-4261-4cc2-b496-e1167abce498","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":203,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"0d3bb507-4b73-419f-b334-963368e44ee5","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":633,"width":796,"height":11}},{"id":"ee7e694a-d3da-4947-9d4e-6670ccb51bc0","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":648,"width":795,"height":11}},{"id":"92d31db6-33c9-4148-80c2-1ca642afa925","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate repor ting and","page_number":203,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"36774fbd-fc07-4fa2-b03c-822639d70e38","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":203,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"51956ace-0950-41f1-ae1d-beca4ec53a77","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":696,"width":794,"height":12}},{"id":"eba795f1-0ed5-4b60-a115-e12ca07859a6","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":711,"width":819,"height":11}},{"id":"3a5b29b7-57e8-4c9a-8c48-fc5621bd47a5","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":726,"width":752,"height":11}},{"id":"05ad186c-25cd-4b62-99f5-3c002c666a2a","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":203,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"8a860b66-215c-4ea5-9bff-8810037730e3","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":203,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"739a8770-ba35-4cff-ad26-752804f7efb3","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":203,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"f01004cf-1187-477c-a464-92ad3622cf44","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":203,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"7ba927d3-e341-4af1-97f1-41910e4f6509","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":203,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"b9e8f17e-0d04-4bb7-b4d8-39b8031262e2","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":203,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"30cf8888-0b22-4480-8b7d-46cbf3fa99c4","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":203,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"2c147e9b-f017-4eab-96cc-b3546e25e557","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":203,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"126ba4f1-f777-41ec-a49a-a5dbda94d18d","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":203,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"dfff0961-adb8-4161-9ce9-d87af7018cbf","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":203,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"e72b46a3-2d97-487c-bf06-082ce92f0d67","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1d70325b-fadb-47d8-9af1-077ec6c84e7d","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b35f35ee-ee94-4dd8-90a6-30881997e10e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17bf6f8b-d128-4858-9125-a5533851158b","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":204,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"6c66045d-93b2-4363-96df-82de7fb0d12e","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":204,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"7b44a2fb-4efd-4e20-ac4b-ad6ef394243c","block_type":"box","text":"Board, can be helpful to companies in preparing such repor ts.","page_number":204,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"02009bca-ae81-4574-b9c0-e91773692194","block_type":"box","text":"4","page_number":204,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"1a2537fa-3a5e-4345-8278-1ea1f2a4144f","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":204,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"1bc43afe-51a0-4eb4-8ed2-2e0d413c8e19","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":108,"width":810,"height":11}},{"id":"a12005f8-d0a7-4c96-b46c-f36a3ce9d58a","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":123,"width":822,"height":11}},{"id":"1495c988-4d96-4610-b62e-81a115391df3","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":138,"width":704,"height":11}},{"id":"70786294-e0f0-43e7-afc7-8db4d8a9d2b1","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":156,"width":794,"height":11}},{"id":"d9565749-cc27-4e85-8284-bb1dd76f739d","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":171,"width":836,"height":11}},{"id":"f64e1a18-5b86-4a0c-b53d-fdf7ef6c7730","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":186,"width":838,"height":11}},{"id":"45ccdfbe-04cc-4b98-9fa5-c2c925f68be2","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":201,"width":773,"height":11}},{"id":"de185f5a-f733-4a82-ab79-8d6787a8c30c","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":216,"width":804,"height":11}},{"id":"dae448d4-d25b-4a9e-b847-0c90dfab89e4","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":231,"width":780,"height":11}},{"id":"3420363e-77a4-46a2-9a3b-71f632559b7a","block_type":"box","text":"remained independent.","page_number":204,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"f931b113-0842-4538-b54c-0e8086b75a25","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":264,"width":783,"height":11}},{"id":"275aaf02-b15a-4d78-b7b3-f70bbabd145a","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":279,"width":819,"height":11}},{"id":"d7c3a2bd-d291-4383-b92d-26880115d89a","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the repor ting or","page_number":204,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"a6ca7aef-4b34-4443-bc1e-f1d0944f2898","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the audit fee if we","page_number":204,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"5a8e3af1-13f6-4d97-9115-9610708e3e72","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":204,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"dc1c702c-e732-4174-bff9-2e074ebc1745","block_type":"box","text":"financial repor ts and the board has not established reasonable remediation plans.","page_number":204,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"1d403b7f-0c37-4b41-90f6-ae51f88ffa2b","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":204,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"d0df1324-bc5c-4c02-babc-30f6d51d9a6f","block_type":"box","text":"General shareholder meetings","page_number":204,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"09e30b32-6e14-47fe-a8f7-f0e944719b4b","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":410,"width":792,"height":11}},{"id":"20fd4821-342a-47ac-86bf-da2b06d64651","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":425,"width":812,"height":11}},{"id":"5dbe0d27-8a3d-454c-a21b-71c823203a5b","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":439,"width":813,"height":12}},{"id":"14740829-537c-4f60-81fa-abad4fa58c9c","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":454,"width":801,"height":12}},{"id":"06866b75-336b-4d01-a850-76c57366cb55","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":469,"width":841,"height":11}},{"id":"6b9eb8c6-d97c-41d6-9017-f7e480afd613","block_type":"box","text":"an in-person meeting.","page_number":204,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"28012713-ce7e-438b-bf6e-5bf47147094c","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":503,"width":752,"height":11}},{"id":"d66c3c5f-db58-4d40-a02f-845f220eff37","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We","page_number":204,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"8bcd9a90-3b61-4978-9168-4cd68436b2e5","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":532,"width":825,"height":12}},{"id":"be414956-387c-48bf-8954-7c34197ba121","block_type":"box","text":"par ticipation.","page_number":204,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"3dec930c-7c9f-40d1-a677-352c3043060d","block_type":"box","text":"Bylaw amendments","page_number":204,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"7d99fc69-0c8d-4b29-9d60-1096592a9153","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":204,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"31c749ed-fb19-4d79-afb7-c0962c43a53d","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":204,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"fe46bb8e-2c2b-4550-8cd0-e46675ebb011","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":204,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"13c22c43-3e78-4750-972e-5685a427cfe6","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":204,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"f5847032-ea66-4fee-aeb9-bedd5589f9dd","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":204,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"722325f0-9a58-4042-852c-a85643f41bd0","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"1b0a5db7-f66b-4113-80ec-955dccc8f96b","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":204,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"134466cf-d5ba-4f45-a00b-de4c572e58c1","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":204,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"379e617a-6abe-4508-9d5e-19c13d28f5c0","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"7c8779c8-43e5-4041-a922-9541ce564dfe","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":204,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"ab6f1e26-07b0-4e22-8943-0b5d0f0fd7a8","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":204,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"66a4365b-8c22-40c6-93c7-d48b979ec7e7","block_type":"box","text":"nomination process.","page_number":204,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"1d6ce643-6db5-40f9-84d2-ff58691a8bdc","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":204,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"513d83c6-92dc-48dd-8646-ab8b73bc9765","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":204,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"11fc5d54-75a3-4722-a3de-26b02de3672f","block_type":"box","text":"4","page_number":204,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"d2b76dd3-78f6-472b-bea4-eb94bcdb9e0e","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":204,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"096a583d-30a2-4a2e-8daf-68f06188716a","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":204,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"aa5197aa-a331-4eec-8f64-889e14a499a4","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the","page_number":204,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"b19f0f3b-21ee-45e2-92ce-4613c15be8f2","block_type":"box","text":"entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its","page_number":204,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"17cd718b-bf0d-4b36-8086-8d99afbad8ab","block_type":"box","text":"climate-related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in","page_number":204,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"7cb86383-a416-49f8-83dd-61fcb5345b61","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":204,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"889c6744-7d8a-4643-808f-32098712f5e4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9e09b779-e11f-48f3-8f15-27c56040180a","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"361e4c04-fec0-424c-be8d-e0efb1d61cd1","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"430941ea-3705-417c-9d40-d5517030073f","block_type":"box","text":"Change of domicile","page_number":205,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"9ab838cd-8710-4e5a-ab84-53eb05d6d977","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":63,"width":778,"height":12}},{"id":"89168169-ff93-44ba-acae-6a054bea27b3","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":78,"width":766,"height":11}},{"id":"66d3f4ab-f0e3-4a7e-95f9-73a5c60abfa9","block_type":"box","text":"immaterial.","page_number":205,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"bf45eef1-8be7-4a56-886b-e8f4913ad771","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":112,"width":777,"height":11}},{"id":"1438ba67-700c-44e8-9106-7a290a1bd17f","block_type":"box","text":"with our clients’ financial interests.","page_number":205,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"0ec8d978-ddc6-45f4-8441-02e631bc3e65","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":205,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"73dc2b36-64cf-4f64-b640-8719b006bf4a","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":168,"width":803,"height":11}},{"id":"4fd065a3-6d87-4e2c-bbb8-28c9458a582f","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":182,"width":829,"height":12}},{"id":"1ef312c4-76e1-4090-99d6-5d848319fe18","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":205,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"d4f148cf-2652-4595-924e-3d918cd619fe","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":216,"width":792,"height":11}},{"id":"f6e45f7d-d0d3-49e3-a8f9-ee237fdc98cb","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":205,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"476123c7-4b6b-460c-90cd-354e2ae1b310","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":205,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"29eeaabc-c993-458e-b8a1-b97ee494bd98","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":280,"width":772,"height":11}},{"id":"cb6e4d2f-94f3-4e51-9e4c-ee0bf60bc4e8","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":295,"width":811,"height":11}},{"id":"cd073402-24c9-463d-96dd-daa196864d1a","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":205,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"b793404f-92a0-4b8c-b156-662cc4180f3e","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":205,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"658d6012-7fc9-4387-baa8-3e6b2cb3d6aa","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":205,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"647fb1ce-f86e-4f91-bc83-e0e71a223238","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":358,"width":730,"height":11}},{"id":"bbddf2b1-b969-4f03-8f61-f8e166a6df6f","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":373,"width":772,"height":11}},{"id":"6838308a-976b-491a-9cb8-10d343afbb91","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":387,"width":681,"height":12}},{"id":"9b0a711b-d45f-471c-ac38-10b927cec875","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":406,"width":801,"height":11}},{"id":"aac1f4cb-7dd5-4d45-80e0-6b7fe5689c4d","block_type":"box","text":"engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in","page_number":205,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"675bf1d7-9e70-45e8-b7b1-24eaaa095a85","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":436,"width":761,"height":11}},{"id":"df22fb82-bfa5-4b34-9b6c-361f187d95d2","block_type":"box","text":"shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients’ financial","page_number":205,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"ad1c7bfc-759f-4fbc-aabf-ce6bb2635ced","block_type":"box","text":"interests. We generally do not suppor t shareholder proposals that are legally binding on the company, seek to alter a","page_number":205,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"89c26471-60ca-41d0-9cb0-8a2fbd3986d3","block_type":"box","text":"company’s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial","page_number":205,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"1e40fcb3-c4f2-4983-9d88-65b4d329a5b9","block_type":"box","text":"returns.","page_number":205,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"a4f66409-1b83-48b5-9b36-e6783b4775ea","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":205,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"ff68c268-9c06-41bb-a33e-30a83eb18459","block_type":"box","text":"how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":205,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"2885cf73-7fe0-4b4c-a216-c410049b60dd","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put for th by others.","page_number":205,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"0aba562c-3437-4208-b6e3-3e11bb1bba79","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":205,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"6caeb62b-e1a6-4b88-a149-ac061e9edd39","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":205,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"fe8ce78a-2a34-43b8-b2da-923de1bde146","block_type":"box","text":"process is consistent with their public statements on policy matters impor tant to the company’s long-term strategy.","page_number":205,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"ff2d76f4-ef39-4419-a417-e02370f00da5","block_type":"box","text":"The board should be aware of the approach taken to corporate political activities as there can be reputational risks","page_number":205,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"50b98781-fa04-4a6a-a412-fe8f75cd5440","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":205,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"0b6f3a95-d439-44da-8fc0-a4b21dd9aecf","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":205,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"92c41cfc-9a5a-423f-bc11-ff09b6de9cec","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":205,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"37d773ee-3e02-4cc3-8b6f-873fa046366e","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":205,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"52c8d846-bbc5-4012-a667-9d263929f3c4","block_type":"box","text":"are active members and any engagements under taken by trade associations on behalf of members.","page_number":205,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"5adf7652-d67d-421e-9447-977c7ba9ca95","block_type":"box","text":"Generally, this is an engagement matter, although we may suppor t a relevant shareholder proposal, or vote","page_number":205,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"ec8f5181-1cce-4652-9f75-4b236b2e34dc","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":205,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"71a0b815-2e86-4320-ab53-d987ac691ade","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":205,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"cbf43b60-f160-42fc-ae5e-f4372e47eeb7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"db3054db-9707-4992-aa04-9447cfd939ae","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4b614d30-80ea-4337-a0f5-a5bc9ea2ec68","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a5e319c-3878-4508-8eab-411ebd56eafb","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":206,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"5e21d896-61c5-4a14-87a0-d2b3cc0af05f","block_type":"box","text":"We seek to understand how companies manage the risks and oppor tunities inherent in their business","page_number":206,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"d1c1d30b-8fd0-48fd-97f9-2661cccf8f16","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":206,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"e0c970fc-807f-4340-9a1d-4211d8577408","block_type":"box","text":"5","page_number":206,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"9c3deff8-a0d2-4fdd-9a3a-696efe3eba2d","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":206,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"76f15a1d-4779-40ae-b3ef-327719326754","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":206,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"372889cd-ffe2-4dbd-9ec0-7ab444c25753","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":206,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"712200f5-12ee-4872-a2a2-9d22a57143ea","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":206,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"2fe59557-5ff4-4a15-a780-44a8d62b91bc","block_type":"box","text":"regulatory requirements.","page_number":206,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"33435bdd-32a9-48f4-a8c2-e774c354a470","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":206,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"767c1da8-62bb-4cb3-9cc0-4e0a023c6c2c","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":206,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"aa8fe66e-6a23-496b-99b7-c714a1766b0c","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":206,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"c38a57d8-33fc-4930-8033-e99ffbcd2fe9","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":206,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"761a4796-340c-4b35-af9d-5c6198fdb941","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":206,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"a56cecae-1d2b-4c84-b7be-bba57c7a83c8","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":206,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"7fdb9762-0cf4-48f0-88c5-26043ebf0cca","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":206,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"8b4dd174-5859-4334-bd4f-47b94baef95f","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":206,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"d31860bb-017d-46d1-b657-cd53848c7dbe","block_type":"box","text":"returns.","page_number":206,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"21bb354b-fdb9-4904-87a4-b6810e714fac","block_type":"box","text":"KEY STAKEHOLDERS","page_number":206,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"4706b84e-714b-4197-a19b-1892527c506b","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":206,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"00b270db-6b88-48f3-9934-a709e6581a2e","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":206,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"f23f6877-cb1b-48bb-995d-ae5839a0d40a","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":206,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"2833ddbc-c50e-4671-ae26-1d09ab895a1e","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":206,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"03c2a285-416e-4558-a5c6-8f728376e2fe","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":206,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"970249ac-114b-480b-80bf-ed414f96d628","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":206,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"ba1b9124-26a2-47ac-bcda-b4860bfb8d05","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":206,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"302e655e-7159-482e-932b-e510c318eb0e","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":206,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"3239f468-aa04-45e5-adf6-d28b0144e205","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":206,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"28507d48-6cb4-496a-b8a6-eb6fbc87bbf3","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":206,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"75a70c40-35c4-4741-9e90-b19d3a75dc4d","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":206,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"83d0f0fc-b16a-4d1e-a2dd-6cd06d6b350a","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":206,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"1e6dd6ad-ddd2-41c9-83e7-f94a77746671","block_type":"box","text":"i.e.","page_number":206,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"6efa93bd-1938-458f-bcd8-0ecfe47c3242","block_type":"box","text":", one in which global","page_number":206,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"d6a91086-833b-488f-970d-5c9f60ac057b","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock","page_number":206,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"2bf99769-dfa6-4f68-9ffe-6b47d300b81b","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":206,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"1127f8e9-d1e1-4722-bb8c-acdf11bb0e7c","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":206,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"39a3425c-5d4f-462f-8aed-91640dce1622","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":206,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"4fffbd59-a806-4d4a-819b-d38ba3ad65d8","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":206,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"9fdd8da6-505b-4b80-aa54-b724dc973267","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":206,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"209bb779-d797-44cb-8897-758bfe746733","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":206,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"11272d25-9b9a-4798-87b3-ace935b0d15a","block_type":"box","text":"decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and","page_number":206,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"ae86c643-05d2-4210-9f1b-621ab552cc83","block_type":"box","text":"material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the","page_number":206,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"060b9633-c28e-4571-b096-35fcb55d470e","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk repor ting standard issued by the International Sustainability","page_number":206,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"5d927189-6717-4154-8e07-db811852ffe3","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such repor ting.","page_number":206,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"a29bdabf-f825-434a-af42-35a186b48fa9","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":206,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"d885356e-b9a7-4ba3-84a2-357d5a8e6930","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":206,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"5ba267c8-9567-4ac3-b383-cb3567dcc3b4","block_type":"box","text":"material climate-related risks. We may recommend suppor ting shareholder proposals seeking information relevant to","page_number":206,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"9504221c-1b91-4f7e-bfa1-5fcedd9e32b3","block_type":"box","text":"a company’s stated low-carbon transition strategy and targets that the company does not currently provide and that","page_number":206,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"33924731-6ae5-4277-83a6-dd1166b211e6","block_type":"box","text":"5","page_number":206,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"c0838cea-613a-4626-a616-6f57f6f67933","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":206,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"25699301-a6dc-48cf-8257-1bc69ae881d1","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":206,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"9a97c30b-5af1-4263-a762-e4b2614e1097","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":206,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"f0ced8d3-9b95-4ee0-a22e-054e6a4f5f9e","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":206,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"66c7b07a-43c9-4a08-a1be-6a717f00e499","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":206,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"e5a80d67-77d6-4439-9af9-de20cd9de1c7","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":206,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"ccc61281-7ae3-4182-9340-2596981ce129","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":206,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"dfae7bb9-08ec-4e4f-beb5-a666479359c7","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":206,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"280290ca-be66-4344-a8a3-47a30ba0f792","block_type":"box","text":"sound governance framework.","page_number":206,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"a98fd600-5bb3-450f-96d4-6023bae0af08","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b6bf3a91-f255-41b5-aab3-8ede37bc29ff","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c51dacd0-6b3b-4c7a-9473-8821fc07d570","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3eb5558d-8ab1-4f95-96a9-cec8b7fa4b40","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active por