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Part I of this Statement of Additional Information and the portions of Part II of","page_number":21,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"323fe0a3-eeea-4a0d-9685-f19e99a84447","block_type":"box","text":"this Statement of Additional Information that relate to the Fund have been incorporated by reference into the","page_number":21,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"5dd90fff-8fb2-4ec2-8bdc-b0d48236d809","block_type":"box","text":"Fund’s Prospectus. The portions of Part II of this Statement of Additional Information that do not relate to the","page_number":21,"box":{"x":70,"y":339,"width":830,"height":12}},{"id":"de1bab4c-b21c-4f85-9e0d-c4fff075f533","block_type":"box","text":"Fund do not form a part of the Fund’s Statement of Additional Information, have not been incorporated by","page_number":21,"box":{"x":70,"y":354,"width":806,"height":12}},{"id":"13c8ce5c-19ba-4b42-be81-188f923860d1","block_type":"box","text":"reference into the Fund’s Prospectus and should not be relied upon by investors in the Fund. The audited","page_number":21,"box":{"x":70,"y":369,"width":798,"height":12}},{"id":"03627956-120e-4cc3-b240-d4027e71045b","block_type":"box","text":"financial statements of the Fund are incorporated into this Statement of Additional Information by reference","page_number":21,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"40a7992b-2927-42c9-b457-30d6d9994a55","block_type":"box","text":"to the Fund’s Annual Financial Statements and Additional Information for the fiscal year ended","page_number":21,"box":{"x":69,"y":400,"width":723,"height":12}},{"id":"90c5c388-b45e-48e4-9a9a-e4866e86bb7d","block_type":"box","text":"October 31, 2025, as filed with the SEC on Form N-CSR (the “2025 Annual Financial Statements”). You may","page_number":21,"box":{"x":70,"y":415,"width":818,"height":12}},{"id":"41eda682-31d4-4ad6-a3e4-0203cdb3e824","block_type":"box","text":"request a copy of the 2025 Annual Financial Statements at no charge by calling (800) 441-7762 between","page_number":21,"box":{"x":70,"y":430,"width":802,"height":12}},{"id":"0783c725-9987-4b63-b34e-dc0687178656","block_type":"box","text":"8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":21,"box":{"x":69,"y":445,"width":441,"height":12}},{"id":"dadb723e-5c88-4b34-95e6-f1d0ef93226d","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":468,"width":767,"height":12}},{"id":"2bbfc638-3159-4ac9-8570-195be8fd1d9e","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":483,"width":796,"height":12}},{"id":"7e7a0c29-d81f-4287-b621-dcfd873e322f","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":21,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"a54a9b08-102f-4f00-9db2-d490c823e798","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":513,"width":749,"height":12}},{"id":"42ea8dc8-5cb7-4485-b9d7-d0e5062f8d11","block_type":"box","text":"Commission staff or other authority.","page_number":21,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"d6871ce6-0f3e-463c-87d8-b48c07cf2a2b","block_type":"box","text":"Class","page_number":21,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"8cf14d55-0584-4968-9cc5-826e943a7916","block_type":"box","text":"Ticker Symbol","page_number":21,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"abbaa2f6-59a6-4e82-83d5-f7e9064da241","block_type":"box","text":"Institutional Shares","page_number":21,"box":{"x":70,"y":575,"width":137,"height":8}},{"id":"f6a09900-2346-4c91-8e0b-730a32c6e223","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Investment Restrictions","page_number":27,"box":{"x":69,"y":859,"width":194,"height":8}},{"id":"07d15849-2db5-445f-8bf3-140bb7602527","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":27,"box":{"x":101,"y":881,"width":800,"height":11}},{"id":"e136fc56-4441-4e68-b144-fa489d2b2480","block_type":"box","text":"Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":27,"box":{"x":69,"y":896,"width":825,"height":12}},{"id":"222788b8-adea-4634-9b88-5a92c112dee5","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":27,"box":{"x":69,"y":911,"width":809,"height":12}},{"id":"3ceff870-d4e8-4c2c-96b4-3f058930cee4","block_type":"box","text":"I-5","page_number":27,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5059e0f0-62c8-4927-b8d6-e1d6d7cea1fb","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f21671ea-00f0-4b36-bbb9-d1b708031b7b","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":28,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"472328bc-0f86-4ae7-b589-5e8f095de899","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":28,"box":{"x":69,"y":60,"width":608,"height":11}},{"id":"bded2b5f-d23b-4380-8fd5-04554c2de4cc","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":28,"box":{"x":102,"y":82,"width":485,"height":12}},{"id":"e63380c2-1ebb-40ee-8fae-52dc5e3c39c0","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":28,"box":{"x":102,"y":105,"width":770,"height":11}},{"id":"843a949a-cff8-4ae7-8420-37705856c44c","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":28,"box":{"x":102,"y":128,"width":528,"height":11}},{"id":"e1f43b90-7d84-4923-9b7e-9522d05282dc","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":28,"box":{"x":102,"y":151,"width":694,"height":11}},{"id":"091194b6-c952-4795-948b-87df3d086e34","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are","page_number":28,"box":{"x":101,"y":173,"width":802,"height":11}},{"id":"2a32e280-4d0c-487c-85a4-6b88e57cc048","block_type":"box","text":"secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mor tgage-related","page_number":28,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"1800cffe-4676-44e4-9729-181351c119ae","block_type":"box","text":"securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real","page_number":28,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"b39a96cf-8bba-44c9-89dc-e288fe8d8f74","block_type":"box","text":"estate as a result of the ownership of securities or other instruments.","page_number":28,"box":{"x":69,"y":218,"width":497,"height":11}},{"id":"36b60bd1-3daf-4ae7-9b58-4d1dc837f2e5","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the Fund","page_number":28,"box":{"x":102,"y":241,"width":785,"height":11}},{"id":"19686923-f1bc-48b2-98f4-45c6f6d5d9d4","block_type":"box","text":"may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":28,"box":{"x":69,"y":257,"width":588,"height":11}},{"id":"aba5756c-50a8-4c99-9ec2-3da2e41470cd","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":28,"box":{"x":102,"y":279,"width":787,"height":11}},{"id":"11f58385-eb0f-4311-b532-3dfd0a1b87e0","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":28,"box":{"x":102,"y":302,"width":506,"height":11}},{"id":"a419d58a-b1af-4c7f-9fa9-e46d0d3fdeb1","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":28,"box":{"x":102,"y":324,"width":511,"height":11}},{"id":"18bd30d0-6248-463d-9ac3-12190a05b145","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":28,"box":{"x":101,"y":347,"width":799,"height":11}},{"id":"0ab7f2ec-95d5-4de3-ba6f-99b06c247f2f","block_type":"box","text":"subject to change without shareholder approval.","page_number":28,"box":{"x":69,"y":362,"width":341,"height":11}},{"id":"9b830694-862b-41da-b0c8-a73cbac02f2a","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":28,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"7d63ad75-f260-4964-91e5-36f15388d126","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":28,"box":{"x":68,"y":400,"width":811,"height":11}},{"id":"4ee3e04f-3f59-4866-9682-6930712f22ea","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":415,"width":833,"height":11}},{"id":"682cad87-2c44-4639-b0ac-5a473377083f","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":430,"width":836,"height":11}},{"id":"1cbe4b99-d4bb-4212-b7b2-5c3417022a43","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":445,"width":815,"height":12}},{"id":"1b626ad2-2f63-4244-af7f-a8b2cb3cc0ff","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":460,"width":813,"height":12}},{"id":"f4e94eb0-25bb-401e-aa1b-11a62d62125a","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":475,"width":823,"height":12}},{"id":"a6def2aa-b3a1-45cf-a518-d734f961d2d5","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":28,"box":{"x":69,"y":491,"width":809,"height":11}},{"id":"3f6ad54f-0e4a-4e11-ae16-bd9cd9fdf4a7","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":506,"width":772,"height":11}},{"id":"ebede730-f33c-49be-bb00-ad84263af80a","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":521,"width":824,"height":11}},{"id":"b1e76ab7-9bdc-4f92-9f09-2647d69fdbf2","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":536,"width":829,"height":11}},{"id":"6ecb6d6e-89a8-4e34-9a45-67d86b153165","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":551,"width":805,"height":11}},{"id":"a393fbac-d0ef-4a74-be26-44697be0a6f5","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":566,"width":840,"height":11}},{"id":"36ea5f28-6aa6-49bb-b8fd-bf04f3c5b71f","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":581,"width":803,"height":12}},{"id":"0e1683d1-9280-4fc7-ab10-1b810d01bec1","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":596,"width":807,"height":12}},{"id":"b26711a4-2ae5-4f6d-ac7d-2dccd7a56638","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":28,"box":{"x":70,"y":612,"width":438,"height":11}},{"id":"c0cd854e-d04c-42d7-9c4b-fb233bd48163","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":634,"width":805,"height":12}},{"id":"69d1d6dd-15b1-4e49-a724-a094177fa926","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any","page_number":28,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"aa155d52-74d9-481c-8c80-c640adc9cf48","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":664,"width":836,"height":12}},{"id":"efd9b229-eb00-45bb-bafa-4a4e6a736d84","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":680,"width":816,"height":11}},{"id":"76781f45-6a6d-4283-a023-ee967ef271ab","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":695,"width":812,"height":11}},{"id":"13087a89-433d-46bb-bf83-0824074118dc","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":710,"width":824,"height":11}},{"id":"d19ad9c7-1e83-4def-bb28-ebf92ae8e0d2","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":725,"width":775,"height":11}},{"id":"3b17efb9-cd61-4d6f-8aa4-84b565e4eaf0","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":740,"width":801,"height":11}},{"id":"dcc44e91-62a7-49f1-82ad-a7eeb27bddc6","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":755,"width":772,"height":11}},{"id":"12ea7cde-deab-4bea-a9af-e74e1b6b6e3a","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":770,"width":810,"height":11}},{"id":"ea235cc6-ff55-4345-9683-9f381c55cc07","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":785,"width":828,"height":12}},{"id":"59d99234-54e4-48d4-a653-7321d22075b2","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":801,"width":803,"height":11}},{"id":"06fe79f2-cd76-441d-ad18-6b5ab4dc9e3e","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":816,"width":746,"height":11}},{"id":"bcf7a5e3-82af-4267-bb6e-55c5889e8c43","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":831,"width":793,"height":11}},{"id":"e57d8557-378e-4690-afcd-c2c2f0d083f7","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":846,"width":835,"height":11}},{"id":"9d446a39-190b-4fcb-990b-c076999169c1","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":861,"width":643,"height":11}},{"id":"605d13f7-5921-411e-aae1-77f0a2f72781","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":884,"width":788,"height":11}},{"id":"b666b49f-0df2-4623-8aaa-72bcb57823ac","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":899,"width":840,"height":11}},{"id":"992ac19d-6281-46f6-9076-4df67bc151dd","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"aae8eaac-b269-46d5-980f-c24ea3b6691a","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"872ab6dc-56db-4d1e-bbd0-f7fec40c77ed","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":29,"box":{"x":70,"y":45,"width":808,"height":11}},{"id":"08aa91f7-1d52-4e98-b4a1-fbe27ee531d8","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":29,"box":{"x":69,"y":60,"width":811,"height":11}},{"id":"3d9e1fdf-4702-4956-9b0c-3f1c5232be41","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":29,"box":{"x":69,"y":75,"width":838,"height":11}},{"id":"0ee0d2f0-b94b-4f60-8ddf-098ce4647ced","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":29,"box":{"x":68,"y":90,"width":818,"height":11}},{"id":"28cbca55-a05a-44f4-ada6-936ac04ca1fb","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":29,"box":{"x":68,"y":105,"width":826,"height":11}},{"id":"d393b3c3-d915-4032-a259-a24ea1138647","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":120,"width":822,"height":12}},{"id":"32bc8272-11b5-45c0-aaab-97547ebb9384","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":135,"width":838,"height":12}},{"id":"fa628b88-5477-4e04-9335-5a0e786fecf5","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":150,"width":823,"height":12}},{"id":"391fcfd1-ca3d-496a-83b7-143ba385a36e","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":166,"width":796,"height":11}},{"id":"6ac69021-94ab-49c4-bc6f-b44f6f305c2d","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":181,"width":830,"height":11}},{"id":"56a2206a-f954-4500-910e-919d5a7fe9d3","block_type":"box","text":"applicable law.","page_number":29,"box":{"x":69,"y":196,"width":102,"height":11}},{"id":"75c16cd7-1d42-4c93-9d0a-f9b81a6c46ab","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":218,"width":778,"height":12}},{"id":"de993ff1-3467-42ac-82b0-63ff6d527005","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":234,"width":756,"height":11}},{"id":"f19d1811-5426-4eb3-8f1e-2ecdf25455aa","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":249,"width":807,"height":11}},{"id":"27d1be36-32aa-408d-9c84-9d8f8476dc15","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":264,"width":784,"height":11}},{"id":"5fc78771-9218-466f-8cbd-9ac50d5fd37c","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":279,"width":791,"height":11}},{"id":"c49b75b2-e541-4a80-9352-ef108a639405","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":294,"width":803,"height":11}},{"id":"3ef818df-866f-43ac-a59d-9680f54e1944","block_type":"box","text":"loans.","page_number":29,"box":{"x":70,"y":309,"width":40,"height":9}},{"id":"3462cf72-257d-494f-9ac9-908a4c90c6fa","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":332,"width":777,"height":11}},{"id":"1df3e9c8-bc45-4da8-9983-67dfea92a1e8","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":347,"width":751,"height":11}},{"id":"e3cc3054-9ee7-4fd8-b439-04fc907d563c","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":362,"width":813,"height":11}},{"id":"4bf8bb61-9806-4f07-ab77-35b3362bd59f","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":377,"width":827,"height":11}},{"id":"8487e71b-ce85-419a-a672-e1acffe6d0ac","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":392,"width":781,"height":12}},{"id":"62fd068b-61db-4408-a1f7-45db982779d9","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":407,"width":759,"height":12}},{"id":"dfad7f81-2ba8-4aed-9fa0-599ce1167360","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":423,"width":774,"height":11}},{"id":"ce94de85-53c3-443e-a9d2-92dd014a77df","block_type":"box","text":"shareholder approval.","page_number":29,"box":{"x":69,"y":438,"width":153,"height":11}},{"id":"417a46ba-e652-4bdd-909d-2b030bfbd82d","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":460,"width":768,"height":12}},{"id":"7b9b5ae3-e35e-48a4-a221-bc79694880c0","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":69,"y":476,"width":197,"height":11}},{"id":"49e2bf8b-207c-483d-85ea-25498d594490","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":29,"box":{"x":102,"y":498,"width":742,"height":11}},{"id":"e7a5675b-ea74-40b4-a829-7c3d7d16a6d3","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":69,"y":513,"width":759,"height":12}},{"id":"465cbc73-27e0-442d-924d-50a13b279069","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":29,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"3229b74c-6719-4896-8aca-71ee7d1114f1","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":29,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"e122b05d-bbb6-499c-84dd-8213c2674b73","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":29,"box":{"x":69,"y":559,"width":763,"height":11}},{"id":"0a198bbe-b0d9-4151-9421-d3dc2cec2494","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":102,"y":581,"width":765,"height":11}},{"id":"0f53461d-d405-40d9-9cfa-08257c8f2be7","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":29,"box":{"x":69,"y":596,"width":510,"height":11}},{"id":"7b174e4f-c9df-4743-ad13-70d2dba3597e","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":619,"width":744,"height":11}},{"id":"8a3f7d83-af03-43ef-9302-b0b12695f838","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":634,"width":791,"height":12}},{"id":"84a2c13b-3f10-487e-af55-59c7ca0f7a26","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":649,"width":827,"height":12}},{"id":"3867b2d3-53d6-4e0b-b3e6-b15d592fea37","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":664,"width":780,"height":11}},{"id":"f41dd6f8-a617-4a65-a2be-88ff5379d40a","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":680,"width":642,"height":11}},{"id":"4c0925a6-19f3-4e0c-bf1d-0fa20475c4ea","block_type":"box","text":"III. Information on Trustees and Officers","page_number":29,"box":{"x":69,"y":710,"width":290,"height":9}},{"id":"1eda51a4-1ca4-4e76-975d-8dadead8e0bf","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":732,"width":789,"height":12}},{"id":"fb96d407-57a6-4cae-9216-3a2bd8496eb2","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":748,"width":779,"height":11}},{"id":"38340545-7ab9-417c-9d07-821f4b84e328","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":763,"width":837,"height":11}},{"id":"258172b6-e640-45a3-9372-1a3d66ab34a9","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":778,"width":793,"height":11}},{"id":"c7769a85-8b50-43ad-b60d-28dd3e1fe296","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":793,"width":822,"height":11}},{"id":"552ae4d1-6f78-48d0-a5e8-7a1711e34708","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":808,"width":837,"height":11}},{"id":"03f56f5e-87ba-4705-95ee-6d8261940719","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":70,"y":823,"width":335,"height":11}},{"id":"d2d48e6a-ab52-434b-ac1f-498ab9b15699","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":846,"width":769,"height":11}},{"id":"ecc0b558-4afa-4401-9b99-6429dfdc0ff6","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":861,"width":827,"height":11}},{"id":"58fc5f25-f7c9-4941-831d-b43cff47b676","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":876,"width":821,"height":11}},{"id":"fc3842cd-347a-4ddd-9ef7-647672a086ed","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":891,"width":835,"height":12}},{"id":"2e29f9b8-5c57-41f9-a716-be478a643d5d","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":906,"width":830,"height":12}},{"id":"9df51783-c459-4d9f-8d64-be879b6ee685","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"0083f5bb-114d-4bfd-936b-66efa33b6513","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b03cd181-ae1e-4aa0-8e5d-251b43cc5a95","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":30,"box":{"x":68,"y":45,"width":789,"height":11}},{"id":"fa2171ac-e76c-4150-9dc3-17e71bda951c","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":30,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"f3e5b9ca-639a-498f-a2ef-65b0fb6b4a27","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":30,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"528352e9-dd77-4acd-9aa1-0b9d336bf080","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":30,"box":{"x":70,"y":90,"width":794,"height":11}},{"id":"143008a6-1166-4381-81f0-229eecc618b2","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":105,"width":816,"height":11}},{"id":"6e25b020-ebe1-4ee8-be1b-409701807161","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":120,"width":831,"height":12}},{"id":"fbcb4f1e-42f2-40c1-9fbc-1b5d47ba2a40","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":135,"width":811,"height":12}},{"id":"03e0b913-6482-452d-a23c-a4e4df772183","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":150,"width":809,"height":11}},{"id":"519ccce1-fe18-473f-bf3e-d0cdb34e1346","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":166,"width":825,"height":11}},{"id":"93fcc1c2-2f30-429e-bee6-32105578c875","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":30,"box":{"x":69,"y":181,"width":441,"height":11}},{"id":"74d26357-8f8c-45d8-8638-0c4c7d0a3653","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":203,"width":777,"height":12}},{"id":"5f445818-ce43-4227-a4c5-b04143754916","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":218,"width":832,"height":12}},{"id":"02fc19ee-60df-4dbd-9860-6a7dbdfac6eb","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":234,"width":820,"height":11}},{"id":"3c35988f-e700-4b10-aae0-c5b7b603e6e9","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":249,"width":812,"height":11}},{"id":"34843400-3410-4988-b022-4cc45d433333","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":264,"width":819,"height":11}},{"id":"84f18a65-95a7-4706-8db2-98997ae80a54","block_type":"box","text":"the operations of the Fund.","page_number":30,"box":{"x":68,"y":279,"width":192,"height":11}},{"id":"54066e60-275f-441b-bf07-c6be003cf6cf","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":302,"width":785,"height":11}},{"id":"23c7e4c5-07bc-4666-82ec-57ae87464ba7","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":317,"width":828,"height":11}},{"id":"7922e307-d0e7-492c-96a8-06fabb6b1f6f","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":332,"width":832,"height":11}},{"id":"2c01b46a-115d-441c-87bc-13e0f74663db","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":347,"width":820,"height":11}},{"id":"06ab94a9-cb59-4a03-b97c-dbcedf619617","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":362,"width":811,"height":11}},{"id":"2aaaaf27-ffca-4ee2-8a33-0db72ead9393","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":377,"width":767,"height":12}},{"id":"32c02ab2-8200-47e1-b9ce-a986b5450a96","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":392,"width":815,"height":12}},{"id":"e6952d66-9fa8-4882-8932-bf8a236883df","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":407,"width":803,"height":12}},{"id":"15a22cad-e4c8-42ac-970d-303be58d1c30","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":423,"width":840,"height":11}},{"id":"584fb779-ab6c-4087-a8e9-600c3fe3cc41","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":438,"width":812,"height":11}},{"id":"00523673-ad90-4d8e-95e3-b72094d59fe6","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":453,"width":817,"height":11}},{"id":"9b4e6518-41e5-449c-9a99-8a72f193ce12","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":468,"width":812,"height":11}},{"id":"cb3c4f5a-bd95-4559-a7be-2105ae7328a3","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":483,"width":818,"height":11}},{"id":"2ee4baf3-a354-445b-98b6-52070b30aa1d","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":498,"width":759,"height":11}},{"id":"3a127a06-48e8-4b96-9847-74aa83f10e44","block_type":"box","text":"per forming their oversight responsibilities.","page_number":30,"box":{"x":70,"y":513,"width":299,"height":12}},{"id":"6128ad56-f6d7-4e22-8542-36961d2a056b","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":536,"width":122,"height":9}},{"id":"04539cca-0bfe-413b-a95c-4fc3abaea0fc","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":536,"width":673,"height":11}},{"id":"f403d811-b561-4676-a26a-40027a6bb7f8","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":551,"width":814,"height":11}},{"id":"a65cf704-f664-4032-bb75-a7b98905d964","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":566,"width":826,"height":11}},{"id":"4f6d2c68-3359-47be-8213-dde343929cc2","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":581,"width":753,"height":12}},{"id":"54071a88-27c4-4727-a323-f42eaaee4212","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":30,"box":{"x":70,"y":597,"width":797,"height":11}},{"id":"0131eba4-127f-4799-a804-9a8a031f31df","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":612,"width":825,"height":11}},{"id":"e980bdcc-78c1-4a35-b0e6-606e9f4fbdad","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":627,"width":807,"height":11}},{"id":"0ca81b97-460b-41e3-8cb4-bab23e0f7d35","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":642,"width":781,"height":11}},{"id":"9d53efa1-d179-4dd3-9ab9-55f1b1db24de","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":657,"width":834,"height":11}},{"id":"bba66531-b7e7-495f-9bdd-2da3ac1b445e","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":672,"width":838,"height":11}},{"id":"c1a7e623-5be8-4f4f-9799-f803cc4cee12","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":687,"width":825,"height":11}},{"id":"b8c49b79-de91-443c-8ad8-258971cfba70","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":702,"width":809,"height":12}},{"id":"a82457f7-d66a-4496-87f5-c75651a63691","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":717,"width":815,"height":12}},{"id":"28e2d16a-a515-4094-9c94-fc68fe17927a","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":732,"width":774,"height":12}},{"id":"a04fbb4b-ead6-41ff-8b38-647c42a86b4e","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":748,"width":815,"height":11}},{"id":"ac027e80-5c32-451a-9ab2-1ed12679bae6","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":763,"width":819,"height":11}},{"id":"50e86643-0f99-4d3c-958d-a5532f2262df","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":778,"width":812,"height":11}},{"id":"e5b1f74c-5e2d-4e5a-b7b5-451d59379959","block_type":"box","text":"During the fiscal year ended October 31, 2025, the Audit Committee met four times.","page_number":30,"box":{"x":70,"y":793,"width":600,"height":11}},{"id":"57ada29b-b26c-4cc7-80c8-4ea1641e9679","block_type":"box","text":"Governance and Nominating Committee.","page_number":30,"box":{"x":102,"y":816,"width":286,"height":11}},{"id":"dbfc6d03-025e-4462-9d0d-401476f1ea76","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":30,"box":{"x":394,"y":816,"width":464,"height":11}},{"id":"23a17b3a-2410-4479-bf0c-3347644068af","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":831,"width":833,"height":11}},{"id":"a29804b8-e933-413e-807a-3fe09f9e33b0","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":846,"width":769,"height":11}},{"id":"679e604f-cf55-4055-94f9-2808fe74dad6","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":861,"width":802,"height":11}},{"id":"c66b0cfc-3e55-429b-af01-bd67695952fc","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":876,"width":819,"height":11}},{"id":"1a11e67e-4384-4e28-a362-1c6501113ad5","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":891,"width":810,"height":11}},{"id":"cd86d6d6-9e9f-4a23-a4ee-4d32b77f60f7","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":906,"width":824,"height":11}},{"id":"2496683c-7b22-474c-ad7e-5a0a9bfefd3f","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"18c04309-3c53-407d-8715-5cceed6d2c92","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"10c32a31-e894-4efa-90ff-d25815f968ab","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":31,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"37cc78a3-599d-4fb5-9145-94c1a0d8d298","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":31,"box":{"x":69,"y":60,"width":815,"height":11}},{"id":"bcd239e7-df03-4730-918e-3306f746f2c3","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":31,"box":{"x":70,"y":75,"width":835,"height":11}},{"id":"d6460c1c-ee89-4f2e-a858-a19e5469377c","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":31,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"14e87edb-256e-484b-9212-d813448c057b","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":105,"width":841,"height":11}},{"id":"e02cf1cf-3d6d-4c99-a8e1-5e4ea2e265a6","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":120,"width":809,"height":11}},{"id":"d144510e-ab4a-4218-9176-0a279c8673c4","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":135,"width":829,"height":12}},{"id":"e4a23520-5ce4-4b55-a7e6-40bc08fadda2","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":151,"width":792,"height":11}},{"id":"30f0895b-8030-41fb-a3a2-231c7cdbf023","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":166,"width":798,"height":11}},{"id":"95c84414-056d-438d-ae63-5751b19c0cd7","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":181,"width":832,"height":11}},{"id":"585d4565-d469-4188-90e1-da838635e677","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":196,"width":812,"height":11}},{"id":"bd91d8f4-2176-49d5-be4e-11fdac30b123","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":211,"width":832,"height":11}},{"id":"2c8db892-f7e4-48d5-b25a-d3bbe3c49e3e","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":226,"width":820,"height":11}},{"id":"b37d3efc-566e-43f8-be82-ea5ccdf8eb2e","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":241,"width":801,"height":11}},{"id":"468fb101-42f9-42a5-8e6f-e59f71f0c881","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended October 31, 2025, the Governance","page_number":31,"box":{"x":68,"y":256,"width":791,"height":12}},{"id":"afb10c42-6b63-4e55-9b05-54cbe8641a95","block_type":"box","text":"Committee met ten times.","page_number":31,"box":{"x":69,"y":272,"width":185,"height":8}},{"id":"8d6f1e40-2fe4-47b4-8b30-8acf0d6557d9","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":294,"width":168,"height":11}},{"id":"82ca6c70-7655-4ad8-88b6-0f419090a41f","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":31,"box":{"x":276,"y":294,"width":629,"height":11}},{"id":"a7c9c8bd-2741-471b-bc8c-f955bb313217","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":309,"width":789,"height":11}},{"id":"289bd1ea-8150-4797-a9c2-703644a28a3c","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":324,"width":812,"height":12}},{"id":"9f4530a1-4e7b-4337-b7a2-912c94df30d2","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":339,"width":826,"height":12}},{"id":"bcffa9f4-f202-4f6b-9c94-ed86e988910f","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":355,"width":819,"height":11}},{"id":"6f256625-6fae-4450-8935-5757bdb4ac10","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":370,"width":819,"height":11}},{"id":"cbcaad48-dcf3-43e0-b35d-78c5a0bba205","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":385,"width":832,"height":11}},{"id":"83fa5074-f2e5-4003-bca0-dbb59c2bded2","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":400,"width":798,"height":11}},{"id":"5fb63908-75a9-4c7d-95f5-5f51f313b2fe","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":415,"width":818,"height":11}},{"id":"b998420a-11ee-4125-9a61-edf46759796a","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":430,"width":803,"height":11}},{"id":"a94b1eed-3f25-4a56-b88a-3eef40a82fad","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":445,"width":799,"height":12}},{"id":"8e30171e-a959-4e8b-b2d9-2bc51162bb04","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":460,"width":828,"height":12}},{"id":"09b4c007-41d4-4a66-bedd-7c50e549ccfd","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":31,"box":{"x":68,"y":475,"width":720,"height":12}},{"id":"16be7e6e-f280-4585-8246-6106fc1fe2a7","block_type":"box","text":"October 31, 2025, the Compliance Committee met four times.","page_number":31,"box":{"x":69,"y":491,"width":444,"height":11}},{"id":"200c11d3-cbbd-4236-8352-d74943ed6567","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":513,"width":248,"height":12}},{"id":"30fa5517-bf66-47f4-bdea-6d3ca55cdf48","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":31,"box":{"x":356,"y":513,"width":531,"height":12}},{"id":"5c77cedd-6575-4d73-aa97-d93800598797","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":529,"width":837,"height":11}},{"id":"b94fa151-8aa5-498c-9552-81d5a273ad31","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":543,"width":808,"height":12}},{"id":"2384e560-c930-42f8-97ab-d76c4d83ec41","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":559,"width":769,"height":11}},{"id":"f32db85b-5acc-4949-b571-273395dc2a95","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":574,"width":775,"height":11}},{"id":"a055f30e-38be-441f-8918-fafe0f2c5b8d","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":589,"width":782,"height":11}},{"id":"82291441-ea92-4cc8-b169-096dc531b1db","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":604,"width":829,"height":11}},{"id":"72d36159-4691-4333-b39e-21c3c96cb911","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":619,"width":816,"height":11}},{"id":"e6dc52fd-a6d0-420c-9c21-2da39db86d8b","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":634,"width":803,"height":11}},{"id":"6fe107af-3e1c-4015-a6f0-51d97098a2b2","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":649,"width":827,"height":12}},{"id":"d38c299c-0f00-4995-8572-5d710da62c91","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":664,"width":811,"height":12}},{"id":"3a292563-e6f9-4103-94c3-d76e71eff204","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":680,"width":757,"height":11}},{"id":"ac46aee9-a564-48ee-b61d-57951a35f818","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":695,"width":835,"height":11}},{"id":"bc504f68-9d38-48d6-9e72-c564ffd50e0e","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":710,"width":800,"height":11}},{"id":"87eca5b2-4ef9-44a8-b937-a562ffd57110","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":725,"width":780,"height":11}},{"id":"c0b986af-9233-4121-ac3e-df8ab0ff78fc","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":740,"width":838,"height":11}},{"id":"b28f0f89-e9cf-48e3-9ebf-2792c8f122fb","block_type":"box","text":"ended October 31, 2025, the Per formance Oversight Committee met five times.","page_number":31,"box":{"x":69,"y":755,"width":570,"height":11}},{"id":"9e4351a8-5a29-4247-a137-80c269783b61","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":31,"box":{"x":101,"y":778,"width":186,"height":11}},{"id":"053a410e-6c8a-42d2-8196-b3a256615844","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":778,"width":598,"height":11}},{"id":"c7c470de-18c6-401e-b587-7f59f1d8743b","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":793,"width":817,"height":11}},{"id":"56589759-85fe-487d-898c-897623109522","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":808,"width":795,"height":11}},{"id":"8baa4a86-ea79-439b-ba07-a26a27358ff0","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":823,"width":788,"height":12}},{"id":"c970e51e-cc6a-417f-a07d-5ab8df020cf3","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":838,"width":813,"height":12}},{"id":"dc267a4a-606e-457e-9446-b45e12961f53","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":853,"width":816,"height":12}},{"id":"376862bb-03de-45c8-abc0-d6e4d0ca4313","block_type":"box","text":"the fiscal year ended October 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":31,"box":{"x":68,"y":869,"width":601,"height":11}},{"id":"6698b8d2-f6fd-4379-8167-aa710aed9c29","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":891,"width":771,"height":11}},{"id":"e4dd367b-985c-4344-8990-45c8f3db7a54","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":906,"width":827,"height":12}},{"id":"659b3d41-db52-484c-8a93-34caa50ad20e","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8cbf4c43-55b4-45e3-a19c-9af213ebb6f6","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9546c52a-4e53-4e4b-aaf6-878a40dcabef","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":32,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"85ddb725-ec45-4fde-90f3-2c92cbd85d8f","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":32,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"49d4202d-77f7-470c-85bf-9fef6b3beb50","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":32,"box":{"x":70,"y":75,"width":807,"height":11}},{"id":"e7b91e96-66a6-46b7-99d2-52e8ae3dcfb7","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":32,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"86d30343-4bb2-4e2a-a553-37ba0898a625","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":32,"box":{"x":69,"y":105,"width":805,"height":11}},{"id":"95c498c6-1ea0-4110-9794-74d412c3d095","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":120,"width":794,"height":12}},{"id":"78615b81-dc7b-4f7a-89ab-96560beb80e9","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":136,"width":829,"height":11}},{"id":"e045f9f4-323c-4ecb-9ead-d27cc1f1bcc9","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":150,"width":823,"height":12}},{"id":"0c011319-8ac0-4427-b4b8-c707239522a6","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":166,"width":771,"height":11}},{"id":"877eec0c-6d86-4940-aa87-1d068f3bfb68","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":32,"box":{"x":69,"y":181,"width":473,"height":11}},{"id":"7c6fd791-79fa-40d2-bc36-cfc1b1fd40b2","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":203,"width":792,"height":12}},{"id":"6e4b62c7-23db-4906-afad-50e9740ebd2d","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":218,"width":807,"height":12}},{"id":"d7bfc50c-6dd7-49d0-aba1-6b0019032de5","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":234,"width":837,"height":11}},{"id":"b0f27878-b217-49e5-b699-5a47500dfc8b","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":249,"width":759,"height":11}},{"id":"a476730a-e13e-4d41-89c9-f41b7cb27a83","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":264,"width":685,"height":11}},{"id":"02240973-1190-4187-8f9d-3bd8948ab610","block_type":"box","text":"ad hoc","page_number":32,"box":{"x":762,"y":264,"width":47,"height":9}},{"id":"3c2a76fd-a1eb-4a07-87de-7abc2e2f8dab","block_type":"box","text":"committees","page_number":32,"box":{"x":814,"y":264,"width":82,"height":9}},{"id":"0a6ba07c-2fc1-4109-9a5a-e46c81e1f835","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":68,"y":279,"width":395,"height":11}},{"id":"71511570-608c-4a28-878d-a7264d39741e","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":302,"width":751,"height":11}},{"id":"2d1e5aac-ed1d-48cd-a371-098e3ab12b48","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":69,"y":317,"width":492,"height":11}},{"id":"37734dda-76ef-4272-8c50-2084916e4646","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":345,"width":409,"height":9}},{"id":"5c0f79a8-ce7f-4bcb-ba1f-b2d309c479fe","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":362,"width":154,"height":10}},{"id":"e94cf463-e20a-4fff-9a79-9221e64671f5","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":377,"width":781,"height":11}},{"id":"79d8a704-65dc-40c9-b097-2babd471dcf4","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":32,"box":{"x":265,"y":392,"width":604,"height":11}},{"id":"57eb77da-192b-4b0d-808c-10dabdb00e94","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":407,"width":623,"height":11}},{"id":"f57567e9-1331-4464-8c84-f157b465d640","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":422,"width":637,"height":11}},{"id":"54230d33-f1b3-41d4-a7bb-f8a4f091a573","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":437,"width":631,"height":11}},{"id":"be6c0381-d038-4998-9c75-e2c57a3ebf62","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":452,"width":626,"height":11}},{"id":"46dfab4c-a997-4adc-bb19-342e9048917a","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":467,"width":639,"height":11}},{"id":"bf04a0c3-7390-4136-b0cf-4a100490276c","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":264,"y":483,"width":637,"height":11}},{"id":"3475fa8e-525f-48b5-bfec-bafd56bb2990","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":32,"box":{"x":265,"y":498,"width":586,"height":11}},{"id":"b6daab2d-d576-46bb-a739-a1c65b067e8e","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":513,"width":640,"height":11}},{"id":"9e70341e-3566-46cf-97af-6e04e3c7149c","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":32,"box":{"x":265,"y":528,"width":389,"height":11}},{"id":"730f6e3a-92b2-428f-86a3-5c88781bcb31","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":550,"width":806,"height":12}},{"id":"941a8bd1-3885-47a4-8426-76e14a62f7bd","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":32,"box":{"x":265,"y":566,"width":604,"height":11}},{"id":"bab6d728-2917-4ff1-9f16-ed2ebdab5696","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":32,"box":{"x":265,"y":581,"width":632,"height":11}},{"id":"bd6dd79d-955c-4381-8d76-1d3fec00f4ff","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":596,"width":562,"height":9}},{"id":"465853eb-f008-4a86-a21a-f0eb8dfc6149","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":611,"width":616,"height":10}},{"id":"821db5fa-757a-40de-828c-24ebf9539697","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":32,"box":{"x":264,"y":626,"width":591,"height":11}},{"id":"3bb46cd1-5475-486c-b768-528a95a921cb","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":641,"width":641,"height":11}},{"id":"5fa6cf95-f802-4003-8e9c-ffd832f72aa6","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":656,"width":638,"height":12}},{"id":"fd45786a-f014-41f0-931d-e10cd019e02b","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":671,"width":584,"height":12}},{"id":"e3041da2-9df9-4199-9309-34ddef3e33ea","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":32,"box":{"x":265,"y":686,"width":630,"height":12}},{"id":"73bc68ce-1dbf-4547-a02d-d0ed740961fc","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. 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Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":33,"box":{"x":70,"y":179,"width":806,"height":11}},{"id":"680261a7-cd1f-4c55-a294-93264a102690","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":33,"box":{"x":264,"y":194,"width":584,"height":11}},{"id":"f49ea18d-087b-4799-b0cd-8c0fecef6011","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":33,"box":{"x":265,"y":209,"width":622,"height":11}},{"id":"4753be51-fa09-4ba6-b380-9b2634bddc27","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":33,"box":{"x":265,"y":224,"width":638,"height":11}},{"id":"a8ec4dd2-d255-461f-825e-b156106b5c0b","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":33,"box":{"x":265,"y":239,"width":570,"height":12}},{"id":"dfed07d2-2265-43ed-b199-13b803e71feb","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":33,"box":{"x":265,"y":254,"width":642,"height":12}},{"id":"53744b6c-cb1b-4dcd-a163-8a1739893d9f","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":33,"box":{"x":265,"y":270,"width":626,"height":11}},{"id":"f91b07dd-99c4-46d8-b287-4b6feccb6353","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":33,"box":{"x":265,"y":285,"width":630,"height":11}},{"id":"b8fdcaf5-be0c-48fb-ad0b-877a4a7ff261","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":33,"box":{"x":265,"y":300,"width":602,"height":11}},{"id":"0eb14b3e-9548-4208-8270-4b5bb1d765ab","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":33,"box":{"x":264,"y":315,"width":643,"height":11}},{"id":"7a7ba160-cc0c-4787-8e43-0608143062e9","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":33,"box":{"x":264,"y":330,"width":639,"height":11}},{"id":"9a1955d8-ab4d-4423-95c8-9e45a44d02ac","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":33,"box":{"x":264,"y":345,"width":641,"height":11}},{"id":"cc1199d1-326f-4a40-af6a-9d2607bbbd9f","block_type":"box","text":"applicable Commission rules.","page_number":33,"box":{"x":265,"y":360,"width":208,"height":11}},{"id":"67499eb4-c101-469d-9986-a8a7366a940b","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":33,"box":{"x":69,"y":383,"width":769,"height":11}},{"id":"a62648c5-7117-4b17-b1c3-7efa0185d943","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":33,"box":{"x":265,"y":398,"width":621,"height":11}},{"id":"3920f148-0710-4dcf-b191-16c47db7d285","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":33,"box":{"x":265,"y":413,"width":599,"height":11}},{"id":"ed2ff1d3-686f-4efc-94db-4985865646a4","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":33,"box":{"x":265,"y":428,"width":641,"height":12}},{"id":"a65e5c66-f2ee-4729-9e08-67f24e59c94a","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":33,"box":{"x":264,"y":443,"width":602,"height":12}},{"id":"a876c0dc-33e2-470b-92e3-e57ee3ca35a4","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":33,"box":{"x":264,"y":459,"width":617,"height":11}},{"id":"bd8a70e6-3316-4ad0-b3a7-d18d032ec6ee","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":33,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"d8f4aaaf-46d9-42b5-a011-17d5c3886db7","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":33,"box":{"x":264,"y":489,"width":628,"height":11}},{"id":"2ab77b33-358e-4a91-af54-9ccc0a77efff","block_type":"box","text":"ar ticles and books on these topics.","page_number":33,"box":{"x":265,"y":504,"width":251,"height":11}},{"id":"a7870442-8f0f-40e4-a52a-de27f2ace2f6","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":33,"box":{"x":70,"y":526,"width":764,"height":12}},{"id":"df6aa7e1-1052-4991-97d4-efcbacab7ad2","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":33,"box":{"x":265,"y":542,"width":642,"height":11}},{"id":"2480e39f-bf19-4e40-af79-e148cb40bc44","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":33,"box":{"x":264,"y":557,"width":593,"height":11}},{"id":"64b370f2-124c-4f25-b1b9-388dd1a712df","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":33,"box":{"x":265,"y":572,"width":603,"height":11}},{"id":"d7c41d7f-b4ce-44ee-8e38-1f66e002e4a0","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":33,"box":{"x":265,"y":587,"width":629,"height":11}},{"id":"4f43a7f7-cddd-4e91-a920-5a0c932df695","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c4617e3e-e731-4425-a9a1-90a40d25176e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea34e3b9-8c53-4b14-9591-a46df158c236","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"3611d067-622e-4481-bdf0-db8785732d4a","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":34,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"78eb2ed5-a36a-42ac-ad02-e416c2aaa0f2","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":34,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"e3b832a9-cb51-4d88-af80-22539ae4e904","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":34,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"d272a954-fb92-4abf-a66d-79745a9a491e","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":34,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"1bb8c5d8-ab20-4bfa-9f9f-0cd09c42db3b","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":34,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"eede2889-3ebc-4a68-be10-103104f3d64c","block_type":"box","text":"exchanges, and other industry firms. 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More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":34,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"e9d0313d-872b-45dc-a085-1835aec13b48","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":34,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"26243781-c0ed-43a9-b569-c9b4c7af0067","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":34,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"322946ad-20b7-418e-a5d7-aaed361c4609","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":34,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"000367c2-4228-49f4-aafb-f3bbd6b55a39","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":34,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"8c45a8d7-35b7-45ce-b6b3-223f4c5558bb","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":34,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"d264b51c-a2f9-46a2-b1ca-e808059a9da3","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":34,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"f35d4774-fd00-4cb5-851a-9555a9235f24","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":34,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"346cc040-57bd-4846-b286-0577b563a4c2","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":34,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"0ed84746-fb18-4075-b07c-41faa963162f","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":34,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"b9f07674-db5f-4ef5-9954-0f91857f6169","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":34,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"a8268cbc-e67f-4eb2-a0fa-8c1700c16ad6","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":34,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"d5dfad28-7e29-4391-9fe4-976741266cae","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":34,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"11baf408-eed1-4e4d-858d-b7bbf3b2e0b5","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":34,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"0c24bc00-2acc-4bd1-8890-ecedf07026e1","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":34,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"583c6cec-976f-4fef-b5ea-df6da47cefb5","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":34,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"0da3a0b3-cf9a-4346-b4d5-6557d1204bb8","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":34,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"a43316b0-d9c9-4b43-89da-b51fb0194b65","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":34,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"798b0a66-0670-435f-b91b-bf459e21f250","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":34,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"8c215fcc-0a29-41ad-81b1-f91f4fbdf346","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":34,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"76d03ec1-a35f-4cd6-9597-98a3e9e45754","block_type":"box","text":"various private and non-profit boards.","page_number":34,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"2e48b04e-8def-4ca4-9250-dfd226c392d5","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":34,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"52d921f0-70e9-476f-b063-b8f8868af88f","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":34,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"f545ecab-101a-496e-93c6-d9a0c679d893","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":34,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"54361d98-56d2-4643-808a-91173c77a909","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":34,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"f45373d4-bbbe-4dbe-b826-831a4c4c249e","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":579,"width":639,"height":12}},{"id":"f2d404ca-61af-4305-9c95-f78735385888","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":595,"width":575,"height":11}},{"id":"ad278fcf-e667-4d7a-8543-85ece6adb6f9","block_type":"box","text":"Commission rules.","page_number":34,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"faf5f827-7b88-45a2-b6d1-e96d8f654777","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. 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Perlowski","page_number":40,"box":{"x":78,"y":772,"width":127,"height":9}},{"id":"19d95260-48e9-4246-b087-a6bbbbfb1a9b","block_type":"box","text":".......................................","page_number":40,"box":{"x":208,"y":779,"width":312,"height":1}},{"id":"2cca2597-70e3-403e-bbea-c99bbc7e5c04","block_type":"box","text":"None None None","page_number":40,"box":{"x":575,"y":772,"width":296,"height":9}},{"id":"dfdf3d2e-74c8-4073-8b7a-4879286df7c0","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":796,"width":3,"height":4}},{"id":"aa1cfbdc-10dd-43e0-bbc3-5bb476941cd2","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":40,"box":{"x":94,"y":796,"width":786,"height":9}},{"id":"0a2fb11f-7c76-4f86-ab79-23fb959cbab4","block_type":"box","text":"page I-14.","page_number":40,"box":{"x":94,"y":806,"width":55,"height":9}},{"id":"594947b3-0ecd-415e-a676-f4eda196fa62","block_type":"box","text":"2","page_number":40,"box":{"x":69,"y":819,"width":3,"height":3}},{"id":"eccea96a-3727-4077-a20f-8c541f022a7b","block_type":"box","text":"Ms. Goldberg retired as Trustee of the Trust and Chair of the Compliance Committee effective December 31, 2024.","page_number":40,"box":{"x":94,"y":819,"width":658,"height":9}},{"id":"f5546b23-a309-4a53-bfdc-6bf7fe7ccd8b","block_type":"box","text":"3","page_number":40,"box":{"x":69,"y":831,"width":3,"height":4}},{"id":"2962467a-404e-4c66-8414-48860ab5c088","block_type":"box","text":"Chair of the Audit Committee.","page_number":40,"box":{"x":93,"y":831,"width":168,"height":7}},{"id":"15aae8e4-8a3b-4b3e-ae8c-b0ca41cd9802","block_type":"box","text":"4","page_number":40,"box":{"x":68,"y":844,"width":4,"height":4}},{"id":"ba143ea3-8621-4cc8-9c13-5ea8619a5f86","block_type":"box","text":"Chair of the Governance Committee.","page_number":40,"box":{"x":93,"y":844,"width":206,"height":7}},{"id":"6b3485b7-62d4-47e8-806a-23274773e112","block_type":"box","text":"5","page_number":40,"box":{"x":69,"y":857,"width":3,"height":3}},{"id":"bf44ed29-c892-4bd4-9952-87e237f7ce8d","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":40,"box":{"x":93,"y":856,"width":269,"height":10}},{"id":"742f3f5a-6fa7-4dfe-92d8-7dab12692aa9","block_type":"box","text":"6","page_number":40,"box":{"x":69,"y":869,"width":3,"height":4}},{"id":"d3acb5e0-9df2-46cd-8fc6-17d5f98f12d5","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":40,"box":{"x":93,"y":869,"width":352,"height":9}},{"id":"336af76b-304f-4827-86b7-d0e5d560d579","block_type":"box","text":"7","page_number":40,"box":{"x":69,"y":882,"width":3,"height":3}},{"id":"dc5949b8-d0b4-4a29-a886-ec8d1cecb976","block_type":"box","text":"Chair of the Compliance Committee.","page_number":40,"box":{"x":93,"y":882,"width":205,"height":8}},{"id":"bf2fa631-a919-4afa-b13f-11dae03f2610","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"df678383-6016-461e-8919-b0ad716a62c0","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ec38b88-78ca-43e7-880d-1f1a2b25749f","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":41,"box":{"x":69,"y":45,"width":432,"height":11}},{"id":"aa58e357-f61d-4de7-959e-f1c6c1106da6","block_type":"box","text":"Management Agreement","page_number":41,"box":{"x":69,"y":75,"width":180,"height":11}},{"id":"58b3abdc-f5b4-4389-a3af-62be93aaf661","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BlackRock pursuant to","page_number":41,"box":{"x":101,"y":98,"width":805,"height":11}},{"id":"c9b12407-9f96-4c2e-97a2-9798ec0de445","block_type":"box","text":"which BlackRock is entitled to receive fees for the services it provides (the “Management Agreement”).","page_number":41,"box":{"x":68,"y":113,"width":736,"height":11}},{"id":"d0ce12c6-7487-4aa4-90e3-3b4e8518b606","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":41,"box":{"x":102,"y":135,"width":762,"height":12}},{"id":"baba4128-808d-4cc2-a308-3a5ed9ada745","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":41,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"5c3cc629-155d-4e59-9087-9c5981919a91","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":41,"box":{"x":68,"y":166,"width":726,"height":11}},{"id":"eddc3878-0ba7-44d3-a9d0-ed9444f6108d","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":41,"box":{"x":69,"y":181,"width":799,"height":11}},{"id":"81301d2e-7ed1-4ec2-befd-55ada2ab9692","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":41,"box":{"x":70,"y":196,"width":780,"height":11}},{"id":"c3eab045-e98e-4103-8c93-3d124b1e9f77","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":41,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"a4eb8ab2-6818-4307-8d76-de66fe5d5bdf","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":41,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"de252cf6-6e4b-47a2-aafa-d74f7e940b72","block_type":"box","text":"securities of the Fund.","page_number":41,"box":{"x":69,"y":241,"width":158,"height":9}},{"id":"bced5933-297d-48ff-9cc9-4e1a315edb21","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":41,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"ddff10ef-7771-483d-9822-88a40c35d744","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":41,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"91013638-046d-49c4-a46d-0c1092ccc8f8","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as defined in the Fund’s","page_number":41,"box":{"x":70,"y":294,"width":734,"height":11}},{"id":"a9ad6b79-84d6-433a-a8b0-628ce1abdf94","block_type":"box","text":"Prospectuses) as a percentage of average daily net assets to 0.99% for Institutional Shares and 0.94% for Class K","page_number":41,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"2246304b-0c4c-4b73-b460-31213c69c477","block_type":"box","text":"Shares through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of","page_number":41,"box":{"x":69,"y":324,"width":829,"height":12}},{"id":"879301ce-0372-4da1-9c42-45f65d352af8","block_type":"box","text":"the Independent Trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":41,"box":{"x":68,"y":339,"width":797,"height":12}},{"id":"b8f88a49-513b-4d42-a175-a1b5e5898c88","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":41,"box":{"x":102,"y":362,"width":784,"height":11}},{"id":"41dd12a5-6135-4cde-bc06-375895e4c7c9","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":41,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"80d3f283-0dae-4f2e-bb08-98cbdcea067f","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":41,"box":{"x":70,"y":392,"width":810,"height":12}},{"id":"62d0bbb8-c155-4fd3-a1a7-856193dca418","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":41,"box":{"x":70,"y":407,"width":779,"height":12}},{"id":"384bf0ce-385b-42c4-b84a-46157f6d7d9c","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":41,"box":{"x":70,"y":423,"width":827,"height":11}},{"id":"a5b58925-f053-41e0-81c6-97bdfe9082c4","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":41,"box":{"x":69,"y":438,"width":486,"height":11}},{"id":"3bc51c69-adae-49c4-ad79-68bc7c0636b3","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":41,"box":{"x":101,"y":460,"width":806,"height":12}},{"id":"9e08f0c6-e57c-4a1b-a056-09ede98312b5","block_type":"box","text":"to BlackRock, and the amounts waived and/or reimbursed, for the periods shown.","page_number":41,"box":{"x":68,"y":475,"width":584,"height":12}},{"id":"d71878e1-3f98-470d-93f3-6d22c1a915be","block_type":"box","text":"Fees Paid","page_number":41,"box":{"x":602,"y":504,"width":56,"height":7}},{"id":"f1929cb4-79cf-4a83-a795-cc6251786286","block_type":"box","text":"to BlackRock","page_number":41,"box":{"x":591,"y":514,"width":79,"height":7}},{"id":"abd8e8ad-b0ac-42ea-bf8b-d3642c997169","block_type":"box","text":"Fees Waived","page_number":41,"box":{"x":704,"y":504,"width":72,"height":7}},{"id":"e41e8059-95bc-4484-8030-f3ba7c88bdcd","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":700,"y":514,"width":80,"height":9}},{"id":"b58ddbef-0376-48bc-b259-557694856a6f","block_type":"box","text":"Fees Reimbursed","page_number":41,"box":{"x":810,"y":504,"width":99,"height":7}},{"id":"eb7745af-5885-46d5-882a-949b315a2f1d","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":820,"y":514,"width":80,"height":9}},{"id":"c10cd07d-6d7b-44e0-9f15-8a1e252aef86","block_type":"box","text":"Fiscal Year Ended October 31, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $127,422 $127,422 $185,416","page_number":41,"box":{"x":70,"y":531,"width":825,"height":11}},{"id":"9b06554a-6c6d-49fb-99bc-013471944a6b","block_type":"box","text":"Fiscal Year Ended October 31, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $107,598 $107,598 $180,271","page_number":41,"box":{"x":70,"y":546,"width":825,"height":11}},{"id":"d3652414-2591-478e-87f9-1fae20e74b2d","block_type":"box","text":"Fiscal Year Ended October 31, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $154,446 $154,446 $154,056","page_number":41,"box":{"x":70,"y":561,"width":825,"height":11}},{"id":"4400fb8b-683f-497f-974b-66979594f4f6","block_type":"box","text":"Administration Agreement","page_number":41,"box":{"x":68,"y":593,"width":191,"height":11}},{"id":"638e6bf3-9beb-4959-9c1a-c4c27c122cfc","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":41,"box":{"x":102,"y":616,"width":711,"height":11}},{"id":"d520a82d-20bd-415c-b6b0-52d5366ddc5c","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":41,"box":{"x":69,"y":631,"width":838,"height":11}},{"id":"0a57e054-78c8-475d-9099-b1dae4a47441","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":41,"box":{"x":68,"y":646,"width":830,"height":11}},{"id":"4b1c4a67-1c0d-4d96-a326-a529ce037572","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":41,"box":{"x":70,"y":661,"width":813,"height":12}},{"id":"f514a45b-fa48-4898-b0a5-ad4b1448df5a","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":41,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"d53163da-b451-4193-a838-6ac39fd63ac3","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":41,"box":{"x":68,"y":692,"width":836,"height":11}},{"id":"14ee4c1a-242c-4944-b448-8da9bbcefe3b","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":41,"box":{"x":68,"y":707,"width":785,"height":11}},{"id":"085e48b0-f4c4-447a-9f7c-05331a4b5c9e","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":41,"box":{"x":69,"y":722,"width":765,"height":11}},{"id":"3a8344e6-ef8c-46b5-91e6-d3152a9a8cbf","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":41,"box":{"x":70,"y":737,"width":819,"height":11}},{"id":"48ec8084-f4d3-4d04-b998-51fbe348e3be","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":41,"box":{"x":69,"y":752,"width":818,"height":11}},{"id":"6477cc42-14a5-444c-9982-4cac0ea77259","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":41,"box":{"x":68,"y":767,"width":840,"height":11}},{"id":"880e1828-0295-4c7c-9ab1-f2183d28d7d6","block_type":"box","text":"reimburse the Fund for expenses.","page_number":41,"box":{"x":69,"y":782,"width":238,"height":11}},{"id":"be120283-6e03-48dd-bdff-6eccfb4337c4","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":41,"box":{"x":102,"y":805,"width":802,"height":11}},{"id":"4cdb9e71-8ca9-436f-a9ab-cf693718e5a5","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":41,"box":{"x":69,"y":819,"width":830,"height":12}},{"id":"a9a355ca-0c9f-4786-9def-882c9df717f5","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":41,"box":{"x":69,"y":835,"width":788,"height":11}},{"id":"20d37bf5-f412-4a17-9eee-f133c6fd4801","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":41,"box":{"x":69,"y":850,"width":785,"height":12}},{"id":"fd82576f-8252-4465-b168-b3b06bf907e1","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":41,"box":{"x":69,"y":865,"width":816,"height":12}},{"id":"cc85f283-61a7-4433-84f6-8d443c052ec9","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":41,"box":{"x":69,"y":880,"width":805,"height":12}},{"id":"0394614e-add0-4712-967c-27dae1cd7f03","block_type":"box","text":"shares of the Fund.","page_number":41,"box":{"x":69,"y":896,"width":137,"height":9}},{"id":"bff35bac-b80c-433c-8cd5-982bd06faeda","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"1746730e-f75a-47e5-a9c6-e6c3e0017109","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6716b91-8be2-47aa-b9f5-1b89b613eaac","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust on behalf of the Fund, to","page_number":42,"box":{"x":101,"y":45,"width":793,"height":11}},{"id":"02c85738-0e31-43f7-8138-3dee775d2764","block_type":"box","text":"the Administrator, and the amounts waived, for the periods shown.","page_number":42,"box":{"x":68,"y":60,"width":474,"height":11}},{"id":"0bea20b1-9284-4bab-8b4f-cc6df4e176b6","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":674,"y":88,"width":56,"height":7}},{"id":"60887dd2-8799-4adf-8515-94f63dc5c589","block_type":"box","text":"to the Administrator","page_number":42,"box":{"x":643,"y":98,"width":118,"height":7}},{"id":"35ad1399-dc57-4fc4-9f3f-e3b767dd985a","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":814,"y":88,"width":72,"height":7}},{"id":"405afec5-cbe2-40b3-b5ac-3628759b027f","block_type":"box","text":"by the Administrator","page_number":42,"box":{"x":791,"y":98,"width":118,"height":9}},{"id":"ceaab309-256a-44bf-a2c7-fe8d770fd233","block_type":"box","text":"Fiscal Year Ended October 31, 2025 . . . . .","page_number":42,"box":{"x":70,"y":116,"width":297,"height":10}},{"id":"26a8f758-23fd-4911-a1f2-bc4d90113b17","block_type":"box","text":"..............................","page_number":42,"box":{"x":374,"y":123,"width":238,"height":2}},{"id":"2d4f1a15-d382-4a5f-83d1-42990b957935","block_type":"box","text":"$10,619 $ 8,820","page_number":42,"box":{"x":671,"y":115,"width":210,"height":11}},{"id":"cc206b8a-3fba-4db6-99ff-9c9b4cc1923d","block_type":"box","text":"Fiscal Year Ended October 31, 2024 . . . . .","page_number":42,"box":{"x":70,"y":131,"width":297,"height":10}},{"id":"303f494b-89f6-43c4-b15e-dcd6bd47b7f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,967 $ 7,969","page_number":42,"box":{"x":374,"y":130,"width":507,"height":11}},{"id":"498c4c76-e9ff-479b-840e-ef59fb738574","block_type":"box","text":"Fiscal Year Ended October 31, 2023 . . . . .","page_number":42,"box":{"x":70,"y":146,"width":297,"height":11}},{"id":"c5d8c0d5-a0e9-4d4e-90ca-f612ec4003f8","block_type":"box","text":"..............................","page_number":42,"box":{"x":374,"y":154,"width":238,"height":1}},{"id":"9abfcc5d-c89e-4e41-9207-c9c9528eecc9","block_type":"box","text":"$12,871 $12,699","page_number":42,"box":{"x":671,"y":145,"width":210,"height":12}},{"id":"224c29da-03b3-47dc-a6a9-0544c0f40c8a","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":42,"box":{"x":101,"y":170,"width":708,"height":11}},{"id":"41af65d6-7508-4525-9ed9-77c8fedc40cd","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":42,"box":{"x":69,"y":185,"width":838,"height":11}},{"id":"b3e3b24c-5f2f-4544-9108-4f5e09e5904a","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":42,"box":{"x":68,"y":200,"width":800,"height":12}},{"id":"d0115550-673a-49b8-8b2d-2a517489c3d5","block_type":"box","text":"shares of the Trust.","page_number":42,"box":{"x":69,"y":215,"width":138,"height":9}},{"id":"21d93e0c-ec22-4a64-9542-434e3b17d5af","block_type":"box","text":"In addition, pursuant to a shareholders’ administrative services agreement, BlackRock provides cer tain","page_number":42,"box":{"x":102,"y":238,"width":736,"height":11}},{"id":"57957d35-3e72-4821-a188-249e53df1703","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. 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October 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":418,"width":456,"height":10}},{"id":"a8043f25-0825-40b0-ab51-e0e8518b8bc7","block_type":"box","text":".......................","page_number":42,"box":{"x":532,"y":425,"width":181,"height":1}},{"id":"5d1bd01f-555f-4118-b965-6c48ee05d6f9","block_type":"box","text":"$455 $447","page_number":42,"box":{"x":762,"y":417,"width":134,"height":10}},{"id":"cf4cf3e6-7b9c-4a5c-a5f8-75972d51e0ba","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":42,"box":{"x":69,"y":449,"width":335,"height":11}},{"id":"65ac8e3b-282d-4fe5-b242-320c8dbc3962","block_type":"box","text":"Jeff Shen, PhD, Rui Zhao, PhD, CFA, and Gerardo Rodriguez are the por tfolio managers and are jointly and","page_number":42,"box":{"x":101,"y":472,"width":757,"height":11}},{"id":"acf8889c-dfa1-48bf-af12-a7a011ab9e1d","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund.","page_number":42,"box":{"x":70,"y":487,"width":459,"height":11}},{"id":"1e266a90-7405-46a9-8ea9-ac114cb197fe","block_type":"box","text":"Other Funds and Accounts Managed","page_number":42,"box":{"x":70,"y":517,"width":265,"height":11}},{"id":"2f1f3616-d650-4328-9cba-2ef599b09f01","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Fund for which the Fund’s","page_number":42,"box":{"x":101,"y":540,"width":806,"height":11}},{"id":"a99d982e-d15f-445c-bc69-57fce0d44dd2","block_type":"box","text":"por tfolio managers are primarily responsible for the day-to-day por tfolio management as of October 31, 2025.","page_number":42,"box":{"x":70,"y":555,"width":781,"height":11}},{"id":"b1b64695-3ff1-4260-99e5-2325c49709e6","block_type":"box","text":"Number of Other Accounts Managed","page_number":42,"box":{"x":370,"y":583,"width":211,"height":9}},{"id":"d2253c75-7208-49e1-9bcb-7e72f983a13d","block_type":"box","text":"and Assets 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$0","page_number":42,"box":{"x":336,"y":662,"width":533,"height":8}},{"id":"de7d7bf8-5e1f-40c9-8701-26a72bf0a141","block_type":"box","text":"Jeff Shen, PhD 7 246 13 0 12 3","page_number":42,"box":{"x":73,"y":675,"width":792,"height":8}},{"id":"8f98881b-2295-4fb6-bfee-95e682a2bbb6","block_type":"box","text":"$2.00 Billion $17.25 Billion $7.04 Billion $0 $10.30 Billion $3.92 Billion","page_number":42,"box":{"x":342,"y":687,"width":556,"height":9}},{"id":"0adeec89-3b81-4b68-bb1c-e638fdfa5fe9","block_type":"box","text":"Rui Zhao, PhD, CFA 0 22 7 0 4 1","page_number":42,"box":{"x":74,"y":700,"width":791,"height":9}},{"id":"63f62f7d-71af-42f7-924d-73149e2f950e","block_type":"box","text":"$0 $3.93 Billion $2.14 Billion $0 $2.37 Billion $1.07 Billion","page_number":42,"box":{"x":371,"y":712,"width":527,"height":9}},{"id":"3999b08b-f7f8-4d53-9f22-b756dafded87","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":42,"box":{"x":69,"y":747,"width":304,"height":11}},{"id":"497a9989-65d2-415f-b254-4571da734e81","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of October 31, 2025.","page_number":42,"box":{"x":101,"y":770,"width":683,"height":11}},{"id":"172ead3c-2ade-4e35-8bac-a236495a5ec1","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":42,"box":{"x":102,"y":792,"width":774,"height":12}},{"id":"e531bcde-7cfb-4f24-ba95-80aeb39160f2","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":42,"box":{"x":70,"y":807,"width":837,"height":12}},{"id":"e1917f21-f945-40c3-bdb8-2da258254cbe","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":42,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"bc067c32-0c8d-471c-8dcb-cba7de4f3952","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":42,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"7b7c1863-ac0a-477e-8786-0257ef92ed0b","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":42,"box":{"x":70,"y":853,"width":670,"height":11}},{"id":"e08012df-fbda-47a6-ac85-69db0320e9c2","block_type":"box","text":"Base Compensation.","page_number":42,"box":{"x":102,"y":876,"width":148,"height":11}},{"id":"24fd28bf-2399-4af5-a7f7-3b5d3dfee697","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":42,"box":{"x":257,"y":875,"width":640,"height":12}},{"id":"82d24f80-3216-4dfc-85f6-960e970310b4","block_type":"box","text":"firm.","page_number":42,"box":{"x":68,"y":891,"width":32,"height":9}},{"id":"629cdb3b-a76f-4f23-89c4-9f617875716e","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"172dbf9a-8d3e-412d-9027-829c2590d700","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a890b659-baf4-4f0a-8a48-ea7b47ac53de","block_type":"box","text":"Discretionary Incentive Compensation","page_number":43,"box":{"x":69,"y":45,"width":277,"height":11}},{"id":"099b65f8-79b8-495c-b6d4-b91b09ebc276","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":43,"box":{"x":102,"y":67,"width":792,"height":11}},{"id":"46118ec9-af01-4a91-a051-5bd2e0a3a9b8","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":43,"box":{"x":68,"y":82,"width":800,"height":12}},{"id":"6389d543-e41f-46b2-9475-a7a00ab4405b","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":43,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"dcec374c-a35f-4bd5-8282-97316e9f440c","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":43,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"f9131e95-77b5-4dfd-a714-62785eb8f514","block_type":"box","text":"por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":43,"box":{"x":70,"y":128,"width":741,"height":11}},{"id":"5206e746-fe3e-424d-a73e-a29efc5a378f","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Funds and","page_number":43,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"7fd4bbe2-9060-48c2-8a9b-c4dfebb17e91","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance is generally","page_number":43,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"df05c5cf-7fd0-46d5-bc53-532e8865c7ab","block_type":"box","text":"assessed over trailing 1-, 3-, and 5-year periods relative to applicable benchmarks. The per formance of Mr. Rodriguez","page_number":43,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"71088472-9dc0-4c52-b397-21e99d65fd29","block_type":"box","text":"and Dr. Shen and Zhao are not measured against a specific benchmark.","page_number":43,"box":{"x":69,"y":188,"width":512,"height":12}},{"id":"5e258a0f-6517-43fa-9d33-d4e3bef39d8c","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":43,"box":{"x":102,"y":211,"width":389,"height":11}},{"id":"de184b11-3a40-4931-a0fc-d2034dfdc345","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":43,"box":{"x":499,"y":211,"width":383,"height":11}},{"id":"448ea7c6-f6bc-4587-8e77-6b0f55ab3a00","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":43,"box":{"x":70,"y":226,"width":815,"height":11}},{"id":"611fc8d4-ea9d-4186-823f-1289548b9aa0","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":43,"box":{"x":68,"y":241,"width":522,"height":11}},{"id":"1cc58040-6bf4-49c3-a52c-7c8e8d087c5f","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":43,"box":{"x":102,"y":264,"width":760,"height":11}},{"id":"66998c3a-48df-4d80-8f7e-5d3a01e55c9c","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":43,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"1084664a-e6cc-481f-868c-465948a25101","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":43,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"f5dc18b3-0ebd-40f3-9a84-8a2a558dcbdc","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":43,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"17c23378-c1f1-4d09-8eea-64065593594e","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":43,"box":{"x":68,"y":324,"width":839,"height":12}},{"id":"43f81b5f-ad60-4cb2-a00f-a9025a017545","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":43,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"4477f5df-8ec5-4079-a57f-4fc9728f6bc9","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":43,"box":{"x":70,"y":355,"width":820,"height":11}},{"id":"fd9a3515-383f-430b-b19c-6207b0efa8db","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":43,"box":{"x":70,"y":370,"width":801,"height":11}},{"id":"4f415f89-dd0b-43c0-9aad-f7e4cf6d595c","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":43,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"1c894573-af08-41e8-b892-adf9b1992b98","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":43,"box":{"x":69,"y":400,"width":479,"height":11}},{"id":"f8664623-5f59-468d-863d-27e719d381a2","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":43,"box":{"x":102,"y":423,"width":785,"height":11}},{"id":"d73d4594-937e-4f75-8f0d-76b846c57314","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":43,"box":{"x":68,"y":438,"width":836,"height":11}},{"id":"2d886cfd-e81c-474a-9b0f-996ae6efa818","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":43,"box":{"x":68,"y":453,"width":821,"height":11}},{"id":"0b2c8653-471a-4fe1-bb89-7e50abe53639","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":43,"box":{"x":69,"y":468,"width":829,"height":11}},{"id":"ebe78c16-27ba-4a74-a0e1-11519dd59279","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":43,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"b64c7d46-c6ff-42d4-9cb5-d2a7b708cd66","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":43,"box":{"x":69,"y":498,"width":414,"height":11}},{"id":"c0ddd4ce-14ac-4e14-98fa-31c5191c307d","block_type":"box","text":"Other Compensation Benefits.","page_number":43,"box":{"x":101,"y":521,"width":218,"height":11}},{"id":"b7dee202-cc01-48c2-9f73-f413361c3c05","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":43,"box":{"x":327,"y":521,"width":552,"height":11}},{"id":"e716d1b4-014c-40be-9bd7-5334d748b950","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":43,"box":{"x":69,"y":536,"width":582,"height":11}},{"id":"ee1608a9-3dd9-491b-a994-78105a5f0874","block_type":"box","text":"Incentive Savings