tfolio","page_number":207,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"fbf04c74-5e53-4747-bd67-c33fd24ffad7","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":207,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"def05f06-21c9-4535-92a6-1e849c4754f1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9e77b9d8-f027-43fe-9223-623ac27f88ac","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"18acdcba-e619-4542-97d6-61328691d020","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed19ea4a-4e88-47e8-9454-316074f737ed","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":208,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"cdf04464-a896-45d6-9880-1bba6154c380","block_type":"box","text":"Oversight","page_number":208,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"5c453724-790a-421c-8b24-067012973a48","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":208,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"ec17dbbc-36e7-4d12-a003-0eb03d570019","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":208,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"90ae611d-aabe-4f81-ac3e-72fbc2e25e30","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":208,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"78079941-0a89-421c-a4cb-38a33b521f95","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":208,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"5ab4d898-a694-4da1-9e9c-1196568f8fc3","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":208,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"acc3bfc2-5b2c-4540-bf07-d1d16be2d53c","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":208,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"80c76660-4484-43d9-ad97-d741af771c3d","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":208,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"f1d31c02-5ef7-48d6-a8ed-e815a3d2c999","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":208,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"aa8a9924-de4e-4b68-a131-433b852a1307","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":208,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"3790df26-1e9e-4ad0-ae5c-31ae993a1fd8","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":208,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"95887cb2-44b6-46cc-9e37-eb487458fdb0","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high","page_number":208,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"782672dd-5f81-450c-b6fa-026bea437ff4","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the por tfolio managers with holdings in the","page_number":208,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"b72cde5b-2c2f-4207-9021-8e17535071f8","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":208,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"d9ae61a9-59de-4a43-b5a9-36289ece87fa","block_type":"box","text":"Guidelines proposed by BAIS as par t of its annual review.","page_number":208,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"1f057da6-740a-4a93-af59-2cc8d9f97b68","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":208,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"801f54a3-f0e6-406d-bd6d-40aba49b0ee0","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":208,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"023637ed-cb65-46a4-9b3b-d834a033dd13","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":208,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"5749e4f3-2b59-45a3-aca3-b18fdd375531","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":208,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"f7c6986f-829c-4327-98e9-d3e7cca4aa33","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":208,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"71863988-3e66-4be6-b16a-c3ca06493ff2","block_type":"box","text":"third-par ty vote services providers” below).","page_number":208,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"63470e5d-43bf-4330-b9d3-a44d6e55dece","block_type":"box","text":"Voting guidelines and vote execution","page_number":208,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"bca2eabf-44c5-4352-a6a0-178c0e56fc2b","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":208,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"70d9487c-81b5-4f99-9dcd-fea39d0741d4","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":208,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"7ad65c3d-3515-48b7-b852-f97907286f14","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":208,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"5dfedcf8-9bbe-469a-8e74-6447126ec301","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":208,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"bf0a01d1-deea-4322-8b8f-48aa68688e44","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":208,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"e6a12563-a991-4ecc-8133-c8a7ebeea810","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":208,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"8cdaf59a-1482-49cb-878f-b61a39df951b","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":208,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"b1d734fe-aafc-4f13-812f-6022a305f00a","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":208,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"f43c25e2-739b-4afd-a4e7-36cef355a320","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":208,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"3f0eeb7c-44eb-4786-b8ec-16425045fddb","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":208,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"78f6b152-caed-49e9-b1e3-50d18cb0db9b","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":208,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"ac00da01-4321-4a85-a8ea-f5a55d392012","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":208,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"bc605b5e-16aa-48b4-b541-ddd6ab3c4edb","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":208,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"fe2096a9-9bd0-4a26-8b39-dd226379a97b","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":208,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"8324dd15-48f0-4a7e-a8ca-c0c060e8f0dd","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":208,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"dbbae02f-0da4-4c36-9073-58f211f8fb77","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":208,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"e1aa0774-f816-4020-b681-4d6eeb544f0c","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":208,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"b46629ac-1382-43bb-84cc-67005f06d894","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":208,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"8bd657cf-a8f0-4ae6-a41a-08f0e447d15e","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":208,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"c012f132-fde0-460f-8aac-6e4506ab49b4","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":208,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"d83c4636-0411-4540-b7e7-876edb48b265","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":208,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"e0637d9c-5ed7-4c44-9f17-a3af8f6b6ce8","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":208,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"76c57c44-e534-435b-a1d2-be1df5503f23","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":208,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"000dd16b-e22e-45ba-bee9-e738fb85dcd3","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":208,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"b92ed3a1-2597-423f-a702-84cebdd3862a","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":208,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"42e4bbd6-8cf2-453a-a47c-079a4e040647","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. 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BlackRock does not disclose client information, including a","page_number":209,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"cf7a2cac-bcb1-4e70-a03e-fa538dc1b3a1","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":209,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"f5bd87cb-9408-43ce-bb75-c4270f78db8d","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":209,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"16783b89-682c-4a1b-be4e-2e17556a7a5a","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":209,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"b39b2787-6d45-418c-b249-899c98256824","block_type":"box","text":"votes, as well as voting infrastructure. 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Such influence might stem from any relationship between the investee company (or any shareholder","page_number":209,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"322d227d-0cb9-40db-b350-668b46b62422","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":209,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"3af97660-b052-4442-92da-ec7815d68eab","block_type":"box","text":"BlackRock employees. 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BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":210,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"518f344b-a4cc-432f-8245-c4f7289e5fd0","block_type":"box","text":"information to make a voting decision or our view on the likelihood that an engagement could lead to positive","page_number":210,"box":{"x":102,"y":59,"width":777,"height":12}},{"id":"03b1c66a-cdd1-410f-93e5-07ddac28fe89","block_type":"box","text":"outcome(s) over time for the economic value of the company. 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While this has occurred in a limited number of cases, the decision to","page_number":210,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"de4f4fdf-43e5-491f-b993-c3fad6d1537c","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":210,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"8254df7d-29cd-4d57-bcba-9717cf7a35c8","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":210,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"0cdc20a3-13c6-4eb9-acec-a0b7da64eb18","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":210,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"f17d67f3-42e6-4949-821e-fd44b576e4f9","block_type":"box","text":"of recall consideration). 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However, in cer tain instances, BlackRock may determine, in","page_number":210,"box":{"x":69,"y":707,"width":813,"height":11}},{"id":"2bc249dd-c2ad-46fa-9978-32306a8c765b","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue","page_number":210,"box":{"x":69,"y":722,"width":825,"height":11}},{"id":"268bced8-f773-4bee-a7ca-932d725d05e6","block_type":"box","text":"loss to clients and would therefore recall shares to be voted in those instances.","page_number":210,"box":{"x":70,"y":736,"width":568,"height":9}},{"id":"fa981edc-74a9-4244-9392-5aad8e0debff","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":210,"box":{"x":102,"y":755,"width":790,"height":11}},{"id":"f6909b27-7b4e-418e-b8fa-4c00c77570ce","block_type":"box","text":"and may modify it as necessary.","page_number":210,"box":{"x":69,"y":770,"width":228,"height":11}},{"id":"a6cb09b9-7999-46b0-ae7f-447da4efcaa1","block_type":"box","text":"Reporting and vote transparency","page_number":210,"box":{"x":69,"y":792,"width":239,"height":11}},{"id":"692139f1-335f-4262-9801-467ecb0dcb72","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. 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Reliance upon this information is","page_number":211,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"f994c01d-eed1-4f1c-913f-a009f734183f","block_type":"box","text":"at the sole discretion of the reader.","page_number":211,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"71a9c5e7-bbfd-4e7c-992f-3553a00b568a","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":211,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"286a712e-876e-4ef3-8b1e-4100b0e28547","block_type":"box","text":"©","page_number":211,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"f54503fe-d473-4cb3-a6ee-a9b5c975606d","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":211,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"be02620d-5304-4966-bbf1-36d6484c5b40","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":211,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"4710df85-bb82-43a9-a93e-18c7c6e84b9c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0b4ced01-88fe-434f-9c16-fcbb0eeb5359","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a21983b9-c615-4498-add4-93f53f05f15e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"091afd7a-d62a-41b0-a188-d47bc2ac0676","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":212,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"59d704de-91ab-4b0f-b7b1-39cd4f66ad74","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Funds","page_number":212,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"cb6f062c-f396-44f9-8e79-7780b41858b1","block_type":"box","text":"□","page_number":212,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"fe9554ba-fcc7-4e59-a666-83fb47ace9d2","block_type":"box","text":"Other","page_number":212,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"fcefb461-f8d6-45d0-bf11-b361d2fb2b0b","block_type":"box","text":"Objective and Scope","page_number":212,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"60a9739e-ff44-4175-8578-dd4158c0cdd3","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":212,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"20011980-2c80-4a6a-b88a-bbbad7aa17be","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":212,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"97d01133-3286-4182-9b50-5f8173bf364d","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":212,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"48f5cb97-54e6-4bb2-a613-43963ef8c2d2","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":212,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"5f6308ba-02e7-4cc7-83d7-f4b28a8aeb11","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":212,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"147c10ff-646b-4ee9-a61e-182635e4700c","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":212,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"4c370a2b-234c-40f8-b791-849c23ac82d5","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":212,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"63b3ea87-7b06-4fb1-89f1-a3fe5e96cff4","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":212,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"f7424cc5-3e28-48a3-89b3-0698dddae752","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":212,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"6e956c8b-a843-4fa0-bf32-d9fd3b03d8de","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":212,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"7c4fde84-e524-441b-8f42-76937ef9abbd","block_type":"box","text":"the iShares Core S&P 500 ETF. 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Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":216,"box":{"x":70,"y":216,"width":823,"height":11}},{"id":"85c5fd4c-a4ea-4e7a-a7c6-49a1b5468326","block_type":"box","text":"our voting decisions.","page_number":216,"box":{"x":102,"y":231,"width":145,"height":11}},{"id":"a0020e48-b687-41ae-8e2a-4989e2181bfc","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have","page_number":216,"box":{"x":69,"y":251,"width":783,"height":12}},{"id":"0fa26ab5-6eda-4e5f-b8fc-567e3a7f895b","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":216,"box":{"x":101,"y":267,"width":284,"height":11}},{"id":"c603a8e8-b71c-4b0e-940a-75d52861cfe6","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our","page_number":216,"box":{"x":69,"y":287,"width":795,"height":11}},{"id":"d68a2864-13fe-493c-8af0-0ca9c6817758","block_type":"box","text":"clients’ investments.","page_number":216,"box":{"x":101,"y":302,"width":147,"height":9}},{"id":"fd82b6c8-da0c-41a7-92ff-e1bb3cbe243f","block_type":"box","text":"4. Repor ting on our activities to inform clients about our stewardship effor ts on their behalf through a range of","page_number":216,"box":{"x":69,"y":322,"width":803,"height":11}},{"id":"ac6950d3-0dfc-4676-8793-6a545ba9586b","block_type":"box","text":"publications and direct repor ting.","page_number":216,"box":{"x":102,"y":337,"width":234,"height":11}},{"id":"f57407d7-beac-4614-a92f-4ec26ca5de97","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":321,"y":367,"width":337,"height":9}},{"id":"57914e9e-d4e4-4628-9dfe-3b2549cc6c70","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term","page_number":216,"box":{"x":102,"y":390,"width":786,"height":11}},{"id":"cd5fc90d-8901-4e21-8fdf-f9399034aa8e","block_type":"box","text":"financial value creation. Research indicates that high-per forming companies will effectively evaluate and address","page_number":216,"box":{"x":68,"y":405,"width":806,"height":11}},{"id":"e41d43d1-37ed-456f-a21f-42df70286d2d","block_type":"box","text":"risks and oppor tunities relevant to their businesses, which suppor ts durable, long-term financial value creation.","page_number":216,"box":{"x":69,"y":420,"width":795,"height":11}},{"id":"f369b42e-4a3d-4143-aea7-0525beeaff3e","block_type":"box","text":"2","page_number":216,"box":{"x":866,"y":420,"width":4,"height":5}},{"id":"cf1dce39-d420-4915-89f6-94900a2d88eb","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":216,"box":{"x":102,"y":443,"width":802,"height":11}},{"id":"1702d39f-39e0-4f51-a738-eb1ca071ff5e","block_type":"box","text":"minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation.","page_number":216,"box":{"x":69,"y":458,"width":819,"height":11}},{"id":"5ccf5dad-41a6-4b60-bdfd-41e105807154","block_type":"box","text":"Our role, on behalf of BlackRock’s clients as long-term investors, is to better understand how corporate leadership is","page_number":216,"box":{"x":69,"y":473,"width":833,"height":11}},{"id":"9d7f40b2-4d4a-4f2b-b5d1-b585b70fdfee","block_type":"box","text":"managing material risks and capitalizing on oppor tunities to help protect and enhance the company’s ability to deliver","page_number":216,"box":{"x":69,"y":488,"width":840,"height":11}},{"id":"1a455729-9306-48b0-b12c-ec674a03b6f9","block_type":"box","text":"long-term financial returns. We aim to take a globally consistent approach, while recognizing the unique markets and","page_number":216,"box":{"x":70,"y":503,"width":829,"height":12}},{"id":"c1b4ae99-aa75-496d-9cac-e2276efbdfce","block_type":"box","text":"sectors in which companies operate.","page_number":216,"box":{"x":69,"y":519,"width":260,"height":10}},{"id":"51415c16-10dd-4511-ae0a-2702b6283781","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":216,"box":{"x":403,"y":549,"width":172,"height":9}},{"id":"3a1bdc46-2445-4412-85ac-ede2c48ce6e9","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish cer tain fundamental rights attached to","page_number":216,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"9e58d4c3-8188-4e1b-9d6b-bf6938e4025b","block_type":"box","text":"shareholding. Shareholders should have the right to:","page_number":216,"box":{"x":69,"y":586,"width":373,"height":12}},{"id":"93c8d028-771a-4210-8990-6535ffe57058","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":609,"width":6,"height":5}},{"id":"c0d3d341-3461-427e-81b4-d07494caabff","block_type":"box","text":"Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate char ter","page_number":216,"box":{"x":102,"y":606,"width":805,"height":11}},{"id":"2b2d0d0d-152a-44e5-a001-424ede48528b","block_type":"box","text":"or by-laws.","page_number":216,"box":{"x":102,"y":622,"width":72,"height":11}},{"id":"e157ac17-155c-40e1-98bb-0f2dfa426130","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":645,"width":6,"height":4}},{"id":"2d39f78d-5ffb-4ba1-b097-d76b1b5ce991","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":216,"box":{"x":101,"y":642,"width":789,"height":11}},{"id":"03c7bd35-ee0a-4325-8de4-5c76e3a2a730","block_type":"box","text":"changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income","page_number":216,"box":{"x":101,"y":657,"width":779,"height":11}},{"id":"24c72b87-b55d-4f47-ad30-deb9140470e8","block_type":"box","text":"and capital structure.","page_number":216,"box":{"x":102,"y":672,"width":150,"height":11}},{"id":"08ae641d-f6b0-456b-b122-1fce349412d3","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":695,"width":6,"height":5}},{"id":"a4cb15a3-4f96-47d6-a7a3-97289d93662f","block_type":"box","text":"Access sufficient and timely information on material governance, strategic, and business matters to make","page_number":216,"box":{"x":101,"y":692,"width":757,"height":11}},{"id":"ff15cc9d-15e3-4ea5-b3c5-df7eba95c82d","block_type":"box","text":"informed decisions.","page_number":216,"box":{"x":102,"y":707,"width":138,"height":9}},{"id":"4afbc7ae-1d10-4498-a82f-8c4da6affe8c","block_type":"box","text":"1","page_number":216,"box":{"x":69,"y":737,"width":4,"height":4}},{"id":"0e64b6db-570d-4535-980e-9dee4d92127a","block_type":"box","text":"BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality","page_number":216,"box":{"x":79,"y":737,"width":808,"height":11}},{"id":"c2e7f31d-c9e0-4450-a1b4-445bcb31c5f7","block_type":"box","text":"based approach and are focused solely on advancing clients’ financial interests. BIS’ Benchmark Policies –","page_number":216,"box":{"x":69,"y":752,"width":765,"height":11}},{"id":"41c1baff-c556-44a6-b4fd-8e71ab7103d3","block_type":"box","text":"comprised of the BIS Global Principles, regional voting guidelines, and engagement priorities – apply to clients’","page_number":216,"box":{"x":69,"y":767,"width":788,"height":11}},{"id":"af0725a4-b533-48da-8eeb-e061a0332eeb","block_type":"box","text":"assets invested through index strategies and provide guidance on our position on common corporate governance","page_number":216,"box":{"x":69,"y":782,"width":805,"height":11}},{"id":"6be2ec48-0465-4573-b11a-e9cf6fb90d88","block_type":"box","text":"matters. We take a globally consistent approach, while recognizing the unique markets and sectors in which","page_number":216,"box":{"x":69,"y":797,"width":768,"height":11}},{"id":"0ef40b51-5842-49d8-8c34-d11574630b09","block_type":"box","text":"companies operate. BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique","page_number":216,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"2f0882b2-8b9f-4f5b-b6f9-c5be76d1838f","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":216,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"5e8120fb-d97f-478f-a856-8cf52b7ec805","block_type":"box","text":"2","page_number":216,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"1f00853b-986b-41c4-aa2e-fbf41dee7ba1","block_type":"box","text":"PwC, “The 3 things all high-per forming companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":216,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"90f0f316-c135-4b81-ab2d-005a51b208ee","block_type":"box","text":"High-Per forming Companies Apar t”, March 2024.","page_number":216,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"44938cbe-1844-4794-b86b-ca4d37ed6754","block_type":"box","text":"BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"820c08dd-8424-4ff1-9c6f-3467c7e25fc5","block_type":"box","text":"Global Principles | 3","page_number":216,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"323803b0-b2ec-4772-a2ea-03f5c0a0f1e7","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1846a998-5995-417d-8f3f-68630a627b8e","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":217,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"6bb4af7d-d150-435b-8b8d-0e68096e6ad2","block_type":"box","text":"voting rights should be propor tionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":217,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"a828c66c-309b-40eb-8559-05005498070f","block_type":"box","text":"this balance.","page_number":217,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"5eb8372c-b584-4412-b99f-c9fd803f9e73","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":217,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"40f4e89e-55dd-46e5-be4a-e9b2dd1320be","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":128,"width":791,"height":11}},{"id":"abf2771b-7ca6-4c3f-a683-fe7dd03134e0","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":217,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"65ea3420-7454-400f-b763-11ef06ac680f","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":158,"width":831,"height":11}},{"id":"b5074ac5-f68b-4fdc-a446-6952f161ad11","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":217,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"c0830164-03eb-45c4-9b28-5fbc7504f1ba","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s","page_number":217,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"a9b2daae-b52e-43de-b0a8-c9b0ba67a17b","block_type":"box","text":"management or its shareholders. Voting is an impor tant mechanism for investors to express suppor t for, or concern","page_number":217,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"5a4ab029-ba0c-494d-ad10-6293cc9c3b99","block_type":"box","text":"about, a company’s per formance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":217,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"f57fd9eb-23b2-478e-9ad9-a77a4e896f9a","block_type":"box","text":"For those clients, and as a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner","page_number":217,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"d17a39b5-6e51-4db9-b9e3-1261a5b05d56","block_type":"box","text":"that is consistent with their investment objectives. BIS does this by casting votes in favor of proposals that, in our","page_number":217,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"9821fc9d-62db-4dc8-8e2b-9ba540310313","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":217,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"815f70d8-fcdb-4962-8629-b0c82dc65192","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":217,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"8913bdb9-d164-42b1-8806-15613829b864","block_type":"box","text":"engagement with boards and management teams, third-par ty research, and comparisons against a company’s","page_number":217,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"a5fccb8a-87c2-4c1d-8f73-cf6b7d71ee9f","block_type":"box","text":"industry peers.","page_number":217,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"3b192bd6-f1ad-4535-984f-359f4281546e","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":217,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"ee98c943-2792-47ad-b049-67d881dbe3a4","block_type":"box","text":"horizons of the majority of our clients. An engagement is a meeting between BIS and a company’s board and","page_number":217,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"31bd069d-bb57-4031-ade5-196d668401a7","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":217,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"180f08ab-1a8c-47f7-8c19-2883bc157a69","block_type":"box","text":"oppor tunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":217,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"69025af4-d855-4f60-8c6e-8ff2271fb7cc","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":217,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"79d99cc5-f9e0-4af4-8c8b-61f3f5fede45","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":217,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"45e1f57b-8fd0-4cb3-bc20-bcd1caae7bc4","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and oppor tunity set, and management’s plan to deliver","page_number":217,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"5349fa4e-0e91-44ae-98f7-b90f220d16a7","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":217,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"bb7e0801-c6fb-455e-8e89-086e6130cb74","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":217,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"e78e7edd-3faa-484d-8d22-f65c7f7e87af","block_type":"box","text":"drivers of long-term financial per formance.","page_number":217,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"5878870d-723b-41b1-89b1-c7cfd40146b8","block_type":"box","text":"Generally, we suppor t the vote recommendations of the board of directors and management. In case of","page_number":217,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"3fabc5c9-8472-4f9e-ae16-9368050c25bb","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":217,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"663c5507-ce6f-4e02-80e6-528774e6712f","block_type":"box","text":"determine it is in our clients’ financial interests to convey concern to companies through voting, we do so in two","page_number":217,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"510ed022-f35a-465d-8a5d-61a5f020e56d","block_type":"box","text":"forms: we might not suppor t the election of directors or other management proposals, or we might not suppor t","page_number":217,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"9c3115da-681b-4bcb-a5b8-8da218f4a1ae","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":217,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"c8308a52-e4d5-4e15-96cb-fe3e32ab4441","block_type":"box","text":"KEY THEMES","page_number":217,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"fc57ff0f-5113-4928-ad3f-74f24c01f8f1","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":217,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"0526b68d-996b-449c-b5da-00ab3e27de7e","block_type":"box","text":"there