Plans","page_number":43,"box":{"x":102,"y":559,"width":167,"height":11}},{"id":"d9cfcc52-7890-41d1-81cb-3df8378d4d0b","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":43,"box":{"x":274,"y":559,"width":614,"height":11}},{"id":"02205b1e-c6eb-435e-9206-29ff899d4c45","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":43,"box":{"x":69,"y":574,"width":831,"height":11}},{"id":"4178f63f-7b54-4a95-8ba5-9203519ad0a2","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":43,"box":{"x":70,"y":589,"width":785,"height":11}},{"id":"2e6e4bae-0831-4e4b-a9fe-d1f583120e87","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":43,"box":{"x":69,"y":603,"width":830,"height":12}},{"id":"0f78a314-8ab6-4856-a9ce-8568e2037a5a","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":43,"box":{"x":69,"y":619,"width":799,"height":11}},{"id":"abba9466-d1d6-4f5d-b4f9-552cf4710b64","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":43,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"2e6930c0-7741-4977-a990-af152dc61988","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":43,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"d8274dfa-3a91-424c-94b7-02308a465279","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":43,"box":{"x":70,"y":664,"width":809,"height":12}},{"id":"b342ab75-35b3-4d2a-9db3-f004a77e383d","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":43,"box":{"x":68,"y":680,"width":793,"height":11}},{"id":"5b65c543-a195-4474-9493-67f3e21b09e1","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":43,"box":{"x":70,"y":695,"width":832,"height":11}},{"id":"a7aa70b6-20b4-4f0b-8b68-61ed6e42d958","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":43,"box":{"x":68,"y":710,"width":805,"height":11}},{"id":"483e1b34-88d1-447e-9137-69eaa7d58617","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":43,"box":{"x":69,"y":724,"width":808,"height":12}},{"id":"c7c09875-d030-41c1-96ea-720de050f10d","block_type":"box","text":"par ticipate in these plans.","page_number":43,"box":{"x":70,"y":740,"width":185,"height":11}},{"id":"ae9615b0-c242-40d7-b86e-714aed4e59fb","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":43,"box":{"x":69,"y":770,"width":268,"height":12}},{"id":"4b9d99fb-66fa-402a-89d7-73597fa953f0","block_type":"box","text":"As of October 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":43,"box":{"x":101,"y":793,"width":758,"height":11}},{"id":"372308c7-87f1-4392-a818-425064c7402f","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":43,"box":{"x":69,"y":808,"width":519,"height":11}},{"id":"c0e45e0c-d10f-4e80-8dcd-2cec2ef8157d","block_type":"box","text":"Portfolio Manager","page_number":43,"box":{"x":69,"y":846,"width":105,"height":9}},{"id":"4736552f-b620-47df-82d0-99b2c33c5420","block_type":"box","text":"Dollar Range of Equity","page_number":43,"box":{"x":759,"y":836,"width":129,"height":9}},{"id":"b1b06043-67d9-46e3-8322-43cce6a38ebe","block_type":"box","text":"Securities Beneficially Owned","page_number":43,"box":{"x":736,"y":846,"width":173,"height":9}},{"id":"2445fb73-c792-4e1c-be05-edc526f173e0","block_type":"box","text":"Gerardo Rodriguez","page_number":43,"box":{"x":69,"y":864,"width":130,"height":11}},{"id":"2ff64735-4e6c-48a4-adf8-65818f4ac236","block_type":"box","text":"..............................................................","page_number":43,"box":{"x":206,"y":872,"width":499,"height":1}},{"id":"c7b8f65c-6042-47d9-875e-32635412824b","block_type":"box","text":"$100,001 - $500,000","page_number":43,"box":{"x":744,"y":864,"width":158,"height":11}},{"id":"1ed8b5c1-1ec5-4cfb-9cd8-b10660262055","block_type":"box","text":"Jeff Shen, PhD . .","page_number":43,"box":{"x":69,"y":879,"width":123,"height":11}},{"id":"b6718b06-99e9-43f8-b5a5-c8aa1e9aa882","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over $1,","page_number":43,"box":{"x":198,"y":879,"width":622,"height":11}},{"id":"173f9461-0b80-4f79-a537-d0c100b4911a","block_type":"box","text":"000,000","page_number":43,"box":{"x":822,"y":879,"width":63,"height":11}},{"id":"cb6c2422-c41b-435b-88f5-02decdc8f525","block_type":"box","text":"Rui Zhao, PhD, CFA . . .","page_number":43,"box":{"x":70,"y":895,"width":163,"height":10}},{"id":"96c4e187-c38f-4ba4-839d-ef916a4ea2dd","block_type":"box","text":"..........................................................","page_number":43,"box":{"x":239,"y":902,"width":466,"height":1}},{"id":"76e78550-6923-47ee-b0e1-8fe000c4de1f","block_type":"box","text":"$100,001 - $500,000","page_number":43,"box":{"x":744,"y":894,"width":158,"height":11}},{"id":"ede284df-0bc7-4c84-8b90-17ed78b3e219","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e05cb4ce-671b-4e12-9bd0-d9e44cd2e083","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"137ede0b-4876-4976-9233-844376c6964c","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":44,"box":{"x":69,"y":45,"width":403,"height":11}},{"id":"fd306547-7869-476d-bbdb-55acf2fde04f","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":44,"box":{"x":102,"y":67,"width":727,"height":12}},{"id":"3a9af635-277e-46cd-b57c-b086f9baa1e3","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":44,"box":{"x":70,"y":82,"width":814,"height":12}},{"id":"ffa4bc06-6b30-4d06-bc40-558c7fa37f61","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":44,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"026ae7ca-a79b-442b-98f3-2f0ee24c6989","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":44,"box":{"x":70,"y":113,"width":810,"height":11}},{"id":"5f5020b6-adbf-416f-9703-e1f28e4878df","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":44,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"109ce9b8-3e81-4a3f-bb65-58b6f54ab01a","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":44,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"21a99611-edcf-4904-a2c6-f0b605abe639","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":44,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"fbf32250-8188-4e72-ab12-1106b82819fb","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":44,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"3c4d05b8-23f6-4c7c-a89b-0fc2afcd28f0","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":44,"box":{"x":70,"y":188,"width":777,"height":11}},{"id":"113cd358-e4ef-4ec9-b8d5-a643aa6c17a2","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":44,"box":{"x":70,"y":203,"width":821,"height":12}},{"id":"38388561-8590-4a60-83fe-9281b5b5c4f1","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":44,"box":{"x":69,"y":219,"width":819,"height":10}},{"id":"7af8d48d-9d81-48f3-98a3-df4996a6c1e3","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":44,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"e10c8b65-b736-42ad-b19c-ecb5145c8486","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":44,"box":{"x":68,"y":249,"width":804,"height":11}},{"id":"450e9264-d18a-4f4e-9b10-83f9f57006ca","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":44,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"1f50e526-cac4-4bdb-9327-d60393a6e592","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":44,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"eec01934-0e5b-40a7-bc45-7f55ef2b0554","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":44,"box":{"x":69,"y":294,"width":836,"height":11}},{"id":"26a630ec-714d-48d3-9a60-922c2161d767","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":44,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"4c438e13-5ff2-4e9f-a3e8-1fc35c606b98","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":44,"box":{"x":70,"y":324,"width":835,"height":12}},{"id":"3843094a-3ed9-4148-94f0-d5bcc18a3df4","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Drs. Shen and Zhao may be managing","page_number":44,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"d9d1e119-262b-4b1d-aadf-08e3d9f8aef8","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":44,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"ba1adadd-8554-4e05-a2a7-c0342e18d506","block_type":"box","text":"subject to incentive fees. Drs. Shen and Zhao may therefore be entitled to receive a por tion of any incentive fees","page_number":44,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"f24961f8-79aa-49d5-a4bf-6cdf5699f37e","block_type":"box","text":"earned on such accounts.","page_number":44,"box":{"x":69,"y":385,"width":183,"height":9}},{"id":"7652dbed-190b-405e-ba34-5274f3840798","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":44,"box":{"x":101,"y":407,"width":788,"height":12}},{"id":"dce882e4-65e1-4eff-830f-375594279263","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":44,"box":{"x":70,"y":423,"width":839,"height":11}},{"id":"77bda3c8-8c1a-48a5-8f0b-35406a976857","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":44,"box":{"x":68,"y":438,"width":823,"height":11}},{"id":"93c41804-a622-4e10-a328-03b418e101e3","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":44,"box":{"x":68,"y":453,"width":812,"height":11}},{"id":"18a8107b-1766-4b5c-a855-29e5ef8536d2","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":44,"box":{"x":69,"y":468,"width":777,"height":11}},{"id":"e2d2c02a-1e82-44f0-961d-2047b2582910","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":44,"box":{"x":70,"y":483,"width":826,"height":11}},{"id":"054c493a-e0e9-4516-8fc5-7eacc3108e6d","block_type":"box","text":"Accounting Services","page_number":44,"box":{"x":68,"y":513,"width":150,"height":11}},{"id":"660a08d5-e7fc-402c-ae6b-32181ac9819c","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. Among other","page_number":44,"box":{"x":101,"y":536,"width":761,"height":11}},{"id":"7d9612cf-56ce-4c78-a834-833a34843dd9","block_type":"box","text":"services, JPM maintains records of purchases and sales of securities, receipts and disbursements of cash and other","page_number":44,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"7ceeb84b-cb62-40af-b462-f5dbe8aec4d4","block_type":"box","text":"debits and credits; keeps accounting journals and ledgers; records capital share transactions; calculates expense","page_number":44,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"1dcb7e78-80fe-4293-bb61-894a6d680af2","block_type":"box","text":"caps, waivers and recoupments (if any); computes the Fund’s net income and capital gains and dividends payable;","page_number":44,"box":{"x":69,"y":581,"width":816,"height":12}},{"id":"08877d12-7d26-40f1-9172-982f34ff4753","block_type":"box","text":"calculates and repor ts net asset value; works with independent pricing sources; reconciles securities and cash","page_number":44,"box":{"x":69,"y":597,"width":792,"height":11}},{"id":"d3023271-b975-4abc-910f-2e08df11e4e0","block_type":"box","text":"positions with the Fund’s custodian; prepares cer tain financial statements, notices and repor ts; and prepares cer tain","page_number":44,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"a212a455-d2f8-41d3-aaf6-3dde5e8a1cc4","block_type":"box","text":"tax repor ts. In connection with its accounting services, JPM also provides cer tain administrative services.","page_number":44,"box":{"x":68,"y":627,"width":754,"height":11}},{"id":"99227817-1d92-44ec-aa6c-212854dce2ab","block_type":"box","text":"The table below shows the amounts paid by the Fund to JPM for accounting services for the periods shown:","page_number":44,"box":{"x":101,"y":649,"width":766,"height":12}},{"id":"60bac6e8-7615-4872-9e2d-2c979c3b20fc","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":850,"y":678,"width":56,"height":7}},{"id":"05256f44-44cd-48db-9342-10fac6f53844","block_type":"box","text":"to JPM","page_number":44,"box":{"x":857,"y":688,"width":40,"height":7}},{"id":"6263d154-69c6-4782-ab71-ea827f8ab737","block_type":"box","text":"Fiscal Year Ended October 31, 2025 . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":706,"width":444,"height":10}},{"id":"ddeeb3e6-180a-440e-9dce-c402f9cf1912","block_type":"box","text":".....................................","page_number":44,"box":{"x":520,"y":713,"width":295,"height":1}},{"id":"0e60f9e4-52a1-46f3-8a2c-bf72feb33775","block_type":"box","text":"$31,686","page_number":44,"box":{"x":847,"y":705,"width":62,"height":11}},{"id":"301fab44-f7c3-4e13-8b4d-8c151072d29c","block_type":"box","text":"Fiscal Year Ended October 31, 2024 . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":721,"width":444,"height":10}},{"id":"0b75d5f3-21a1-4dca-82cc-7676559aa3cc","block_type":"box","text":".....................................","page_number":44,"box":{"x":520,"y":728,"width":295,"height":1}},{"id":"655cdbb5-ddbb-44a4-a457-ed02a3ed7dc6","block_type":"box","text":"$35,356","page_number":44,"box":{"x":847,"y":720,"width":62,"height":11}},{"id":"60d287ca-a4a1-4dcc-b958-9bb3fd0c7e58","block_type":"box","text":"Fiscal Year Ended October 31, 2023 . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":736,"width":444,"height":10}},{"id":"000b51b7-1d16-4ca2-9321-33307e4863d8","block_type":"box","text":".....................................","page_number":44,"box":{"x":520,"y":743,"width":295,"height":2}},{"id":"7bb90122-5fca-4afd-ae18-580b71433399","block_type":"box","text":"$47,675","page_number":44,"box":{"x":847,"y":735,"width":62,"height":11}},{"id":"adec97a4-0f32-4d53-b59b-c4ba5ff7f3c8","block_type":"box","text":"Custodian","page_number":44,"box":{"x":69,"y":767,"width":72,"height":9}},{"id":"8a5362c4-579a-48e6-8c5b-d3f0dc084f48","block_type":"box","text":"JPMorgan Chase Bank, N.A., which has its principal offices at 383 Madison Avenue, New York, New York 10179,","page_number":44,"box":{"x":101,"y":790,"width":803,"height":11}},{"id":"f11745f9-5d21-4258-b431-e7316fd7b17a","block_type":"box","text":"serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities, maintains a","page_number":44,"box":{"x":69,"y":805,"width":810,"height":11}},{"id":"cfcd26a3-7427-4abc-b9d5-57d533b65665","block_type":"box","text":"custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon purchase","page_number":44,"box":{"x":69,"y":820,"width":815,"height":11}},{"id":"b8fc2e6d-bd21-449c-9420-ac15e10bad32","block_type":"box","text":"and upon sale or maturity, and collects and receives all income and other payments and distributions on account of","page_number":44,"box":{"x":69,"y":835,"width":824,"height":11}},{"id":"242a9ed4-6c05-4f70-aeca-e4eaac3277e2","block_type":"box","text":"the assets of the Fund.","page_number":44,"box":{"x":68,"y":850,"width":165,"height":9}},{"id":"86aa26e6-6e26-4d32-b671-4305a35f8c70","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7f09faa5-283b-4dc1-bf76-9baef2e13a51","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a572adc-dd49-48b5-84cd-970e8a1615e7","block_type":"box","text":"Transfer Agent","page_number":45,"box":{"x":68,"y":45,"width":107,"height":11}},{"id":"35465690-979f-4b09-ba53-7b1e7ef2b5dc","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":45,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"d1410978-2bce-4528-adc9-0bd485808cb5","block_type":"box","text":"Wilmington, Delaware 19809, serves as the transfer and dividend disbursing agent for the Fund.","page_number":45,"box":{"x":68,"y":82,"width":689,"height":12}},{"id":"a3dc6f91-1678-4262-8028-dc7de02365f0","block_type":"box","text":"Credit Agreement","page_number":45,"box":{"x":69,"y":113,"width":129,"height":11}},{"id":"6139d76b-bc28-4186-b8ed-18641a927217","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":45,"box":{"x":101,"y":135,"width":757,"height":12}},{"id":"f847b166-f13f-44d5-b1f6-8a9947022d95","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":45,"box":{"x":69,"y":150,"width":817,"height":12}},{"id":"1a0bd848-3f1e-4826-873a-d8690ef83de9","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":45,"box":{"x":68,"y":166,"width":743,"height":11}},{"id":"f0d9db4e-3487-41fb-8194-c8fb33f4c7b9","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":45,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"873bff7c-3950-4dd1-9003-2b398861cafc","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":45,"box":{"x":68,"y":195,"width":818,"height":12}},{"id":"493d9a01-2a55-4aa0-89c4-e141abd17619","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":45,"box":{"x":70,"y":211,"width":761,"height":11}},{"id":"545ea3f1-9485-44a7-88c8-5f73541ef574","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":45,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"03c1e799-af9e-4ec0-902f-c156b26172e9","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":45,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"c70dbd7e-3038-4b24-8ad8-49f4cc50ce90","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":45,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"d0e523c8-7f82-47ab-80cc-1e03483f1c88","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":45,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"a9dfa32c-f0ae-4834-95fd-00ad0ccb4550","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":45,"box":{"x":68,"y":286,"width":801,"height":12}},{"id":"944ba154-3477-4e1d-a14f-c35ea281f084","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":45,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"a06afccd-984a-4e5c-981d-d00a7539ff58","block_type":"box","text":"charged interest at a variable rate.","page_number":45,"box":{"x":69,"y":317,"width":245,"height":11}},{"id":"7fd122ee-b3cf-41e2-a7bf-331d1622d45b","block_type":"box","text":"V. Distributor","page_number":45,"box":{"x":68,"y":347,"width":96,"height":9}},{"id":"0b6c47f3-7934-451e-bc33-1af5bdd8d89f","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor. During the fiscal","page_number":45,"box":{"x":102,"y":370,"width":778,"height":11}},{"id":"de500c6a-3648-475d-926b-232ed242ce40","block_type":"box","text":"year ended October 31, 2025, the Fund did not make any payments to the Distributor.","page_number":45,"box":{"x":68,"y":385,"width":614,"height":11}},{"id":"88b6ccf8-2745-48c4-afbb-efe3220f76da","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":45,"box":{"x":68,"y":415,"width":318,"height":11}},{"id":"9772962e-440f-46d7-a458-0562786bf444","block_type":"box","text":"The offering price for each of the Institutional and Class K Shares of the Fund is equal to the share class’ net","page_number":45,"box":{"x":101,"y":438,"width":783,"height":11}},{"id":"d8a81920-6b71-4b1a-b55c-3406af8a5e32","block_type":"box","text":"asset value computed by dividing the value of the share class’ net assets by the number of shares outstanding.","page_number":45,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"ef94fc25-7d7e-4068-8b9b-34827d818118","block_type":"box","text":"For more information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Pricing","page_number":45,"box":{"x":102,"y":475,"width":793,"height":12}},{"id":"86e4ba50-d644-4ecf-999c-4188b8492630","block_type":"box","text":"of Shares” in Par t II of this SAI.","page_number":45,"box":{"x":69,"y":491,"width":223,"height":9}},{"id":"debf5e77-74d9-4df4-8a76-fdc1157b56ec","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":45,"box":{"x":68,"y":521,"width":302,"height":11}},{"id":"ad1b4571-8f55-4870-9ef8-db245abe7681","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":45,"box":{"x":102,"y":543,"width":609,"height":12}},{"id":"3f016d1d-d84f-4a32-b20f-abef16716e97","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":45,"box":{"x":102,"y":566,"width":794,"height":11}},{"id":"75ec6337-f307-4b35-948b-d34732d2e2a3","block_type":"box","text":"for th in the following table:","page_number":45,"box":{"x":68,"y":581,"width":191,"height":12}},{"id":"2b7255b6-1073-451e-8d40-ba8640611be2","block_type":"box","text":"Aggregate Brokerage","page_number":45,"box":{"x":613,"y":610,"width":125,"height":8}},{"id":"c488d8d0-b07b-4740-af27-4e1a7a95faeb","block_type":"box","text":"Commissions Paid","page_number":45,"box":{"x":623,"y":620,"width":106,"height":7}},{"id":"347f5a36-ad8d-4ba1-8a0f-492ad8308c78","block_type":"box","text":"Brokerage Commissions","page_number":45,"box":{"x":769,"y":610,"width":140,"height":8}},{"id":"b68c7e9d-b2b7-4724-a559-a5a04d19a521","block_type":"box","text":"Paid to Affiliates","page_number":45,"box":{"x":791,"y":620,"width":96,"height":7}},{"id":"31a42b49-2b39-4cba-b56d-6a564c83c4b6","block_type":"box","text":"Fiscal Year Ended October 31, 2025 . . . . . . .","page_number":45,"box":{"x":70,"y":638,"width":317,"height":10}},{"id":"377f53d8-b1ff-4977-8a40-3172dba30114","block_type":"box","text":"........................","page_number":45,"box":{"x":393,"y":645,"width":189,"height":1}},{"id":"30d5d129-34a8-417e-84a3-7b74af4c89b3","block_type":"box","text":"$35,924 $0","page_number":45,"box":{"x":645,"y":637,"width":203,"height":11}},{"id":"810e2ed8-03ff-4e8b-8a5e-ca00f754cb17","block_type":"box","text":"Fiscal Year Ended October 31, 2024 . . . . . . .","page_number":45,"box":{"x":70,"y":653,"width":317,"height":10}},{"id":"49ffc1e4-6352-478b-8006-58dd399c42a7","block_type":"box","text":"........................","page_number":45,"box":{"x":393,"y":660,"width":189,"height":1}},{"id":"29590bb0-06a3-4f40-a9fc-c295694393fd","block_type":"box","text":"$21,848 $0","page_number":45,"box":{"x":645,"y":652,"width":203,"height":11}},{"id":"040ff3d8-f110-41fa-ad8b-c776066f3368","block_type":"box","text":"Fiscal Year Ended October 31, 2023 . . . . . . .","page_number":45,"box":{"x":70,"y":668,"width":317,"height":10}},{"id":"5baa4916-a517-4a77-a211-8690fd208602","block_type":"box","text":"........................","page_number":45,"box":{"x":393,"y":675,"width":189,"height":2}},{"id":"acec7444-3d11-48a9-8125-fbbcd32f1f64","block_type":"box","text":"$33,288 $0","page_number":45,"box":{"x":645,"y":667,"width":203,"height":11}},{"id":"832a8c9e-9ebd-4b62-9fb4-1542262fd84a","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":45,"box":{"x":101,"y":692,"width":770,"height":11}},{"id":"cccfd178-7978-4e4e-9018-bef6dba6c8e9","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":45,"box":{"x":69,"y":707,"width":814,"height":11}},{"id":"b8bfed2c-b7cb-47b3-a218-51da1eea35e6","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended October 31, 2025. The provision","page_number":45,"box":{"x":68,"y":722,"width":836,"height":11}},{"id":"2d7c84ea-ef44-4451-8ce6-65886d91ac0a","block_type":"box","text":"of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":45,"box":{"x":69,"y":737,"width":771,"height":11}},{"id":"852b3405-c3b4-4ee7-a5ef-e65e281ff7c9","block_type":"box","text":"business with such brokers.","page_number":45,"box":{"x":69,"y":752,"width":198,"height":9}},{"id":"d3f497b1-8f5c-4015-857b-67cfa03294a1","block_type":"box","text":"Amount of Commissions","page_number":45,"box":{"x":289,"y":780,"width":141,"height":7}},{"id":"3f48a380-88dd-4f5f-b9ab-0f32b98660ec","block_type":"box","text":"Paid to Brokers for Providing","page_number":45,"box":{"x":276,"y":790,"width":168,"height":9}},{"id":"a2b25562-c910-4a8c-b72f-b97fca8cdd35","block_type":"box","text":"28(e) Eligible Research Services","page_number":45,"box":{"x":264,"y":801,"width":191,"height":8}},{"id":"2769b948-81f0-4580-b22b-9158eef3c12c","block_type":"box","text":"Amount of Brokerage","page_number":45,"box":{"x":588,"y":790,"width":124,"height":9}},{"id":"5ea21388-b135-471a-a9f2-870cbddff8ae","block_type":"box","text":"Transactions Involved","page_number":45,"box":{"x":587,"y":801,"width":126,"height":7}},{"id":"32d53385-476d-4ad0-a2b1-760b2d569353","block_type":"box","text":"$0 $0","page_number":45,"box":{"x":351,"y":818,"width":309,"height":10}},{"id":"d5701a88-c5b6-4c80-86f6-504f507d14ba","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"4c144ad8-8f75-4dd6-9d5f-e603a193c2f0","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc0fc1d1-5e78-47e3-a71e-20d294f7daba","block_type":"box","text":"As of October 31, 2025, the value of the Fund’s aggregate holdings of the securities of its regular brokers or","page_number":46,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"79709882-2eae-4be9-b284-9ade28872ee4","block_type":"box","text":"dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of such holdings","page_number":46,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"2ce29f7f-9e1e-4ab4-889b-4d50b6637312","block_type":"box","text":"were purchased during the fiscal year ended October 31, 2025, are as follows:","page_number":46,"box":{"x":68,"y":75,"width":563,"height":11}},{"id":"c23c918f-698a-4369-b39f-ced486756cc0","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":46,"box":{"x":69,"y":103,"width":840,"height":9}},{"id":"a8824044-26b2-41c4-9d84-2332c2cf2e4e","block_type":"box","text":"CLSA Americas, LLC","page_number":46,"box":{"x":69,"y":121,"width":143,"height":10}},{"id":"1f13e7e0-23c2-495e-90e1-cb8fd3dc052f","block_type":"box","text":"............................................ E","page_number":46,"box":{"x":219,"y":121,"width":445,"height":9}},{"id":"1fcc3591-ce20-4b9a-8922-b410ea3e1cc5","block_type":"box","text":"$131","page_number":46,"box":{"x":809,"y":120,"width":38,"height":11}},{"id":"9820097a-4424-4e2b-a4f2-149005775c6f","block_type":"box","text":"Securities Lending","page_number":46,"box":{"x":68,"y":152,"width":135,"height":11}},{"id":"f09347c3-5908-4d41-b11f-f9ba4800afbd","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":46,"box":{"x":101,"y":175,"width":807,"height":11}},{"id":"24ebad79-795a-445a-979d-8e189b0e8506","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":46,"box":{"x":69,"y":190,"width":817,"height":11}},{"id":"f2044b03-b8a3-4027-8013-f662706fda07","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":46,"box":{"x":69,"y":205,"width":813,"height":12}},{"id":"03cbb2ec-0889-4130-8fbc-7667a0f051d9","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":46,"box":{"x":70,"y":220,"width":838,"height":12}},{"id":"52f2b29d-9efe-4628-8bbc-a11bbf9c13e5","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":46,"box":{"x":69,"y":235,"width":813,"height":12}},{"id":"4d65fb9e-44a9-402c-b1ae-f7fa07beaf62","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":46,"box":{"x":70,"y":251,"width":646,"height":11}},{"id":"034b3700-d0a9-4b77-b39c-801561921261","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a por tion of the securities lending income","page_number":46,"box":{"x":101,"y":273,"width":800,"height":12}},{"id":"4c4aca36-40a1-474d-868a-815d6e0a6619","block_type":"box","text":"and remits the remaining por tion to BIM as compensation for its services as securities lending agent. Securities","page_number":46,"box":{"x":69,"y":288,"width":802,"height":12}},{"id":"0067d0c0-a956-4ba3-8787-d9f3ada7c93e","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":46,"box":{"x":70,"y":303,"width":774,"height":12}},{"id":"21a7df96-6313-44fe-88c1-b283a5fa6c1b","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":46,"box":{"x":69,"y":319,"width":801,"height":11}},{"id":"94333b0a-ec0a-4d5c-9182-6bbe2723f374","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":46,"box":{"x":69,"y":334,"width":837,"height":11}},{"id":"89433521-0b5d-4e47-9b78-aee7cca3b8dd","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money","page_number":46,"box":{"x":70,"y":349,"width":834,"height":11}},{"id":"0e590d17-56c2-4198-aa7c-b8044c686431","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":46,"box":{"x":69,"y":364,"width":802,"height":11}},{"id":"455a979c-1b0f-4d81-80c4-47d600c30f11","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":46,"box":{"x":69,"y":379,"width":778,"height":11}},{"id":"3068d2d8-ac40-4f0f-878e-357b011a2cc4","block_type":"box","text":"investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":46,"box":{"x":70,"y":394,"width":828,"height":11}},{"id":"1a866b5f-f89a-422e-b842-11612021fd5b","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":46,"box":{"x":69,"y":409,"width":296,"height":11}},{"id":"a90f731c-1799-447a-8a7b-68e0d9aa6c0f","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":46,"box":{"x":101,"y":432,"width":776,"height":11}},{"id":"4002984f-be07-4ec3-85d7-ef1b2f33bf6b","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":46,"box":{"x":69,"y":447,"width":831,"height":11}},{"id":"950d4b7b-5f39-4bc1-b4b8-2b51467fa6bb","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":46,"box":{"x":68,"y":462,"width":812,"height":12}},{"id":"fb7b5ad5-2996-46db-8950-ddc4448e47ee","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":46,"box":{"x":69,"y":477,"width":799,"height":12}},{"id":"e604a252-193b-422b-b2cb-628f1db14303","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":46,"box":{"x":68,"y":492,"width":835,"height":12}},{"id":"bb8b3853-1c2e-4f7e-9021-269a708adbc8","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":46,"box":{"x":69,"y":508,"width":818,"height":11}},{"id":"57dadcc4-8b1d-47d7-905e-540cd3240411","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":46,"box":{"x":68,"y":523,"width":789,"height":11}},{"id":"1add2e54-655e-42e2-ba9d-f8fe57922ec0","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":46,"box":{"x":69,"y":538,"width":829,"height":11}},{"id":"9e880517-eca8-488b-b07b-dd383941bcb0","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":46,"box":{"x":69,"y":553,"width":839,"height":11}},{"id":"85ebb703-2594-41b9-87de-fbfb092dc6e6","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":46,"box":{"x":69,"y":568,"width":802,"height":11}},{"id":"8b74886c-44c9-488d-bde4-8c6b6d0dcc78","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":46,"box":{"x":70,"y":583,"width":830,"height":12}},{"id":"8881c8df-f605-408f-8207-e36357409f03","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":46,"box":{"x":69,"y":598,"width":838,"height":11}},{"id":"a9ae9822-12c2-41ec-80ab-08d40a7f1b49","block_type":"box","text":"Fund’s returns on securities lending.","page_number":46,"box":{"x":70,"y":614,"width":258,"height":11}},{"id":"95f2f4a3-c8dc-4a0f-b16e-c013919029ce","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":46,"box":{"x":102,"y":636,"width":774,"height":11}},{"id":"2265e8b4-1b83-459c-bd72-d57e5e3225ce","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":46,"box":{"x":69,"y":651,"width":790,"height":12}},{"id":"af9d35fe-427c-4eb9-b63a-95349d9374c0","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":46,"box":{"x":68,"y":666,"width":809,"height":12}},{"id":"d6a6d100-edbe-4558-bd20-5825898ccc68","block_type":"box","text":"Trust and BIM.","page_number":46,"box":{"x":68,"y":682,"width":103,"height":8}},{"id":"aa182712-70db-4ed8-9700-98afe9f2af64","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 82% of securities lending income","page_number":46,"box":{"x":102,"y":704,"width":761,"height":11}},{"id":"3b023055-acc4-499d-8da1-b2c037e3a253","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":46,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"f953fca1-c850-4042-b518-0507f057518c","block_type":"box","text":"lending income plus collateral investment fees.","page_number":46,"box":{"x":70,"y":734,"width":334,"height":12}},{"id":"85e6d6a8-f868-41b3-892b-c467bbe49355","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":46,"box":{"x":102,"y":757,"width":753,"height":11}},{"id":"e17baa45-a731-4a64-adff-b62a7b0b6385","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, the Fund,","page_number":46,"box":{"x":69,"y":772,"width":773,"height":11}},{"id":"fefb9c46-d2d6-446e-8df4-1809c29b6a19","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":46,"box":{"x":70,"y":787,"width":817,"height":12}},{"id":"830b4387-7ddd-489f-9f4a-8738ad63650b","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":46,"box":{"x":70,"y":802,"width":794,"height":12}},{"id":"68fcdf80-6da1-4433-9653-cfd93815b44d","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment","page_number":46,"box":{"x":69,"y":818,"width":786,"height":11}},{"id":"b38fef94-93c1-4c7c-b82b-2c0c9ee9592f","block_type":"box","text":"fees.The Fund had no income and fees/compensation related to its securities lending activities during its most","page_number":46,"box":{"x":68,"y":833,"width":794,"height":11}},{"id":"38b5fc39-b703-4f4a-8e20-4f0642bdfd0b","block_type":"box","text":"recent fiscal year ended October 31, 2025.","page_number":46,"box":{"x":69,"y":848,"width":307,"height":11}},{"id":"a07393cd-1fa4-4157-a82b-c45c844ef022","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"29ed953e-c077-41fa-bc19-bc798702f830","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6462534e-8516-4d37-aeff-e9a5ba846fe3","block_type":"box","text":"VIII. Additional Information","page_number":47,"box":{"x":68,"y":45,"width":195,"height":9}},{"id":"f14cc22b-8d07-4f0f-9c3f-7ed002d60e1b","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":47,"box":{"x":102,"y":67,"width":352,"height":11}},{"id":"861790c2-fac6-4e2b-b4f6-6ed52cd89246","block_type":"box","text":"Deloitte & Touche LLP, with offices at 115 Federal Street,","page_number":47,"box":{"x":461,"y":67,"width":408,"height":11}},{"id":"6449751a-eb87-428e-bc03-74d795576c2f","block_type":"box","text":"Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":47,"box":{"x":70,"y":82,"width":717,"height":12}},{"id":"e3e46086-9024-4e4f-996b-84c71bc27984","block_type":"box","text":"Counsel.","page_number":47,"box":{"x":101,"y":105,"width":62,"height":9}},{"id":"94a03144-2222-4ba2-999b-93013be0db8e","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":47,"box":{"x":170,"y":105,"width":736,"height":11}},{"id":"6f1ab749-fc1c-44e2-be88-f8e531a12d7b","block_type":"box","text":"the Fund’s counsel.","page_number":47,"box":{"x":68,"y":120,"width":139,"height":9}},{"id":"56b04100-2f1d-4b8b-a5a7-b1b53c3ee35f","block_type":"box","text":"The Trust","page_number":47,"box":{"x":68,"y":151,"width":69,"height":8}},{"id":"01b4a2ce-37ac-46dd-b5e2-2219aa1ab64c","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":47,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"79b15463-0c61-4011-9027-87b660381e5f","block_type":"box","text":"Investment Company Act as an open-end, management investment company. The Fund is classified as diversified.","page_number":47,"box":{"x":70,"y":188,"width":811,"height":12}},{"id":"d57fa1e1-32e0-44f7-b7b7-89e805edf4c5","block_type":"box","text":"Effective January 31, 1998, the Trust changed its name from Compass Capital Funds","page_number":47,"box":{"x":70,"y":203,"width":609,"height":12}},{"id":"08465123-cdea-4991-8f5d-dc6980dff801","block_type":"box","text":"SM","page_number":47,"box":{"x":681,"y":204,"width":10,"height":4}},{"id":"40e0eb3e-14dc-49b7-94b8-b81859180ce4","block_type":"box","text":"to BlackRock Funds","page_number":47,"box":{"x":697,"y":204,"width":139,"height":8}},{"id":"4f2105fe-c0cc-4549-85a4-20a55d55a3dc","block_type":"box","text":"SM","page_number":47,"box":{"x":837,"y":204,"width":11,"height":4}},{"id":"960cec5f-1c1b-41dd-8bbe-292996cd942a","block_type":"box","text":". The","page_number":47,"box":{"x":850,"y":204,"width":34,"height":8}},{"id":"4b35c5d7-031c-4bf6-a6c4-45f2e6d536fb","block_type":"box","text":"Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per","page_number":47,"box":{"x":68,"y":218,"width":792,"height":11}},{"id":"4e98ee72-675b-4b3b-aa4f-d17d1271528a","block_type":"box","text":"share, which may be divided into different series and classes.","page_number":47,"box":{"x":69,"y":234,"width":441,"height":11}},{"id":"6f0cdd4c-700c-429d-a7d1-a1844fd8b057","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":47,"box":{"x":102,"y":256,"width":734,"height":11}},{"id":"72aae2fc-51b3-424d-90d0-4ae6a78f5dcc","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":47,"box":{"x":70,"y":271,"width":822,"height":12}},{"id":"1c73c28c-9506-4d57-bf97-c69c20f6b931","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":47,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"b4a97c99-317c-4b26-87a4-966897c26bb5","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":47,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"199cef81-f9e0-4b9d-8a37-ba81ed322624","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":47,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"dcc149e3-8b78-45f9-be4a-ddc2de07cfff","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":47,"box":{"x":70,"y":332,"width":804,"height":11}},{"id":"8d7f2131-ebeb-4905-82e9-af9503bc122b","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":47,"box":{"x":69,"y":347,"width":830,"height":11}},{"id":"dff26040-8e6f-4ce6-8e77-5eb7e92ab786","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":47,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"9d342d1e-9e00-4b41-bc24-ec7680bd990d","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":47,"box":{"x":69,"y":377,"width":719,"height":12}},{"id":"8a49e22e-b38b-44d9-be34-17d3d482df49","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":47,"box":{"x":101,"y":400,"width":777,"height":11}},{"id":"c1d5414f-671d-4976-8c64-fe9e1fc2236c","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":47,"box":{"x":70,"y":415,"width":828,"height":11}},{"id":"c6fc4cb9-8f2e-468a-a122-232e1ae39088","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":47,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"335c3d55-5c82-4de8-bb29-d0377e9edf3f","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":47,"box":{"x":70,"y":445,"width":762,"height":11}},{"id":"efd615f9-69c5-4140-a41a-cf87c73d42b3","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":47,"box":{"x":70,"y":460,"width":836,"height":12}},{"id":"83c4a0d3-1dc9-48ab-aa18-09eb3ccfca9a","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":47,"box":{"x":69,"y":475,"width":567,"height":12}},{"id":"406a7789-1b75-4cea-a738-63c2488c5e25","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":47,"box":{"x":101,"y":498,"width":792,"height":11}},{"id":"1fddd40e-067a-41ef-952e-83fbf7b3ce65","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":47,"box":{"x":69,"y":513,"width":825,"height":11}},{"id":"d3d21316-c2cc-4b47-b71d-7ed0d62cb4ad","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":47,"box":{"x":70,"y":528,"width":824,"height":12}},{"id":"3f8f36cd-8620-4820-8459-52724467a4a4","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":47,"box":{"x":68,"y":543,"width":811,"height":12}},{"id":"e59a54fd-d59b-44eb-bab2-33242311f22f","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":47,"box":{"x":68,"y":559,"width":315,"height":9}},{"id":"04e05246-1434-4d33-b24e-ac49a58fd24e","block_type":"box","text":"Principal Shareholders","page_number":47,"box":{"x":69,"y":589,"width":162,"height":11}},{"id":"9619d59e-a462-4834-91d1-54b8ce87ef07","block_type":"box","text":"To the knowledge of the Trust, the following entities owned of record or beneficially 5% or more of a class of the","page_number":47,"box":{"x":101,"y":612,"width":797,"height":11}},{"id":"baedc056-9629-4850-8840-ef67b5506cd9","block_type":"box","text":"Fund’s shares as of February 2, 2026:","page_number":47,"box":{"x":70,"y":627,"width":275,"height":11}},{"id":"d8d3199e-e79d-4567-be10-05699ae52756","block_type":"box","text":"Name Address Percentage Class","page_number":47,"box":{"x":69,"y":655,"width":786,"height":9}},{"id":"68ade79a-4c8e-4aa7-a765-d5c9392ff3be","block_type":"box","text":"BlackRock Financial","page_number":47,"box":{"x":70,"y":673,"width":138,"height":9}},{"id":"605837bf-1cee-48c3-be13-846d0d9be6cb","block_type":"box","text":"Management, Inc.","page_number":47,"box":{"x":70,"y":688,"width":125,"height":11}},{"id":"420243f0-413b-4b8f-be33-78a446e06794","block_type":"box","text":"50 Hudson Yards","page_number":47,"box":{"x":393,"y":673,"width":121,"height":9}},{"id":"6ab77237-ce4d-4f37-a302-f9e9b929bcb8","block_type":"box","text":"New York, NY 10001-2180","page_number":47,"box":{"x":359,"y":688,"width":189,"height":10}},{"id":"d6c6ee3d-3cc8-4a9d-b3cf-37086bbdd8b1","block_type":"box","text":"62.20% Institutional Shares","page_number":47,"box":{"x":680,"y":673,"width":229,"height":9}},{"id":"ff1de04b-0375-4b04-9dd3-a6fd19c91edb","block_type":"box","text":"Morgan Stanley Smith","page_number":47,"box":{"x":70,"y":711,"width":155,"height":11}},{"id":"149942b0-0cd3-4095-aff5-c429afb54754","block_type":"box","text":"Barney LLC","page_number":47,"box":{"x":70,"y":726,"width":78,"height":11}},{"id":"2f419f8e-81de-4559-8a2c-88365028de4e","block_type":"box","text":"1 New York Plaza Floor 12 New York, NY 10004-1901 19.11% Institutional Shares","page_number":47,"box":{"x":264,"y":711,"width":645,"height":10}},{"id":"2a990f58-72b4-4e80-a688-f151e1ae6f02","block_type":"box","text":"Charles Schwab & Co.,","page_number":47,"box":{"x":69,"y":748,"width":162,"height":11}},{"id":"e94e8eca-b9a9-4b26-ab6d-ce5c2a27e62b","block_type":"box","text":"Inc.","page_number":47,"box":{"x":70,"y":764,"width":23,"height":8}},{"id":"201a7252-eedb-464b-86d6-d2e2fad67d44","block_type":"box","text":"101 Montgomery Street","page_number":47,"box":{"x":369,"y":748,"width":170,"height":12}},{"id":"a8cb71ea-11d4-4607-8ad0-4b766adaf618","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":47,"box":{"x":341,"y":763,"width":224,"height":11}},{"id":"f2b72e9b-a34a-4910-9341-deaf169a3b18","block_type":"box","text":"10.25% Institutional Shares","page_number":47,"box":{"x":681,"y":748,"width":228,"height":9}},{"id":"1be05c4f-ef06-46cd-81e0-0084edf5b80d","block_type":"box","text":"BlackRock Financial","page_number":47,"box":{"x":70,"y":786,"width":138,"height":9}},{"id":"e2dff7d8-3fae-409d-b7c8-9ee8490fb0f3","block_type":"box","text":"Management, Inc.","page_number":47,"box":{"x":70,"y":801,"width":125,"height":11}},{"id":"b0933d02-9728-4199-844f-7c11f527e1be","block_type":"box","text":"50 Hudson Yards","page_number":47,"box":{"x":393,"y":786,"width":121,"height":9}},{"id":"fafa23ab-ddb1-4817-b86e-466279aca1f8","block_type":"box","text":"New York, NY 10001-2180","page_number":47,"box":{"x":359,"y":801,"width":189,"height":11}},{"id":"b14a36ae-81c7-4959-9034-028968b43c85","block_type":"box","text":"93.27% Class K Shares","page_number":47,"box":{"x":680,"y":786,"width":214,"height":9}},{"id":"500f7e01-937d-4397-bee8-43558516d941","block_type":"box","text":"IX. Financial Statements","page_number":47,"box":{"x":69,"y":833,"width":179,"height":9}},{"id":"560cd80f-fad9-4b8b-be00-26cb97078e49","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":47,"box":{"x":101,"y":855,"width":726,"height":12}},{"id":"e842e91b-5e84-4423-9174-4fdf6cc08870","block_type":"box","text":"Statements and Additional Information for the fiscal year ended October 31, 2025, as filed with the SEC on Form N","page_number":47,"box":{"x":69,"y":870,"width":826,"height":12}},{"id":"c35cbb1d-f1c6-4c85-a466-0888c4483c66","block_type":"box","text":"CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2025","page_number":47,"box":{"x":69,"y":886,"width":835,"height":11}},{"id":"05156abc-81f5-43c8-bc47-4cc070dfebbb","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been","page_number":47,"box":{"x":68,"y":901,"width":833,"height":11}},{"id":"cb1bbdcd-909a-47df-9d4f-fcbb18445b8d","block_type":"box","text":"I-25","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bb9e27ba-4476-4173-b528-580eccb809cd","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5658e501-3c9b-4d88-bedd-e5a07b3761fe","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2025","page_number":48,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"a878ea39-428e-42cd-a545-1d55c7485d02","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":48,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"8854c1ce-a6cf-43eb-ada8-3dca62800b0e","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":48,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"0f14812f-96c5-4e5a-a21c-0f391393deec","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":48,"box":{"x":69,"y":90,"width":785,"height":11}},{"id":"2186c47d-71be-4cfa-b9f1-0fff5a511197","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":48,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"d5284e20-ef77-4a85-aace-e71070aaab29","block_type":"box","text":"I-26","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4584fc03-bbae-43b5-b87d-0ae3671268ac","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98761a97-1be8-404a-aa28-84c6c3a304bb","block_type":"box","text":"PART II","page_number":49,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"cae070c6-b410-4a85-93dd-15233b4d46e8","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":49,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"78f9df08-977a-44b5-ac19-7a2e75a0fa32","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":49,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"21de5dda-e892-482f-bd07-1d03b4befbe1","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":49,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"d28c550b-3c8b-4508-8540-65a54728b26c","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":49,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"fefddde8-8178-4d5e-918e-6fa90c53b521","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":49,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"9f352459-dc88-461a-b3dc-a072992288da","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":49,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"a076f15a-2402-402b-a65e-8ad47431eab5","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":49,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"2c866abe-b937-4e2d-a282-9146b8b4f4fd","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":49,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"b09d7c17-4738-418b-800c-cb0ba9687a37","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":49,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"92e4261f-2c6d-48cf-90e5-f8b3567f84e5","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":49,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"3c274e24-2e54-4ef1-a81b-6a724549564a","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":49,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"75bd8d7c-d9b5-4cb5-9823-cbfaf3849bf1","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":49,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"dbc3a4a2-6a28-4485-9a90-f38a6c08367f","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":49,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"46c766a5-5229-4e41-8f0e-d6e024ca3a83","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":49,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"b7089f67-eaaf-404b-9358-773d2b34892d","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":49,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"e30e69b0-ee81-4cd1-b849-8301b7c453e3","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":49,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"9fd0c805-9129-4bed-afc9-7cc5a545febd","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":49,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"efc7456e-5cb3-4912-821a-303fca8c46e2","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":49,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"53831323-e355-43d1-a510-934bbd50868e","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":49,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"09ae5139-cb51-4a79-8831-fd25fc34f68e","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":49,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"a036b306-21d7-4400-aa6b-f291d4b2c784","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":49,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"e8eb9b21-d5f6-4a74-825b-e20c9b255284","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":49,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"349c4946-e9e6-4470-971e-9b3cd22cad15","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":49,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"d3418cef-813f-4a27-86ef-6a5404d2a05a","block_type":"box","text":"par ticular Fund.","page_number":49,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"143a4f5a-82d6-4a76-930f-9d5203136d17","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":49,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"12dfda7d-e375-4e52-89d1-cdec66ab7880","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":49,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"806846c7-d10e-4253-9d62-3fd142cadfff","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":49,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"53ebb24c-92d7-4e0a-90d4-f49bfa025569","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":49,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"58cf9a0d-a673-4c16-a695-1e13a9aa444a","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":49,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"301da51f-722b-4ab9-8fb8-c741d8683afe","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":49,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"3781b6b2-8974-46a1-95e8-6be0e9751907","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":49,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"7c388ca2-3e8d-4409-a7cf-9d70e28c0a23","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":49,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"d27fe22a-009f-4437-9bbb-7581c8731ae3","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":49,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"9a546fbb-0c03-4fcd-8f35-f7678f1e54c8","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":49,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"8c39dad8-a90d-4658-ae22-c2dc0346524a","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":49,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"f17922c1-0a7b-440c-a01b-87b665257450","block_type":"box","text":"Asset-Backed Securities.","page_number":49,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"2f6201be-9c3e-4bcd-9828-4f6cae0d3f39","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":49,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"07dc4eee-a570-4572-96b8-fcd1cea7f80e","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":49,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"42aa018b-828b-4a58-8a78-1705dd176b33","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":49,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"9beeaff5-fccb-4943-a748-ec54da07924f","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":49,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"600f8513-7a1a-4e71-9974-b7333b101429","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":49,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"6434380b-9e43-44a1-b542-4ba01515f4e5","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":49,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"11cfa53c-0406-4b4e-876e-b4f2ff6f75b5","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":49,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"540ce28b-0bab-4726-b5d3-d089cf89bede","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":49,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"79a7a729-5a19-4164-a243-65341212be08","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":49,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"4c680eac-f372-4641-897d-9def0d12fddd","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":49,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"0a0b3b1a-25cf-477d-8a5d-1ffe607478b1","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":49,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"1631e84c-fd34-4fb3-8e6d-973c6ffbfb7e","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":49,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"69c28d82-f22b-42b7-8783-9b6e6b19d916","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":49,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"6c97ddf5-5ccd-44ae-a470-10045a688e8d","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":49,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"3c8cecf4-eed0-43bf-aa84-94e7db0ca188","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":49,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"0cd28aef-4e70-4387-a69e-7d9aa882ecad","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":49,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"e96a7673-12d4-44b6-8fdd-4901000f8ae2","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":49,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"665ea9ab-302b-4701-ba59-d7ba8023f734","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":49,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"08b70188-7870-4fbf-be95-a3b02b8be37a","block_type":"box","text":"II-1","page_number":49,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"fb24de7a-fb19-45fb-a19b-35a8e9fa48ea","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac6ab918-3d2e-4892-ba4a-703cb00d1de1","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":50,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"00f0de08-57cc-4f71-a55a-182348afce28","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":50,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"ed577169-90f2-4cea-a001-0ebffa9d331e","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":50,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"eb97de8e-27e5-4788-ac31-cbe49040a17c","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":50,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"9fcd4542-ecda-4fb8-a055-f061d43c8150","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":50,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"280d9af2-427a-478a-90ef-29fc38a69360","block_type":"box","text":"Asset-Based Securities.","page_number":50,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"6687e4ee-cdfc-45f4-a1a6-f4b775b1395c","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":50,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"5a830d34-842b-4e07-a577-62be9d967a5b","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"762b2894-c5c3-422a-ae04-e6565f8cb995","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":50,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"a8f88427-9754-4fe6-bf4d-1636415dfb16","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":50,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"1a8812d4-624b-42f4-b949-53cfe0af5944","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":50,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"e9e28e5f-fb2f-41ee-bc71-88cfd140bff2","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":50,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"61064927-23fa-49f7-94af-ec2474989223","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":50,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"12524bdd-eb03-4d6a-8268-77c72927b6b6","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":50,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"e17da6d0-1121-4a97-a18d-516c2e86f012","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":50,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"9a25469b-e4a6-4599-bd7e-b20bd73e1747","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":50,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"a15f14fa-cf28-4d53-8fa8-c402686313a9","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":50,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"cd0523eb-783a-45bc-8f56-7c7f75644dd4","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":50,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"b3e915f4-4557-4baa-9dfa-e98b0cb7c4a9","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":50,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"85cd9010-c174-4413-8e39-5e987b140f32","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":50,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"29fc74c3-c0dd-42c7-80e6-19aef93ab2fb","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":50,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"b78683f3-6634-415b-80a2-351031844913","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":50,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"d7b41b79-1316-43d9-8915-86efc2a96672","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":50,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"65ce2cad-d422-4fa1-9fec-f5cc785f49c8","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":50,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"f1a1a300-5a4f-47f2-891e-6f59c7cd6cbd","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":50,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"93f23ce7-07c4-4eea-8aa8-db20885cb4ac","block_type":"box","text":"appreciation in the underlying asset.","page_number":50,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"c5aa0a38-2b29-4b69-90cb-32b22e3b0125","block_type":"box","text":"Precious Metal-Related Securities.","page_number":50,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"2099f4d7-fd35-4cdc-83bd-2d27e1329b9d","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":50,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"875eca85-9550-4a7c-8dc0-9989d2012e40","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":50,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"604b6b03-88e6-4cc0-a726-9ec8dea9594d","block_type":"box","text":"e.g.","page_number":50,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"99c98488-ab24-4e90-b0d0-c2b0f1819b13","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":50,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"126070ab-8bb5-48ba-b25e-b8d439eb719c","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":50,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"34d0b090-f79a-4e3a-80dc-eecf9865d925","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":50,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"70a0be16-c368-43f7-b718-fee6544ec18b","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":50,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"38cea857-7af3-48dd-a5bf-3010a41f81fc","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":50,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"d8f680b8-bbbf-4a09-8c96-2a104b510859","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":50,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"5856fa9c-baf5-4a35-bcc4-7b6b30d1d29e","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":50,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"fd66f121-cc20-4cfe-8734-f5fb31d7716d","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":50,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"394a4017-d8cc-4c61-8b5e-2af69ce965c8","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":50,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"827e0fb1-9c4e-4370-9512-f71d53cae2ce","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":50,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"5bdd2694-197f-4791-8051-878fd73ec3c6","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":50,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"a5195a5e-8254-4a4a-a15d-37bbe613cbe4","block_type":"box","text":"South African gold production.","page_number":50,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"7865e0cd-d0ff-4dc9-aecc-d3b89cde51e2","block_type":"box","text":"Borrowing and Leverage.","page_number":50,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"eb5c2978-e263-499a-aa59-3c9d6258b13d","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":50,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"f18e915a-454a-4d59-ae44-5f12fb16f62e","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":50,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"7deaa265-6495-449e-96bf-6a09fd9e58ea","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":50,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"d591fd16-b66d-4b04-bed1-2bccaeb3a936","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":50,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"e3f5f328-af10-494b-ba38-c788b1625976","block_type":"box","text":"other securities transactions.","page_number":50,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"377568a8-e941-411f-a636-7d53ecdfb111","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":50,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"07fc9f24-e550-48a0-aded-7142d1365721","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":50,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"e5cbe7bc-5966-4948-9beb-efe467443104","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":50,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"76f77bb8-84cd-487b-ab50-2c0128c82f89","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":50,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"0aff1faf-2f6b-49b1-b255-c6dc29039683","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":50,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"7efc02fe-afe8-4e07-a9b3-d73fe0fa1a3f","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":50,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"a6f3634b-214c-4231-a7df-6fcd434db624","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":50,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"e2f6e383-2762-498b-b7cf-ca210e5f8db7","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":50,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"74b8e3bc-13d3-43ad-9196-4037aac68be7","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":50,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"22a3b184-859d-4af5-807e-9816592ed0a7","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":50,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"5bb75ac2-aca7-454d-ad1c-bc3d31d5da4c","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":50,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"4a0ce243-c3d3-4270-940b-e514ec31f7c1","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":50,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"6cebfc0b-a0ec-451f-b9aa-027e83e2a2ea","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":50,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"30ea04bb-543e-4e4f-9fe5-e87db6246a24","block_type":"box","text":"II-2","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"14123e5f-95de-4ef4-bf42-d2c14972360c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1cbcc825-245b-414f-a6e3-7f919ffe7cf1","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"570a03c4-ec37-4069-81ca-57100d4628f9","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":51,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"69655d4c-3ad6-4ce1-ac10-f93b1c072664","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":51,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"a8404d2a-44f2-4210-9d7e-edcc91deb84d","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":51,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"d7a768c2-e5dc-4af2-b20d-47d0f9e0096a","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":51,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"fa99a2e9-c63e-4401-85d5-81db4adb0dd4","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":51,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"5e6b84aa-6440-4c41-9194-24e49ddf42fa","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":51,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"3e028cb3-0995-48de-b0da-4cbec289bc21","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":51,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"1a0bf09d-5b3a-4796-a19c-c920679b4f64","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":51,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"9fbbfc6b-5362-4d87-8c19-1f6b408c70fa","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":51,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"bd226a6b-5d39-4548-9a22-901d69930649","block_type":"box","text":"Cash Management.","page_number":51,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"9a7601b2-abfa-41de-8617-81b9bc5a1fbe","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":51,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"fa8655fc-7319-4465-8927-b54201e9e210","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"dcf9135e-527f-4eb7-9860-45902ae45e29","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":51,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"70a40afc-d3ba-4358-861d-af27584bd7f0","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":51,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"6bc0f9f2-3912-4b82-9307-435b5f77108b","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":51,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"e3c5eb92-feb0-47cb-a9ad-3630924ea19c","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":51,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"49a7afa4-d9b4-4405-8fb3-68c995649c19","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":51,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"1def69b8-e89d-4f23-8bd6-8ff9f8f31d4f","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":51,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"20ffdb4b-cd8c-4dcf-8636-95f8982925de","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":51,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"516c31c0-440c-4d8e-9a8a-5cea36422164","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":51,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"af125532-89ca-49f8-9f39-5ac57a6bc635","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":51,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"14db3360-fce1-4a68-ba24-086f98f76ad4","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":51,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"b61af611-462b-407b-b23b-ad6e8a2aba78","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":51,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"90e74d6d-d24e-4f79-b7a8-dfd9c059e575","block_type":"box","text":"Collateralized Debt Obligations.","page_number":51,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"ed1f2bc7-5119-470f-a085-869cd5306b94","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":51,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"80049d0c-f1f6-4a26-a004-8a8566b6424f","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":51,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"6704b55e-bbc1-4f40-91f4-98e72fd38f66","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":51,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"e030e451-be24-4465-a983-7b3aea62c097","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":51,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"9e4cddc3-709a-48a1-b2a6-14ad677cd668","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":51,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"493cbd20-f598-4ef3-8cdc-7d110f686a75","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":51,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"ce7cad6f-6aa7-4fcf-859d-689dcfcf212b","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":51,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"7ed72627-f694-406c-a15e-a1f8752f3653","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":51,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"c59aa477-c05c-4cdc-ba42-be1267038102","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":51,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"8032c5ab-7a3c-41ac-81b6-a50ad572e6ed","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":51,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"8e0f5983-d658-47f2-b51a-6559aa7acd4e","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":51,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"63549d55-1b74-4dc3-a69e-126fae5cb433","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":51,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"c29edb0d-3b94-4707-8721-2dfe9c8111de","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":51,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"96a9f9cc-c1a3-4026-8ef9-5259b4faf261","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":51,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"c26b120a-5781-4b93-8543-442b25d51b60","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":51,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"ba66e90d-c283-4667-b597-fb03076cbd66","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":51,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"0286292f-fd05-4f70-a3d3-04bdc6b675f0","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":51,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"e5d8d2d4-ad9a-436b-adb4-43acd0b3ecaf","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":51,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"8bc4eb16-4e0c-4d6a-a326-05029dcc3c70","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":51,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"faf28b92-09c4-4f52-9b33-fce852d0f923","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":51,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"c1b9debc-518a-4663-a23d-d223f143cfa6","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":51,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"c1c8dbc0-3083-40ba-a246-0f7573e58e38","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":51,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"1a4eb951-f7ae-4244-814e-53cd45b18453","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":51,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"f8bde8d9-6125-4e6b-8622-14a66e5aff83","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":51,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"f82729ed-d5bb-4e42-b7d3-347a830f49b1","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":51,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"afe3090d-fe1d-4939-a6e2-9c476067a3d9","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":51,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"e6c39200-bd48-4ca4-8ca9-5df9dba5860a","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":51,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"fe7d5207-40ce-4860-88ad-066247039cef","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":51,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"c7af819b-3fe4-4727-8acd-d4676564a584","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":51,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"74cdfe83-f0ce-481c-b181-6cc06bfd7274","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":51,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"9831dadc-94bb-40a4-99d1-b9a53a9a6e2d","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":51,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"d8436c15-c0f0-48b3-bc89-7c7d08b0dd36","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":51,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"24c8081c-0e7f-44e8-a2dd-f9aafca91e7b","block_type":"box","text":"II-3","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e42b521a-616e-4fd8-8e30-5edd09f23d63","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2314234-7219-445c-a749-3b1e26b28f2f","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":52,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"aa028cd3-a6af-42b3-aa09-374b9bfcb67c","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":52,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"94a61940-2aba-4b67-ae97-c67eedfa5f78","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":52,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"9f3ae79f-4ba1-40c2-9e73-f53e9fcd07bf","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":52,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"a0918762-2cca-484d-beb2-a91c02631c6b","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":52,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"9a785624-1849-4137-a5a4-63151fcc31a0","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":52,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"d7c6ee84-fc2a-4622-abca-eccea55d42ec","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":52,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"6c42de5f-9027-4be3-aafa-12082374baa3","block_type":"box","text":"Commercial Paper.","page_number":52,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"a484d8fe-54ef-449a-bd89-4dbddf0dda60","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":52,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"80096467-7460-4813-80d1-7ba75ddeb7bd","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":52,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"079d5f4c-c77c-4788-a0c4-c9f4df480e4e","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":52,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"a3bc40af-e497-4047-819c-00142e2275a5","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":52,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"b727b3dc-a6ce-4f00-9189-7e3aaa18bad0","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":52,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"d8c81902-dd01-4c07-84b3-8274314f3f67","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":52,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"f877aeca-877d-4cfb-947e-8f8b7a2542d3","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":52,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"da633028-09a2-452c-b44b-2ad52e1ff71a","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":52,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"c5142f17-1161-4750-8831-9eb21bfbe716","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":52,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"59470b96-eaa3-4375-976c-8edb16b8e9f1","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":52,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"63e95703-ac8d-4bdf-8915-1d40a9813c8a","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":52,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"ddd6223e-e1f5-473e-b150-6b3298ef9ae2","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":52,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"020c1124-8b03-4b59-a7eb-162c730ef197","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":52,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"285c1e09-1f6a-4570-9dea-88c7288d10ad","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":52,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"24070ac7-5485-473d-935b-bd1b7a52ba27","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":52,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"461092fe-a17b-437b-941f-59d1a15c08bd","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":52,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"c76d5417-8a47-416f-a5a6-80b72d9ffa66","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":52,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"33733722-1a7d-4d4f-82d4-ac26dec3f362","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":52,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"dd34a375-f326-41a4-a3a7-457a315ae060","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":52,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"41c4ca24-4cf7-4a61-801f-05c9a9272580","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":52,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"a477670c-b416-403f-b8aa-0352c7cb014d","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":52,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"89cb23a5-e2b8-4448-b6b8-f1f3e15157cc","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":52,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"2f199f33-3f8c-4ea2-a2f4-707281d2edec","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":52,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"6cceee00-1afd-4c3d-9004-b0c399ace705","block_type":"box","text":"variable.","page_number":52,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"d92a1056-ab31-4f5d-b063-534dafbe15a0","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":52,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"582ec2cf-b0c6-4a66-99ad-9c2df7d1db7d","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":52,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"f957a049-9651-4d86-9474-afb201d65bc0","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":52,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"8f7dd165-a3a5-4c65-8cbb-c3e6aede6adc","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":52,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"2d48e328-29f3-4806-81fd-249a6a909d8b","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":52,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"53a0a0b1-3b26-47c1-b399-b94bd016010b","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":52,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"ee5218a4-0c46-4b7f-b5fb-ebd8cac84c7d","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":52,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"d811e9b5-0c15-4438-a4b5-7aa8cb0fb583","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":52,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"f65a4071-ed0f-473b-bcc4-f1b7cad0b9eb","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":52,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"24ba3a0b-49aa-4df9-b43a-56409607e05c","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":52,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"3067dd55-0ff2-4f37-9005-8d976369997e","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":52,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"fc7d3986-92cc-413a-88c4-ed3c576cf4bc","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":52,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"e300432e-e2f8-46bd-b4a1-6a612eb106fa","block_type":"box","text":"correlation