are cer tain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":217,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"c4961eb4-8232-48c8-bad9-7c8b8879e07c","block_type":"box","text":"ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of","page_number":217,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"51a82cde-9b4c-4439-bd50-18eacd758070","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":217,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"6ac532c8-f648-47b4-99a5-355056654c23","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":217,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"56475de5-54f7-42f1-bb8b-00655e73fecc","block_type":"box","text":"their domestic market,","page_number":217,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"019231fd-3dc4-4ef4-bfac-f8b2935beb4b","block_type":"box","text":"3","page_number":217,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"558c38a5-fff9-44ef-bd4e-a9e6eb519b07","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better suppor ts durable, long","page_number":217,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"01422ff9-3310-4eff-8db6-2920cb0e1d14","block_type":"box","text":"term financial value creation.","page_number":217,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"72913bf3-6901-4be3-9714-bc8fb9b21406","block_type":"box","text":"These Principles cover seven key subjects:","page_number":217,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"d00ee70f-3ac3-45fe-ae91-bca43a987b7b","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"e8ee67e7-a7a5-440f-b6b6-e5394ac66d02","block_type":"box","text":"Boards and directors","page_number":217,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"c3bb1429-e7f8-4022-9bcb-be525c5eedef","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"3518a57a-99ae-4e14-a8f7-97fbc48a5a08","block_type":"box","text":"Auditors and audit-related issues","page_number":217,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"c8c7a565-a559-484a-9618-ca742c42765e","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"5be76bec-e0ee-4b25-add6-f4f45dd682f5","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":217,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"b3c6709b-9c52-45e4-a83d-0ea9387f909e","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"1a827b05-89cf-4f79-99cc-f6828cfc0287","block_type":"box","text":"Executive compensation","page_number":217,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"35ecab02-10cc-4ee7-9962-a0727a47733d","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"77c931b3-4291-4109-b5dc-8a636ced23af","block_type":"box","text":"Material sustainability-related risks and oppor tunities","page_number":217,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"295df959-23db-4c6c-b0cd-edbac47bae58","block_type":"box","text":"3","page_number":217,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"2d93281a-3402-4a8c-97bf-1d15f66c89de","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":217,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"6c020a76-9adb-4986-9239-7df89aeb485e","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":217,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"fee46cc9-7d42-4da6-93b6-ac8fc1136bbc","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":217,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"2e5b9657-8a53-4fa7-9d66-0a75aaeab309","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"819099b4-6488-44a3-8e11-c24fcc4bfd32","block_type":"box","text":"Global Principles | 4","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d8407205-5f60-427f-a328-7f915923dc2b","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30ce97bc-a453-4b80-ab9b-7a7ffe29ae8a","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"90b467cc-71fd-4d80-9213-f1e689fa5606","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":218,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"97426fdc-e653-44fe-9658-6f17abc1ea0a","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"2655cb22-7754-442e-9718-8f49061d2855","block_type":"box","text":"Shareholder proposals","page_number":218,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"11887e9b-db0c-49f2-9e85-fe2fa768c617","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":218,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"d2075a05-6ac7-412d-b7c1-b9f9bbc8599e","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":218,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"778a599c-51fb-4d36-896c-45d2c08b7788","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":218,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"c0bf88cb-54e0-43e4-b88f-542f17a8ed24","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or oppor tunity.","page_number":218,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"8e564696-a617-43e8-9f7c-da688a69c41a","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":218,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"ac788634-f87a-4210-8367-820c441a82b6","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":218,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"888564ac-4633-4ae0-b37e-dc6d36e63338","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":218,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"1fb5f1f7-2e6e-474b-b4b1-2c5db4153893","block_type":"box","text":"environment within which a company is operating.","page_number":218,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"2562fbf1-351e-4e53-b68a-54fc3aa98249","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":218,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"8173840e-33ac-43ae-b702-1cfbff5ebd7f","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":218,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"db806605-2ad2-42ee-b538-e0a9c5ed1932","block_type":"box","text":"characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of","page_number":218,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"205bb1cb-d8fe-4f88-93d3-3351b7fde47e","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":218,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"9cca9685-4d3a-4ec4-844f-a07044e8060c","block_type":"box","text":"oversight and contributing to the most impor tant management decisions that suppor t long-term financial","page_number":218,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"11c815aa-f69e-4112-acc9-063f2da3c1b5","block_type":"box","text":"per formance. As par t of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":218,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"c7d80f22-eea0-4223-b523-93adada170d6","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship effor ts","page_number":218,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"dd6fa5b5-f516-4639-9cab-bd7b95a3b9db","block_type":"box","text":"have always star ted with the per formance of the board of directors, and why we see engagement with, and the","page_number":218,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"756e3956-84ad-45a4-8217-652c95119bbb","block_type":"box","text":"election of, directors as one of our most impor tant responsibilities. We engage, as necessary, with members of the","page_number":218,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"632b1445-a751-43cc-828b-1b0fd8e9b821","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":218,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"a67f50d9-20e5-4ea2-bac0-280e2cdbde83","block_type":"box","text":"are appropriate given a company’s business model and we take into consideration a number of factors, including the","page_number":218,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"7187e59d-40e8-48de-8bbc-1c02efc50143","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":218,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"a83f6e82-07b7-4fca-8295-290fdde0e0b7","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":218,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"a33cf417-839b-46da-b08e-a00a9e00d4c6","block_type":"box","text":"governance mechanisms to suppor t its oversight of the company’s strategy and operations consistent with the long","page_number":218,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"080237a3-5719-4754-b85d-e1111b59c856","block_type":"box","text":"term economic interests of investors. There should be clear descriptions of the role of the board and the committees","page_number":218,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"7e12b37a-fe23-4d1c-8da9-80a9e5b7a1f2","block_type":"box","text":"of the board and how directors engage with and oversee management. Disclosure of material risks that may affect a","page_number":218,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"bd668aed-2f36-4730-bae9-9dec4caba027","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":218,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"cef4d322-3712-43c1-9453-6d73f9652848","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":218,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"a33a5da1-50fe-4350-a0cf-9f0a627cfd75","block_type":"box","text":"managing, and mitigating such risks.","page_number":218,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"bfd21691-d916-4537-bec3-0bca4b88c179","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":218,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"980227b9-1e2e-434a-bd48-e7245f94c75b","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":218,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"4fa57bb8-77cb-4475-9508-dbb335367125","block_type":"box","text":"when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":218,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"86676d49-61c8-4852-90cf-4e4be9e85183","block_type":"box","text":"reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these mechanisms in","page_number":218,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"d3ed7d8c-dc9c-400b-b8bb-7a3caf1592ce","block_type":"box","text":"overseeing the management of business risks and oppor tunities and the fulfillment of the company’s strategy.","page_number":218,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"65443874-a8a5-4688-adaf-17446d45c460","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":218,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"c9b3cc27-009c-4beb-b429-fa00be82b0b0","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":218,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"b2ae0810-02d6-47ae-b329-557ccafb2878","block_type":"box","text":"assessment, have par ticular responsibility for the issues. We assess director per formance on a case-by-case basis","page_number":218,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"cc30e7e8-9324-48a2-8500-8097c10318ad","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":218,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"9f4f068b-19c6-45c8-aee7-378f74c7a19e","block_type":"box","text":"suppor t durable, long-term financial value creation, and per formance. Set out below are factors we may take into","page_number":218,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"7c2b8083-3579-41ce-b8c4-c515f1f1d025","block_type":"box","text":"consideration.","page_number":218,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"78d0c3a0-b068-425f-a6ae-0718cb145e49","block_type":"box","text":"Regular accountability through director elections","page_number":218,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"b5c3aca7-cf62-4106-9a94-e2f50f4fbe23","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":218,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"d1d8ffef-27af-40e4-8258-048b04e17ca0","block_type":"box","text":"regular basis, ideally annually.","page_number":218,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"79398547-cabd-4b34-8470-49b12e04bbcb","block_type":"box","text":"4","page_number":218,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"719306f9-076b-4d99-a7b0-3d3da47b2db4","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for board","page_number":218,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"cdc5d5d2-529d-486c-a075-0173d97f37c5","block_type":"box","text":"members and/or hold them accountable for their decisions in a timely manner. When board members are not elected","page_number":218,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"70020450-6869-439c-b469-7101e4e24510","block_type":"box","text":"annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board","page_number":218,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"37f190eb-ccfa-425d-9c6a-3076a38d35c0","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a propor tion of directors being put forward for","page_number":218,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"1907b696-085f-456b-9c8d-acf7b58e3339","block_type":"box","text":"election at each annual general meeting.","page_number":218,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"91a5f1fb-770c-4aa0-b06d-ed482bbc0289","block_type":"box","text":"4","page_number":218,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"1041fbfc-3945-473e-9e8f-5f1bc593479c","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":218,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"c6728cc7-e181-483a-b231-f7b14a322f19","block_type":"box","text":"market regulation or voluntary best practice.","page_number":218,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"9d659e36-cef2-4803-a1f8-7f824c5ef7a6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fb94eb27-dbb8-4b7b-b01d-4791108a3f7a","block_type":"box","text":"Global Principles | 5","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"27cbd83d-2f4b-4654-b959-8106075b7a39","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ba7a2dc-392c-4da6-93c7-c06ba17ec7a1","block_type":"box","text":"Effective board composition","page_number":219,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"9f71a678-db0f-4d6a-ae4d-edf764494033","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":67,"width":805,"height":12}},{"id":"e4470f57-2ecd-4b4d-9be4-8642b7dceaed","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":82,"width":831,"height":12}},{"id":"8b9da6e4-80a8-4ea3-b10d-ee6d76f23eed","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":98,"width":758,"height":11}},{"id":"884e6147-f96d-443a-8e71-51f9dd11cb89","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":219,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"79a18677-6069-4493-adae-7e542d632849","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":219,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"da28a526-b8ed-4b7c-be29-19b83a057983","block_type":"box","text":"recently.","page_number":219,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"343da0a2-590a-44ac-8c60-04dd8bc9aed8","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":219,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"8019d11c-664f-4d58-93b5-616f8972c172","block_type":"box","text":"directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s","page_number":219,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"62d9150f-0cb0-4d0d-be8b-db0348714814","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":219,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"741abed2-eed1-4961-b02c-6d8409a8b32a","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":219,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"246eda58-5288-4b99-882d-204707ecfc07","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":219,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"fd437a46-94e9-46ee-9121-f6a12a83ee20","block_type":"box","text":"Director independence – from management, significant shareholders, or other related par ties – is a central tenet","page_number":219,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"2b6ca06a-b18a-49dc-b1bd-f24433e36c1f","block_type":"box","text":"of sound corporate governance across markets.","page_number":219,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"2c1f5e48-6fe5-4a12-b781-a371b7d9d16e","block_type":"box","text":"5","page_number":219,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"cebfe051-383d-4533-8913-616b6b95fc7b","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":219,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"05d4c164-d842-4fa0-9501-2a2d07243458","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":219,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"3539f517-9933-402b-ab11-5eb2da762f9e","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":219,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"ee269b6e-5442-4c29-92c8-28929be2c4b8","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":219,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"0953c9a9-1620-468c-9228-0ca2bb82a58c","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":219,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"6b6e5b11-11f3-4003-8f02-b8fc5670bd75","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"00c6db06-9b1c-4e18-897f-fba40e2892c5","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":219,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"253ce500-e4d0-4f3c-81c9-40e25d594292","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"f3ef2381-0cb5-42ca-857e-e9a661f7a73a","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":219,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"2a371d63-6a18-4a50-a245-09444ddf7f16","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"ff553d96-0814-4345-8ce1-1ff558a63fb3","block_type":"box","text":"Interlocking directorships","page_number":219,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"61a91394-206b-4816-89d1-a6b8ea626b44","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"3b186809-e1c4-4064-a6b6-b8dcd2dab225","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":219,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"3811220d-cbc9-464a-a06e-84a340087724","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":219,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"2ac79ffa-88ba-45b1-b7a2-4e73d8453f5a","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":219,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"a4d24734-cbeb-48aa-bf02-c5bbc6b564e2","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":219,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"11f427b7-f493-4e7d-a66a-fc6a47a63feb","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":219,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"8d0f88c8-bc64-43ff-a60c-2278aa0275f8","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":219,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"0b0ca666-145d-46a7-bef7-f357574940e1","block_type":"box","text":"the board, and encouraging independent director par ticipation in board deliberations. The lead independent director","page_number":219,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"99196e62-eac3-4abd-9327-9aada2d5793d","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":219,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"f4b81c8b-e2a4-4c47-9544-544f6e2a2f35","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":219,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"6334f733-221a-4a8f-a57b-ba630b582308","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or","page_number":219,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"7054248a-5669-4b82-ba20-5444b0750e6e","block_type":"box","text":"for affiliated directors or require additional focus. It is our view that objective oversight of such matters is best","page_number":219,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"4dad8972-22d5-4a3f-a4cf-32ac87c2ad59","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":219,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"3ccf6b2c-2ec3-4ba3-91e4-5899ed5c61cb","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":219,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"b6098269-78b1-4e29-8c11-ff3733d7b7df","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":219,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"053a1ea1-a967-4478-84e3-86b80437ce38","block_type":"box","text":"transaction, par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":219,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"b30219fd-8113-4471-8334-e13d82571e72","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":219,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"7d2b8247-1ffd-4353-bc5d-bc658c18e496","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":219,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"9aac6ed8-599f-4b7f-a0c8-2489ada8aad5","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":219,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"1a4b460b-889a-4de5-ad22-fad83252c6cb","block_type":"box","text":"and exper tise of the board, as well as the par ticular skill sets of individual directors, aligns with the company’s long","page_number":219,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"0fa67b73-57eb-4233-b3c2-eea56f2a1441","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":219,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"01a7a2d6-9381-4653-a20c-2669b60af31d","block_type":"box","text":"company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in","page_number":219,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"439f7142-e05e-4980-922b-e9a4a1c3b91e","block_type":"box","text":"board discussions.","page_number":219,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"8034a5a0-628d-4e32-b09a-2d0941230c49","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":219,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"73598266-0b9c-4452-884d-314e0faca522","block_type":"box","text":"room. We see it as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its","page_number":219,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"879cf130-891b-4587-80ae-ffa6d542245b","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":219,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"2b526bc4-7645-4d4c-9212-b2ed4dd40b75","block_type":"box","text":"5","page_number":219,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"cc51bacf-b291-4778-88e0-deb6fbe8eef4","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Repor ting","page_number":219,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"3ab08c6c-25a0-4ab7-9ce9-7bafc3e819f6","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":219,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"a36659d2-e019-4bcb-9d2a-72b83530192c","block_type":"box","text":"Principles for US Listed Companies.”","page_number":219,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"1693412a-478d-4825-b446-eef2dc9400ab","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ab6b80be-33b0-4393-afca-8e2e9c08dee1","block_type":"box","text":"Global Principles | 6","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"0526ce85-7e3f-411b-bf46-f877bf9ddcdc","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a23593f-4611-4b95-a40a-e0b082439983","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business","page_number":220,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"04e1c97a-d560-4b35-bb12-5d4e78444154","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":220,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"9e188747-436d-437d-835b-f1b968edea1b","block_type":"box","text":"composition suppor ts the company’s governance practices.","page_number":220,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"0de31e20-b5a0-4de8-a903-da9f2a8d0d18","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":220,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"552cad70-ca56-4b93-bfd9-b4b698ae569c","block_type":"box","text":"companies, par ticularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":220,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"36af7c92-d525-48e0-b51f-d269554231af","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":220,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"d44d1271-eb76-40a0-a507-6c0f1d1df077","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":220,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"97539f8c-d74b-46e5-bec9-fbffadf91b52","block_type":"box","text":"6","page_number":220,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"7abb0334-8fcf-48ee-8673-ce50905740dc","block_type":"box","text":"Sufficient capacity","page_number":220,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"5f06dba0-79ad-41a2-9eb3-a743a3a7fee0","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":196,"width":763,"height":11}},{"id":"9aaae913-c43a-4e96-b403-570521fa83f5","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":211,"width":830,"height":11}},{"id":"ffd538c7-8d75-4c39-87e3-31b957e61598","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":220,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"a5b18463-7a0f-4c26-9ad2-16f76095458e","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":220,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"bff9287d-8073-40fc-8d7e-37730480b168","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":220,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"2c4f1292-4318-4838-b0eb-298ae1dcef45","block_type":"box","text":"BlackRock recognizes the critical impor tance of financial statements, which should provide a true and fair picture","page_number":220,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"a52ec6e8-33ed-4bad-99a7-7797ee6c7c91","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":220,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"65d472d4-3457-4152-8e56-9b17189cd0f2","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":220,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"7e868e44-9649-4b3e-b0b9-84b330a91624","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":220,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"43dd8227-cac8-49f7-97e0-940fba6b374f","block_type":"box","text":"under market-specific accounting rules, is of paramount impor tance to BlackRock. Investors increasingly recognize","page_number":220,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"21e46dea-67da-41bf-b0e8-8008fc78c3b0","block_type":"box","text":"that a broader range of risks and oppor tunities have the potential to materially impact financial per formance. Over","page_number":220,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"783a72b2-4882-4736-90e6-eecac2731671","block_type":"box","text":"time, we anticipate investors and other users of company repor ting will increasingly seek to understand and","page_number":220,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"6de624c2-aaaf-440f-9091-e19835922c67","block_type":"box","text":"scrutinize the assumptions underlying financial statements, par ticularly those that per tain to the impact of the","page_number":220,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"083a3c8a-5768-464c-8d26-8e6ebd526fa7","block_type":"box","text":"transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area","page_number":220,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"7814b9d4-6e43-4e6a-b92e-281b0614d876","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Repor ting","page_number":220,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"e1006c0b-227e-4db4-ab82-4a2f4c4e6efd","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":220,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"6c200346-50e4-4560-b340-88d2005ccb8f","block_type":"box","text":"their guidance to companies.","page_number":220,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"294977cb-e7fb-48e8-8751-1942c07eae7d","block_type":"box","text":"7","page_number":220,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"f14cd6a5-36b9-4628-940e-f0c7634219df","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial repor ting system by","page_number":220,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"9fcf1ab7-458d-4364-bc1c-90fd112ac642","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":220,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"6a47cc36-80c4-4363-9bf2-0131a59463ba","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":220,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"149e85eb-21fa-4d6c-9575-0191b7b1f52a","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":220,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"307df3aa-707e-4248-80f0-c0c96f87a7c0","block_type":"box","text":"8","page_number":220,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"72794937-a8b8-4067-9195-63428682b2fb","block_type":"box","text":"In our view, effective audit committee","page_number":220,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"5b6ae9a8-e40b-46fe-9256-6759fe23c99f","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an impor tant level","page_number":220,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"f7eeccae-6177-45bc-998b-239c1fa931b5","block_type":"box","text":"of reassurance to shareholders.","page_number":220,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"18781323-6f41-4110-9a70-e9f269b42413","block_type":"box","text":"Audit