with stocks and bonds.","page_number":52,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"c6800150-9f6d-4ae7-8730-36deb8b33fb2","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":52,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"5023f7cc-9d35-4988-9f09-48a7fe8ace52","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":52,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"30225cb3-a9de-4bea-a01d-1790d2ec1b3c","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":52,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"5969223a-bff2-4978-a040-7fe22fab8cd8","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":52,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"5ec1431f-33a2-40d1-a993-154464cd563f","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":52,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"63d316b3-0e6c-4fc0-9c75-f48dde84947f","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":52,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"d403c828-00d8-46df-b62d-887abba1984b","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":52,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"1731e8dd-4e5b-47ce-aa2f-08daf45ddf51","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":52,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"f6eaa120-fcf6-489e-a58e-9960f35db6e3","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":52,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"c4c59e67-735a-40b6-8fe1-ecc96b6f712d","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":52,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"67926b38-5a6a-48b5-9d5b-b1d74105e2b7","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":52,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"253d3d28-74e5-48e9-ac6d-9387ea911d82","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":52,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"3b26e03c-30e9-47a1-9b40-7392da61304c","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":52,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"981aa70e-9132-4074-9693-1b2ece173c9d","block_type":"box","text":"II-4","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"75962f89-6071-41ac-a0dd-9732509aec27","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ac6b97b-582f-4274-971c-74cca20db5ef","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":53,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"98247367-6cb3-4613-86d1-e0b6025e2c15","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":53,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"e2604c07-f9b7-4666-8278-97cfa03037fc","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":53,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"b4bf3342-bb7c-4d3b-a3d7-7e99fda9fc00","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":53,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"f43492a6-f9e6-4e91-a6b2-7ec7b574bd84","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":53,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"d45faada-aaba-4a44-bf48-f4a4a4d825d2","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":53,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"62dd4c92-185c-4981-8e94-5d42e5344424","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":53,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"bb6d1869-a46d-44a9-b587-4da3a82d37bd","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":53,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"2adca809-9fcc-42b0-9102-7c1a5be569cb","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":53,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"e5d4957a-e9c3-4992-bb31-f0ba0d53ec13","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":53,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"a0fc55df-ed16-4cf3-8335-7088aa5608d1","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":53,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"c043dfb7-86c2-41a9-9eb6-38cc46141a99","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":53,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"0e5a9338-4f98-4ce5-afc0-7aa9af02f972","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":53,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"9bd2ea12-b331-47ea-ba9f-1557cbbadfa1","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":53,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"909a42dd-ceb5-42b7-98c8-e93c90db885d","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":53,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"8da11045-1b65-4296-b5a6-ba08486e6551","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":53,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"4c13ce8c-121d-46f7-bf94-f6083e015f93","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":53,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"069fdeb6-9e63-4ddb-91f6-8e30acc006ef","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":53,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"4b457d84-91a7-439d-bf5d-ba80dca4ce6b","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":53,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"60ca5f38-47fa-420a-b47b-9ca296307967","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":53,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"a321857a-3fcc-422f-9998-44cc2e00b533","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":53,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"5d484ee6-cb0b-4bee-88eb-adabb6a68379","block_type":"box","text":"the Manager believes are relevant.","page_number":53,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"f0224c78-1b3c-4719-a868-b6afedc1eda7","block_type":"box","text":"Limitations on Leverage.","page_number":53,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"26b37251-dcb4-4bf8-a3a5-d6512e80f2db","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":53,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"cee9dd8e-7657-43d9-b81d-be188619c8c8","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":53,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"8faaf519-6667-44d9-b9bd-14346e9ffbed","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":53,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"368995a2-9339-4a97-9b0c-19a42fb9f3c6","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":53,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"e754e2b8-e849-4323-b415-bfeb1021294d","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":53,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"90e9bb62-de4d-42f4-8137-1e3275714e03","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":53,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"74e73c85-fbc9-4b9b-8d88-be83ab4acc63","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":53,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"6c00ddc5-7144-4a5f-b9ed-032bd800bbea","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":53,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"d22c8598-4401-42fc-a605-c3fe22bb2c56","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":53,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"60bcec7d-505e-49fb-8a2f-8c3a9ef62367","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":53,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"e9002c79-3a56-4520-be7f-678a17d672de","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":53,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"6552e116-5f03-4be5-9f67-4677b5f09f23","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":53,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"40d9dd05-4222-42e6-bdbf-bba25b242b10","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":53,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"76c6d148-49a7-433b-8f13-3a3aa331f4d0","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":53,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"3b29d737-7dd6-4c9e-bb7a-7295038df59d","block_type":"box","text":"Counterpar ty Risk.","page_number":53,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"34c30e47-f334-4aae-ab4a-562bd5e10e57","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":53,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"359b904d-5459-47e6-bd35-9f2eb3fbe31a","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":53,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"eb8ff94f-a4fa-4e66-995e-56958c42d00e","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":53,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"e812dd64-c920-475d-b78f-8a3fed9a6ba9","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":53,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"12747109-f402-4318-943f-b5f2f2c5104f","block_type":"box","text":"e.g.","page_number":53,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"760aaf4f-9298-40a9-b1b1-dc745ba06e5c","block_type":"box","text":",","page_number":53,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"2e04681b-d147-4bd8-9feb-bef79f932813","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":53,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"f80f74f0-27d8-4c35-b1ac-47d09dd48238","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":53,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"212b8cae-bc1e-4df9-a598-206515af6038","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":53,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"a2b8263f-83b0-4e29-b625-64a88418d37b","block_type":"box","text":"obligations under the structured note.","page_number":53,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"e7ab68eb-acdc-45b2-a8a1-f800bbcc99a5","block_type":"box","text":"Convertible Securities.","page_number":53,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"85ca3be2-e918-4bce-a875-429cda8a3aa0","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":53,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"040fe26c-76cd-44ee-ba3b-e037e2b64bf9","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":53,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"5f0fb745-4d94-4b21-a435-f8735819486d","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":53,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"1988c153-04ea-4935-9a2c-9b5be1389506","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":53,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"06c97aee-69cc-4419-9b32-2df14be83b14","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":53,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"c2e2f23a-ecfe-4b2b-b56b-73bbe914c370","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":53,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"1b26aa89-5996-4dd9-a456-3c4dbce8b797","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":53,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"7eb40ddb-2e21-42a4-834a-ff36fc2e104b","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":53,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"2681ca76-aa58-41d9-86c5-f95f4441e451","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":53,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"2b407c45-5e2f-4361-b134-91bf3ae4d0cf","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":53,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"2f1a0029-363f-4ef8-af1a-e1af69999d27","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":53,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"9c5155e0-c047-4d21-868d-786d0a71f7f3","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":53,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"b59fab07-5a70-4f16-8bc8-fb284cfe6590","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":53,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"d4c5ed6f-e64c-460f-a3ea-375b1dcebbdd","block_type":"box","text":"II-5","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"dcf6bd49-a2b6-4272-9c77-4a7c1e891695","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47f1a1ab-e890-44b1-9336-89df820f9e89","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":54,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"f8a5f805-0b93-408c-a41d-86c4f2c6acd8","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":54,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"83b3c63a-ec29-440c-95df-151dabec7cf3","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":54,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"25457f02-bdf0-419c-b077-c9ce88a1d735","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":54,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"f7e6a212-bb47-435d-bc42-563c64969715","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":54,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"6f77eb10-ec93-4cf2-ae9c-271c4a6d421f","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":54,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"07ecf964-7323-4a31-b30d-eb80db2a4fe9","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":54,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"43f7257d-10e5-41fc-949e-7c90988fc64c","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":54,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"65b9f004-af6c-42b6-9970-2115e4d3f2e3","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":54,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"e8b60ea2-c6b4-4aa5-b10c-9be916b4f59c","block_type":"box","text":"things.","page_number":54,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"f129c319-567d-4807-a584-c84e9cbcd256","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":54,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"3416ae45-409a-47cd-8ca9-7af4b41f1e67","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":54,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"1256adfc-0b9e-443c-b23e-e9c864961578","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":54,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"52cf2551-b6ba-403b-91eb-8c74f7e43313","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":54,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"c568f4fe-9881-4bef-94fb-9723f29de3fe","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":54,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"99dc6253-15ef-4580-9512-d9a81f20e349","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":54,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"cfdce9be-5d7f-4922-80fe-94e76354f953","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":54,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"e94ed69b-0129-40db-8308-91477eaa3ed8","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":54,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"857e8eb7-5a4a-495a-8fc6-046cf5023efd","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":54,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"a2766b0a-daac-425f-bb1c-a0836927c3e1","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":54,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"85c9aee6-2a3b-4fb5-9c7e-3d18b80fa3c9","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":54,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"bcfec7fd-c2fb-47f3-b04a-ec77055c71ef","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":54,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"3b0a82bd-de73-4e0b-91b4-bb414d429198","block_type":"box","text":"i.e.","page_number":54,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"83205897-59b1-4064-acc8-0fed4fef0c31","block_type":"box","text":", strictly on the basis of its yield) is","page_number":54,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"7bfe11e4-6cfb-4576-a9de-b6a90862fc9c","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":54,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"5727b47c-431b-4713-8418-20b962977ef5","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":54,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"5a271605-5874-4e24-ab1e-c0ebf73065bb","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":54,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"39f0b2d7-8876-4613-a25f-9ac2de8dea55","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":54,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"19d9c8df-2820-4e44-8c2a-81fd66f36432","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":54,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"1d9e0960-5265-4e3e-8a51-209c53015da7","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":54,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"41a0bae0-604e-4eb7-af18-d600b3f8b003","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":54,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"8d00fa4e-1cdb-42db-91b3-5d2ed3b86b95","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":54,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"42aebb65-1f30-463a-93c6-56a044b36056","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":54,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"3b7ca021-aaa6-456d-bdba-a06c9632ea31","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":54,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"8d7812a9-02e6-4d4e-84cf-a42761628eb1","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":54,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"7e14bcbf-17bb-468f-8675-e311c0ac60a1","block_type":"box","text":"than the securities’ investment value.","page_number":54,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"06658d91-5222-492e-8976-e70777aef214","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":54,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"83219813-0f63-4796-b0f4-8ff597073218","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":54,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"714ee974-b21c-4141-87e2-2eaa66020321","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":54,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"c5c76fc8-2df9-45e4-af79-de5d1adce42a","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":54,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"8031df74-b157-45ed-b507-b35f9a712794","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":54,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"51484006-b749-4635-b054-b84051e6600d","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":54,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"a4ab2491-7b1e-48b6-81a5-a23f78257cea","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":54,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"fd653ac1-ad46-482d-aa45-260efa07c0ae","block_type":"box","text":"security under cer tain circumstances.","page_number":54,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"93a6a1bd-7f95-4a1c-bbad-0c94d329393e","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":54,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"53779e48-04a4-4ae0-81d7-93edb4e55f22","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":54,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"8358912d-2631-4ee7-88b7-93df8c20aeb3","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":54,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"22d02de1-c78b-473c-9cb4-c8aa38ac957e","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":54,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"3d465e90-1481-476a-aa0e-f2f2916410ef","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":54,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"6ae77596-0b95-4b35-bd06-76132a1ac491","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":54,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"6ba553fa-056a-4c02-9902-deef5b17582d","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":54,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"872269f3-59d1-4d9b-bca8-391ef1dacca3","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":54,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"fa010c93-dc83-43ef-beb0-78fcaf3b0ce1","block_type":"box","text":"i.e.","page_number":54,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"621f50cd-162d-4fba-bafb-f7c72d2ca753","block_type":"box","text":", fixed-income (“fixed","page_number":54,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"7eaf4996-29e2-45ae-bec1-7f3e673d2424","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":54,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"f87a2cb2-0e7d-4b55-8771-f134af69b2ff","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":54,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"124a0d7d-837a-4593-bcd7-291a7a3e78ce","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":54,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"893428ad-f65c-4945-ae3e-be851ffb481c","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":54,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"dd9a3631-56cc-4091-94fe-45e5d4744269","block_type":"box","text":"II-6","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"30b78ba1-64e5-4296-9340-d75315f25bd2","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f89f654-e017-4283-b28f-7552c6df8095","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":55,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"4b36dbe9-1ab4-40b5-b6c4-792f81d9f269","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":55,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"e56931d5-5af0-4696-a10b-1c0ea2cdbb86","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":55,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"c43861bb-db2e-4ef5-b4a5-fb3d9e2a68c2","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":55,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"0e830515-89d6-4391-839b-d198c7a0651e","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":55,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"e160c3d7-1bc7-4abb-af5a-b627b60a6fc3","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":55,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"c8d59100-d731-4802-8a69-10d53777a781","block_type":"box","text":"component.","page_number":55,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"5eacecb9-e20d-4249-a76b-e00e5d6ea862","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":55,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"0bc4184d-d19b-4927-b074-bf6c048fb110","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":55,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"5193472f-7c55-48df-b9c1-c5bbeed75d70","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":55,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"384f954c-c55f-4ad7-b258-99d03218e6f6","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":55,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"0fc1bdca-e0f8-4360-a6c3-34fb84b8b78e","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":55,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"1dfa9d3a-f721-45cf-960f-f7690cc17b5b","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":55,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"a75258aa-92da-47d1-9d69-00f9ee1bdd02","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":55,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"6a64187c-0fc9-4f8a-8fcd-09d154338441","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":55,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"7cb0def5-46db-42e2-8b09-c90b501f74f1","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":55,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"574fc7a7-cab6-4139-8cc3-0438e93ace20","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":55,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"c01f23c5-24b5-44dd-a8ec-1a34acb86a1a","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":55,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"db18d6c7-1757-458a-afd7-9724b216d2e1","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":55,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"d923aa93-fb56-4979-92f6-248773875435","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":55,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"fb9ab3d7-1af4-4785-8624-607c41b4a276","block_type":"box","text":"favorable market conditions.","page_number":55,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"bbee7f4d-c1ba-42e8-abd5-64d1565535ea","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":55,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"055e2a56-f173-428b-88e7-ce63ea0ade36","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":55,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"14891fbe-69f2-4479-b755-5cd3dfae0609","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":55,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"1c9b204b-376b-4c35-8066-71b725c96109","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":55,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"370bb4fb-04ea-46f1-a1f6-18e42d0c3869","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":55,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"809dfa9c-2b12-4925-b6e8-ab5322ec519d","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":55,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"852f95a1-cff6-4309-adcd-c9f62e5fa1bc","block_type":"box","text":"Corporate Loans.","page_number":55,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"196af1cd-2667-4ffb-98b6-91f2808b5eda","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":55,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"f8883d68-71e7-4143-9859-4297127c1385","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":55,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"dd86e6b2-62c7-4014-9504-e55065ca621d","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":55,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"b154a1cb-6c04-4f40-8127-525cb4bd44ff","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":55,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"1dd95808-7d65-4af3-80b1-82a1f9166231","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":55,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"6a7edf54-3b9c-42f4-97af-e36036e9e492","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":55,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"ebe8be16-faf6-4ee0-8734-b51e94a9557f","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":55,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"71f93ef2-f79c-4cfc-af73-e0a5304d478d","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":55,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"4120387d-e25f-4627-8b64-8e8ad42ce871","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":55,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"780694fa-c517-47a0-9e2b-1e4fa6a1412e","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":55,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"acd32a3e-d772-410b-b812-2f2c50bcd930","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":55,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"777b1ebe-01ed-489e-b84c-5d6289d7e40b","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":55,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"cc858892-b32f-4fe7-b67c-3a3dcddb38f9","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":55,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"b4af02ec-01fc-4b9f-85c0-4444ed1f5e16","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":55,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"c99bbf8e-b80a-4a3b-8a46-a73af39fa598","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":55,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"31837ce6-c644-4957-bbbd-82c95aeaad34","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":55,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"c4670cfe-d80a-4c59-be62-22f2a9d6733c","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":55,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"d8386f87-0b0b-45d6-9817-1d13ecf32f95","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":55,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"bdff793e-9e2a-4b1d-bd28-e54bfd93a9a9","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":55,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"3fee15a5-957b-4e9a-97c4-a641685bf498","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":55,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"2e38d251-416d-4432-97e4-a393d3b08adf","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":55,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"807c761e-731d-4f56-84aa-7aef815faa65","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":55,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"86337d0c-1d25-4121-a99f-0835ec38e1b2","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":55,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"cf17dc5c-0779-4b28-8fcb-3c26fb21d365","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":55,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"0e435f98-2c5b-42c5-972d-a903642a1d81","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":55,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"722c3593-c380-4bb9-8db8-f4c6f72da296","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":55,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"620c87fd-dd64-4e2e-905a-4ce271a992b0","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":55,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"e6e14c8d-ba7d-4656-8015-55145f4b79e3","block_type":"box","text":"of the borrower.","page_number":55,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"514beab3-a105-4ee4-8bd3-64911c91af01","block_type":"box","text":"II-7","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a699d350-2e9e-4c9f-a3b1-6bf551e606da","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"182a74a6-2977-4e95-a215-08488f68cf32","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":56,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"9b5fef00-56b1-43be-afb3-919efff7e01b","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":56,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f1fcbda2-a1c3-48d8-8883-787091c58295","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":56,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"237c032b-18a3-442b-98d6-a1657134e911","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":56,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"6d10f520-19c8-45d4-a7d8-780849775710","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":56,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"6e07db18-25b5-4c15-8aef-7d8b85a9aaa4","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":56,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"47481465-0395-4554-a0da-2e7f13073206","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":56,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"7fb590de-2b6c-46cc-98ca-e9cda0ed8c55","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":56,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"b0b9ac5a-4cf5-44c2-a44e-84821c966dce","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":56,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"3937f4a9-edd1-4260-9af8-3e3843877c43","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":56,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"1642736c-7a51-440a-93b8-0afdfe18e0e2","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":56,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"e7f57ada-730e-4a1f-a31c-7cf1678c2d21","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":56,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"32aa4feb-d3da-49f7-a8a7-a304649ee744","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":56,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"607dc79c-728b-47eb-923b-0d29d80cf015","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":56,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"fa1cd520-c6d5-4011-9a04-29401198504b","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":56,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"f084e7da-8ff2-4ba6-bede-be32d411b1b4","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":56,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"c258dd01-d7c1-4185-b2d2-8b9eb888e841","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":56,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"46c7f31a-5a10-474e-8d85-20a14c5f6e96","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":56,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"4145fb60-188f-42aa-abc5-e0265f6e0ace","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":56,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"59bd10b7-223c-4ba5-b88b-f3e0508f57e9","block_type":"box","text":"state law.","page_number":56,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"fab63fde-6339-41c9-a0ef-e8ccad7c682f","block_type":"box","text":"Direct Lending.","page_number":56,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"3f6c1886-b403-4311-a79d-c92c6e7b9798","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":56,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"d15da431-2437-48f3-910e-0aab5ad692ad","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":56,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"733e1755-dd64-4046-993c-34212ade1ea0","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":56,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"dc741da5-e898-4059-8338-7243701bf694","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":56,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"9dd90f10-7605-4f7a-bdc3-261b20908ac3","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":56,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"dd16930f-770c-431e-9508-c85aefd02f9a","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":56,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"f48eb64c-a037-463f-9459-50d5a41d93f8","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":56,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"217b316b-bf18-4c15-a3db-03bca007d957","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":56,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"8455a013-ce88-4bf9-bca1-fc76b0191805","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":56,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"d6b17657-ecd6-4e1f-8c45-034d0870f43f","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":56,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"9fa4ea5a-16b0-4dee-8a0c-542dd157d003","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":56,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"bd0d368b-4f4f-47b9-96f2-97fd50d9879a","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":56,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"8ed0e8db-5ed7-4fe5-8da3-874cb046ca66","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":56,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"146c0cfe-9a5b-47ae-8e39-6f7e22fed5fa","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":56,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"474fbebd-3d8d-4ca9-a60f-59e9567ad260","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":56,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"ddcf32d0-8176-44e2-9706-f324fcd63f02","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":56,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"d0752431-0da7-4443-8aa3-43a709d8dd0e","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":56,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"bec64afc-25e7-45e8-9c91-3531656dad5a","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":56,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"bc95c688-4b3f-4b1b-9762-767470dae9eb","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":56,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"fdeda8a5-cc16-4857-b251-a30db3253841","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":56,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"27aa74b3-ea27-47e3-a3aa-ed1d6ed7d4e8","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":56,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"b085aa3f-137b-46a1-850b-92f77b154b01","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":56,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"8be38eb3-c140-409f-92ed-eeced0abb604","block_type":"box","text":"Credit Linked Securities.","page_number":56,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"54d2f222-d75e-45ae-a86a-c73ee92b19a9","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":56,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"904f3ede-5997-4f61-a3c9-d20583847a5b","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":56,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"0f27ba78-b2af-45eb-aec2-456c4a7afa49","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":56,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"641de8a6-9a0d-4c9e-a35b-edba856f5d66","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":56,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"45604ec6-bf19-4f7c-8600-6e56b5fd0306","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":56,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"223031dc-d86c-4212-99e1-fbbeec84a01a","block_type":"box","text":"traditional income producing securities are not