committees or equivalent should have clearly ar ticulated char ters that set out their responsibilities and","page_number":220,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"d01f81c2-b644-4b89-955a-bd3b1ef15562","block_type":"box","text":"have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh","page_number":220,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"090fd0c2-7a66-437c-80d6-50cd07e31e11","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":220,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"fdffe5b0-ab25-4a87-9ae8-ad3ce49b8e59","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":220,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"0b3ba8ea-c44d-401d-ba94-cb4ef0fe3072","block_type":"box","text":"relevant exper tise to monitor and oversee the audit process and related activities.","page_number":220,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"384653a6-88a3-4afe-aa0e-89ae59103588","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":220,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"9c5a97ec-ccdc-4825-867b-dc1f0101c090","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":220,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"6edc690e-c703-403b-a700-77f0285b719d","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":220,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"042e8672-7963-4bdb-8fc0-c2b7b324ee84","block_type":"box","text":"or internal audit function.","page_number":220,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"79d03f9b-225a-403d-81aa-bfc4cc55a694","block_type":"box","text":"6","page_number":220,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"3740bf0a-56e8-47af-946c-b3d0f74745c2","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":220,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"a0b62ae6-cc54-4c98-8a28-55a028fd3720","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":220,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"eb952302-e5cd-4e6b-a09b-eec5aecc05e4","block_type":"box","text":"7","page_number":220,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"143fb321-ee5c-42c3-8828-645dd1a5b384","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":220,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"5a3d65c4-cfd8-4e38-bca7-3f141c6de01c","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":220,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"2e9e524d-a4ae-4f34-871d-29bf3d8ceb0b","block_type":"box","text":"August 2023.","page_number":220,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"fc8dc44f-afb9-4883-ad31-5fd8f1b59428","block_type":"box","text":"8","page_number":220,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"d3ce6242-1c87-483d-91bd-e7fdb541ef4c","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":220,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"2a30db3f-e43d-442c-8e38-3459effe1a0c","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":220,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"9c5ccc8c-2adf-49f2-8466-2816214c3022","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":220,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"835cbb2f-194b-49e9-808c-f8c1bf08c903","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":220,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"a0c00001-b899-43cf-a1da-9fac82623e65","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":220,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"1a5ca665-7182-4417-b1e7-0dc96122edf4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e8674824-e941-4bc9-9579-8febad99f88d","block_type":"box","text":"Global Principles | 7","page_number":220,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"dabae9cb-8783-47df-9b18-2b531657cc0e","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c5be5a3-e524-4aac-8de6-6289cdf1f06c","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":221,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"f070b8a2-0a35-48af-982d-090b19eccdf2","block_type":"box","text":"check on management. To that end, it is impor tant that auditors are, and are seen to be, independent. Where an","page_number":221,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"203be089-ef94-413f-8459-392870b8b678","block_type":"box","text":"audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and","page_number":221,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"3dbe4678-98e6-4a72-8640-f0af960c2eed","block_type":"box","text":"explained. We look for Audit committees to have in place a procedure for assessing annually the independence of the","page_number":221,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"caa297c1-e236-4430-99d4-ad0a657acdfc","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":221,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"8937a306-6f56-4153-af12-92391f5023ec","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":221,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"ab4f4a7d-fe94-46d5-94d4-70b3fbe1a420","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":143,"width":836,"height":11}},{"id":"5169ba5b-a582-4d90-b07a-949021745318","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":158,"width":806,"height":11}},{"id":"f0e8bc23-30f6-40ba-bc5a-2f15eac36a7d","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":173,"width":824,"height":11}},{"id":"e0a3bd1e-3b16-4d1a-8873-7eeb09075fe3","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":221,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"0b74016e-b9bc-4460-9bca-8f236a9d3b80","block_type":"box","text":"adequately managing risk.","page_number":221,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"e46ffd3e-0e3d-4816-9674-4451e863db6e","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":221,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"a64e022d-431a-4a1c-aefc-bccb6f62d3ad","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":256,"width":798,"height":11}},{"id":"dfe5acb7-6e61-4226-8874-9b85681bc2f0","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":271,"width":824,"height":12}},{"id":"c3ef0f96-a38b-4d2f-b23a-63ebaa0e5e6f","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":221,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"020b07da-efd5-4b8f-a37b-b6705c7d7f18","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":221,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"b432b920-9df8-4184-9e4a-c9df00ccd3c1","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":221,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"4c36cd59-041b-46cf-aa40-4b58f17ee822","block_type":"box","text":"and voting rights should match economic exposure,","page_number":221,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"2aef31b2-2dc5-4bf4-b939-90841390bcc6","block_type":"box","text":"i.e.","page_number":221,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"f2039016-fbb5-4e75-a612-9a7699e4c3e7","block_type":"box","text":"one share, one vote.","page_number":221,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"6b44dc33-a24f-4ba2-9fc7-9e6f7952628c","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":221,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"8cb6b83e-f85d-4b4e-b924-e3f532fe34db","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":221,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"c51782ae-7674-4b37-89f2-b3fb57c3d654","block_type":"box","text":"propor tionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":221,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"26bc6b34-dec3-45c7-a3b8-0a13ebbedaf0","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in cer tain markets,","page_number":221,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"c13baa4b-6b6e-493a-a311-62ab258d1559","block_type":"box","text":"at least for a period of time, companies may have a valid argument for listing dual classes of shares with","page_number":221,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"dc78a184-8040-4276-99d2-a8d992c89172","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":221,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"1e03b0d3-f355-4e6c-802e-8a73e0acd50e","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":221,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"228d6db0-58a5-4050-81a6-9e74a5bd51fd","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":221,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"510ffb62-fa2c-4027-9b0f-3e877ac90f65","block_type":"box","text":"should give unaffiliated shareholders the oppor tunity to affirm the current structure or establish mechanisms to end","page_number":221,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"c92e2584-4402-48b5-a451-e48d35bb8df8","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":221,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"98d028ba-035c-4b1b-9e2b-d88459c89262","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":221,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"872d4e7c-1e3f-42ff-b772-bb8744dfa587","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":221,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"7f17732a-cb7f-412a-bde1-05f2fe817bd2","block_type":"box","text":"economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it","page_number":221,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"bd15115c-aeb1-4cf7-873e-6af146ba2568","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":221,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"33001ae8-0243-4e95-bfc7-8d75c548b7cc","block_type":"box","text":"transactions have the unanimous suppor t of the board and have been negotiated at arm’s length. We may seek","page_number":221,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"5bc8ccb9-7843-48c2-8486-d8069e14ee02","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":221,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"8a553649-d4ae-45fb-86cd-a850b55ca5d2","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":221,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"c8c4dbda-2169-4a1a-b972-bd2d907df070","block_type":"box","text":"involves related par ties, the recommendation to suppor t should come from the independent directors, a best","page_number":221,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"6fb783ec-6551-45c2-a2ce-1f20648af0a6","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":221,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"7fcfb5bc-21bc-4865-8274-63008da375a8","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted par ties.","page_number":221,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"fe24926b-d285-4e70-9191-e9a98260b0bb","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":221,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"cbfaa305-4c5b-4e74-b4ad-24e42af87fe1","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":221,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"6aabb925-22c4-4793-93ab-7ad3729ba6ce","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":221,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"e46f4e95-ebb2-4e11-969e-c881312a26dc","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":221,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"cb471577-4f69-43b8-9424-b3d3b63bd5fe","block_type":"box","text":"their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to","page_number":221,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"8f0f2de5-112c-4591-a604-c37557a552ff","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":221,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"f0796179-b026-4c9f-97ab-9639f881d24d","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":221,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"9ee45be1-3c20-45d9-82ce-4376dd97b897","block_type":"box","text":"In most markets, one of the most impor tant roles for a company’s board of directors is to put in place a","page_number":221,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"9e78e574-abe1-4d81-b520-ab6ea50e06b6","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":221,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"de5eb4ce-7f37-47c2-8e5c-a75fd8226f16","block_type":"box","text":"impor tant tool used by companies to suppor t long-term financial value creation. In our experience, well-structured","page_number":221,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"c9c633c6-3936-4053-a1e6-100611155d45","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":221,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"4097824f-59a4-4273-9b03-86a2c444ec4d","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":221,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"b48a488c-627f-4684-a0ca-4dbf86e1bb4f","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial per formance.","page_number":221,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"b297d322-2ea9-4ce8-8cc5-76bb92412618","block_type":"box","text":"Per formance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":221,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"753a9ad1-fdc0-48f0-ac87-edfd1bdf91f6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e9d80d08-eec3-41a0-9df8-c32bcf21776a","block_type":"box","text":"Global Principles | 8","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"61d730e0-93e7-4e51-ab6c-5efee1377f6f","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3feefa8d-fcfb-4845-a26e-07d3846e5bf3","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":222,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"53cf5f92-0aea-43a4-997d-fa7921836932","block_type":"box","text":"where they are included, we look to companies to be as rigorous as they would be in setting other financial or","page_number":222,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"548b8dfe-7861-4a0b-ab9f-661c7e54fbb9","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":222,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"944f8b14-c182-45ab-9c49-29c0db5332be","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":222,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"55bf72cf-0351-4aca-8111-73bfa6a52d7c","block_type":"box","text":"period of years.","page_number":222,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"15d82c1b-c2b1-4b2e-a06e-0d37ad422a9a","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":222,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"d4f3ab70-11b0-45df-86cc-dda786711284","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":222,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"29316bb1-4297-44bc-a792-5a465aaa320e","block_type":"box","text":"circumstances, such as its risk profile, the environment in which it operates, and the individuals the board is trying to","page_number":222,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"b3d9f034-01ee-475d-85ea-0d5f745c17fd","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":222,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"92799ccd-fa51-4623-a827-ec7d435b7a58","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":222,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"d3057f72-8657-496d-b7b7-23b37e91d2e6","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":222,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"a9ebd256-d2ce-4a92-89f5-b3bd95d545d5","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":222,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"e526e012-57fa-4e42-9210-5fb4e595b971","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":241,"width":772,"height":11}},{"id":"5adb11a9-798a-4be8-809e-2f851c6fc2b0","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":257,"width":831,"height":11}},{"id":"324a1048-31ef-4336-bafa-7c7b127cac0d","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We","page_number":222,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"ba5ae5b0-e45a-4600-a819-c4a2ddcc1afc","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":222,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"097277e6-4035-4521-b85f-2420d58f7b97","block_type":"box","text":"however, we are concerned when the rationale for increases in total compensation at a company is solely based on","page_number":222,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"65d426df-54eb-441c-a4a6-d467529fb80b","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outper formance. We encourage companies to","page_number":222,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"aaf5598c-938d-465b-ac6b-dcfe8203b755","block_type":"box","text":"clearly explain how compensation outcomes have rewarded per formance.","page_number":222,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"51aba908-aaf8-4e1b-9f9f-b58cfa39a55d","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":222,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"3c4396f4-50cc-4951-95a0-5409be3d4b24","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":222,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"db6151e7-d291-4255-960d-7f12b1da4edc","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":222,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"66ddf3a2-a8bf-41b5-acc7-a06959f2fe12","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":222,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"e0a7da4f-8e7c-4682-89a3-a7ad79ab200b","block_type":"box","text":"risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material","page_number":222,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"85c5d663-bfca-4070-b8e9-ebec6e79d067","block_type":"box","text":"restatement of past results.","page_number":222,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"2e44220d-5fc1-48c2-ac4a-afe3dc32924d","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":222,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"98fc987e-5030-43b1-927e-52d66dc11985","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":222,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"bb824054-c692-422a-bdf5-e504057fcf84","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":222,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"f0f35710-8bba-4642-91b0-2e38b7e71efe","block_type":"box","text":"whom they are charged with overseeing.","page_number":222,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"14fde816-198e-4053-9bce-63997a2b79c0","block_type":"box","text":"BIS may convey concerns through not suppor ting management’s proposals to approve compensation, where they","page_number":222,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"bd1df3ae-1b38-4e53-8fda-9688a778fff5","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":222,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"dada01d1-94fa-490f-beda-f096daebd7a3","block_type":"box","text":"for poor compensation practices or structures.","page_number":222,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"08a2e195-2654-43a3-8565-8f49bcdcd11f","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":222,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"5d95837b-25d6-40e1-8475-359121426330","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":222,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"283828e8-91ce-46b5-8f10-89474a432bd5","block_type":"box","text":"risks and oppor tunities relevant to their businesses.","page_number":222,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"97f1db9f-0cf4-4161-81c7-fb03afb4cf90","block_type":"box","text":"9","page_number":222,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"a074e14b-f076-4b5b-b826-9f20cec5cfeb","block_type":"box","text":"As with all risks and oppor tunities in a company’s business","page_number":222,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"b15ba464-38be-4d2c-b830-ac262221eba0","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":222,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"6ade95fd-d881-4a02-ab5c-8e5dbedf828f","block_type":"box","text":"governance framework that suppor ts durable, long-term financial value creation.","page_number":222,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"a9873ff1-bc56-4592-8adb-2e3e940cfb14","block_type":"box","text":"9","page_number":222,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"aa25a8ea-b8e6-4355-b65a-55459e60d1d9","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":222,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"66395ecb-785d-48aa-9b80-303c5d20d5b9","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":222,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"8f6ea242-53e5-4c33-8ab3-629a784ee12e","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":222,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"8cc745e9-d93c-4229-9c4e-57305000792a","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":222,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"513ea5b8-b305-44d2-a987-ab2707af70ec","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":222,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"88c43162-e635-4bee-8c12-e727b084a998","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"aa30dbff-ec79-4b5f-9a9a-d39616372a0d","block_type":"box","text":"Global Principles | 9","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d165381e-2b2e-4d2c-9b91-26a29e5a9c71","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ef58df3-609e-4db2-977e-707bfe6e2bef","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":223,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"2d152be4-abaa-4187-af48-1c1179a91a21","block_type":"box","text":"material sustainability-related risks and oppor tunities. We find it helpful when companies’ disclosures demonstrate","page_number":223,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"12b0592b-3fdb-484b-b766-133954dcd058","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and oppor tunities into","page_number":223,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"a0363008-b596-475b-84dc-accfa457f4cf","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":223,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"421526d8-a780-4c2b-af1a-0ac2e745113a","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":223,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"ae467079-4826-4668-a9d7-f8b5b3c2066e","block_type":"box","text":"10","page_number":223,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"7b5d610d-e354-4049-9f00-5d00890b90cf","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":223,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"81b4d7c4-1eea-4d30-9544-c87ceaa4e529","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":223,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"2e708b61-1bee-4a1f-93e9-6200869b4f9f","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":223,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"3016d7fb-f5b4-4461-bc7e-73d61aa5b7be","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in repor ting aligned with the ISSB standards","page_number":223,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"47659c67-81a6-4558-a3e1-89031610e265","block_type":"box","text":"over several years. We also recognize that some companies may repor t using different standards, which may be","page_number":223,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"f4b91039-28fa-4715-9370-951fbc45f2bd","block_type":"box","text":"required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight","page_number":223,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"36b0f5e6-1237-418c-a7e2-f94a2b1088e5","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":223,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"44e3517b-a82a-4501-9119-d856cd1de234","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":223,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"5fdd36d4-99b3-4078-8225-f183d0c8a78d","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":223,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"063eced6-7d75-4260-afd8-a4940d6d6e1e","block_type":"box","text":"and repor ting may not line up with financial repor ting cycles and companies may require additional time after their","page_number":223,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"4d915771-d0b4-4509-a95a-2a6f63575524","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and repor t this data to investors. That said, while we do not prescribe","page_number":223,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"01063b89-ac1a-47ea-8a38-63418b88db6b","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":223,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"d3af465d-185c-45d2-8228-5c9e8e193d7e","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":223,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"5d2ea94c-1a4e-4556-af96-b0b6d4e1e016","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":223,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"4d2e9fdf-0181-471b-9f08-6f257ad99e75","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":223,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"15bead9a-e3d4-4b7a-a9aa-f9573e9143a1","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":223,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"238ab3fa-2689-4b39-8c91-08cf162f0563","block_type":"box","text":"Development. Fur ther, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":223,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"9f4364ed-92f4-4134-9b0b-1a0e06fda79c","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of","page_number":223,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"14867f91-1330-4a68-8e19-71b5579e4245","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":223,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"36b54181-2fb1-4709-879b-369fdf9a23e2","block_type":"box","text":"adopted, the industry initiatives in which they par ticipate, any peer group benchmarking under taken, and any","page_number":223,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"ee43ad02-e8b1-4bcf-9d4e-5f18ff4045df","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":223,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"61ab7101-6023-491e-9856-c312ebed28b4","block_type":"box","text":"10","page_number":223,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"1e5a5b74-b45e-4422-8f64-a622eee7e00c","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":223,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"f80b04f2-5323-4301-82f7-d5714caef628","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":223,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"c738d9d0-512d-428e-b993-9d93843d0bc6","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the entity.","page_number":223,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"5f64e27d-45bf-44e4-a89b-35e4328efdb4","block_type":"box","text":"The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate","page_number":223,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"20765d4d-7a40-4782-a676-17ae1c1fd10e","block_type":"box","text":"related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in making","page_number":223,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"fa43eeff-fb33-4aee-874d-46c5860ed310","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":223,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"5bc20544-8b13-4616-be8b-dd3acf8bb718","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"07a1c824-dcaf-4363-be74-aaed79f98c0d","block_type":"box","text":"Global Principles | 10","page_number":223,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"3f50d094-f950-4868-8351-c29bf8f4589c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a92cda3e-5bae-463f-baaa-d2dcdcb0c454","block_type":"box","text":"Climate and nature-related risk","page_number":224,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"d3f8da51-714d-4868-9be8-9028c0f3f4bc","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":224,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"78fe20e2-ec1d-4aa2-b32d-d1c8aa9464dc","block_type":"box","text":"11","page_number":224,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"4b6d8911-5ad5-4714-8489-855003183c9c","block_type":"box","text":"Our","page_number":224,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"592a7f9b-457e-49b7-9c65-5ab731eaecfc","block_type":"box","text":"research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by","page_number":224,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"fe517a04-08ef-42dd-bec9-9da814385b94","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":224,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"d1d01f41-bdfb-4738-aa8b-ff9ae8c1a96a","block_type":"box","text":"companies.","page_number":224,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"e4006bfa-15a6-460c-82df-f7ef1c43a07c","block_type":"box","text":"12","page_number":224,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"61c1acb8-f377-492f-a75b-534b3f7dbba0","block_type":"box","text":"Yet the path to a low-carbon economy is uncer tain and uneven, with different par ts of the