available.","page_number":56,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"cccf6786-9594-4870-b7a8-b72644dc6858","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":56,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"2b8a7bd2-8c05-4ac2-b789-563b5d6c0ba0","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":56,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"fa80388e-fb0f-46b1-ae3d-c182be586936","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":56,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"0cd60597-0c57-4ef2-99ba-f72b478a42c6","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":56,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"34c3cafe-0dd9-4163-9ba8-a8361c1c9034","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":56,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"c77bee00-d511-4aed-9b48-3c05e1213460","block_type":"box","text":"II-8","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f160924d-7599-4b8c-8bae-8017083db8ef","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d280095-c675-4639-a1c1-aea57338047c","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":57,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"807938ee-09d7-4abc-b537-75efb0157c9d","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":57,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"68e6b0d5-99cf-4d29-a7fe-ed39280c128e","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":57,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"b883b1ef-9d77-4f4b-a119-2541607b8ed3","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":57,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"8623ed87-1dbe-4751-919c-10f9e58d7eca","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":57,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"750daa7b-fb78-4cef-92fc-d49734d3844f","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":57,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"a9f1a21e-9004-40cc-b06e-87cae61ef1b5","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":57,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"5e4605c6-e37a-4fd1-95d5-3efa8a2ccbd8","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":57,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"13254714-42d2-4042-8201-e93c3aa83f03","block_type":"box","text":"investments.","page_number":57,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"1e756d18-600f-4a07-b243-4b82111b2cf8","block_type":"box","text":"Debt Securities.","page_number":57,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"ca7d83fd-ec4a-4d44-a720-4c3abd02e657","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":57,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"3a6e6194-76eb-4539-bdb2-d2678fc0a3be","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":57,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"6086c0e0-6c9b-4237-b39e-49433e425f21","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":57,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"f3cbc2aa-a680-4bbf-af41-ab8d7bca9890","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":57,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"0c0a0512-8b70-4773-8aec-7e3bd5ec9412","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":57,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"8dfe58f6-135a-4868-8cc6-4587b0847ea5","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":57,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"f61df5ac-f16c-4e38-b8c2-cdd74f1d0c86","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":57,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"69d1f2de-5d85-4dbd-bfc3-f4a32aa57f34","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":57,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"23b0602a-479d-4044-af18-889efa0048e2","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":57,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"1f6e9810-f0bb-411f-8a9a-5e79e80f3319","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":57,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"d0d18c36-e641-4cbe-99e4-1bcc7447113a","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":57,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"084f814b-b3aa-4bd2-b67b-b0bb1396c0e7","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":57,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"576a856a-6d2f-4e32-bd6a-d9e6f7879e70","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":57,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"5087720d-d60d-4539-bbc7-376a2c0b6ff2","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":57,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"0131eb56-243e-4a9f-9709-1519c22ca78a","block_type":"box","text":"lose value. This is known as extension risk.","page_number":57,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"0bef7778-0c0c-4aa0-b234-65483babc429","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":57,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"aa55c2cf-481f-41f5-9de6-d2569befa66c","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":57,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"ed96812b-a7bf-407f-afca-03c301077a9c","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":57,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"41bb1024-abd1-4945-bb54-8520453e3257","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":57,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"f16366fa-619c-4aef-91ae-51a99dc58ace","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":57,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"7368ce05-6d1e-4176-a88f-31096cdebb7a","block_type":"box","text":"Floating and Variable Rate Securities","page_number":57,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"802e7cce-cd0e-4226-9a9d-eeccf10f31d7","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":57,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"977ddd0d-bd56-4d94-8174-f51b62f67962","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":57,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"e546e650-2bc7-4a92-809e-4aee9702c6e1","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":57,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"7d225e6b-89f6-4353-96bb-e81b29de4f5d","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":57,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"c5373e91-4151-46e9-9c22-37688898a139","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":57,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"fff4b617-6931-4a7a-9561-d4a47b062644","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":57,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"59f385a5-9e6b-4dc1-89d6-ba424db69c4b","block_type":"box","text":"market interest rates.","page_number":57,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"d8a25865-bb61-4bdb-9595-9c6f7aa8d892","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":57,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"fdbbb84f-eab5-4165-89e1-c9cb865d9562","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":634,"width":632,"height":11}},{"id":"69c77525-67a4-4248-86c9-36814794f891","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":649,"width":828,"height":12}},{"id":"63354d63-b592-4114-b80a-6fccaa161d76","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":664,"width":827,"height":12}},{"id":"922487e2-5e61-4b97-a697-bb9c0ca1a43f","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":680,"width":810,"height":11}},{"id":"00d38bfc-d426-4567-b64f-10d5f3486877","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":702,"width":792,"height":12}},{"id":"c2123cd4-adfe-469f-a577-17003c119dee","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":717,"width":833,"height":12}},{"id":"eae520e1-4e12-4207-a33f-cff17e4dcc20","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":732,"width":810,"height":12}},{"id":"d22f80fc-76d0-4412-89bd-55f19bc0d0d8","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":747,"width":814,"height":12}},{"id":"fb72e9cc-f7eb-48aa-8277-f2c7db34c33c","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":762,"width":816,"height":12}},{"id":"bb4ac72c-0245-499c-ba79-460d8915f509","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":777,"width":828,"height":12}},{"id":"bc0b63d8-e700-41c8-94ef-e126ac2d3e07","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":792,"width":828,"height":12}},{"id":"6777a164-6e89-4011-8078-50c9f17f283d","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":807,"width":610,"height":12}},{"id":"5e50d209-faba-470b-99d4-477cd31beacc","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":831,"width":767,"height":11}},{"id":"9c7ef993-a5c1-46bd-a8ba-d57a9133315c","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":846,"width":833,"height":11}},{"id":"506b17bc-f190-4f54-8c25-deef1847b4ca","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":861,"width":834,"height":11}},{"id":"be5b2201-0639-4e94-9174-79d98c36d6ed","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":876,"width":795,"height":11}},{"id":"11283f39-581b-496e-a6be-311c4b26004d","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":891,"width":788,"height":12}},{"id":"6c8d0060-74c6-4dd8-8ae5-8334a262a1ee","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":906,"width":823,"height":12}},{"id":"4c438114-8f55-4d3a-a883-f1b593cdaa5f","block_type":"box","text":"II-9","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"107d9e5e-df50-4239-b750-54a90d9a6382","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aabd79a7-5067-4b43-9323-d4794d38b546","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":58,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"83134b38-5689-4bf7-b304-17dfccf455fe","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":58,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"ac2f8eb0-a640-4279-ad5e-377652cb4207","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":58,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"da43fea8-e2aa-434c-ae02-031af5fa9891","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":58,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"a0f7aea1-9872-46cf-aa85-5bc6f0169707","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":58,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"760da5e9-e909-4308-bfc2-7cff3aad7a94","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":58,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"bc60382e-663e-46da-9a39-8b63d2be2de5","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":58,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"b159a8f2-ae41-4a28-95c2-e1511ddae768","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":58,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"3fc220a8-c27a-47ea-961b-9bc41c7d0cee","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":58,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"61fb68a6-11b1-4835-b7c4-276d234cc591","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":58,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"9ba68e2a-0568-41fd-be72-9a1a8dfa1d3c","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":58,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"168c97a5-fe1a-4ce3-bf04-9b87b8797648","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":58,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"859af883-b635-45c1-9e9e-923d242267e3","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":58,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"5bb34cf5-602f-4bd1-8e4b-c3ba3d8c2aff","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":58,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"8f2a5b7e-5de9-417e-a276-f7a868ff8610","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":58,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"e9fe9b32-4147-41ae-bcd4-c97d13220cab","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":58,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"5b8f665f-4531-4274-bf04-c84f81660143","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":58,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"967ee4b5-2ced-40ca-a363-a04abab29362","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":58,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"66a38f8d-06cf-4a07-b0ab-81b490458c25","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":58,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"da184039-aae0-4b3d-81f8-b7416dfebc49","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":58,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"619bd44b-0681-44b2-9c3a-391aa5cc1577","block_type":"box","text":"United States.","page_number":58,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"580f3906-5442-44f0-b547-d39d733785e2","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":58,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"bc21d7a5-df05-4e8a-b7ab-1741228ee838","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":58,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"503325af-83ea-496f-ab2d-d152043810e1","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":58,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"c3f5c1b5-e54d-43f6-b717-7f34b00a65ce","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":58,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"a10e335e-fb81-4dee-91a9-0c1d4b4d6d36","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":58,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"2d54460f-fded-4556-90cb-8538a7488215","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":58,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"a836a2d6-0863-4b31-81f7-f15b3c4b70cd","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":58,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"f3525a36-cd8b-4338-875d-852c20c65788","block_type":"box","text":"i.e.","page_number":58,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"b4740f57-7e67-4668-ab31-e43ec610416d","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":58,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"bcccd8fc-3718-44e5-9591-df196a1d5c2e","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":58,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"1b65528e-ee67-4bac-81ab-ead100692c1c","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":58,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"e74968b0-f054-4e4d-bda4-f472b7d8edf1","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":58,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"925392b3-c851-430f-8357-cb681979868a","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":58,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"c96d5104-4224-4065-bec9-3612d7531d5a","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":58,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"64d2afdd-3230-4f37-a474-8466a2e3cf03","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":58,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"787cb162-d9de-4b93-923a-cd52ce95071d","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":58,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"2357ebe7-c9c1-437e-96d3-23ebf608b6d1","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":58,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"46d6377f-f688-403e-af55-3fd43ff82c3e","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":634,"width":828,"height":12}},{"id":"b6b45652-350f-40f6-8a0e-5bf3d5884130","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":649,"width":841,"height":12}},{"id":"a0766aa9-5703-42e5-9f6b-5b49b408b583","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":664,"width":827,"height":12}},{"id":"c3a4a320-5461-4110-9346-fabfb3293685","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":680,"width":830,"height":11}},{"id":"557b33a6-a4b2-4287-87ec-83122e416d61","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":695,"width":824,"height":11}},{"id":"baefa4e3-8863-46e8-afed-382cf539e92c","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":710,"width":838,"height":11}},{"id":"27ec7c1d-2b05-4a0f-99e7-47a187490e44","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":725,"width":817,"height":11}},{"id":"6d0734f9-e7cc-493e-9eec-6bd94be81afe","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":740,"width":837,"height":11}},{"id":"6690c5d5-cbb8-49e6-9b70-bdddc3184d09","block_type":"box","text":"risk than higher rated securities.","page_number":58,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"2912998d-3c00-40c6-a8f8-19a36556b150","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":58,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"66c69d75-410b-4ad2-bd22-934aaef111b4","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"200b3df6-a7ba-47b7-bc41-6335b8b217c2","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":798,"width":796,"height":11}},{"id":"ee2350b1-e6aa-47bb-9135-0a37d726ad45","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":813,"width":792,"height":11}},{"id":"d2c2831d-4f60-41f7-8ba6-e0812661a1a1","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":828,"width":799,"height":12}},{"id":"f213b379-217b-4738-9c4c-7308f6297ebb","block_type":"box","text":"unavailability of additional financing.","page_number":58,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"cf934f2e-611c-436f-bbd8-c17fbe06d997","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"fbd22ebf-3e05-4210-9d73-fdaf9137c1df","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":863,"width":797,"height":12}},{"id":"76eafd80-71de-4aaa-905a-99f5cfd670a7","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":879,"width":804,"height":11}},{"id":"7df8a340-f3d8-4798-ae67-7a27b76924bd","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":894,"width":769,"height":11}},{"id":"504c31ed-09cc-417d-bcf0-20cc6f206b1f","block_type":"box","text":"II-10","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f9e09768-7288-4e15-9c6a-cd5dac2826d6","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67a45a9c-3535-4421-9717-4d875ca54422","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":59,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"41b66d78-e666-4a5f-9e59-cc83d5ea037b","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":59,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"286fd00a-79c7-4ee1-9a9b-dd5e79510dd4","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"99343573-0c89-44ef-9169-46d7b3aaed3d","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":59,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"f53432e2-2b23-44bb-bce1-242df721487f","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":59,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"27a0dac8-6b60-4a44-ba70-9cddb2492e74","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":59,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"6574f4bf-7cbd-4adb-8765-c8aa775cbcfe","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":59,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"423cdc97-79d3-4563-afa3-ec87ee2bb5a7","block_type":"box","text":"investors in higher rated securities.","page_number":59,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"a8883eda-8e00-4885-945b-2f62181b90c9","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"124701b4-3d24-4606-bc53-abe2b85d3c59","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":59,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"4058a931-598c-4462-90ab-3ac1e0ea10d7","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":59,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"89095884-4c33-4532-97ad-beb24e554bc9","block_type":"box","text":"lower yields and may lose income.","page_number":59,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"9442e702-6f1f-401c-88f3-59132a516eaf","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"d536b658-4a39-47b4-9eee-8a6ef42051e2","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":59,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"36c45308-b508-4395-bd9f-af3f59c93512","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":59,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"9bc9f2a6-2a17-4d85-a17c-08aa43d5ec4a","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"aa9c7649-63b0-4f0c-a6ba-2bfba26efe1d","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":59,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"c8b7b1c8-de45-4554-b4e0-f5cc1b1a2956","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":59,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"2d121880-83e0-45e1-938b-77f1379fe369","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":59,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"89d477bc-e460-42e9-b617-57e7bf196ac0","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":59,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"39ce2637-dc52-43ed-a426-aea0a58c078a","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":59,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"fb1ec159-b544-48aa-88ec-c3cc47b4a2c0","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":59,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"41bdc47a-b7af-4989-922c-764887d7293a","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":59,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"ef39cba3-edf3-4255-b9c7-4c83021efb74","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"fdeebe09-e426-44e9-b99f-97c1e0fbcc35","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":59,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"b0c20ed5-90f3-4736-9506-dad7b0fd50ff","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":59,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"f079e04e-d3b6-4f1c-be0f-fdf987e47ae2","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":59,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"f38c4521-6579-43c2-aebf-71294a3153de","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":59,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"3632ae11-3cf7-4f00-babb-ed57170ec0df","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":59,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"95b47aa5-19c4-4d89-abb5-206d00a92e15","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":59,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"40aa012a-2c17-4fa8-8b19-505c15adb604","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":59,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"5bc630c9-66b3-4605-bc7a-d1ab7e4e4118","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":59,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"d9c35865-d028-41eb-b225-6ef453ca42ff","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":59,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"0570e8cc-bd0a-4ff7-89a2-497bbc56823d","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":59,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"dc6644c2-947a-477f-824f-520221368944","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":59,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"ab9597da-c2a0-40cb-895b-a93007cb20ef","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":59,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"c2c7fbc9-91ca-4031-ac0e-9363c6f1b5fb","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":59,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"476b372f-bb2c-4185-adb2-bccefdc31392","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":59,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"a2173d39-7878-439a-a113-4a6e799fe418","block_type":"box","text":"role in determining such valuations.","page_number":59,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"b86a58dc-7646-4e6e-9ba3-3a8d8f113eef","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"b204fbf8-3de4-4a7d-9558-0ee9a83ad98d","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":59,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"e3c23eb2-f187-4a38-9873-3a3599bd1372","block_type":"box","text":"a defaulting issuer.","page_number":59,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"6753ac33-3124-4350-8d7d-8e3cab847488","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"087fb30e-5b58-41bb-b32f-e8058701084f","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":624,"width":800,"height":11}},{"id":"cad9c57a-07ed-4b70-8282-bfddcc6b76fc","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":639,"width":793,"height":12}},{"id":"c30b3e76-ebf0-42fb-bcc6-b67c0ed30bce","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":654,"width":808,"height":12}},{"id":"d583aa09-d40f-40f4-a9f1-f80dbe377fa7","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":669,"width":756,"height":12}},{"id":"4d2be545-ab74-408a-9648-34584f1d56c8","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":685,"width":803,"height":11}},{"id":"54988d4c-0edf-4278-b88d-6b66921faef8","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":700,"width":781,"height":11}},{"id":"72716b1c-8e43-4b87-9fa1-570ad9ed63f5","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":715,"width":798,"height":11}},{"id":"6e437601-1640-4e12-a694-38af95d2dc3d","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":59,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"2190ce96-3690-451e-8ac1-eb06ab1d7e0d","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"e8861555-3edd-4854-892f-b1a92b328eca","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":750,"width":751,"height":11}},{"id":"01f04e2f-00b8-4bfd-9df9-b3dd93d59ce8","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":766,"width":786,"height":11}},{"id":"deb572f5-c4e8-4f7f-b38a-5469bdacb124","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":780,"width":782,"height":12}},{"id":"3373f1f6-221e-492e-b8c3-3ad2f4b67d7a","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":795,"width":762,"height":12}},{"id":"a2cb7358-f00e-4c67-9fc2-9afa39bf92ce","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":811,"width":767,"height":11}},{"id":"47f7d632-4e88-4102-8d1f-756e5ec0e38e","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":826,"width":806,"height":11}},{"id":"f172594d-9d74-41bd-a9ba-727eb1db454e","block_type":"box","text":"higher-rated securities.","page_number":59,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"37801424-f0c8-403c-9685-9905a00722d9","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":863,"width":751,"height":12}},{"id":"3f935170-3b7e-4ed5-9954-fc6cbb3ec46c","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":879,"width":814,"height":11}},{"id":"9b4d51ae-1e1a-433e-8d5e-d43bf7e169d0","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":894,"width":812,"height":11}},{"id":"40edbf7f-7175-49e5-abdf-032bb12a4e38","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":909,"width":808,"height":11}},{"id":"f9a649e5-e33c-4dea-96aa-3b7234439eeb","block_type":"box","text":"II-11","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34e5a785-69ea-4a76-959d-ab4a50b68847","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c270533-b021-41a2-9afb-b72ec5ab85be","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":60,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"83c6a6e7-2454-4085-ad4e-0cb658ba1f86","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":60,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"dfecfcd0-4b81-4707-8850-a32b381f061f","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":60,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"6bebefd1-d595-4b7f-8df9-68ef51c4078d","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":60,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"d414b6d8-da9f-466e-b88b-2e069f98ecf4","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":60,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"f62d90d8-6a42-4cfa-8625-c42af1175f50","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":60,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"ad6c3f72-be56-4d3d-8ce4-e2afa8da2dd2","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":60,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"7c42f4ee-d96e-4e9d-990f-715702489573","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":60,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"7bdf2bef-9692-436e-b5e6-ccbbe04bab4e","block_type":"box","text":"Mezzanine Investments.","page_number":60,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"2ffb3546-7097-4670-8048-9bab6a834009","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":60,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"74f368ea-ec79-4418-b720-c8912e3da45a","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":60,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"2edd3e7c-b187-49d2-ab98-2c0c5ec6309b","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":60,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"9c2a6896-bb0f-48d7-9f22-6a84b325a5d0","block_type":"box","text":"e.g.","page_number":60,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"ae280748-7962-4b37-9bae-00afa827f576","block_type":"box","text":", with","page_number":60,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"8455e7c3-41eb-4779-a919-921e0abf85d3","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":60,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"ccef9c00-8ceb-40e5-afbd-ed89bc54b407","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":60,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"b75698e3-bdc7-4743-b80a-6fee7d195599","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":60,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"3f63b84e-64d8-4b4e-ae41-b86482b5b672","block_type":"box","text":"other obligations of the issuer.","page_number":60,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"0d94efdb-ded3-40d1-b781-b582922c61b0","block_type":"box","text":"Pay-in-kind Bonds.","page_number":60,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"bde3bd0b-10e6-4f6e-87b4-6d8db7e745e9","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":60,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"63b3f967-5675-4dd0-b617-1063249ed6ec","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":60,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"1e978d5d-d3e1-4ca8-b57d-8eb995b6d75f","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":60,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"c35b4e5a-9927-4925-9786-84aeacbef66f","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":60,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"29f5085e-b603-40b6-ae27-9539085af0d6","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":60,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"2bb65f75-ea94-46c2-b8b8-1cc0d507246d","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":60,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"83d02e63-694d-436d-806b-4737ff0374f2","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":60,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"1b085735-38cf-41b0-88f5-432eaa3ea881","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"e0bad3a1-a47f-41cd-81b5-f56a5128ec21","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":60,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"69a6154f-1bac-47cc-a247-79c49938bf47","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":60,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"90c31ba4-ec9a-40cb-abe0-89c4ed510a0e","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":60,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"c56b5eaa-459c-439b-bdff-110f813e9636","block_type":"box","text":"Supranational Entities.","page_number":60,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"8577159e-a430-459f-9d69-f6f8f93cb28b","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":60,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"feba139c-44cf-43c0-aa6d-7a60106a0dee","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":60,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"e8fd90c6-f13a-4bbe-9d09-afd37a880c94","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":60,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"b7b578ed-c6d7-42b3-9fea-a07f69b6bda8","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":60,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"b44024b0-2d87-473b-b610-444353d96c83","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":60,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"86d0c602-a7ed-4d2a-91ef-e72d5bda397e","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":60,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"9d434290-842a-4e4b-bb1d-b1296269cffd","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":60,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"0a41b6c7-1c84-4618-af83-16059a4a94e6","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":60,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"03deb35d-a401-49b6-947c-0d1ca7146062","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":60,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"d6fad936-133c-4eac-83c1-3cf48fdc07e5","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":60,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"cea264e4-f4d1-4c7d-bc21-83f269c31dda","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":619,"width":835,"height":11}},{"id":"651e9ebd-aa57-453f-ab8f-0fa4ec96c883","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":634,"width":784,"height":12}},{"id":"335cc2b6-6ccd-4363-804a-ae54a6fb4ba2","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":650,"width":781,"height":11}},{"id":"073c6c80-13a5-4907-bfe4-829fd3170278","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":60,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"e2a4b28a-2847-412a-96c4-ce210961a107","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":680,"width":804,"height":11}},{"id":"21327bc0-0dba-4fab-9ea9-90d632ebf448","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":695,"width":799,"height":11}},{"id":"5b1b354f-cb4a-4ec5-b254-5f4b0004a55a","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":710,"width":821,"height":11}},{"id":"87f76edc-455b-4e58-a137-ff93f522573e","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":725,"width":837,"height":11}},{"id":"4499c169-fa56-41f8-95d6-c0d85df2cfc5","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":740,"width":825,"height":11}},{"id":"3b57e370-9b33-4ec0-9773-58956e674584","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":755,"width":825,"height":11}},{"id":"c852bc8a-b00a-4f64-a5a1-8ca2ec452bae","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":771,"width":780,"height":10}},{"id":"8a1027cc-f218-43e6-b2be-fb782d5d6534","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":785,"width":833,"height":12}},{"id":"c1b0e20c-6a90-431e-a9cd-2d724db9d948","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":801,"width":796,"height":11}},{"id":"04af5aad-c087-4877-8dd9-844f3d90d7a5","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":816,"width":822,"height":11}},{"id":"3d747889-82cb-40be-b596-2eab00060472","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":831,"width":820,"height":11}},{"id":"a7fb5d95-5d0b-455e-be54-7689c12b7472","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":846,"width":827,"height":11}},{"id":"38ef646f-45ba-4a81-bb52-817020c96d33","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":861,"width":825,"height":11}},{"id":"15403fad-4f18-4d1c-b756-5ba6cca2d86f","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":876,"width":810,"height":11}},{"id":"51c785c5-2d2d-4a28-80e6-6e8dd31d8d9a","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":891,"width":737,"height":11}},{"id":"5cdd48e1-c080-4891-8b37-7881a6e6c8fe","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":60,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"bdedea83-d424-428e-840b-f4fc0ecc1f4f","block_type":"box","text":"II-12","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05ee4f3a-6912-4be6-9f89-78ea3956c289","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3ea7fbb-1cd0-4688-aa17-61d9d71b917f","block_type":"box","text":"Derivatives.","page_number":61,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"e8ea4c1f-c706-4acd-85f4-8351e3f70303","block_type":"box","text":"General.","page_number":61,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"d2f8533a-0ec6-444b-ad4a-ddabfc494d78","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":61,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"a6bb514d-72ac-4fea-96f5-e6925f2139dd","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":61,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"ec08bc2d-3b43-4d72-835e-85c2d6bf0c7b","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":61,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"e7508aed-f4be-474f-b7ed-e4e187329b99","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":61,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"ed9c3881-6f55-49ad-a66c-7f3758545a1a","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":61,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"b9af6005-22c3-42e2-bfe2-f463f2206420","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":61,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"802c5c45-5c6d-4532-95a6-694ce996ab71","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":61,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"d84174b8-9610-4576-aa55-5db77e0990a9","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":61,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"968c1524-6603-424f-832e-7985ee74f7c9","block_type":"box","text":"i.e.","page_number":61,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"f640f5dd-9f2e-4605-bfb1-71f1007c5d02","block_type":"box","text":", the payment","page_number":61,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"cc012fbb-ba96-450c-8fb2-baee686d0e5d","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":61,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"f1760b4f-c72c-4fdf-8bff-463a990a5718","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":61,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"4e966e36-9053-4949-861f-de4ecbc7cbb1","block_type":"box","text":"Hedging.","page_number":61,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"6aaa3b82-1c17-425f-8274-d77811df784e","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":61,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"5ff4c33e-417b-4a63-9bbb-07a2088c3691","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":61,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"5bf0fe6f-19bf-4e2c-9886-76e900af5fa8","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":61,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"65d093de-64d9-42d4-b37a-9aa49727ec92","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":61,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"85c0ab03-06a3-4dbc-ba2d-eb8204da36ce","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":61,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"7d7ae91b-56fb-4e74-ba29-21e344a7ff1b","block_type":"box","text":"correlation