economy","page_number":224,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"2c9fee04-8d01-4ea7-aafb-fce705c9832d","block_type":"box","text":"moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate","page_number":224,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"b282c571-da74-430b-8c87-ce7b599a63eb","block_type":"box","text":"related risk and oppor tunity on their businesses and operating environments. Many companies are assessing how to","page_number":224,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"ec623130-9470-4caf-bbe7-35546c747fdd","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":224,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"d5f2154a-fc27-4262-86bc-47929bae675c","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":224,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"081ad14a-80db-4a08-a46f-e0e39923869b","block_type":"box","text":"and sector, how they intend to deliver long-term financial per formance through the transition to a low-carbon","page_number":224,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"fd862967-226c-4c5a-bc6d-a47672ec4803","block_type":"box","text":"economy, including where available, their transition plan.","page_number":224,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"af6dcbc8-517f-4186-9ec4-2748a8d26b9c","block_type":"box","text":"13","page_number":224,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"fe2e61c4-210f-4e25-9808-376093454a28","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":224,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"a9886c34-e1e3-4065-b5af-df03311dd2c1","block_type":"box","text":"assess company-specific climate-related risks and oppor tunities, and inform investment decisions.","page_number":224,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"fe328dcd-9bc5-4340-84ce-efb2533c6991","block_type":"box","text":"14","page_number":224,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"b8f28c1b-f1f7-4601-a5ea-847932c1935a","block_type":"box","text":"Such","page_number":224,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"1b1327fd-d87d-4f03-991d-7ef0ebd15e29","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":224,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"a303771b-d364-4821-a560-35f366480742","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":224,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"5b11ea12-a133-4726-b92b-cbb2c347154e","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":224,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"ec80a88b-2784-418c-bf8e-02b88b622f56","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":224,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"428e7cb6-682b-4029-b7e2-f9bb642f09c7","block_type":"box","text":"as best practice in the market.","page_number":224,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"71b3ba1f-54e3-4c7c-8419-99566d52c147","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":224,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"a20898f5-3eef-488b-89d0-7c1b374a3662","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and oppor tunities for, their","page_number":224,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"cdfd4e11-b424-408e-a063-d28505ec8126","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":224,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"22505dd4-387c-4481-b513-24ab2de1b45b","block_type":"box","text":"global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal","page_number":224,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"84ac18b3-15ce-4dd9-83bd-378a78f9b6da","block_type":"box","text":"recently reaffirmed by G20 members as par t of the 2024 Leader’s Declaration.","page_number":224,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"47d781b9-ed28-4b86-857a-d8b6d958ab76","block_type":"box","text":"15","page_number":224,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"aa383e21-1052-4ff6-9a96-7eda8ac9b6f5","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting shor t-, medium- and long-term","page_number":224,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"c89fca8e-3ad3-4115-a8bf-a55428477bbe","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":224,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"2122142e-f555-4420-a7d9-b5cdfe1d5875","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":224,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"a6bb5056-d742-4446-b434-52877b5b2b56","block_type":"box","text":"interests of their investors.","page_number":224,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"e12f10ce-2670-40d3-8821-849f65c74bdb","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":224,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"d0844061-d3e4-4d3e-9a55-d9ce2f38a25f","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":224,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"8d7027e4-9aed-4360-99b1-ce490562b13b","block_type":"box","text":"11","page_number":224,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"37284847-9db1-4131-a42a-452e6dd7618d","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment oppor tunity”, 2023.","page_number":224,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"a50969e9-8a14-440d-9fe5-0946c8fe7393","block_type":"box","text":"12","page_number":224,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"304902b7-2909-4ac5-9f3c-165ef6c1e47d","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":224,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"95005145-645f-4cb9-b90e-7aa6abcf01c9","block_type":"box","text":"13","page_number":224,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"8f11de48-c697-47c3-bdf6-94abc75b4d82","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":224,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"3e4690e5-5671-4764-8fe3-a173a2f3ae87","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":224,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"70175eee-b577-4327-aa3e-006c737bb044","block_type":"box","text":"Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and","page_number":224,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"b0d68639-6e44-4e7a-a167-1a52aeaf4f0e","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":224,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"dd4277db-4b39-46ae-93e0-0854c5beeca9","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":224,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"fdf97815-ba23-4af0-8530-16fd0df542e8","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":224,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"82ee5760-16db-41f7-85ab-8a9044510d1e","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":224,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"e904a09a-261e-42cc-9ec2-d2c4346b1e0c","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":224,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"6b48a527-ee9a-435c-bb14-9130ed5b6bf1","block_type":"box","text":"approach to managing financially material business relevant risks and oppor tunities – including climate-related risks","page_number":224,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"18f94ba5-4d05-443d-854f-3cb70216b3aa","block_type":"box","text":"– to deliver long-term financial per formance, which allows investors to make more informed decisions. While","page_number":224,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"c6fabac5-ae04-4c8d-a31e-e04f41f8954c","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":224,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"9d4d1b43-fb8b-457c-aae2-6aa5b203273a","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":224,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"9d8d695e-96e5-4e3a-abb0-edc88023bc77","block_type":"box","text":"actions and resource implications.","page_number":224,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"106647f1-51ae-4eae-a720-0e5d6b90357a","block_type":"box","text":"14","page_number":224,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"5f280cf8-fa5b-4ce5-b052-ee15f87c5749","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":224,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"d8b27056-1ab0-4111-a704-119650f8fcf8","block_type":"box","text":"companies may phase in repor ting aligned with the ISSB standards over several years, depending on local","page_number":224,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"fb32c3c3-b189-4b6b-942e-70e05aca1d48","block_type":"box","text":"requirements. We also recognize and respect that some companies may repor t using different local standards, which","page_number":224,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"19913aa7-4744-484a-8bb7-4e1e5f5f9bd7","block_type":"box","text":"may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies","page_number":224,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"64814fc7-81e8-4bf9-b57f-b7648d0adc18","block_type":"box","text":"disclose their rationale for repor ting in line with the specific disclosure framework chosen and highlight the metrics","page_number":224,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"6891198c-f418-49b4-94ac-d007642ed375","block_type":"box","text":"that are industry- or company-specific.","page_number":224,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"102191ad-f92a-4955-b30e-511823ed8cb6","block_type":"box","text":"15","page_number":224,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"cb92de55-c1c2-4a2a-85a4-99bb143912b0","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as par t of the Leader’s","page_number":224,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"2d9ce95f-25c6-4a6e-981a-5964c8bdd588","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":224,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"821118ef-3f28-4922-bed6-731e5a1bac10","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":224,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"3e48af67-1c71-4377-b034-935f209d6beb","block_type":"box","text":"about two-thirds of the world population.","page_number":224,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"7a7570b6-a989-4f37-ac21-fd61e8f865cd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"19273865-322b-46e8-831a-438634a1fecd","block_type":"box","text":"Global Principles | 11","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"080a664b-14c0-47b8-ab45-2619d955079c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f3a91d8-e7f2-4efc-b91c-d563bee7517e","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":45,"width":834,"height":11}},{"id":"f0cbcac8-f43f-43ed-984b-f44e463ccc10","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":225,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"9e82e244-2e33-4a3e-b631-a733baa50da2","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":225,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"a2e558e6-931e-45d2-af7e-bf845c574d04","block_type":"box","text":"climate-related risks and oppor tunities.","page_number":225,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"71c6288e-1faf-4ad0-a2d7-3dec2697cec9","block_type":"box","text":"In addition to climate-related risks and oppor tunities, the management of nature-related factors is increasingly a","page_number":225,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"8dff9209-8c34-450f-9811-19aa765042e0","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, par ticularly","page_number":225,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"b4ba97c6-ae89-437d-873a-0477850acca7","block_type":"box","text":"where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are","page_number":225,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"0a21c35f-3d67-42b6-85c6-1c1befcaee10","block_type":"box","text":"exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance","page_number":225,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"cfb2c692-2290-4cad-a0f2-57685a7f9d14","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":225,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"52fdb30d-4289-4ea2-97b9-8d1f5d5e30ec","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":225,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"56645556-af5f-4e72-ad85-9c8171bd9429","block_type":"box","text":"our view of how a company is managing material nature-related risks and oppor tunities. We rely on company","page_number":225,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"272f0457-b85a-4e23-8192-6470c714feb1","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":225,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"aac8c2e3-83e7-432a-a650-ff2265b68ac6","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":225,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"e2e9c206-6b2f-4ffe-b62f-c3678add5dbf","block_type":"box","text":"16","page_number":225,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"a78e99a7-19d6-461d-bdd0-902be8743faf","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":225,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"2be50d4c-99e5-4fc0-8788-784d6de90cda","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":225,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"39738846-1dd2-4131-af20-9b9f6760744a","block_type":"box","text":"par ties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":225,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"e7617977-f211-4125-bad9-f4e7fad7070b","block_type":"box","text":"based on what is material to their business and long-term financial per formance. For many companies, key","page_number":225,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"8d99820f-4722-4283-9bdc-26d423329b1b","block_type":"box","text":"stakeholders include employees, business par tners (such as suppliers and distributors), clients and consumers,","page_number":225,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"04cd8577-c51c-48af-8475-4692fcd816db","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":225,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"b5501ed4-2d66-4afa-aa56-32ce82049aad","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":225,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"a9fc7179-c476-4a09-b4e8-bb84817c7d24","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":225,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"fac5f0f4-50b2-4899-9e6a-45e78477c290","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":225,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"91b40afd-4575-499a-98f4-b6ef36fe5bb6","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested to","page_number":225,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"9efdb33a-a9fa-49bf-b404-9225c3890074","block_type":"box","text":"understand how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":225,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"4dbe71c4-4d48-46ea-b89d-dc91a198de30","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":225,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"cdadc17f-5167-490c-bc3c-93a2c4fe0ea3","block_type":"box","text":"Companies should ar ticulate how they address material adverse impacts that could arise from their business","page_number":225,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"28a132f4-40ad-4493-b43d-ca337da4bd18","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":225,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"9e494f3d-a154-4b63-b165-91bb3e50d557","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":225,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"0e8bcfe0-0e20-4d43-a5ca-f9fa7f142a4d","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":225,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"b7878160-3d0e-4b54-9b9c-40cc4d09abb8","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":225,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"5cebf759-cfaf-4181-b890-72875766c1e7","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":225,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"3f367a88-db90-4954-bcff-2e161d8a3d65","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial per formance and","page_number":225,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"a028688b-abd2-4c0f-97d2-960cdebc4054","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":225,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"6e406460-abd1-4c3d-bb9a-c582f1ce5261","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The repor ting and disclosure","page_number":225,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"e2f01fe4-9c93-4276-ba32-2d555fd39b21","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":225,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"337aef2b-42e2-49ee-b262-42be2dd9999a","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":225,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"dc58dbdb-4c87-46be-bbbf-9d4006fb8d6e","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":225,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"f097ee7a-3781-453a-a187-b9f344a30770","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":225,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"ff7f61cf-c85a-456e-adf0-3d93c016465a","block_type":"box","text":"16","page_number":225,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"dcc8f5fc-db17-4b75-a0b9-2a0cad67d2b5","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":716,"width":797,"height":12}},{"id":"addaceb8-b0d6-4165-97cb-4c0710c31c8b","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":225,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"6815698e-f18e-45e0-9905-cea51ae5d8ec","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":225,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"f546bdab-e38f-4eec-9467-b3bd700f113d","block_type":"box","text":"companies. We recognize that some companies may repor t using different standards, which may be required by","page_number":225,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"a2dd2bb9-badb-4aca-8ab2-243af5bcd074","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned repor ting is not a voting issue.","page_number":225,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"c4e97446-cba7-48e9-9c4e-ee79b386a067","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"05651de6-8dd2-4e32-ab14-19a8cb572299","block_type":"box","text":"Global Principles | 12","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"969e8307-bc77-449e-b75b-f6422fa9720f","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7ba12d2-b740-432e-9ca7-02a0604d3d1a","block_type":"box","text":"Corporate form","page_number":226,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"339cdf63-a6f4-4904-a655-0cc8ac2e6509","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":226,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"c075ebb4-bfb7-4cb0-8984-2e95f654638c","block_type":"box","text":"the company’s purpose and business model.","page_number":226,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"77543148-2dbc-4181-8b48-5528af23f8f1","block_type":"box","text":"17","page_number":226,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"e1ed6178-5a6e-4309-b84c-ac13d6a97850","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":226,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"adadc59c-4d7f-4b07-a71c-f87a8f8c9d62","block_type":"box","text":"benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under","page_number":226,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"d39ff125-7a8d-4fa2-a759-d4286f66ba44","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholder proponents proposing","page_number":226,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"128e9332-85ca-4806-9e12-f560c5503aa6","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":226,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"f7c14271-a302-4dac-9ec1-40bc12f4180f","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":226,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"71fb8e86-fe4a-4e34-b6d4-2c46ac80eb5c","block_type":"box","text":"suppor t management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":226,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"e653ee0f-1bec-4252-887f-c78ed821cca6","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":226,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"ddd0dcbc-c4f9-4497-9ac0-164e647f6f4e","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":226,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"66a0d500-803c-4bbf-a5bc-6fa7a1c7ad38","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":226,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"562eaec4-2a75-4f0e-afce-5b608754cbdc","block_type":"box","text":"to be voted on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are","page_number":226,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"3efabe62-a4b2-45db-b899-4d42f1baab00","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":226,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"5ffe825e-2f86-4caf-acc5-c8a52979076c","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":226,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"cd44c65f-0f36-46fb-958a-b0c8520fac67","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":226,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"9c9ada6b-16e2-41ef-a69f-0222703bc7e7","block_type":"box","text":"how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to","page_number":226,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"1fd643e1-60dd-4a68-8004-d79150184f89","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put for th by","page_number":226,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"45731a0b-8adc-4942-a093-d4378a7e8f0a","block_type":"box","text":"others.","page_number":226,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"da1c81e6-f690-4915-a65b-ebee15e71a5e","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":226,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"f58f0381-1ef4-4a0d-85bd-9ff124bceaa0","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":226,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"033d316c-4b9c-4239-afad-b1d86789ff17","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":226,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"517e53a8-9f26-464d-92dd-b242e139c371","block_type":"box","text":"may impact a company’s long-term per formance. We look for consistency between the specific request formally made","page_number":226,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"fad8ec9f-e343-44d2-a58a-3deb0cf6a95e","block_type":"box","text":"in the proposal, the suppor ting documentation, and the proponents’ other communications on the issues. We also","page_number":226,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"52f7a968-f641-4fe5-b954-a701e7c8a461","block_type":"box","text":"assess the company’s practices and disclosures and the costs and benefits to the company of meeting the request","page_number":226,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"3f9792c2-8c25-46de-8b17-2c67d02ac278","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":226,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"87a5ec3e-90c2-4244-a68e-4e80a2c5106e","block_type":"box","text":"of their peers.","page_number":226,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"6a99cf21-2f4a-4ed8-af4d-f4af68a431a9","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":226,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"46ff6c93-c1c9-4ff8-97c5-c0726d5b4b13","block_type":"box","text":"submitted or advised on the proposal.","page_number":226,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"6cb3b39d-3e00-4e8f-a0cd-ca220dd4a8f4","block_type":"box","text":"We would not suppor t proposals that we believe would result in over-reaching into the basic business decisions","page_number":226,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"e1408e9b-b934-4484-b55e-3e4e26ca71ac","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":226,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"de23f68b-de30-44ba-b66d-ca69d0cdfe0e","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":226,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"d8fe907f-f597-476b-a9e6-ade218e4a8fa","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":226,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"61b07fca-9a8c-483d-9b45-e557d23c0fc4","block_type":"box","text":"BIS is likely to suppor t shareholder proposals that request disclosures that help us, as long-term investors on","page_number":226,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"1581285c-b108-453e-b591-5db07e8cf372","block_type":"box","text":"behalf of our clients, better understand the material risks and oppor tunities companies face and how they are","page_number":226,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"813a527b-07c6-4333-8605-37ac94461f69","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":226,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"bde1db79-033c-49e9-b14a-36334b1eb7b7","block_type":"box","text":"suppor t shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":226,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"1aee1bd0-15b7-4649-9d26-fe398ee6ee92","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":226,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"f3b539db-4c26-4b81-b81f-33489492a03b","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Fur ther, the proponent’s","page_number":226,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"3269888d-3d2b-43c3-95bf-2013f0099f24","block_type":"box","text":"suppor ting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":226,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"bc890d42-8364-46f0-93b9-5edf63079e9c","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the suppor ting statements – we must vote yes or no on","page_number":226,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"cba45c26-4d1a-45a7-94de-704f8daba6a4","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily","page_number":226,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"5591ad75-4364-408f-8ef3-75ac7b4578a3","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We","page_number":226,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"ba95e213-5232-46f3-a061-fe8fb59eec74","block_type":"box","text":"may suppor t a proposal for different reasons from those put for th by the proponent, when we believe that, overall, it","page_number":226,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"820d55f1-3ad2-4f0d-8e36-cb7884306ae4","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for suppor ting","page_number":226,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"282c2b64-b5e4-4550-a294-eb9b45937e54","block_type":"box","text":"such proposals.","page_number":226,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"ecc5fc29-4f07-4e67-bddd-967e063e66eb","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the","page_number":226,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"9c4e380d-4077-4119-9c5c-006ff756ca97","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also suppor t","page_number":226,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"5874e84c-f16d-49df-bd40-50e5c4661e81","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate effor ts to address a","page_number":226,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"2d595652-d225-409b-bd6a-4493904a0f30","block_type":"box","text":"material risk.","page_number":226,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"44885c4f-d52f-4c42-ab1e-40dfedf65de5","block_type":"box","text":"17","page_number":226,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"d7db7942-eb78-4358-b31f-5ac328fcf426","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":226,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"118aa123-340b-4a5d-b1da-cc031d8253e4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f88191ff-4be0-4962-b6aa-58973e5d8e20","block_type":"box","text":"Global Principles | 13","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"9f5c9058-ac44-49a6-869f-1ef94c10440c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b6ab466-7eb2-4a3c-bd83-512cb8ea063a","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":227,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"1c9ebf8b-c0ed-4de7-b012-6c0bb7aacb14","block_type":"box","text":"Oversight","page_number":227,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"353fdbbd-e28d-4c70-822c-738db386f457","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":227,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"1fde6b44-21c0-4e2d-b460-cf93e2a9ec60","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":227,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"cbbb7e2f-056f-489e-b88a-ef46e5439cba","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":227,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"a07b44f3-29a3-47b2-aa00-1bb790f014e3","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":227,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"9185e299-a43a-4d6b-9934-6fdf3d9dddfc","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":227,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"99f5070d-33a8-45f7-9148-c49fbd1deabd","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":227,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"777fa090-db53-4d2a-8890-0797f0fc25d4","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":227,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"35e6cd88-99cd-4f26-a1cc-cb0d3089b23a","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":227,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"96c4ec6a-ad7c-41bc-b696-c3889c4d5ea0","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":227,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"2f08c4e1-9cdc-498b-a265-53636d4ef32b","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":227,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"3f2788af-5067-4bfb-bbfe-544dcbcb2f3f","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":227,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"1dca52e4-4157-4f1b-a6ca-124e9bf66c98","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":227,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"ebb07716-df3b-4f6b-9d8d-baca55e07ad9","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic repor ts regarding the votes cast by BIS, as well","page_number":227,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"7d9a2039-c7f8-44eb-8f22-8a87ca8354ee","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":227,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"27f13eed-5e74-463f-b3da-a77cde5fda80","block_type":"box","text":"Committee reviews these repor ts in an oversight capacity as informed by the Guidelines.","page_number":227,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"994b43fd-5a36-4fff-8daa-8b45d81567e4","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":227,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"71831ab3-9609-481a-8cea-36f5ac32dabb","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":227,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"9111486a-ac1b-45e4-8b27-ad3c79dd4556","block_type":"box","text":"on corporate governance issues and par ticipates in industry discussions to contribute to and keep abreast of","page_number":227,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"f6649e2b-1123-433a-b3cc-8a4cdc58a8c8","block_type":"box","text":"impor tant developments in the corporate governance field. BIS may utilize third par ties for cer tain of the foregoing","page_number":227,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"4b359add-4c55-4f11-8510-87c6ddd4f14c","block_type":"box","text":"activities and per forms oversight of those third par ties. BIS may discuss complicated or par ticularly controversial","page_number":227,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"80267349-bace-4e57-a76d-727e313233c4","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":227,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"b6576460-d452-41ca-a588-576d8a26e762","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":227,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"293454ff-d98c-4004-a00e-56e71de59f97","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":227,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"ad7a824e-d7eb-4156-8ec4-687d0a36207b","block_type":"box","text":"to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or","page_number":227,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"68494dab-406b-4a24-9517-1c47e1da80e2","block_type":"box","text":"refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the","page_number":227,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"94c413c0-e8f5-4a0a-b890-ff39c1083221","block_type":"box","text":"alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent","page_number":227,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"689ba21d-0c9d-4b05-bb75-86332406684c","block_type":"box","text":"business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or","page_number":227,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"26dc307f-c9bf-40e6-90ff-9c50a9b780fc","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":227,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"0bd8124b-fd87-48d2-8251-13eda75cd165","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":227,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"f6f4ca6e-f554-4d67-9ae4-72c46b9a53cc","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":227,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"ee0891c2-4c88-4c6c-bdee-253373d26d27","block_type":"box","text":"for the relevant market, as well as the Principles. The voting guidelines published for each region/country in which we","page_number":227,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"d017c1ab-eef3-4e0c-9a05-c0cc47f7bfc0","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":227,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"fcae5e67-fa45-4013-ac20-5e0de7810771","block_type":"box","text":"the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS","page_number":227,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"57552d24-632d-4243-a8ce-b376448cb1c7","block_type":"box","text":"applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and","page_number":227,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"7d919e98-54fb-4e7d-9e96-fb8574d4491a","block_type":"box","text":"the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather,","page_number":227,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"b0dc844d-fd78-4b54-bc56-34cfecb453cb","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":227,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"ec1be47c-de11-4470-832b-f40bce506bbf","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":227,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"31ba9062-ecfa-4e98-a70a-b8e7264091c8","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":227,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"16a7518a-7336-4fc0-a85c-2b86230a4bfe","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":227,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"4ee50112-87f0-47ab-b54b-dfc2599f07ee","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":227,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"64fc4202-53ab-4453-9871-d08cf080cc40","block_type":"box","text":"to vote if they conclude that the Guidelines do not cover the specific matter raised by a ballot item or that an","page_number":227,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"08edcd66-50cc-4328-8595-5a8a08431e49","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":227,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"4be4788e-2df5-4636-b5d9-083f5bb2dd75","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":227,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"669624f5-5832-47ce-a26a-03e459b4d496","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":227,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"b6024eb4-a7ba-4137-9475-62db9c31e6b2","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":227,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"d09959cc-9af0-40b6-aa42-25fa87e39e26","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":227,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"0ea4cbfe-af3b-49c1-ad03-0985ca13c1d0","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":227,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"fcdb9058-2c2c-4659-9425-0e4c5a85358c","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":227,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"3710a47b-ddb9-4268-9b3c-d8e08e6737f1","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":227,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"125cca40-9015-496e-b09e-1cdb302562e5","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":227,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"df2bde6b-1139-43c1-ba69-9eaed08d5ec5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"13fb6236-2362-4ad6-9178-07f4c2be8b9a","block_type":"box","text":"Global Principles | 14","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"cc5c731d-389f-4d19-ac8a-c8fa58478c10","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bd628f1-45f9-4091-a012-c9e4cb92b0c4","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is","page_number":228,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"4445f19d-6d96-471c-b051-e9ec2d3d3c94","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":228,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"22097f64-f0f2-441d-9851-8c53098041ce","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":228,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"82c18de2-676f-4b4d-93e1-5430a4351941","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":228,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"2baa8b02-58f2-4aca-bbca-a0a80edac1c3","block_type":"box","text":"VOTING CHOICE","page_number":228,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"94d633f0-992c-42ed-8f2d-93eceb6924c6","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":228,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"7646e53b-4306-483c-aa69-fd61bfbd1c37","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":228,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"c9a07bee-7a00-4f64-afd2-b322669efab7","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":228,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"48da8037-eb70-474f-8629-ad2cb10ab55b","block_type":"box","text":"UK, Ireland, and Canada that utilize cer tain equity index investment strategies, as well as eligible clients in cer tain","page_number":228,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"b5d6a699-d19b-42dd-bc9a-3fe2b2726f7f","block_type":"box","text":"institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition,","page_number":228,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"7f9d0e2d-6c8b-4d01-99cf-db88ae30650d","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":228,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"9a23035f-96a3-403f-a0d3-d1e4daa3d5ab","block_type":"box","text":"regardless of their investment strategies.","page_number":228,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"64226898-480d-48cc-952c-072ed5173c38","block_type":"box","text":"18","page_number":228,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"6bda0019-9c79-464e-9bf6-a214eb1e4179","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":228,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"44852a20-2881-42f0-8974-b58faed96e8e","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":228,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"e5a2e3c2-2f14-4dc4-ba3a-594e3f28e135","block_type":"box","text":"19","page_number":228,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"b90f72e8-2867-428e-9da7-e66d99c520b2","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":228,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"cc4d0a47-69e3-495f-a6a8-a265a6af9675","block_type":"box","text":"on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a","page_number":228,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"019ae752-5ffd-4416-b817-1817373469a6","block_type":"box","text":"third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":228,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"79a3187c-bb64-4869-b8ae-9394ff89c18d","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":228,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"74cac324-c867-44f5-9d07-1b5a5ea7769b","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":228,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"f60fb651-93b5-4314-b446-7c8db3af495f","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":228,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"709fd13f-b202-47bc-8a9e-a8d2016b8eb8","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":228,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"e268eb27-86e9-4a84-8fa3-7a3e579f780b","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent 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BlackRock","page_number":228,"box":{"x":102,"y":513,"width":766,"height":12}},{"id":"925328cd-5659-4be4-86aa-7fc78cfc671a","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":536,"width":6,"height":5}},{"id":"9fb0da20-0a8e-4321-80d3-9a110ed6363e","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":228,"box":{"x":102,"y":533,"width":767,"height":12}},{"id":"5e05f707-9fe2-4a6f-aeee-01c683a68420","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":557,"width":6,"height":4}},{"id":"e2ca61c2-7ae1-4f17-80f2-17f6f54002a5","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":228,"box":{"x":102,"y":554,"width":698,"height":11}},{"id":"d994af36-7519-4bcd-b218-108204641c7d","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":577,"width":6,"height":4}},{"id":"4ded5945-7347-4295-adca-46dc46931f7c","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":228,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"a2923c26-7af1-406b-8f26-1a5b39a1d491","block_type":"box","text":"managed by BlackRock","page_number":228,"box":{"x":102,"y":589,"width":163,"height":11}},{"id":"c599dd1e-44ce-473c-83c6-fa0ed0ba5cc6","block_type":"box","text":"BlackRock has taken cer tain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":228,"box":{"x":102,"y":612,"width":785,"height":11}},{"id":"2a839d91-8536-438f-b64e-6c426c8fead0","block_type":"box","text":"following:","page_number":228,"box":{"x":68,"y":627,"width":66,"height":11}},{"id":"89a9a5db-2d22-436f-a9e2-35bc752c2ac5","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":650,"width":6,"height":4}},{"id":"e34f75a6-1755-4b77-8008-fc7d338158bd","block_type":"box","text":"Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the","page_number":228,"box":{"x":101,"y":647,"width":732,"height":11}},{"id":"e19678bb-3ef2-463f-a67f-abb089cec92d","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":228,"box":{"x":101,"y":662,"width":383,"height":11}},{"id":"a6ac3e29-58a7-427b-895f-872be0db740e","block_type":"box","text":"•","page_number":228,"box":{"x":69,"y":685,"width":6,"height":5}},{"id":"48f682de-3c20-4ec9-9c25-4aaee1581586","block_type":"box","text":"Established a repor ting structure that separates BIS from employees with sales, vendor management, or","page_number":228,"box":{"x":102,"y":682,"width":748,"height":11}},{"id":"7c454819-1713-4b23-abff-96ec75ec8d23","block_type":"box","text":"business par tnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":228,"box":{"x":102,"y":697,"width":802,"height":12}},{"id":"adc8e4be-553b-4d8e-a0ca-13624322ca4d","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":228,"box":{"x":101,"y":713,"width":794,"height":11}},{"id":"5394c038-29a4-4a01-a1cc-66b141ccce71","block_type":"box","text":"relationship with such par ties. Clients or business par tners are not given special treatment or differentiated","page_number":228,"box":{"x":102,"y":727,"width":770,"height":12}},{"id":"9d7af994-2767-4261-814c-c5e50e35e9c5","block_type":"box","text":"access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":228,"box":{"x":102,"y":743,"width":802,"height":11}},{"id":"9d94a8fb-7944-4ffc-b03d-9741a29f359b","block_type":"box","text":"information to make a voting decision or our view on the likelihood that an engagement could lead to positive","page_number":228,"box":{"x":102,"y":758,"width":777,"height":11}},{"id":"8313dc63-a832-494a-9f66-557a544bf9a3","block_type":"box","text":"outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may","page_number":228,"box":{"x":102,"y":773,"width":775,"height":11}},{"id":"464be13b-be84-4ec1-9dfe-9579d249c12f","block_type":"box","text":"engage directly with BlackRock clients, business par tners and/or third par ties, and/or with employees with","page_number":228,"box":{"x":101,"y":788,"width":764,"height":11}},{"id":"5b87b0b2-9a07-4752-8db2-90c9f0a9caaa","block_type":"box","text":"sales, vendor management, or business par tnership roles, in discussions regarding our approach to","page_number":228,"box":{"x":102,"y":803,"width":714,"height":11}},{"id":"458efc23-8076-49d0-bfbf-862c480eee4d","block_type":"box","text":"stewardship, general corporate governance matters, client repor ting needs, and/or to otherwise ensure that","page_number":228,"box":{"x":102,"y":818,"width":772,"height":11}},{"id":"c5e7137e-c73c-42a8-91e9-a967d6707c63","block_type":"box","text":"proxy-related client service levels are met","page_number":228,"box":{"x":102,"y":834,"width":295,"height":10}},{"id":"10363f42-304a-4356-9c17-c213d5436f13","block_type":"box","text":"18","page_number":228,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"683ecd72-6650-4fb0-8854-465341c58b53","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":228,"box":{"x":83,"y":862,"width":814,"height":12}},{"id":"00fbada0-9c2b-42e1-a1e4-db1d2389c14e","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":228,"box":{"x":70,"y":878,"width":838,"height":11}},{"id":"cd7155c7-6db5-4e99-9eda-8af27571010a","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":228,"box":{"x":68,"y":893,"width":354,"height":11}},{"id":"64034a7c-c714-4aa4-92f9-1c0c40b1b76d","block_type":"box","text":"19","page_number":228,"box":{"x":69,"y":911,"width":9,"height":4}},{"id":"9748540c-9b93-4cd4-8bda-ad88b5a27a6c","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":228,"box":{"x":84,"y":911,"width":415,"height":11}},{"id":"de58f21e-9146-4245-bd96-84bedf1f0356","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b2285bfc-d6e7-40cc-a185-b17742a28ff9","block_type":"box","text":"Global Principles | 15","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b80a0750-34fd-4afb-a212-e6f24f7156e6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9df0fb9e-9011-47d1-99e1-f73cf240ddd0","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4ef2cd08-d085-4b96-a67e-e1a0d433bb47","block_type":"box","text":"Determined to engage, in cer tain instances, an independent third-par ty voting service provider to make proxy","page_number":229,"box":{"x":102,"y":45,"width":777,"height":11}},{"id":"175ed4e5-e6aa-4701-835e-c61e36a30139","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":229,"box":{"x":101,"y":60,"width":763,"height":11}},{"id":"945daeff-a70f-4f2a-9b1f-9e8d27dc3d5a","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the","page_number":229,"box":{"x":101,"y":75,"width":749,"height":11}},{"id":"51d575f9-53bc-47b6-b8e2-598fe137a7e9","block_type":"box","text":"independent third-par ty voting service provider provides BlackRock with recommendations, in accordance with","page_number":229,"box":{"x":102,"y":90,"width":782,"height":11}},{"id":"db874f51-3d8c-4edb-ac17-c612a52e30c0","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-par ty voting service","page_number":229,"box":{"x":101,"y":105,"width":749,"height":11}},{"id":"e2022a8f-f445-4398-bf3d-08b25031c2b3","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":229,"box":{"x":102,"y":120,"width":765,"height":12}},{"id":"68adfa42-212d-4b6a-958d-ca0238680c29","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-par ty voting service provider to make proxy voting","page_number":229,"box":{"x":102,"y":136,"width":797,"height":11}},{"id":"385c801e-d6d2-4a72-bd4c-a642fc279215","block_type":"box","text":"recommendations for:","page_number":229,"box":{"x":102,"y":150,"width":154,"height":9}},{"id":"e5a5c6eb-8d21-4ca7-a368-267bb1da6783","block_type":"box","text":"•","page_number":229,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"8deeec46-7f75-4ee9-bc26-9a3c686ce6c1","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":229,"box":{"x":135,"y":171,"width":570,"height":11}},{"id":"826a7116-1f6c-4b50-bec9-3650acd4cf93","block_type":"box","text":"•","page_number":229,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"477d5bf4-9bf3-4d13-9961-81578e8ce558","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":229,"box":{"x":135,"y":191,"width":748,"height":11}},{"id":"1921bf16-ece5-42b8-a1f4-4ac242cb7b37","block_type":"box","text":"the board of directors","page_number":229,"box":{"x":134,"y":206,"width":153,"height":9}},{"id":"987f08af-86ff-43ed-9461-e84915e7c23a","block_type":"box","text":"•","page_number":229,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"2c6f00e1-112f-42cc-8d6a-0326c3fea9f2","block_type":"box","text":"public companies that are the subject of cer tain transactions involving BlackRock Funds","page_number":229,"box":{"x":135,"y":226,"width":626,"height":11}},{"id":"3ac47775-b851-475c-94b6-5d8a46333946","block_type":"box","text":"•","page_number":229,"box":{"x":102,"y":249,"width":6,"height":5}},{"id":"c8705f2a-9b09-4c3f-9258-12f348e50262","block_type":"box","text":"public companies that are joint venture par tners with BlackRock, and","page_number":229,"box":{"x":135,"y":246,"width":490,"height":11}},{"id":"e575b3f7-59df-4b33-a551-f0f8b3ca2501","block_type":"box","text":"•","page_number":229,"box":{"x":102,"y":269,"width":6,"height":5}},{"id":"d99023e8-e67e-4fea-97e5-de4b6aa4f0b8","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":229,"box":{"x":135,"y":267,"width":740,"height":11}},{"id":"7ff8db8e-5ffb-4d5b-a377-cc326d4bb1e0","block_type":"box","text":"par ty voting service provider","page_number":229,"box":{"x":135,"y":282,"width":200,"height":11}},{"id":"f1a81488-6be4-44f1-8f2a-df75e0080042","block_type":"box","text":"In selecting an independent third-par ty voting service provider, we assess several characteristics, including but","page_number":229,"box":{"x":102,"y":304,"width":790,"height":11}},{"id":"01f10322-075c-4f92-a4ab-47b267eace6d","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":229,"box":{"x":69,"y":320,"width":834,"height":10}},{"id":"60a015dd-4b9c-4b66-b1bb-448a58fbd4b7","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":229,"box":{"x":69,"y":334,"width":806,"height":12}},{"id":"37f6842a-bbae-458b-ab63-0874fcb9c259","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":229,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"d3eee656-57e2-4221-a3e8-a0ad155d768a","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":229,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"f67ae74c-93e5-4170-b263-7805b66c91a8","block_type":"box","text":"service provider. The Global Committee appoints and reviews the per formance of the independent third-par ty voting","page_number":229,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"735ad6f6-987b-4886-ae3d-99922f18f3a0","block_type":"box","text":"service providers, generally on an annual basis.","page_number":229,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"ba75c7bd-1861-4464-94b6-1c46094ac62a","block_type":"box","text":"SECURITIES LENDING","page_number":229,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"af8671bf-9474-4d5d-a30d-58e55de2c8d9","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":229,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"8efdeca3-4a22-413d-9716-7163c152b313","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":229,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"318944e7-51e5-4caf-926a-c5cc33a0ad3f","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":229,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"0e6c1c15-884e-42a8-bd55-82fc84531b70","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":229,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"8c961d0d-192c-4f77-99af-381dc76b5f68","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":229,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"d77f8344-80c1-40af-9238-014bef651525","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":229,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"bdbc1689-ec25-4b05-b467-e76c1c0e6f1a","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":229,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"fc62ac15-ef2b-4bda-8bbd-82d0505bbe98","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":229,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"ee6d2190-56e4-4292-811d-b8edf3d796c1","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":229,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"885a6dac-c167-4157-9fdf-a42cb719d787","block_type":"box","text":"of recall consideration).","page_number":229,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"b7b6ff56-8cd2-4a82-9fe5-1fe18ab03c4e","block_type":"box","text":"20","page_number":229,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"ee107e5c-d22c-4c6f-8a27-8dc6b5c34bb0","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":229,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"e69dfbb0-abef-4932-96fa-46cfbf3b5b19","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":229,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"fbc36eec-570d-4ec7-bb15-f713b9a9a68c","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":229,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"159e8a38-a9ae-49da-be89-c2b644dc6ac5","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in cer tain instances,","page_number":229,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"a07cdca4-1a4d-44fe-8061-0ec2b1b3faa2","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":229,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"f3888c78-e38b-4492-bf67-0d4bc4321f4b","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":229,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"761fe9b9-92bb-4c6f-9b02-b4b23bde81fc","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":229,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"ad8ba43c-13f2-4cb9-bff7-c5cc467c9506","block_type":"box","text":"and may modify it as necessary.","page_number":229,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"f23ad7ab-59ce-40b4-8e01-a498198b0aba","block_type":"box","text":"20","page_number":229,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"b7ad92b6-d06b-4ef8-965a-f703e0bb5f63","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":229,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"30ec4fec-a943-4958-8112-e4930fc8a818","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":229,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"bdb63dfb-8dbd-4aba-8d81-efb70c95c957","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":229,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"d6332c5a-e500-4761-8b10-ebf635eeedc9","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":229,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"06d4fe08-4794-440f-9031-322be712d7c6","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":229,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"48e811b9-eacb-4447-8d6b-efcdd5caf1b9","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":229,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"81d9f01c-297e-44f1-b3d0-33523f20d29f","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":229,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"c9fa55f6-2496-4585-b8aa-01465096fa2d","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":229,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"20a494b0-aa02-4a2d-be6d-eba942c42463","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7028c1ed-543d-443e-bc26-61561dabda97","block_type":"box","text":"Global Principles | 16","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"00149c1c-f914-4eff-9d3a-fd677b437656","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b11b2eed-ca23-4d26-809a-7af3ded642ca","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":230,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"b4103ce9-d04d-4554-a5e8-9e866b56d05f","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":230,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"a638e5ca-fd9a-4f30-9af5-666ae6c282c7","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":230,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"90df813d-b267-465c-a61f-3fea24895e22","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":230,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"13b804fc-510c-453b-8079-2d8f700a3c7d","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":230,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"fcad9b59-73e1-4126-8f72-1fcdb98677e4","block_type":"box","text":"and emerging key themes.","page_number":230,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"b1144fbd-5f66-4fe3-90ab-fa62fcb43c26","block_type":"box","text":"At a more granular level, on a quar terly basis, we publish our vote record for each company that held a","page_number":230,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"c351727a-9ce4-4ae8-8da1-64aee0a6f87a","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":230,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"af0c6773-ef4b-40aa-9dec-5cdd3b516137","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":230,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"eec1f5e0-85ed-43c2-b0e7-0c5b740d695e","block_type":"box","text":"be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and","page_number":230,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"953e0b6f-01e5-4c80-8812-2b924ee599b5","block_type":"box","text":"explaining our vote on key proposals. We also publish a quar terly list of all companies with which we engaged and the","page_number":230,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"652e3021-7d67-4063-bd50-74614a0e43c8","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":230,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"f625acc9-fe9b-403d-8432-b30bf763b854","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and","page_number":230,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"56e5b396-dda6-4ca6-bae1-6a8f45791a52","block_type":"box","text":"business practices that suppor t durable, long-term financial value creation by companies.","page_number":230,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"41b5850b-039f-497a-8432-809f3e36544b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d9496f48-7c01-4e6a-b4d9-66cca50480e2","block_type":"box","text":"Global Principles | 17","page_number":230,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"caf60c9c-8919-40cc-ad64-a422a3f813f9","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fb9b830-9519-41d1-91b5-af563a7c0891","block_type":"box","text":"Want to know more?","page_number":231,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"87a1ac20-495e-4a56-82ef-1b6bafbe3bdc","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":231,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"6a184618-cf4e-4bc4-b8b5-30632a00a9d0","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":231,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"085058cc-75e0-47bc-bea3-aafe363bc3a7","block_type":"box","text":"principal.","page_number":231,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"3cb78f1f-871b-40d9-ac91-e7f69a66736d","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":231,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"a8a75a17-ad81-42d5-8a36-8122192e7108","block_type":"box","text":"©","page_number":231,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"3d449a88-e22f-4fce-8f76-70f2bededcd9","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":231,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"22b7c694-5af3-4c64-9633-32d2dbf8765d","block_type":"box","text":"BLACKROCK","page_number":231,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"d7a0f2ec-2abd-4ea8-a502-48ea9b45af3f","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":231,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"eb5713bf-8a66-438d-bd49-7bfed23156b2","block_type":"box","text":"United States and elsewhere. 