risk,","page_number":61,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"85530d0e-694c-4b01-9af6-65242a540b1a","block_type":"box","text":"i.e.","page_number":61,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"51815a00-2371-4d9d-98ea-ecdee7b6fa42","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":61,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"fb898900-8aff-4882-94e5-adc0171d2cda","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":61,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"f043e70b-f1fd-4fec-b782-ce5db34c1979","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":61,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"3150c042-b1bc-4e04-8b61-9fe2368dcb5b","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":61,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"9b37e6dc-bb24-41fb-8268-7358166140f3","block_type":"box","text":"Speculation.","page_number":61,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"1c45f414-7ce7-4ad9-84c2-5f10d1f0ead3","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":61,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"1e7ed248-5ade-4598-9c09-96db692254e4","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":61,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"ea88acda-1cee-45d4-b8b3-43899404477d","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":61,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"4e998a37-b4fb-42fb-9031-19781ab2eb40","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":61,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"6790960a-7a64-4abf-9acd-e8b420a08e53","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":61,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"8099684c-10f0-43d3-8d28-7d4b75af7d5a","block_type":"box","text":"Regulation of Derivatives.","page_number":61,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"447e2491-6c9a-418a-9e2d-bda4db634c3b","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":61,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"7369ba07-e98c-4017-83e3-1ae31ab070ad","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":61,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"352a8445-9255-4f0b-8291-ef3c7b294020","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":61,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"1ae64600-285b-46bf-93af-e287f20e6a67","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":61,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"a1a9a8dd-f422-4620-8f1b-dd712d784562","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":61,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"880eee99-31a3-445d-8dbf-9201c54e1aae","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":61,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"87119fdf-c4d7-41d0-9b1b-531b0d5d7137","block_type":"box","text":"coverage”).","page_number":61,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"f43ad51b-5310-426a-99fe-60fe94be3e18","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":574,"width":796,"height":11}},{"id":"d3b5c6dc-8351-423a-9bae-44315c21b815","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":589,"width":832,"height":11}},{"id":"5a2930b7-a315-4175-a211-ec3e773244d6","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":604,"width":840,"height":11}},{"id":"16855009-9e81-4d01-8f1d-bb3f027a83af","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":619,"width":801,"height":11}},{"id":"c8c2ae74-e230-4951-866c-9550134457bc","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":634,"width":791,"height":12}},{"id":"172ec347-7c8b-4505-9d38-2046103f7cc9","block_type":"box","text":"financing transactions (","page_number":61,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"2c766eaa-f9e8-4eca-9ee9-aa2c7476dd6b","block_type":"box","text":"e.g.","page_number":61,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"3240f832-0603-4c5d-a8e1-be3deeefd58c","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":649,"width":646,"height":11}},{"id":"ce1963d7-cb48-4687-830a-751c2677a948","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":61,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"0d25c771-dffc-4bb7-941b-15594a7469ef","block_type":"box","text":"securities (","page_number":61,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"428c40a2-e357-4a5e-bca4-db1ee191f19c","block_type":"box","text":"e.g.","page_number":61,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"e5d82b2e-d13b-451c-93e4-b2c3da4ca37b","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":61,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"3ecaab68-9a95-41f1-a8c6-be06a7c2ea9f","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":695,"width":796,"height":11}},{"id":"755df62a-cb15-4a9b-b171-0d59b34153ac","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":61,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"53be073e-9582-4250-99a4-9ec1a1cb9ff9","block_type":"box","text":"Commitments”).","page_number":61,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"20b1e8e1-7edd-4966-a7af-d35ef2d8e5d3","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":748,"width":805,"height":11}},{"id":"7e36bff3-4265-477c-bb12-103e8b8b40c1","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":763,"width":832,"height":11}},{"id":"da2dbf5e-871e-431b-a70c-88c803fd249f","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":778,"width":808,"height":11}},{"id":"b91bf63a-dde4-4d8c-8689-8ebe0d26c561","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":793,"width":780,"height":11}},{"id":"dffbe655-3cc7-4310-90b9-ac010b58dbe1","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":808,"width":824,"height":11}},{"id":"38fb0914-65da-470d-95d5-34c88f223107","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":61,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"1bd42370-1c78-4fd9-8341-e6720047f9c4","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":846,"width":724,"height":11}},{"id":"e3bed489-100b-4053-8e16-8309c4a955ef","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":861,"width":830,"height":11}},{"id":"e546a5dc-1e6d-47cd-b3ff-d1b766888b77","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":876,"width":803,"height":11}},{"id":"2fe22405-e820-4639-8074-4ffc80a15ec8","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":61,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"fda1f59e-5ab3-4263-b695-3697e45394ab","block_type":"box","text":"II-13","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5af2eee4-e05d-404d-909f-e5f6eeace935","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e770380-087f-4c35-a840-b7d5efe917d9","block_type":"box","text":"Dodd-Frank Regulations.","page_number":62,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"a8a03ca5-1240-4e21-b367-2a3a162542ba","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":62,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"694489b1-46d3-444b-ae04-126cf3cdb89a","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":62,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"d3705e7b-156f-4e56-958c-8c2fab030557","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":62,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"b2c785eb-24d8-49ca-a098-e419f077a304","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":62,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"b09bc020-c11e-4fbe-8fb7-c02149439a82","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":62,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"f8e95e58-c57e-435b-b2d4-41a05ab69a63","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":62,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"1dbed984-2922-4102-bfd5-0a1c4b3cb79d","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":62,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"db2c2371-301e-42be-ba62-82a6f9ee5d7c","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":62,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"4ab00c0d-85f3-4c10-af43-c92f73578092","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":62,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"89a4a3c3-15b6-4492-bcac-94b778eab714","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":62,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"1594bd97-391f-4fdd-b97d-3e3cb4b303b3","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":62,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"706bf00d-343b-4682-9cfe-2c4f50b86b32","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":62,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"99a776bd-a4e0-469d-a73f-19358ffd7112","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":62,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"4716b179-b76b-4d0e-ae73-c387f54282d9","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":62,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"06dccc91-263c-4d6b-8da4-f3de349d371e","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":62,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"09e662bf-40d2-44e4-82ab-2731ee2b1979","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":62,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"09578ac4-2d6e-483f-b1ac-aefa04639617","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":62,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"39e26c97-579d-49bf-aaf6-17e657d8d413","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":62,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"3daf7bb7-a8a7-4f35-befb-275ad1aa549a","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":62,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"c4b44b36-bdc4-4365-ae42-b2fbb84d4e74","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":62,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"1f2cc91d-25ca-4063-8e5f-1c5990f77e30","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":62,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"19e58ebf-7473-4e14-a963-11f4aeac781b","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":62,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"1aaea9bb-c4a2-49e0-bfd2-2e28993e995b","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":62,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"cdca011c-dbce-441d-a226-d3a84db862de","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":62,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"7d2507ea-c77c-441f-b1b9-a7379a5cfe0b","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":62,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"74bf1101-1d39-4aa1-b95f-5463786878f5","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":62,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"6c3480b2-0790-4752-8526-1fca250d78a4","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":62,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"c6bbdbfe-ae63-4d75-97e5-48358e27e7af","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":62,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"99f061ec-f0bf-4b0d-bb20-370f929c10d4","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":62,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"12e769c7-bfaa-45b8-86a2-ea0477ec42c1","block_type":"box","text":"member.","page_number":62,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"d1ada436-6b46-4dec-9f9f-f6a5006d9380","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":62,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"8f799a3d-2247-4a46-8166-5463ce5153d6","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":62,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"1e9814b6-264f-4b1e-ab56-1ca8946889c0","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":62,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"18d883fd-0b9a-4555-bd01-8990eebaa5be","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":62,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"90ea2c74-2bc1-4231-a7d7-45c90cfd9c42","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":62,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"27d037e4-687e-460f-ada8-61886a628812","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":62,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"3175ddd8-9627-4b4a-83e2-b70482f7c32a","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":62,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"3848d1da-01a1-41b8-ac7f-57e32292454a","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":62,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"d86cfc62-c4a4-4e8f-bc34-d349dd0800b7","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":62,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"4fa81fd6-8fb9-460b-ab06-59cb95552221","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":62,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"04a4c82a-0813-44b8-9728-e8b7f3dc7457","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":62,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"35f47ccc-911d-4f2b-8ccb-429b7b0fcd36","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":62,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"99f9789a-e5af-4e7f-8e8e-e624ee99a5a4","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":62,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"958a8fdb-0596-4ab3-b341-5140ca84aa83","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":62,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"7e39adde-fa45-4030-9548-cd625bdd2a83","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":62,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"45b31c0b-5c17-45af-83f2-3498dd51500f","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":62,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"54292e3f-291c-40f0-8f98-33650577955f","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":62,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"9ff522a0-0d8a-4ffd-9ab3-84380b27e2dc","block_type":"box","text":"and","page_number":62,"box":{"x":69,"y":801,"width":25,"height":9}},{"id":"417d0b2c-788b-414c-8f73-173b05ae875c","block_type":"box","text":"monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":62,"box":{"x":102,"y":823,"width":802,"height":11}},{"id":"c34b9ab7-3aa0-4d31-b4c9-a6a41dfd9dff","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":62,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"900ec96d-1ea4-41e6-9821-111a4e670430","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":62,"box":{"x":69,"y":853,"width":789,"height":12}},{"id":"6dd9f801-c150-42a4-a6e1-2b8aa21e4dde","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":62,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"f7323843-2b1d-441d-8fcd-034b1b588334","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":62,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"bd1ac3af-d39d-4bb3-b671-f37280b1dadf","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":62,"box":{"x":69,"y":899,"width":791,"height":11}},{"id":"322e793e-f8eb-4527-b568-6a4b2eef4caf","block_type":"box","text":"II-14","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4883cfce-46cc-47dd-bf8e-e99586775140","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba24df5d-0c64-454a-8a60-44b2e763575c","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":63,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"95f9ce3a-03cc-4503-839c-8580e29ddf69","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":63,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"a257cd01-283e-4716-889a-8d3ffe4c516d","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":63,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"da6132a0-aebf-4756-8682-5175c9a59bd6","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":63,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"4d66e72c-1e55-48a6-a062-a578008f1b1c","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":63,"box":{"x":69,"y":105,"width":785,"height":11}},{"id":"0072ef94-9181-4595-bbd2-62e7078a30a1","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":63,"box":{"x":70,"y":120,"width":350,"height":11}},{"id":"58f6924f-4235-40da-96fd-eaf7dc2eb06f","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":63,"box":{"x":101,"y":143,"width":256,"height":11}},{"id":"cd64460f-ee51-4197-bd9e-7098c9ae9fd5","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":63,"box":{"x":364,"y":143,"width":513,"height":11}},{"id":"c26bc039-5eba-409e-b45d-b541021b6a7a","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":158,"width":757,"height":11}},{"id":"b389aa6b-0d7a-4805-a835-b712dc553b38","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":173,"width":836,"height":11}},{"id":"e5d4d484-ef95-48b8-bd51-d0140cb9a7d7","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":188,"width":762,"height":12}},{"id":"00751907-4a89-4529-9a52-4a5438974445","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":203,"width":825,"height":12}},{"id":"65e683fa-adc7-428a-a807-176dc9aa04c7","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":218,"width":798,"height":12}},{"id":"46ec2777-9c9b-41ae-90b3-e63a4d2ff158","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":234,"width":785,"height":11}},{"id":"b9a6f670-8a7f-448e-95ae-214ce2f73700","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":249,"width":787,"height":11}},{"id":"ba921d57-c02f-44cd-ab34-894a175af0b2","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":264,"width":830,"height":11}},{"id":"5726d7c3-6066-404f-9a63-c5459901549a","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":279,"width":771,"height":11}},{"id":"6d6935bc-1b02-4eee-89ec-2f73af5c00fa","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":294,"width":812,"height":11}},{"id":"ce473dbf-8dc3-4f3b-b5ec-8f15476aa9af","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":309,"width":839,"height":11}},{"id":"9f8d299e-9034-4b78-aa75-5f91ae3b4a00","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":324,"width":793,"height":11}},{"id":"62cb402b-62d1-4640-b6cf-da7ac46e831d","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":339,"width":765,"height":12}},{"id":"aa29ebbd-1fc9-46de-8dab-bcca11f8bef9","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":355,"width":720,"height":11}},{"id":"d9b2d5d8-84ad-4d81-8919-23ddea25baed","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":377,"width":802,"height":12}},{"id":"64bc98d2-a9b0-46a3-8d3d-451734f7c6b2","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":392,"width":762,"height":12}},{"id":"c41ec084-95e5-4f04-9235-90f7a849f730","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":407,"width":810,"height":12}},{"id":"2183713d-678c-4a6f-afa3-c548d899c861","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":423,"width":812,"height":11}},{"id":"eea23f2c-e15c-44fe-b919-eabc45a6e44a","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":438,"width":787,"height":11}},{"id":"033f5b99-4944-4898-b959-b0d8242fc6d0","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":453,"width":810,"height":11}},{"id":"3b07287a-79bc-4b94-a6c9-a9f167272f2e","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":63,"box":{"x":67,"y":468,"width":795,"height":11}},{"id":"b03a9cc4-b3b9-4c09-9026-87a000299974","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":63,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"49fd3d47-54d2-4892-82a9-fdee921c2683","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":63,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"26163185-8d5e-46ea-92e4-393d8763a0d4","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":63,"box":{"x":68,"y":513,"width":814,"height":12}},{"id":"6ca6df42-3dd8-463a-b4ef-09ff390dd58e","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":63,"box":{"x":69,"y":528,"width":773,"height":12}},{"id":"353b4ca0-65e1-4452-819b-53692f8dda29","block_type":"box","text":"collateral received under such contracts.","page_number":63,"box":{"x":69,"y":544,"width":288,"height":9}},{"id":"a7afc29b-0c53-4030-9eac-dea80e56a410","block_type":"box","text":"Risk Factors in Derivatives.","page_number":63,"box":{"x":102,"y":566,"width":191,"height":9}},{"id":"9bd5aad9-8a5f-434c-ab8a-9283ab272b00","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":63,"box":{"x":101,"y":589,"width":597,"height":11}},{"id":"a05eac65-1f8b-4176-80b8-9f67209d27e7","block_type":"box","text":"Correlation Risk","page_number":63,"box":{"x":102,"y":612,"width":114,"height":9}},{"id":"b28ea145-893e-49f0-92ef-e2564d6bdd26","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":612,"width":668,"height":11}},{"id":"f30e36ce-cf3a-4b35-916b-aa2eb407427f","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":627,"width":837,"height":11}},{"id":"253565fc-f2dc-45a6-a26a-424e6ec4f1d9","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":642,"width":818,"height":11}},{"id":"9356eb26-5727-4185-9228-f22939193e3f","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":657,"width":806,"height":11}},{"id":"b7ea09b1-80b1-45a4-b5af-3fe34bbb9ded","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":672,"width":725,"height":11}},{"id":"9229ae99-0106-4531-9617-e32b0a794fc5","block_type":"box","text":"Counterpar ty Risk","page_number":63,"box":{"x":102,"y":695,"width":128,"height":11}},{"id":"f2355c30-d437-4ad5-9739-d0ab3660a8fd","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":695,"width":632,"height":11}},{"id":"d115a49a-bac0-460a-9493-566391fc1f86","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":710,"width":830,"height":11}},{"id":"af5aaa81-573b-4d7e-8bc0-91b0d0cfbc0c","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":725,"width":824,"height":11}},{"id":"7e41c632-b30b-4e4d-b315-3a10a9fd42de","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":740,"width":834,"height":11}},{"id":"07fb79e7-7003-4154-b8b6-ff265070e267","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":755,"width":831,"height":11}},{"id":"3ade3483-f27c-43d3-802d-ffa79a4785e5","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":770,"width":806,"height":12}},{"id":"c14dcf3a-b4c6-4253-a793-c57f975fa725","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":786,"width":803,"height":11}},{"id":"11a8195e-f7c4-4c8c-ae18-80360b1597dc","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":63,"box":{"x":70,"y":801,"width":760,"height":11}},{"id":"3f84ecba-5b23-4c31-8f40-cc7845c6c0d4","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":63,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"9f4b4c4d-f705-41e4-aca3-7e30ea3b42c8","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":63,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"9d8d049f-4460-4c7c-bd48-a229b6d9a9c5","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":63,"box":{"x":68,"y":846,"width":826,"height":11}},{"id":"19ff793d-e3fd-4f8f-9367-ce665165d27e","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":63,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"09b5d529-058d-4815-8dff-fad95b7c9e30","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":63,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"0d9da23d-0dca-4a84-81f0-eaf3227c783e","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":63,"box":{"x":70,"y":891,"width":816,"height":12}},{"id":"f77327bd-2aff-4f48-8cc8-8f0bc6dc07bd","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":63,"box":{"x":70,"y":906,"width":771,"height":12}},{"id":"c9f2bf8d-dc09-4349-a125-48953d95d8b6","block_type":"box","text":"II-15","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c2816a9-7cb9-4bbf-ab5b-72932d5b6f53","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc018d3f-a215-47c9-bbb9-28d175837ec5","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":64,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"f9cb7438-9987-4160-b10d-429b92910895","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":64,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"d5e67a92-6cd8-4380-af76-f7bc38c9e3aa","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":64,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"76dd0919-f6ea-4444-8eea-69f7168a1f9e","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":64,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"9c173c54-6112-481c-9029-aebc94c6aeed","block_type":"box","text":"by the clearing member.","page_number":64,"box":{"x":69,"y":105,"width":169,"height":11}},{"id":"24ba79e9-1ec7-4f30-9cec-01de664dd087","block_type":"box","text":"Credit Risk","page_number":64,"box":{"x":102,"y":128,"width":78,"height":9}},{"id":"5d5fc008-36b3-4b54-9403-4cd57921ed97","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":64,"box":{"x":184,"y":128,"width":698,"height":11}},{"id":"1a26c53e-bc3f-4587-9cf2-c290b0937802","block_type":"box","text":"honor its financial obligations.","page_number":64,"box":{"x":69,"y":143,"width":213,"height":11}},{"id":"7a593190-e0cd-4a3f-808e-b9a9ab9382f5","block_type":"box","text":"Currency Risk","page_number":64,"box":{"x":102,"y":166,"width":98,"height":11}},{"id":"3af3b607-c764-4067-879f-61f6f22c58fa","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":64,"box":{"x":204,"y":166,"width":669,"height":11}},{"id":"e13bca0d-3d4e-43bf-9bc8-99799f3fe725","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":64,"box":{"x":68,"y":181,"width":300,"height":11}},{"id":"a2bbe755-4024-42ea-9f36-29c025683bb9","block_type":"box","text":"Illiquidity Risk","page_number":64,"box":{"x":102,"y":204,"width":98,"height":11}},{"id":"3071e019-63dc-4b57-9387-5ba26511a2e5","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":64,"box":{"x":204,"y":203,"width":693,"height":12}},{"id":"c5cf7f3e-5f92-4765-ba53-fafe20a970d2","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":64,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"4e089eb3-9551-49b8-83fd-bb9c15ae2519","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":64,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"44d87336-799d-4969-8114-995ad62748ca","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":64,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"bfcf116d-5831-4bb0-b562-14375bb691fc","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":64,"box":{"x":70,"y":264,"width":824,"height":11}},{"id":"be958ce5-7988-44d9-9310-63d3e094177f","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":64,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"b4309c0e-e7b1-4b42-8a09-ce6e9afeff25","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":64,"box":{"x":70,"y":294,"width":762,"height":11}},{"id":"6350bb7a-acdb-4842-a198-63344f7c75f5","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":64,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"3e9cc3db-ceb9-432a-a2d3-8c68d2a6a7e6","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":64,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"c05c9ca7-3783-4283-ac6a-6b0cab93f5d3","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":64,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"6c7b0627-0328-4087-9c5c-5dfd0d9a91ee","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":64,"box":{"x":69,"y":355,"width":828,"height":11}},{"id":"a4f18e12-80b5-4ee5-90bc-141a2e89a856","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":64,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"ba10512e-9b9c-4835-811b-d2392800e030","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":64,"box":{"x":68,"y":385,"width":826,"height":11}},{"id":"8f4731eb-d014-4de6-b4f8-33388f218659","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":64,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"80b01e01-6bc9-4c81-b470-1e5e978dd1f3","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":64,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"2a6e235f-be47-4a15-bc87-548025583567","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":64,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"cbaf5291-08f6-47a4-b3d7-2d82ed676de4","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":64,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"5fd11611-05dc-4952-b936-bd281f8b8f8a","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":64,"box":{"x":69,"y":461,"width":796,"height":11}},{"id":"9aba1658-746f-4ebf-b82d-307839f52d83","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":64,"box":{"x":70,"y":475,"width":759,"height":12}},{"id":"3ab916f5-76f1-4437-a025-3b5706d8964f","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":64,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"36ecd655-e823-483c-b922-a64001d81116","block_type":"box","text":"may be disadvantageous to do so.","page_number":64,"box":{"x":69,"y":506,"width":243,"height":11}},{"id":"59ba9033-c7b3-4386-8710-43219d493eba","block_type":"box","text":"Index Risk","page_number":64,"box":{"x":102,"y":529,"width":73,"height":8}},{"id":"7502b80d-0ca5-4b51-82b0-1f772523e8f7","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":528,"width":714,"height":12}},{"id":"ad1fca85-2d0c-4b31-9efa-4d2793970eb7","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":543,"width":800,"height":12}},{"id":"c0cef1ee-4d11-483e-ad59-52160d301f12","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":559,"width":678,"height":11}},{"id":"2fae6dc6-f773-4b7c-9616-375e7c4c7dc6","block_type":"box","text":"Legal Risk","page_number":64,"box":{"x":102,"y":582,"width":73,"height":11}},{"id":"96924f24-fbac-4933-aef4-0056683f2bfd","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":581,"width":717,"height":12}},{"id":"c0cc5f63-580c-4fe5-ac8c-f29fa7f7bc9a","block_type":"box","text":"or enforceability of a contract.","page_number":64,"box":{"x":69,"y":596,"width":211,"height":12}},{"id":"ba8bfe21-27c0-4cfb-89a4-b2d2cc6e3614","block_type":"box","text":"Leverage Risk","page_number":64,"box":{"x":102,"y":619,"width":99,"height":11}},{"id":"12005057-da13-4774-9b08-abe5f7dabef9","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":619,"width":648,"height":11}},{"id":"0cbeed3c-e25f-4c17-b1ce-9d81866e5d9b","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":634,"width":823,"height":12}},{"id":"29dd9497-2227-4eeb-8b17-315481ddc56e","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":64,"box":{"x":70,"y":650,"width":425,"height":11}},{"id":"8d99d105-aa4d-481a-9e62-5dfa6bce142e","block_type":"box","text":"Market Risk","page_number":64,"box":{"x":102,"y":672,"width":85,"height":9}},{"id":"d5c541ed-7409-479f-9407-4468a67fbf46","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":672,"width":716,"height":11}},{"id":"ab3926dd-6d09-4142-b2c6-92840b1d87b2","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":687,"width":833,"height":11}},{"id":"ef161da0-60e1-434b-bf0a-0f6b999eb289","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":703,"width":794,"height":11}},{"id":"0654c03d-64c4-41cd-a4ae-dd56bb3b4bd3","block_type":"box","text":"affected.","page_number":64,"box":{"x":69,"y":717,"width":62,"height":9}},{"id":"e8c66114-8558-4622-9f0c-9647cfa11dc7","block_type":"box","text":"Operational Risk","page_number":64,"box":{"x":102,"y":740,"width":117,"height":11}},{"id":"f2c5cd95-dded-486c-ba19-71bbe0ab3e5f","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":64,"box":{"x":223,"y":740,"width":674,"height":11}},{"id":"5a9a91d3-1791-4279-9b6b-143fc85ae541","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":64,"box":{"x":70,"y":755,"width":451,"height":11}},{"id":"f26ba7f0-a3f6-47ac-b9b6-877df35e517a","block_type":"box","text":"Valuation Risk","page_number":64,"box":{"x":103,"y":778,"width":99,"height":9}},{"id":"f5df21ac-46e9-4eaa-ad94-c487b671ab09","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":778,"width":701,"height":11}},{"id":"0e9d890d-76eb-4355-9152-cf46589c87d5","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":793,"width":779,"height":11}},{"id":"03dafb32-1632-4b95-ad0c-b3ed32adda7a","block_type":"box","text":"complex instruments or quote prices for them.","page_number":64,"box":{"x":69,"y":808,"width":329,"height":11}},{"id":"c3690b33-bde6-449d-b1aa-e377c792c198","block_type":"box","text":"Volatility Risk","page_number":64,"box":{"x":103,"y":831,"width":93,"height":11}},{"id":"e05d409c-38e6-4b6d-8818-8c081646fbb0","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":831,"width":652,"height":11}},{"id":"d1fcf4ff-0614-41f7-9414-4204b19349b5","block_type":"box","text":"Types of Derivatives Transactions.","page_number":64,"box":{"x":103,"y":853,"width":240,"height":12}},{"id":"d0507d60-42e9-470f-998d-f5cfa8e13272","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":876,"width":771,"height":11}},{"id":"3b6d5688-7fde-4e44-b07d-be0b5457e584","block_type":"box","text":"including the following:","page_number":64,"box":{"x":70,"y":891,"width":159,"height":12}},{"id":"7d476010-7121-4dfa-82d3-2901e9de6a4d","block_type":"box","text":"II-16","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"db4e269b-f7b0-436a-9c66-9546aae969b3","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16d3b032-57e3-484d-9fea-ca1527b0a92f","block_type":"box","text":"Futures.","page_number":65,"box":{"x":102,"y":45,"width":56,"height":9}},{"id":"af2376f3-c8e5-4c47-acf9-af776956ca3f","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":65,"box":{"x":101,"y":67,"width":791,"height":11}},{"id":"7ce29ebb-20f7-473d-9596-ef68f037ce10","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":65,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"7e723d3f-1a2b-4c12-8d66-e1226056d307","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":65,"box":{"x":69,"y":98,"width":800,"height":11}},{"id":"855ce3d1-4b18-48d7-b55f-e72707ebb18c","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":65,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"37c80860-105b-4fea-8677-8cfbaed4bc6b","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":65,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"39ceea82-4cd3-40ed-876c-a003940e1b48","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":65,"box":{"x":69,"y":143,"width":478,"height":11}},{"id":"7d6273dc-32af-43fb-89d8-37daba12c0b2","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":65,"box":{"x":101,"y":166,"width":801,"height":11}},{"id":"6826173c-f2b0-42c6-b91a-2846e644eecb","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":65,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"d7fba5b9-9f2d-4acb-86b2-a7c548d9b2b3","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":65,"box":{"x":70,"y":196,"width":822,"height":11}},{"id":"7688c924-7e1d-450d-8328-b97ae78997cd","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":65,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"1746d726-7026-4f6b-ac7f-c124806a998b","block_type":"box","text":"of the futures contract.","page_number":65,"box":{"x":69,"y":226,"width":162,"height":9}},{"id":"7de36c43-efa0-4e38-b727-0bcfae2fae8f","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":249,"width":756,"height":11}},{"id":"c17b9030-1a5c-43d6-b242-d48970a8bf08","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":264,"width":820,"height":11}},{"id":"be199aa1-9ea9-4c3b-a1f9-7997da990a5f","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":279,"width":789,"height":11}},{"id":"107d0abf-a2d4-4002-9a45-efeb8d584f04","block_type":"box","text":"relating to the futures position.","page_number":65,"box":{"x":69,"y":294,"width":219,"height":11}},{"id":"021b29f9-405e-4547-9dc1-b2ee6fd55e9a","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":317,"width":757,"height":11}},{"id":"600c57fc-065f-4853-af6f-b1c145474649","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":332,"width":797,"height":11}},{"id":"a0b3e4d1-963f-446a-9442-7830ce29b1cf","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":347,"width":816,"height":11}},{"id":"ec0cde6c-c38e-4b05-910b-564899918c71","block_type":"box","text":"Regulations” above.","page_number":65,"box":{"x":70,"y":362,"width":140,"height":11}},{"id":"427cb9fc-369e-4851-9012-4735757b493c","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":385,"width":799,"height":11}},{"id":"d61790d7-a701-4eb9-9f5b-8062be44f31e","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":400,"width":818,"height":11}},{"id":"1d4e1997-1c76-4a4e-8e9d-0ed3ad5994b1","block_type":"box","text":"(","page_number":65,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"7cd6e9aa-dc07-4eef-b2ab-6b7128e33380","block_type":"box","text":"i.e.","page_number":65,"box":{"x":74,"y":415,"width":21,"height":9}},{"id":"c68a9a81-f415-4f34-912a-706147048078","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":415,"width":803,"height":11}},{"id":"a0dfe98c-735d-4c4d-b203-6ce95f528b1b","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":430,"width":830,"height":11}},{"id":"de0987d1-6bf0-4aff-bbdf-29f016de6d2f","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":445,"width":835,"height":11}},{"id":"527ad9c0-0ba9-41fd-bcf9-c5efe6ab8093","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":460,"width":831,"height":11}},{"id":"30fc38cc-1c8e-40a0-b304-206e7d39a5d5","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":475,"width":826,"height":12}},{"id":"4a01f002-9902-44d2-a23e-c87d75049193","block_type":"box","text":"Fund intends to purchase.","page_number":65,"box":{"x":70,"y":491,"width":183,"height":11}},{"id":"b5b5afd7-0cac-4340-bc9c-46322456ac28","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":513,"width":768,"height":12}},{"id":"80fcbc64-365f-4b8c-afd9-963c2b25a7c6","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":528,"width":835,"height":12}},{"id":"8cd8ad36-e5ae-40ce-829e-9cdd86edbef4","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":543,"width":839,"height":12}},{"id":"ac5de2b8-9643-46fc-b3f0-941d2739ced3","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":559,"width":773,"height":11}},{"id":"039f65ce-01d4-4a27-8c44-ace1e9b145a4","block_type":"box","text":"illiquidity.","page_number":65,"box":{"x":70,"y":574,"width":63,"height":11}},{"id":"fea44677-e361-413f-8ac3-d0b294dbc3d2","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":596,"width":757,"height":12}},{"id":"f0ef31ee-3ba1-4711-83e0-2ca7384af407","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":612,"width":807,"height":11}},{"id":"cf9f128b-c2d9-48d3-a977-57fa629b7b32","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":70,"y":627,"width":269,"height":9}},{"id":"bb5a89a9-a99f-45cd-9fe5-688c633fc281","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":649,"width":791,"height":12}},{"id":"bd51a372-4c3e-46d0-b71e-b58d40071349","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":664,"width":838,"height":12}},{"id":"27740ebb-db49-419b-8610-b712efb654d3","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":680,"width":814,"height":11}},{"id":"5377c5c6-eb33-4f79-b6fa-27cdc39b68ed","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":695,"width":837,"height":11}},{"id":"b72dd638-c41d-4a43-ab3f-d5b6da762b4b","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":710,"width":657,"height":9}},{"id":"4711eb1c-01df-4af1-b91b-2182195ff3a1","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":732,"width":792,"height":12}},{"id":"cb3b40e7-e872-44fc-a1a3-bae6ee674552","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":748,"width":826,"height":11}},{"id":"6fbf31c6-ee77-48fb-8725-f739d40226b1","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":763,"width":787,"height":11}},{"id":"4025e0eb-9045-4c64-ba50-c4f35b32a5cb","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":778,"width":786,"height":11}},{"id":"bfebf825-ba7f-47c5-ae8a-936b865a6957","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":793,"width":817,"height":11}},{"id":"e10f3d5c-bc89-4557-9837-7aa29d37602d","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":808,"width":561,"height":11}},{"id":"714acd8b-3990-42d7-9b0a-35597ed8bf41","block_type":"box","text":"Swap