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In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":233,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"c3fc29cc-89b9-485e-b5c2-d1d114aa2fef","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":233,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"34f6dba8-f863-44a2-9e09-42bab52ac402","block_type":"box","text":"clients believe, will shape financial oppor tunities in the transition to a low-carbon economy. A survey of 200","page_number":233,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"15b8f6d3-5a29-4895-bbb3-f67e97691c76","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":233,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"762ece81-938c-46d5-9b60-c94784007c93","block_type":"box","text":"have set some kind of transition investment objective for their por tfolios.","page_number":233,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"31af6d03-4949-49e2-9620-abc6ad7ecd98","block_type":"box","text":"3","page_number":233,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"9774fd54-ccb1-4d2f-89da-60b9a5602d20","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":233,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"67748e5f-0309-4164-bc8b-94296d7afe66","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":233,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"c9067144-e4bb-4e85-9de0-12a3ca14e12c","block_type":"box","text":"4","page_number":233,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"ca1521f9-13a3-409d-b72d-40556e47f112","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":233,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"6945c17e-8236-4494-9a4a-8640d1218590","block_type":"box","text":"leadership to suppor t our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":233,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"9d19059f-b8c5-43e0-9f58-a95a8ca3de35","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":233,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"f08cff1e-740b-4b67-a041-9156c2b7ba04","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":233,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"3c58152f-f921-4ea6-8f2f-da1c8e25902f","block_type":"box","text":"1","page_number":233,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"238b3acd-e4ce-4311-aa3f-d69c23c7474a","block_type":"box","text":"We have heard from a growing number of clients globally that they have made, or are planning to make,","page_number":233,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"aec8d127-9080-4951-a594-19fec909d6da","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":233,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"558fe21f-2834-458f-ba8d-6c6961894e5e","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":233,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"c0172cb3-daa1-43d6-ab41-923916f1b215","block_type":"box","text":"commitment to offer clients choice.","page_number":233,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"062faf85-cb90-4270-a289-5edc08c96f2d","block_type":"box","text":"2","page_number":233,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"c7f0482c-bae1-40bd-bcbc-c95bce43961e","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":233,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"071f1214-c8b7-42be-b198-92d8766556db","block_type":"box","text":"appendix 1.","page_number":233,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"f630e214-02a8-4d11-8778-cb5d6f61fff5","block_type":"box","text":"3","page_number":233,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"d2b786c6-2979-4844-90f2-aad7a27196fc","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":233,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"185464e2-0f47-4c5b-82fb-756d46fae42a","block_type":"box","text":"independent third-par ty research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":233,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"8a46cd49-0bd9-4068-a9a1-ee13477046c4","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":233,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"d670be87-58fc-44f0-a341-0fed5bbbb5a6","block_type":"box","text":"4","page_number":233,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"7ce1fd24-da71-4547-8bdc-16438d2dfdb3","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":233,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"f8eb3fbc-070a-4a88-b347-dc028162fa6d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f8e4b3db-926c-4809-a0f5-4a9c49d1f5ea","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":233,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"a3953ce9-bc45-4204-9e0d-fc32a06d78a6","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b56067be-6ce6-48a5-b3aa-0b6067d73ce3","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":234,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"c859506a-9b05-4e65-9a15-fd3a8a520a35","block_type":"box","text":"5","page_number":234,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"699d5c48-d589-478b-a555-551782dc413d","block_type":"box","text":"and are focused on matters","page_number":234,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"f9824ea5-048a-4f0d-a163-1bd41fd4e14a","block_type":"box","text":"related to climate risks and the transition to a low-carbon economy at companies that are held by funds and clients","page_number":234,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"66e05c79-c670-45ec-a602-c1b472dcfb10","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":234,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"5bd9a375-0cd5-4815-9487-2ad15eb9d4cf","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":234,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"fd35bc33-acc5-4eea-94dd-001fd38c8bdd","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":234,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"18778075-e88b-4432-9873-d5aa770f1e91","block_type":"box","text":"oppor tunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":234,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"4f5bd3bc-6da5-437b-b28e-d9112db8524d","block_type":"box","text":"Agreement,","page_number":234,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"6fb02d27-c0c5-48f5-8555-11e75929196e","block_type":"box","text":"6","page_number":234,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"25a8558c-8f05-4322-bbbd-a8ae166a3c2e","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":234,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"de7739bc-4ea8-4ce7-a782-bc33cac168a9","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":234,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"870a0db1-0a53-4d8f-a2dc-b144298fb2cd","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":234,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"890d8034-a53c-4caa-8687-c76a07b03453","block_type":"box","text":"based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":234,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"0985ce36-4be5-424a-97b1-f76aebd62142","block_type":"box","text":"7","page_number":234,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"dd9b4b7d-9a61-47b7-b3b7-d4daba067178","block_type":"box","text":"We estimate these companies","page_number":234,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"1836212b-c3c4-4f8d-a44e-472b7d42cb53","block_type":"box","text":"represent the vast majority of the value chain emissions of the companies held by funds and clients that have","page_number":234,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"b3ad66b2-df90-4a06-9416-bbd003f9c0f1","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":234,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"6ab411a2-3d53-4000-9537-8fd4120f232b","block_type":"box","text":"apply.","page_number":234,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"5ec90b42-c2a2-4291-9e19-d347cfffdeef","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our","page_number":234,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"e83e30dd-c01d-4249-b31f-ee27484fae25","block_type":"box","text":"benchmark policies.","page_number":234,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"2ae023d7-4959-4b4b-96d1-17b89d84f864","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":234,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"29141de9-2281-486c-9040-6926fa549389","block_type":"box","text":"objective, BIS will continue to under take our stewardship responsibilities in line with our benchmark policies, with a","page_number":234,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"b911edd7-994f-4ae0-abd4-bdfd64a93b77","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":234,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"e444c069-2ede-46ee-a9e0-187f3b22cbb1","block_type":"box","text":"risks and oppor tunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":234,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"c46886ac-f876-482c-800a-8084ec47ac87","block_type":"box","text":"financial returns.","page_number":234,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"bd013174-ae8b-4c28-9726-186df2c6ce5b","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":234,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"1bf80cda-186a-4246-ae10-a29421eafab1","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":234,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"5dea2b2f-fede-483f-9a80-62fe1bb5e15f","block_type":"box","text":"5","page_number":234,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"292c7240-aa29-496d-b61f-111d38c804df","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":234,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"4bb79dc2-d2d1-4415-9df1-ecede414a580","block_type":"box","text":"effor ts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":234,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"10298beb-212c-48c6-9e43-c89af153f5b2","block_type":"box","text":"They are anchored in our Global Principles, which set out cer tain globally applicable fundamental elements of","page_number":234,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"49db3d6f-ad81-4a6c-8541-2fb995fab479","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":234,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"d9a73ca5-5caa-4d09-b877-f942876698d4","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":234,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"36fc4429-897d-4866-a791-06efd7a02876","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":234,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"4297ba75-f2a0-460d-8386-ae957bffe8b7","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":234,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"8f75bea2-ba8a-4ba4-a6b9-db8e53db0a99","block_type":"box","text":"are relevant, as these can be a source of material business risk or oppor tunity. The BIS policies are applied on a","page_number":234,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"01111c9d-a24e-44e3-8350-b19b9d5f3688","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. 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We have heard from cer tain clients that they see the low-carbon transition as a series of shifts","page_number":235,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"1ceef4cd-7425-43a7-95b3-05013774c320","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":235,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"a62e2456-2a8e-4450-b0d5-0624ad105188","block_type":"box","text":"oppor tunities and a wider range of financial and competitive outcomes for companies.","page_number":235,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"0b8f1f98-ec58-4d1b-b62b-9049973b932c","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":235,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"41d64fe2-341b-44ff-b007-e8fa2e317b35","block_type":"box","text":"risks and oppor tunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":235,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"c6b00e7e-8ee8-497f-be14-4de74b015c5a","block_type":"box","text":"by Aladdin","page_number":235,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"0a770303-6df2-4072-aff7-3740166d8c06","block_type":"box","text":"®","page_number":235,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"ef37779c-0bf5-443e-bf56-b77839ac0cfa","block_type":"box","text":"technology. 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BII based its key assumptions on rigorous research, and the input of","page_number":235,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"8fa723a6-8220-409a-98c1-7464bfb849b5","block_type":"box","text":"BlackRock’s por tfolio managers and other exper ts.","page_number":235,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"49c2e86e-44f6-47f1-a3f9-effc5d43aff3","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":235,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"114c8081-abc6-462b-999b-108fa8d8470d","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":235,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"42d89388-84eb-444b-b811-3559477304ff","block_type":"box","text":"®","page_number":235,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"d5141698-b00f-4542-8cee-14c7204d1b12","block_type":"box","text":"Climate,","page_number":235,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"f533eb59-ee0d-4506-9fea-94db54625cbc","block_type":"box","text":"8","page_number":235,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"f40c6496-c5c5-403b-982d-cab59bdfdddf","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":235,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"75a56e7a-76df-4813-8072-25736bd9a4c8","block_type":"box","text":"applying these guidelines. 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We make decisions on how to","page_number":235,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"6fc1200c-f620-4cde-8e17-e6d5ca8b89f2","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":235,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"007b10c9-1602-4809-bbb2-73c5f22f625b","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":235,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"f385ef36-f979-43cf-bec1-303c6f4e3bb9","block_type":"box","text":"8","page_number":235,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"7245b3e5-231a-4f41-bef6-f3e689b9a978","block_type":"box","text":"Aladdin","page_number":235,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"0066690d-525a-4e13-a245-6e20e9244779","block_type":"box","text":"®","page_number":235,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"ee3d0c31-1de6-44b4-b5dc-dc3182b009cd","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":235,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"c994fd81-bbef-4d6e-bc26-c86202ef3740","block_type":"box","text":"analytics. 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As a general","page_number":236,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"b634a3f6-9479-4fcb-86af-d257c59d52b3","block_type":"box","text":"point, we would expect companies that have disclosed their aim to par ticipate in the transition to a low-carbon","page_number":236,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"d112cb70-a2c4-4283-b6c7-aeb8d8813d4b","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":236,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"6086fd19-f26e-4bdd-85ed-4b5994e478fe","block_type":"box","text":"appropriate, which may include:","page_number":236,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"429d1be3-851b-43a0-bc8c-00fda0525f9b","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":236,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"405f69f0-93ce-40ad-b852-d5155cff0a49","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term","page_number":236,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"f51288af-4ddf-47bd-8c4f-37abff2a74f5","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":236,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"22542934-f720-44a7-ac40-a7d498d6d104","block_type":"box","text":"milestones to assess their progress.","page_number":236,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"a789b7f2-7ae1-404b-a2d1-b2a70504bdc8","block_type":"box","text":"(2) low-carbon transition-related repor ting consistent with the standards developed by the International Sustainability","page_number":236,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"9a213a0d-890f-4d33-b686-7a467c63cb54","block_type":"box","text":"Standards Board (ISSB).","page_number":236,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"ae2c724c-2379-4e64-a962-295b8a60de08","block_type":"box","text":"11","page_number":236,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"6bbd89e1-a464-4313-aab6-36fafdeff987","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability repor ting and IFRS S2","page_number":236,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"65be758d-2f91-46b7-bf8e-01f7fc096d7b","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":236,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"b024f831-01e2-475f-aed7-1efcf2c7b8db","block_type":"box","text":"significant climate- and low-carbon transition-related risks and oppor tunities. As audit and assurance standards","page_number":236,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"d5df38ba-385f-44d6-ab93-8b9885f09dcb","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":236,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"0bebf06f-9a70-4d1e-91c8-dac7243602d7","block_type":"box","text":"independent, third-par ty assurance.","page_number":236,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"8d854cb5-b5ef-450b-9843-9bb40f601fed","block_type":"box","text":"9","page_number":236,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"b787cf6c-5367-4825-9e81-dd71ba6bcee1","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":236,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"23abe71b-2052-44e3-a956-b102fe69af58","block_type":"box","text":"as to how BIS will engage and/or vote in every instance. The guidelines are applied by BIS analysts with discretion,","page_number":236,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"50ce5163-2063-4e54-9e96-9a2ca1ca7f17","block_type":"box","text":"on a case-by-case basis, taking into consideration the range of issues and facts specific to the company, as well as","page_number":236,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"034c0505-a322-4f3b-9d19-ccdeb004c0eb","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":236,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"1d27d19f-df3f-4a03-952f-b88cea98a9c4","block_type":"box","text":"10","page_number":236,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"480dda9a-3b12-4db3-a738-7b8b9f4a472f","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":236,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"b3f186c3-a7b4-4d3a-b143-076d7a0a3550","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":236,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"95c18953-3934-44d2-8dcc-7bb295f81cf2","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":236,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"33fc009f-b31e-47d7-8c7d-c052c3914cb0","block_type":"box","text":"11","page_number":236,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"833e84d8-7e52-40f0-a602-3bad8c39e834","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Repor ting","page_number":236,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"019f2ac0-2a1b-4585-8e2f-5cb3c05c9506","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability repor ting for corporates","page_number":236,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"4fc5adab-f4dc-46ab-bf02-e14619a23d75","block_type":"box","text":"and investors to suppor t more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":236,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"61530e66-e3a0-4762-acfd-935f27fcddaa","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":236,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"b1af907a-8416-44a7-99b2-e55b2c9a5306","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":236,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"b32f32e8-1959-459b-b432-eeb20b3985f4","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":236,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"4da113f0-5eb9-49e3-8544-5864abd5cc41","block_type":"box","text":"their repor ting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":236,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"fbf2fd6d-1d28-432a-be0b-144c7ae9a908","block_type":"box","text":"already committed to doing so.","page_number":236,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"95a4250e-5ba2-463e-a986-7436f0946656","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fc024e13-c32b-4787-8c61-1eabf72d8385","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":236,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"993e6908-6b3d-4f2b-9a6f-4fe933a87b3c","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b09ad83-55b8-4489-aef0-2b100a82d2f9","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":237,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"2942537a-6677-4d20-aff0-5123feeab2a0","block_type":"box","text":"12 13","page_number":237,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"9d898e9e-b35c-410b-898d-8541a3c8515a","block_type":"box","text":"In addition, we look to companies to disclose","page_number":237,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"313d5645-751f-4471-b4c6-e2b4023e0fd2","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":237,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"175a3c3e-bc24-4f12-99af-d864d27f2774","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":237,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"dce5ae07-7bfd-4225-add9-849646ccb04a","block_type":"box","text":"these would be provided on a ‘best effor ts’ basis given the methodological challenges these currently present","page_number":237,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"81b4a849-3fc5-405e-8d1f-cada19a5e478","block_type":"box","text":"for repor ters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":237,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"77ece0d9-be0a-47cb-a96d-abc275fd3b9e","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":237,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"120dfc32-f971-4812-ac31-0c34048a0666","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":237,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"cb06129e-b37f-4742-ae5e-5484db921e43","block_type":"box","text":"14","page_number":237,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"b411ca67-3738-40d9-a45e-4b9b83fea672","block_type":"box","text":"However, we recognize that","page_number":237,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"45418cef-07df-47fd-961c-7e9906f6f720","block_type":"box","text":"companies have varying ability to influence the emissions across the different par ts of their value chain and it is","page_number":237,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"d3356e0b-2f28-48af-8e89-22dd262e9863","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":237,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"7814f6a6-a38a-4e0a-aaf6-0894c8f3bf47","block_type":"box","text":"Transition plans","page_number":237,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"3bdb9c97-7e43-4548-bd86-52aff3be90c4","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":237,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"a3fbed61-9f7e-4b8e-b3b8-08e1fbf8af16","block_type":"box","text":"carbon transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its","page_number":237,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"1a076819-008d-493f-926c-0bfd73f8836d","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":237,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"0e9796d7-9fa8-4e22-a450-2410e31a38bd","block_type":"box","text":"appendix 1).","page_number":237,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"2dbc25d9-ba5d-4dad-bba2-51b7b2e326be","block_type":"box","text":"We note the work being under taken in a number of jurisdictions on establishing a common approach in a market","page_number":237,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"bfa373a5-fed0-4cb2-8408-6d0216972f3f","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":237,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"89fbe820-c181-4ac1-bfc9-855bba0f277f","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":237,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"18eec90a-f7af-4d67-a69a-dc0ead297183","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":237,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"b6610684-8c05-4ee1-9b25-892fb55f47e7","block_type":"box","text":"Boards and directors","page_number":237,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"acb1bb48-3658-4b67-8051-a61d4d316544","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":237,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"eefb3abe-c332-41d6-aed4-3e6bf709c07f","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":237,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"7c35cfa6-0a81-47d9-a58e-493263b9b7d0","block_type":"box","text":"transition strategy.","page_number":237,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"4f7f8ef9-ed81-4d0c-809e-565122fe315f","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":237,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"01bd5517-4f7d-4570-9806-bb011dc24818","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"ee43d950-cc11-4926-916c-8ecf44be7f13","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":237,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"a7943e47-f7ff-4905-80a0-fef3435cd31b","block_type":"box","text":"oppor tunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":237,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"bf59cb37-eedc-4627-bddd-791f96d1641a","block_type":"box","text":"of the company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":237,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"0015c75e-ca7a-497a-b6d1-3970c2f86e95","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"717b682d-1a3c-4b79-851d-0ef064074ab5","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":237,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"46feb6a2-87bb-4903-a980-ce1c83a9952e","block_type":"box","text":"accountability for delivery by senior executives.","page_number":237,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"c27429b2-db19-47d6-b561-2fd15f3a5bab","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"fb46c841-86f9-493e-ac65-717b96b6dfaa","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":237,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"d95a14e4-14cc-4a41-8100-781e06761e43","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":237,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"c5da6c5b-5b51-4ea4-9181-5b1fccb4a5a4","block_type":"box","text":"transition strategy.","page_number":237,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"36d4a736-a262-48d8-9457-11d2ecb39286","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"07cce958-5934-46f6-97d8-517487a3d6d3","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":237,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"936f31c2-0d06-4753-8bc7-25d958938eff","block_type":"box","text":"company’s enterprise risk management processes and repor ting.","page_number":237,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"e328af03-9e84-41c8-bed4-47b323380d7d","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"3407e973-f0c3-4805-8799-0f2233201b03","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":237,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"f1561a86-1a8c-4fdd-b41d-8caf2bae1ee4","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":237,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"42567c01-70a7-475b-ae70-c3542f7a806a","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":237,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"7fc59fc0-26f6-4a6e-9098-dc50612789be","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"34b4e3f2-2146-4b86-9dd1-12cb75a43247","block_type":"box","text":"There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its","page_number":237,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"4e0a9d35-150b-488c-b6e9-694cb7f424d0","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":237,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"07c095f5-10ca-4d2e-b76e-8fd55f527c07","block_type":"box","text":"12","page_number":237,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"67eedc9c-6c03-4524-98f4-ea1ceaae7d22","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":237,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"0746661e-2c19-4a39-a687-335f48c62055","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":237,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"6e02e78f-aed5-4698-945a-fb4b9f302c25","block_type":"box","text":"13","page_number":237,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"ac3c5c68-7c1c-4f3b-8aa7-ac78fbf1413b","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":237,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"d8a4246e-d2ac-4ea4-b0ac-ab07bc12fabc","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":237,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"26bc298f-2c46-4bc9-97f3-1c89943f4156","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":237,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"983a1fd8-2d7a-4c98-82d5-cdaaf4c39bcf","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":237,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"803efaeb-18f1-4b02-99f4-643eb5338ad1","block_type":"box","text":"14","page_number":237,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"4e270266-02f9-4fca-ab6f-d7aba1efe6cf","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":237,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"811d5f23-cf9a-405b-80d4-c9fc2af7ee61","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":237,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"611fa995-2258-4f99-b539-24c3b1816462","block_type":"box","text":"Scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most useful when","page_number":237,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"0bea950f-1033-4814-abd0-289cd85ea426","block_type":"box","text":"companies focus their disclosures on those of the fifteen Scope 3 GHG Protocol categories that are material to their","page_number":237,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"b7ffc4bf-34f2-4ee9-b993-138786defe8d","block_type":"box","text":"business models.","page_number":237,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"52bd4a7e-fe3a-42a6-b49b-132755d80cd3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f3abfc16-1d69-4f95-8dfb-2e15cb7661fe","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":237,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"99223eea-c94a-490b-836f-935eab4fc149","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8056eb89-482d-4596-9564-f8dff160973b","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"54d39a96-4597-4fde-b5e7-640ba6e07a31","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":238,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"afa245c9-45a9-4020-97bb-5a4fe69a90e3","block_type":"box","text":"15","page_number":238,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"aebb8b2d-7e3c-4439-a6bf-6ecc7a6677ad","block_type":"box","text":"and disclosing these where it is confident in the","page_number":238,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"1e5c63aa-d127-4eb1-a5fb-366b19232d40","block_type":"box","text":"data. Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":238,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"6c5fd230-ef70-441b-b4b7-31b609351bb1","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":238,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"14ef5d1f-8997-4987-9581-924936b05468","block_type":"box","text":"with the different constituents in their value chain.","page_number":238,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"b0da5ba2-03bf-4d5f-b68e-2e753c2ba984","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"4fc33205-d7c5-433f-ab79-d74e26f5baae","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":238,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"7f57948b-2610-469c-a150-45a0e0efb72e","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":238,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"16fa9de2-df13-4533-bea7-857737e8a0df","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":238,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"61308cbc-bc45-487b-9a52-2b2dd8c4c9f4","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":238,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"226954ac-85b3-4219-820e-3feb221f10d7","block_type":"box","text":"In implementing these guidelines, BIS will generally suppor t non-executive directors standing for election where,","page_number":238,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"65761f93-b4b8-4b24-bf5a-810d8d225fd2","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":238,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"cf0022e9-149d-4774-811b-a9b789630450","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we","page_number":238,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"35c34760-3570-4178-ad36-96be9af5ad67","block_type":"box","text":"may vote against the election of one or more directors who have responsibility for the issue. The directors most likely","page_number":238,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"feb38a9e-956f-4421-a225-2cdf3c1f3105","block_type":"box","text":"to be in focus are the chair of the board sub-committee with low-carbon transition, climate or sustainability risk","page_number":238,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"fd7efbd1-4644-473e-8662-bd31ae965f2a","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":238,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"95f256ef-2bc3-4fc3-8299-45e17720f8e8","block_type":"box","text":"executive chair of the board. In cer tain markets, we may withhold suppor t for the discharge of the supervisory board","page_number":238,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"94162870-47ce-4292-a95d-cea66901b860","block_type":"box","text":"or equivalent.","page_number":238,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"3205ee44-4b1a-48f8-93be-4042c1dcad14","block_type":"box","text":"Where we have not suppor ted director elections over climate concerns in a prior year, and the company has not","page_number":238,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"dde2fa9f-c5c6-446b-b881-dd0173bd1a2a","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":238,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"39819434-865b-4a34-85c5-36b8e5dc09e6","block_type":"box","text":"16","page_number":238,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"83df79b6-e0d5-4fc8-bdad-5db4cab6ce38","block_type":"box","text":"by","page_number":238,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"bf37b933-b1af-48c7-bcf8-e6947d61c800","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":238,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"26476256-e9d6-40f7-908c-fab5ab543f18","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":238,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"7260754b-c608-4efd-9124-4dbd2eb8b6c9","block_type":"box","text":"In cer tain markets, company management may submit proposals asking shareholders to approve their climate","page_number":238,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"5dc1ab67-a16b-4a4b-8c06-7988881bcbe0","block_type":"box","text":"action plans or progress repor ts, sometimes known as “Say on Climate.” BIS will generally suppor t management’s","page_number":238,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"04bd4d77-fbea-4f5e-8b10-dcb8e22d1f1c","block_type":"box","text":"climate strategy proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon","page_number":238,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"e96f6ef0-8719-45df-aae3-fe0f62db4cd7","block_type":"box","text":"transition. Similarly, we will generally suppor t management’s proposal on a progress repor t if the company has","page_number":238,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"cdca9d07-e451-4a22-a9f2-4946c42293dd","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":238,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"9fe6b5a3-5073-4581-873a-fdf6ae1b1898","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":238,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"47f04c21-3f56-4f9d-adaa-00d366386059","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":238,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"7f39b49f-44dc-4786-ae22-11657e43f280","block_type":"box","text":"on their merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s","page_number":238,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"7cae00e4-a3b4-4ea6-bc37-9b49ad64960d","block_type":"box","text":"stated low-carbon transition strategy and targets. We may suppor t shareholder proposals that, for example, ask a","page_number":238,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"287c2fe3-f895-4894-8cd9-10e4dea3cf9d","block_type":"box","text":"company to:","page_number":238,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"5a4bca57-7550-4a81-b628-88825f6b7ccd","block_type":"box","text":"•","page_number":238,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"6aa1e787-04c9-4332-beef-8a518983aa7a","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":238,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"d6df4952-c4ad-46ba-a373-b681142725d2","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":238,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"9dd4639d-f798-4abb-b26a-c936d3cdbfad","block_type":"box","text":"•","page_number":238,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"6e0faeef-dd2f-472e-8e95-1026444b247d","block_type":"box","text":"Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a","page_number":238,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"b31acfe0-781a-453c-9992-fba8624d1e12","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":238,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"87a46bfa-1245-4aee-b722-2da73897d603","block_type":"box","text":"•","page_number":238,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"bb696336-686d-47d7-abff-03154be9878d","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":238,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"a0fbce9a-935d-4dd6-ab53-09f6fc89629b","block_type":"box","text":"•","page_number":238,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"eb0a778f-1c35-4a68-baf4-d820b063ab2a","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":238,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"9464013a-73ed-4f5b-baf1-6e2a677994ec","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":238,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"79736d47-81ad-4a45-adcf-01d6a9941b07","block_type":"box","text":"We would not suppor t shareholder proposals that seek to constrain board or management decision-making or","page_number":238,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"b31704df-3fde-4ba5-81d8-f41627431172","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s ar ticles of","page_number":238,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"f8962685-3fe4-48a2-8eb3-60427454ba48","block_type":"box","text":"association or char ter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":238,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"8efb7e5f-0eff-4b7e-a8cd-92409e4db357","block_type":"box","text":"15","page_number":238,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"acb46a06-c017-4259-824b-508f07e7a475","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":238,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"166de49a-926f-497b-9170-2d12390d60b1","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":238,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"5e00c97b-3472-41fa-8943-fd6769a61947","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":238,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"8634a960-e805-459f-9c03-8dd62d33b2d6","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":238,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"6b279671-df2e-4498-9c97-77a4317cc664","block_type":"box","text":"16","page_number":238,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"9db71b1f-c147-4433-aae7-4d65cb561343","block_type":"box","text":"While BIS may escalate voting by not suppor ting additional management proposals, principally director elections,","page_number":238,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"081fd671-5eeb-4505-b81c-8c9b00a747db","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":238,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"09416db3-0106-4089-97d9-5a024609760b","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":238,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"3240a195-56a0-4c4d-b0ce-0333b4321533","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":238,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"585adb38-a9de-4d5f-8b9e-1f40067bb541","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"634d3467-6188-4097-a684-fde2cf3a2d09","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":238,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"1cb1a6ab-8b43-417b-a80e-914494510e35","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e5c08ac-eb89-4075-a804-423a6512a56a","block_type":"box","text":"RELATED MATTERS","page_number":239,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"bde625aa-1a1c-4051-bf09-d09a4ffcb520","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":239,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"572d6dc8-6814-4088-bdd2-cb739f6a4094","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage,","page_number":239,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"b54529b4-f579-4d56-a3cf-51d2b006931b","block_type":"box","text":"where appropriate, if we seek to enhance our understanding of a company’s approach. Generally, our voting on these","page_number":239,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"d01cdb0d-1695-412c-ad37-0f46f4f04188","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":239,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"c9b07a58-4447-4494-992d-d6ca7d8ca10b","block_type":"box","text":"Executive compensation","page_number":239,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"a73d4b3f-8f5a-4e2d-bbc5-f09cd0bd8af5","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":239,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"e2f00d52-c340-4bb2-ad5f-3c835824251f","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":239,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"002561c2-09dd-40f4-98cc-9f18c017f0bc","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to","page_number":239,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"a54504d4-9e20-453a-939a-b92b508fd38d","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":239,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"1a793a92-941e-4c77-a056-746fda7982c7","block_type":"box","text":"Auditors and audit-related issues","page_number":239,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"1a484646-c620-4b8e-8718-e6bd18326ed9","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, BIS is","page_number":239,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"991ee1c1-6238-4ffe-bab7-8b004b3c9946","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":239,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"75e1e2e0-1b44-4975-866b-d1622e1fe70f","block_type":"box","text":"climate-related risks in its financial statements, including if the company explains such risks within the context of its","page_number":239,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"481220dc-0259-4184-8fde-803922ec8500","block_type":"box","text":"audit repor t. We note that work is being under taken to develop audit and assurance standards in relation to climate","page_number":239,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"a9aaadc2-0a56-4edb-9e08-688ee003b3fa","block_type":"box","text":"and transition repor ting, which may impact the future repor ting requirements of companies. We note that assurance","page_number":239,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"ce594283-f44c-424c-8c52-aa9b70056d21","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":239,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"16022ac0-5caa-4a41-b258-81bda78ed58c","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":239,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"ce80f569-1046-4ad0-bbf3-8731183b967a","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":239,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"ec34dd7d-de03-48f9-8b25-7d65ec15473f","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":239,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"e7014317-71aa-44a2-9de3-bf6e14c76354","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":239,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"42e9a8c3-5974-441a-b087-0b24b672b441","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":239,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"13722ca5-2872-4fd4-abf2-53a2f7cce077","block_type":"box","text":"shareholder activism.","page_number":239,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"20f8100c-f8d3-4c61-9a9d-11cb01f72323","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":239,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"91ef0b86-9e14-4cc0-8312-6c99b105a2a6","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":239,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"3b8a1185-0af6-4d70-8e38-68ccef5e2203","block_type":"box","text":"related risks and oppor tunities that may be relevant to a company’s business model and long-term per formance.","page_number":239,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"fd37319a-7395-4cab-94ed-bdb684cd994b","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":239,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"c61af6b6-22c1-4362-a024-6acafa768643","block_type":"box","text":"17","page_number":239,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"cc3078bc-9155-45d6-bda0-aa85be7c4a43","block_type":"box","text":"In the context of","page_number":239,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"65ab3e7a-c37d-4c59-87b2-fd90173f12e6","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":239,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"ca6cb60d-3c6f-4a78-83cd-af1d20c652b5","block_type":"box","text":"e.g.","page_number":239,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"55c89df0-f052-4db0-adee-f3e54130ff64","block_type":"box","text":",","page_number":239,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"28dd3265-1b8b-44fe-81b1-74df37685bab","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":239,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"78424721-7026-4783-9ccc-271204c285fe","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":239,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"da028802-b35a-41be-aeea-15754018fa3b","block_type":"box","text":"oppor tunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":239,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"4487ef75-8538-43cd-9156-a8d6757033e6","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":239,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"9d5bacdc-76d6-4988-974d-44edd274d009","block_type":"box","text":"17","page_number":239,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"aa3899db-a0df-49ec-bfb4-dbaa57f02c28","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":239,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"e4a56d5b-1743-4e4e-9742-86f020a67282","block_type":"box","text":"capital management and human rights.","page_number":239,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"f9c548fd-441d-4f03-8720-868175ee80cd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c8efde59-4270-4ed3-8fd1-63b576972d78","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":239,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"06f74499-cee6-4db6-a0df-0bed5fa961aa","block_type":"box","text":"BNM1026U-6032956-19204446","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d8e0124-1b24-4322-a7aa-235359951baa","block_type":"box","text":"Appendix 1","page_number":240,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"97570c3b-5cfd-4f92-a0aa-55844463285e","block_type":"box","text":"Terminology","page_number":240,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"2af7e98d-2db2-4bc4-98cd-f4fbc5bed166","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":240,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"c9f8fe4b-c686-4a10-8e89-48ff7034ca2f","block_type":"box","text":"Climate risk:","page_number":240,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"d7623f8f-7aa3-4976-a9e0-d54b55590ec7","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":240,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"6f1f3251-9e62-40b4-8e8e-a9491bd44eaa","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":240,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"c1505ff1-7804-4848-b031-439692e4ce56","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":240,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"f6735be4-a7db-4c83-ae90-558801f43823","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":240,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"4a606762-715d-434d-be6f-547c8c6ee478","block_type":"box","text":"The global economic shift toward lower","page_number":240,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"ea60f3aa-dbdf-464f-9d8d-0b1f27a4adf9","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":240,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"747df25e-3c30-4e64-a16c-65fec3e8ee6a","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":240,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"634788fa-6135-4955-9fdd-ae39a83748b6","block_type":"box","text":"change (","page_number":240,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"69d709ad-1f06-4dce-b39f-9cd94105379e","block_type":"box","text":"e.g.","page_number":240,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"15401e26-ca17-4687-8991-4c5936ddb2d9","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":240,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"92794f27-4893-481e-b568-e9c81966a04e","block_type":"box","text":"Decarbonization:","page_number":240,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"ae8fc9b7-0334-45c1-a204-9ad23c52db58","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":240,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"620ea141-8f71-43aa-93e1-f77d958b33ea","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":240,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"8fef4937-0fd1-4a98-86cc-76e4f296704f","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":240,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"424440fb-56e8-4c8a-8761-81289bcdd50d","block_type":"box","text":"e.g.","page_number":240,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"816ea40c-01f9-4a01-b3b0-e0c049cbd62d","block_type":"box","text":", methane.","page_number":240,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"9a8005f0-1793-4bb1-8c3c-c32044101cc2","block_type":"box","text":"Climate-related risks and opportunities:","page_number":240,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"f5d75c19-d12d-46fd-95d1-77bb95e6b9d8","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":240,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"8e88fa7f-8d75-48f8-8f16-9b93cd85773d","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":240,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"513e9120-2573-4e45-b0cb-9529fd749937","block_type":"box","text":"to physical climate change.","page_number":240,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"c2a35f17-2ec5-44fd-ac3f-1c3c2687adc9","block_type":"box","text":"Climate-related transition plan:","page_number":240,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"ad3b9033-02fe-432d-bd0f-a2abeb258219","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":240,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"b3e75078-874d-473f-9489-b213356cceb0","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":240,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"085f040b-f282-4de5-ba35-ea1e8baaadf6","block_type":"box","text":"greenhouse gas emissions.”","page_number":240,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"b942c6d6-24ae-4c41-b924-736bc16a8bae","block_type":"box","text":"18","page_number":240,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"058b08c0-1391-442d-8f32-5dc42ad2f93d","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":240,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"8a1791b3-ec1b-4b52-adab-518d7d76b6fa","block_type":"box","text":"Targets that “","page_number":240,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"223ed948-5290-4588-a5a4-40d63ae592c0","block_type":"box","text":"are in line with what the latest climate science","page_number":240,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"a8afb25e-fce2-4a6f-a3bb-8bbd56186661","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":240,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"5a915b83-e060-4207-9f8c-9a2be2107359","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":240,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"1218b901-1f57-4552-abd9-5acedac4e6f9","block_type":"box","text":"limiting global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be","page_number":240,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"b8c0e61a-3af9-4a2c-a83e-1220090bd80d","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":240,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"05226a55-9832-4a27-bc45-25c5b388a3b5","block_type":"box","text":"19","page_number":240,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"e8ac2a14-6be2-4fac-904f-fae64e583ea7","block_type":"box","text":"18","page_number":240,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"f7ee080b-c638-4be3-a630-3772fc8087c6","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":240,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"9e494428-3f12-4814-8391-032893f4a771","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":240,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"a24df85e-7588-4441-83ab-c5f18dfda930","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":240,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"342f67d0-e70b-4abc-85cb-c7d2b72dbcab","block_type":"box","text":"19","page_number":240,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"388d74fd-bf34-45e6-a8a2-81dd54aacfd6","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":240,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"1df8e2ad-dd5b-4f04-a339-3ce8b41b7a43","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. 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