Agreements.","page_number":65,"box":{"x":102,"y":831,"width":131,"height":11}},{"id":"5c34ea3d-376e-49bc-bece-e5e86cdc4265","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":853,"width":782,"height":12}},{"id":"e2acb844-3ae4-4b62-b0cf-c1ae6d96cb59","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":869,"width":796,"height":11}},{"id":"407cf0d6-01f5-4118-96df-cd0faee32994","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":884,"width":799,"height":11}},{"id":"9dfe15c8-e626-4363-8ff0-7408e52cdeba","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":899,"width":792,"height":11}},{"id":"aa465c67-3bf9-4208-93b5-231358f0d328","block_type":"box","text":"II-17","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2996b8e2-7bd0-48b8-b06d-984520878f72","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0b14394-8123-42aa-87f0-60a4aa66c3d9","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":66,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"80863dd5-edc2-4637-89b8-c55fadf71d00","block_type":"box","text":"a “notional amount,”","page_number":66,"box":{"x":69,"y":60,"width":147,"height":10}},{"id":"c8f09af0-b5d4-49d2-9af0-301c0595ebb8","block_type":"box","text":"e.g.","page_number":66,"box":{"x":223,"y":61,"width":25,"height":10}},{"id":"30322499-2076-4bea-89f8-c748560b6380","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":66,"box":{"x":251,"y":60,"width":602,"height":11}},{"id":"f1138696-ae1d-4b77-a68e-c8cf2ed23082","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":66,"box":{"x":70,"y":75,"width":787,"height":11}},{"id":"6f190ac6-a49c-46ef-a634-cd1761229e24","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":66,"box":{"x":69,"y":90,"width":762,"height":11}},{"id":"842a78aa-b230-4d3c-baac-d4af04a08aac","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":66,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"1be91291-dd5b-477b-8789-bfe34b503ae4","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":66,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"3e79037d-97ba-4260-8977-7a8fcab3f741","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":66,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"0d30eaad-8790-4531-b483-3096cfb62a29","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":66,"box":{"x":69,"y":151,"width":826,"height":11}},{"id":"233f3fb3-eeef-4ad1-80a6-62b74210766a","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":66,"box":{"x":69,"y":166,"width":827,"height":11}},{"id":"7f674320-2b5a-44e1-8eb1-035366b760ef","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":66,"box":{"x":68,"y":181,"width":763,"height":11}},{"id":"6698e259-54d7-4d4b-b2de-d0fe06dcb55f","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":66,"box":{"x":102,"y":203,"width":329,"height":11}},{"id":"9eb101f9-57e5-4678-9aca-0dc456712b37","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":66,"box":{"x":438,"y":203,"width":439,"height":12}},{"id":"deb25839-4476-4df8-b053-dda5086372b9","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":66,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"8f8e7b57-9144-4da2-a808-35a22f420340","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":66,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"22edd782-cad5-400e-a160-abaeff1b59a4","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":249,"width":801,"height":11}},{"id":"735869c7-664c-428d-85b2-ebaa7a3be677","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":264,"width":829,"height":11}},{"id":"d44d3f4e-ee64-4d10-b4e9-d638b39fc28d","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":279,"width":798,"height":11}},{"id":"1547f383-84ce-4312-b2e9-17e65f08793c","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":294,"width":827,"height":11}},{"id":"6dd87986-865b-4b12-8446-af78bfdc8d32","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":309,"width":836,"height":11}},{"id":"ef6ba39f-0fbb-4ad4-afcb-a8d95995d35f","block_type":"box","text":"index CDS.","page_number":66,"box":{"x":70,"y":324,"width":75,"height":9}},{"id":"4c28cf9e-fc64-4d6f-917a-db3b2a6552be","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":347,"width":800,"height":11}},{"id":"7e184c20-d24b-4770-babd-6891517b24ce","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":362,"width":806,"height":9}},{"id":"4d68b6ae-d6dd-4512-b8d4-0ad2202e484e","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":377,"width":828,"height":11}},{"id":"344bf8d8-dfba-4420-97b2-83854a97168e","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":392,"width":804,"height":12}},{"id":"8cba9632-cb8e-4f43-b238-755fc79c41b2","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":407,"width":812,"height":12}},{"id":"2e8a6a09-fba6-4393-b659-58df9c3edb69","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":423,"width":798,"height":11}},{"id":"e6e82045-b5fa-4ac9-80a5-642502c0505f","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":438,"width":819,"height":11}},{"id":"c9f34d88-1e51-4abb-8a91-b1d383b6281a","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":453,"width":810,"height":11}},{"id":"79adec0a-0131-4f50-91f4-db3d9de4a006","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":468,"width":821,"height":11}},{"id":"e09d1ffd-5700-488d-8eba-c80084858634","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":483,"width":811,"height":11}},{"id":"bf312a67-fb31-4e4a-8a57-cdde578f77b2","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":498,"width":809,"height":11}},{"id":"88531aa4-e6cb-48b2-9c2e-a327141179f1","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":513,"width":827,"height":12}},{"id":"ebcbfefc-648f-4e2a-937b-d8b49a84d752","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":529,"width":834,"height":10}},{"id":"8178ba07-db2e-4966-8073-e2ef4f82bafc","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":543,"width":778,"height":12}},{"id":"c338258b-cb95-4256-81a8-3bbd081c1011","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":559,"width":809,"height":11}},{"id":"caafd89c-6f30-4169-9af7-ec569cd236bf","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":574,"width":815,"height":11}},{"id":"6a2a6860-d94f-4c10-b22a-710b203f8d18","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":589,"width":807,"height":11}},{"id":"cd0477d5-5a15-4e28-aaed-0329f0bd6966","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":604,"width":832,"height":11}},{"id":"dcfd6bdd-0cfb-480c-bc7b-32cc9515de96","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":619,"width":711,"height":11}},{"id":"c129a961-5a60-4fa2-9f50-32b16e381017","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":642,"width":757,"height":11}},{"id":"27cd7207-9aa5-45d1-92b1-6611a202b0da","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":657,"width":794,"height":11}},{"id":"32c3f7b9-c3f9-4216-a1d5-122babe3d079","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":672,"width":830,"height":11}},{"id":"beceadfe-a547-4f98-a606-b94327ecde7d","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":687,"width":835,"height":11}},{"id":"bdd3729b-dc4d-47ed-a8e7-a8ecfbd8b699","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":702,"width":817,"height":12}},{"id":"26acd545-4cc9-4628-9f70-f6ddc17e48f0","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":717,"width":820,"height":12}},{"id":"88d2be6a-9182-4713-a632-2ed7abab561f","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":732,"width":833,"height":12}},{"id":"11c25124-9be2-4195-adfd-959824d4aac1","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":748,"width":837,"height":11}},{"id":"f44ee273-aa22-42e4-b9f3-a364046059b7","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":763,"width":820,"height":9}},{"id":"d071bde2-d766-418b-9568-7b346ae4a99b","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":778,"width":828,"height":11}},{"id":"eaf7911a-194c-48f0-a4f8-a4c6ba470ff0","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":793,"width":815,"height":11}},{"id":"79f45c4c-57da-4443-b283-d79a33c626fb","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":808,"width":814,"height":11}},{"id":"db06c049-6e27-430c-8370-ed168eaa7d1c","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":823,"width":766,"height":12}},{"id":"8d0feeaf-6055-4051-bddd-508dc38fba01","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":839,"width":840,"height":10}},{"id":"1199ec52-80f6-4eea-a77c-014676a6ad50","block_type":"box","text":"conditions.","page_number":66,"box":{"x":69,"y":854,"width":76,"height":8}},{"id":"2042438f-71f8-4cf7-9bcc-db9f1d3f528d","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":876,"width":762,"height":11}},{"id":"78f25e67-d9db-4056-b399-5fb7e0f0cd32","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":66,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"7a3c20bf-7a4d-4d69-9832-13dfd561e1e2","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":906,"width":727,"height":12}},{"id":"4ea9970a-5a1f-4bca-a9de-b258cb660dcf","block_type":"box","text":"II-18","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6514643d-a55d-4920-8ce8-a3b953a3453f","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f70728e8-b46d-4b4a-b5ed-e53d2ee626f3","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":67,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"e096c923-cf55-4bc2-b46d-aafcafe6500e","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":67,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"93159258-a5d6-41b2-a302-3f27b736ea68","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":67,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"32571fc8-9071-46d1-a470-33b742d37195","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":67,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"5dfc05aa-48c3-4309-a27c-fea556b8c2f2","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":67,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"1fcf8468-3688-411f-99a7-88dc88074056","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":67,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"c94b1017-abb8-45d4-9c7f-c61a7239be52","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":67,"box":{"x":68,"y":136,"width":355,"height":11}},{"id":"ee431c27-e849-4d8c-8a05-cf625d3890e7","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":67,"box":{"x":102,"y":158,"width":750,"height":11}},{"id":"3203a7c5-18d3-4db9-aa9f-82300e46972d","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":67,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"cad5eac3-8c3c-4265-997f-524a91aca60b","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":67,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"de0a8672-e8c4-4389-bfe7-dd34fef33a99","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":67,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"285b2088-2348-4d46-924f-b6db84f0c24c","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":67,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"7d890695-4912-4d1e-99cf-f9df77bda615","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":234,"width":839,"height":11}},{"id":"8a6023b1-fb6a-4ed9-b98a-8b55d7cae639","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":67,"box":{"x":69,"y":249,"width":495,"height":11}},{"id":"69c204ed-fbf0-4a12-b430-98da7902c794","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":271,"width":752,"height":12}},{"id":"3d210fac-3ae9-46cb-b98c-16b971053e00","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":286,"width":814,"height":12}},{"id":"4bb9dd91-c06c-418b-8271-307756a01463","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":302,"width":520,"height":11}},{"id":"d94d554a-167d-4fa3-855f-619a57d8c97b","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":67,"box":{"x":102,"y":324,"width":273,"height":11}},{"id":"9ea9a234-5d07-4412-a695-a928d26b13bc","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":324,"width":515,"height":11}},{"id":"edf7aa8f-f0eb-4235-ac1a-4d2f128a5397","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":339,"width":755,"height":12}},{"id":"756cc2b1-149e-4743-8f1e-4fb80d56b82f","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":355,"width":788,"height":11}},{"id":"be50c2c9-5582-4975-bda8-8358502fff0d","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":370,"width":768,"height":11}},{"id":"955c259a-b23a-4cf4-bc53-ce8de68b5155","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":67,"box":{"x":70,"y":385,"width":461,"height":11}},{"id":"6ff94486-9711-4b8f-8af2-23230f699c48","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":407,"width":748,"height":12}},{"id":"abd81ea5-a49b-4981-b1cc-7584f0d9e525","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"cd74c93a-0318-4641-a93d-ec3c1ee3b466","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":438,"width":829,"height":11}},{"id":"9a0b8062-41bc-458d-a779-acfe4001d70a","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":453,"width":797,"height":11}},{"id":"6acbf450-b0e4-4ef1-b820-7937d53d7b03","block_type":"box","text":"cleared interest rate swaps.","page_number":67,"box":{"x":69,"y":468,"width":198,"height":11}},{"id":"26387b58-6442-4a6a-ad08-c75a4dee0b51","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":491,"width":766,"height":11}},{"id":"0d512fc3-fb30-46f6-b6d5-f55aef4984eb","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":506,"width":829,"height":11}},{"id":"10c83a3a-acf8-4e07-9560-31571138ec23","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":521,"width":830,"height":11}},{"id":"1a3dfbf5-6e0c-45df-8830-bba28e3397e1","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":536,"width":822,"height":11}},{"id":"52d418fa-5b30-4c26-8afd-ef4efaf94cd7","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":67,"box":{"x":70,"y":551,"width":824,"height":11}},{"id":"41d44f40-35ec-4a13-880a-2357d88b47d4","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":67,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"caa6b5c5-4984-4900-b359-6c299508b15a","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":67,"box":{"x":69,"y":582,"width":801,"height":10}},{"id":"62ee4282-ddb2-4926-815f-169ae9a2be9c","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":67,"box":{"x":70,"y":597,"width":480,"height":10}},{"id":"56c06bbf-504f-4dbf-856f-7ba127832fd9","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":619,"width":790,"height":11}},{"id":"d65ff564-4e1b-4c6e-9cc6-24512bfaef27","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":634,"width":825,"height":11}},{"id":"981e41a1-7bce-44ea-a82f-84cb1de1bbb8","block_type":"box","text":"or variable interest rate, index or asset.","page_number":67,"box":{"x":69,"y":650,"width":280,"height":10}},{"id":"e4edb606-d614-4f95-90b8-44dfeaf8de90","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":672,"width":780,"height":11}},{"id":"ac72a39b-6451-4347-891b-7826ce62da76","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":687,"width":805,"height":11}},{"id":"260a5984-1f64-424d-b77c-3ed89bd8804d","block_type":"box","text":"such interest rate floor.","page_number":67,"box":{"x":69,"y":702,"width":165,"height":9}},{"id":"08a3c5f6-58bc-4330-b257-bf626e6cca9f","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":725,"width":780,"height":11}},{"id":"84b8571f-3fec-4ab8-82a9-274ce1fd3170","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":740,"width":805,"height":11}},{"id":"87225649-347d-4a99-9694-19334ab8f516","block_type":"box","text":"such interest rate cap.","page_number":67,"box":{"x":69,"y":755,"width":159,"height":11}},{"id":"4db68e16-36f3-40d1-9345-f324450d82c2","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":778,"width":729,"height":11}},{"id":"d0572606-0f27-440f-80b6-3afd0aa00dfb","block_type":"box","text":"commitments to pay or receive interest,","page_number":67,"box":{"x":69,"y":793,"width":282,"height":11}},{"id":"034e8749-e49e-4b46-bb96-07f8e765f3a2","block_type":"box","text":"e.g.","page_number":67,"box":{"x":359,"y":794,"width":24,"height":10}},{"id":"6671797c-db30-4601-99c0-52158e7cbdcc","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":67,"box":{"x":386,"y":793,"width":482,"height":11}},{"id":"ae67a437-2106-4973-abbc-31a228cc6e97","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":808,"width":814,"height":11}},{"id":"1dc1889b-0a6e-4077-8a1f-5528cfb7763d","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":823,"width":823,"height":12}},{"id":"abf61dca-f57a-4f98-acca-6c632a1c7585","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":838,"width":832,"height":12}},{"id":"654747cd-0c74-4401-81a1-8a1eaa1da808","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":853,"width":807,"height":12}},{"id":"4a7a903b-06f2-4b25-85b4-5bb83d5ba8ab","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":869,"width":836,"height":11}},{"id":"06660bee-8867-43d0-8b7a-d8d312095ad5","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":884,"width":826,"height":11}},{"id":"b90cbd64-e0a8-42fd-9475-d410505b655c","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":899,"width":840,"height":11}},{"id":"998b316d-fadb-4c03-a040-56a26b3f6f7b","block_type":"box","text":"II-19","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7233d330-5d6b-420d-8782-e5db5a7e882a","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80e2f47a-3b7c-4de3-9447-8c372591a7bf","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":68,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"d31af3a0-e1ce-4225-849d-14d54ebdca77","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":68,"box":{"x":68,"y":60,"width":646,"height":11}},{"id":"c267cbd7-972d-4494-9ab6-499ca5d41e14","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":68,"box":{"x":102,"y":82,"width":798,"height":12}},{"id":"5a6cb908-5a69-43c2-a8f3-b375226a0dd1","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":68,"box":{"x":70,"y":98,"width":490,"height":11}},{"id":"49f26888-9d52-4fe7-8ae5-36c77b573b32","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":68,"box":{"x":102,"y":120,"width":791,"height":12}},{"id":"a914b3f8-d2e9-46e0-92bb-10b95e296e51","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":135,"width":454,"height":9}},{"id":"1b04fc34-f80b-4f6f-9793-9178cb19fb55","block_type":"box","text":"Total Return Swaps.","page_number":68,"box":{"x":103,"y":158,"width":139,"height":11}},{"id":"d5cd1529-6b49-404a-89af-618cca49415f","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":68,"box":{"x":249,"y":158,"width":634,"height":11}},{"id":"7fac4860-5502-46e7-ac13-2ec1e7ebae60","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":68,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"7260a042-fd38-43c1-8aaa-1aeeb24fa9fd","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":68,"box":{"x":69,"y":188,"width":764,"height":12}},{"id":"eee78279-1d49-4dfc-a16e-18afee5826f4","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":68,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"5a91f5bb-f09f-42c8-8d00-5194d2b6829a","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":68,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"39c665d5-31f5-4ed9-bdb1-b9d636929c10","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":234,"width":838,"height":11}},{"id":"3cc1937e-7078-46b2-8779-d7badd1d6a1e","block_type":"box","text":"“contracts for difference.”","page_number":68,"box":{"x":70,"y":249,"width":184,"height":9}},{"id":"cb1d7f3d-6ed4-458a-869a-757170485b95","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":272,"width":770,"height":11}},{"id":"e641131c-75bb-4374-8c7b-a7fb2416f955","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":286,"width":780,"height":12}},{"id":"335f5056-0683-4550-bb15-4e280070dde4","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":302,"width":839,"height":11}},{"id":"b277a8bb-fe8b-4ce8-be70-c64cc8a8c72a","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":317,"width":816,"height":11}},{"id":"586d62f9-83f0-40c6-ba46-394626784618","block_type":"box","text":"the notional amount of the swap.","page_number":68,"box":{"x":68,"y":332,"width":235,"height":11}},{"id":"dbcd0d1f-6b76-4c05-b94d-5799a103a641","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":355,"width":746,"height":11}},{"id":"e3b5e7ca-82f5-4054-976e-a373b4b6c2b7","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":370,"width":433,"height":11}},{"id":"34c06828-610b-42c8-aec8-63b52e4123f1","block_type":"box","text":"Options.","page_number":68,"box":{"x":102,"y":392,"width":57,"height":11}},{"id":"9bd1630a-197a-4b35-95f0-a5e46129fc7c","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":68,"box":{"x":102,"y":415,"width":319,"height":11}},{"id":"1545c76f-9555-4bea-941f-90bc49bcbef6","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":68,"box":{"x":427,"y":415,"width":418,"height":11}},{"id":"3cf41442-165a-4a40-a8b1-c078c3507615","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":430,"width":838,"height":11}},{"id":"db948732-dd05-4faa-9f87-8def26f68808","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":445,"width":820,"height":11}},{"id":"1a721649-6a29-42ea-a4dd-3bb8dbe11c08","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":460,"width":826,"height":12}},{"id":"1d713143-35a5-420f-b650-e1e08a50ef89","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":475,"width":806,"height":12}},{"id":"3d3c18fb-3b65-4d8e-976a-417f44683816","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":491,"width":825,"height":11}},{"id":"95dbb0e5-cafc-4c04-8929-eb9eee582f2d","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":506,"width":822,"height":11}},{"id":"7cdc4561-eebd-4b80-9d41-7c7c537fbc0e","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":68,"box":{"x":69,"y":521,"width":366,"height":11}},{"id":"922c1286-57a3-4061-8cb8-6ac6f6d4323f","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":543,"width":743,"height":12}},{"id":"8a837f86-e93f-4117-b428-7fdd24c989ed","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":559,"width":804,"height":11}},{"id":"594a1702-6e6a-41a7-bf0d-2e3b3673509d","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":574,"width":827,"height":11}},{"id":"7a2c0d9d-d2de-4d8f-a294-25c3acb61174","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":589,"width":827,"height":11}},{"id":"be1389eb-64ba-41c6-9024-5a20ac4f9a79","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":604,"width":812,"height":11}},{"id":"2f4050a3-4249-46d7-a9b2-16f9eb2bd0e8","block_type":"box","text":"OTC markets.","page_number":68,"box":{"x":69,"y":619,"width":95,"height":9}},{"id":"aa26a401-62ea-40ac-a43d-3c678bb938e3","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":642,"width":806,"height":11}},{"id":"fce80c18-88bb-433b-bc76-2edda38c68c2","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":657,"width":791,"height":11}},{"id":"7d4293e6-fc82-4d78-9a34-a9744effeecc","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":68,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"2147b05c-8dbf-49b0-9c39-3ed863cdc5b3","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":68,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"8708018f-c2ee-4da4-8c6d-cf7678c10c59","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":68,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"f11f4dd9-6e92-46aa-a959-cb7c9169943e","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":68,"box":{"x":69,"y":718,"width":769,"height":11}},{"id":"23e460a8-b147-4859-90b4-7a38930c4c1c","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":68,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"207f426a-64ec-4a89-9c8b-cf0c7a1fef99","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":68,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"9ede2ac0-ca96-4730-a80b-adb6e546288a","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":68,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"dfdefe92-3293-4bfb-b76f-d603168b2f2c","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":68,"box":{"x":70,"y":778,"width":798,"height":11}},{"id":"b41b8973-1bb2-4b55-9dea-1aaee9fcb00f","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":68,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"23dd1970-6e6f-42e9-8248-4ed8eb2c59ef","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":68,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"133ee3a6-cec1-4fd5-bf7b-f2ba64d5cd46","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":68,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"4c3ddc9f-3fec-478d-9ee1-87046bb44da9","block_type":"box","text":"terms.","page_number":68,"box":{"x":68,"y":839,"width":45,"height":8}},{"id":"6db1f88f-dd25-450a-bec8-8e49c87e16a3","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":68,"box":{"x":102,"y":861,"width":801,"height":11}},{"id":"b2b4144b-c328-4068-949e-1cb8da48ac41","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":68,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"57e61e8e-f0a9-45ad-8c31-6007a1b249a7","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":68,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"92c9cb37-7e7f-4191-96d5-a6a6db8d3976","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":68,"box":{"x":69,"y":906,"width":762,"height":12}},{"id":"ceb542d9-016b-4d92-b168-db31e4c708e3","block_type":"box","text":"II-20","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8e3e062-d8ba-454d-b333-ac31d0012488","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94e3db91-8a11-429e-aca4-e6d70f4f22b1","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":69,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"40cbc171-035e-4015-beaf-b2377b533785","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":69,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"7918e9f7-66e9-4d91-84ea-925814869d00","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":69,"box":{"x":69,"y":75,"width":491,"height":11}},{"id":"cc21a8a4-f864-4427-bfd9-bfded772b181","block_type":"box","text":"Call Options.","page_number":69,"box":{"x":102,"y":98,"width":89,"height":11}},{"id":"ae10ff2c-fcfd-45bf-b181-c7ae76d50084","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":69,"box":{"x":197,"y":98,"width":694,"height":11}},{"id":"7b2e593d-37c8-4a3e-ad3e-42bcd262087f","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":69,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"57a9f4eb-ccff-4278-ac72-9b5638f8085f","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":69,"box":{"x":68,"y":128,"width":813,"height":11}},{"id":"7c552dae-2d07-486a-a66a-11f43aa4aaa6","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":69,"box":{"x":70,"y":143,"width":795,"height":11}},{"id":"2e1137da-f051-4284-bebf-e8824efa1893","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":69,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"be14b19c-1683-4340-b2ea-9e4943171559","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":69,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"6005bbc9-a666-4ec7-beb7-47e643d70f2b","block_type":"box","text":"of the option.","page_number":69,"box":{"x":69,"y":188,"width":93,"height":11}},{"id":"f076d4a5-ddaf-422e-a143-465e78df88c4","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":69,"box":{"x":101,"y":211,"width":794,"height":11}},{"id":"d2ca9fa8-14f3-4c61-a43d-9446a2ef8a2e","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":69,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"791a4476-7019-47eb-a791-43e328ceba7b","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":69,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"1a589cae-714b-4b95-b550-fe826e8e6c6f","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":69,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"efb4fdd5-43a8-4e50-93e2-3029c86b6a96","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":69,"box":{"x":70,"y":272,"width":711,"height":11}},{"id":"30d64bf9-c630-43f1-b215-ee5ee70e255b","block_type":"box","text":"A Fund may write (","page_number":69,"box":{"x":101,"y":294,"width":130,"height":11}},{"id":"f8790fe3-2e01-41c6-a7c2-b8f960be584a","block_type":"box","text":"i.e.","page_number":69,"box":{"x":233,"y":294,"width":20,"height":9}},{"id":"1b965539-e020-4baf-992e-ad309b41888e","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":69,"box":{"x":256,"y":294,"width":627,"height":11}},{"id":"bf58e71c-3396-4713-8919-cc1dda6dd096","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":69,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"26901401-ec76-4999-92f0-6db896ed12d8","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":69,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"954cd083-bc1c-4b09-94c4-49ba7e1c71bf","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":339,"width":797,"height":12}},{"id":"6e20c0ee-0893-41b3-917c-18dcc45dc864","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":355,"width":823,"height":11}},{"id":"34c8efbd-435a-4956-a06a-e89944b5b4e5","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":370,"width":823,"height":11}},{"id":"f95d3c9d-8d78-4686-aeb9-4cf2186af8ac","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":385,"width":825,"height":11}},{"id":"811bc908-a617-40f1-baff-f49149c1a8bc","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":400,"width":800,"height":11}},{"id":"997e41dc-f0ff-40e7-8a2e-ff15f6b77fda","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":415,"width":792,"height":11}},{"id":"46817021-8dbd-4513-87cf-3c6ea1cf96f8","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":430,"width":826,"height":11}},{"id":"f4badaa3-33ed-443e-a13a-a07878a42e3d","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":445,"width":760,"height":12}},{"id":"50288404-300c-4d94-9209-10e482512646","block_type":"box","text":"A Fund may write","page_number":69,"box":{"x":101,"y":468,"width":120,"height":11}},{"id":"ea6f9cc7-e535-4f4c-aa1b-10e405e60372","block_type":"box","text":"(i.e.","page_number":69,"box":{"x":228,"y":468,"width":25,"height":11}},{"id":"9bf18e2c-545b-46fd-a05f-d04bb8e2c43e","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":468,"width":628,"height":11}},{"id":"6080c9bb-bdfa-439b-ae66-6f2a7d1671c0","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":483,"width":834,"height":11}},{"id":"4b72eb6d-38d7-43ed-a930-6c1134dbb15b","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":498,"width":830,"height":11}},{"id":"aaf86be7-14fa-4fea-b52e-d941e554c32a","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":513,"width":825,"height":12}},{"id":"735392b4-4b81-403d-8738-ca0f04e8cce1","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":528,"width":818,"height":12}},{"id":"dce72b44-3759-4030-a2ed-3c1b9419424b","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":543,"width":806,"height":12}},{"id":"827eedf9-4aee-4252-9f6e-9f5b7d17ddb6","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":559,"width":839,"height":11}},{"id":"5d422790-d5cb-40e0-ae35-4eae3c787fb6","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":574,"width":793,"height":11}},{"id":"5ca3837f-7002-424f-8bfb-d17f5bd0881a","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":589,"width":814,"height":11}},{"id":"949fdcf5-1550-434e-b5fa-826f3f82deac","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":604,"width":818,"height":11}},{"id":"0a35552e-83f8-49c6-a219-aae058ed36bf","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":619,"width":825,"height":11}},{"id":"e8f57528-59f7-4a4e-a166-a51cb1f8dd21","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":69,"box":{"x":69,"y":634,"width":326,"height":11}},{"id":"7a705cf5-ee2f-48f5-bfb5-12936c815939","block_type":"box","text":"Put Options.","page_number":69,"box":{"x":102,"y":657,"width":85,"height":11}},{"id":"291f1b81-5109-4a6d-be18-9c00ca2b9223","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":657,"width":712,"height":11}},{"id":"e6460315-4045-4e24-9c9e-5ea7a1197a52","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":672,"width":828,"height":11}},{"id":"39e09b44-2bbb-418b-932f-cec51b1a1e74","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":687,"width":816,"height":11}},{"id":"82c70618-0258-4abb-95af-38b58175414b","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":702,"width":820,"height":12}},{"id":"461b30c4-2bc2-44f7-a570-ea7980bee054","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":717,"width":826,"height":12}},{"id":"6c67c59c-c547-483e-b61b-2944b3639740","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":732,"width":815,"height":12}},{"id":"3a747e72-bc53-4de8-9bb1-ebddf0fee690","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":748,"width":839,"height":11}},{"id":"51b46282-3dfc-4d8c-a1a3-cca6e19dfb84","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":763,"width":841,"height":11}},{"id":"33ce7fa6-5a08-49d7-b5a1-ebb5d49481b0","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":778,"width":785,"height":11}},{"id":"bb48d1e8-d6ba-44a4-abb7-04324d50060b","block_type":"box","text":"purchase uncovered put options.","page_number":69,"box":{"x":70,"y":793,"width":231,"height":11}},{"id":"07535723-bd13-4612-9e86-6a40f6fa1a0e","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":816,"width":165,"height":11}},{"id":"85e5b392-d3ea-48cf-8566-85b5d0766717","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":816,"width":20,"height":9}},{"id":"27ff8988-1d30-4f54-91a4-b4fd2dd90fdf","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":816,"width":591,"height":11}},{"id":"10917a82-19e2-48ce-9072-71108d5b7d23","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":831,"width":675,"height":11}},{"id":"e55452e4-d0de-4bc8-ba12-6402e3799ad6","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":854,"width":165,"height":11}},{"id":"cb0ecc90-45e0-42d9-aa55-8db6781fed27","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":854,"width":20,"height":8}},{"id":"71b3e886-2a81-447d-9f5b-a5a16a93db47","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":854,"width":593,"height":11}},{"id":"bd9faa3c-e580-48f2-b3f2-8361ea4f0ee2","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":869,"width":789,"height":11}},{"id":"22162bb4-0a62-4114-b905-dcc12518f4b4","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":884,"width":773,"height":11}},{"id":"ac38771e-9405-4163-946e-1e377cb130e5","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":899,"width":807,"height":11}},{"id":"4267bb05-ea71-4f1f-92ab-54934d926c00","block_type":"box","text":"II-21","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c2b56eab-9b3a-4cc5-80a5-a892c2759356","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e865b684-fee5-4735-b99b-ea2b93d2a843","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":70,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"99746b4c-4623-48de-aa37-eba393faef88","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":70,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"0a898985-8737-49d0-98a2-20aad790dce0","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":70,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"ac4d3e2d-3627-4b2e-af7f-94acca64e120","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":70,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"0ce5c7f3-4fc7-4bf1-93d3-2feb40bbf986","block_type":"box","text":"the exercise price.","page_number":70,"box":{"x":68,"y":105,"width":130,"height":11}},{"id":"16d1f5dc-51c4-4fe7-97fa-b96b97df1ab0","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":70,"box":{"x":102,"y":128,"width":556,"height":11}},{"id":"01739732-64d2-42f1-bbf0-2c93a6b0cfc9","block_type":"box","text":"The following information relates","page_number":70,"box":{"x":664,"y":128,"width":232,"height":11}},{"id":"a01a0749-7ad2-4fda-a3da-534d54676e12","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":70,"box":{"x":68,"y":143,"width":784,"height":11}},{"id":"c9959ed1-81e2-405b-a93a-141e86707cd9","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":70,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"9ff40d9a-e1a8-43a2-8875-9068fbeabf39","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":70,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"59b5e5c3-9385-4df1-9f91-634474052729","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":70,"box":{"x":70,"y":188,"width":781,"height":12}},{"id":"ac647b66-6d80-4cce-8644-71a75bcd11f1","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":70,"box":{"x":70,"y":203,"width":803,"height":11}},{"id":"75e8bb9d-8f18-4089-a9e5-89348663c3c4","block_type":"box","text":"market in order to maintain its “cover.”","page_number":70,"box":{"x":69,"y":219,"width":277,"height":8}},{"id":"bc548a46-8472-45e0-a2e5-3a7fe19eafe1","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":70,"box":{"x":101,"y":241,"width":807,"height":11}},{"id":"2371eb0c-3c08-474b-a8eb-c0d6d85dd0b1","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":70,"box":{"x":68,"y":256,"width":835,"height":12}},{"id":"1fdd6276-b40a-402c-b410-5c68311333a3","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":70,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"fe73974a-1314-4b9c-9093-700c1bfbc222","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":70,"box":{"x":68,"y":286,"width":784,"height":12}},{"id":"0f2e8780-bdfb-40c1-babe-7c034f1988d1","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":70,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"599972de-4e7b-452a-93fb-57490e532aa7","block_type":"box","text":"and incur transaction costs.","page_number":70,"box":{"x":69,"y":317,"width":197,"height":9}},{"id":"9aa92fbf-8817-49f1-9985-b7f69186fd8a","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":70,"box":{"x":102,"y":340,"width":235,"height":10}},{"id":"65782fbc-f80a-41e0-9a25-3cec5af0840b","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":340,"width":563,"height":11}},{"id":"47ffc86d-1ee1-4df7-9f80-174dd804e9cb","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":355,"width":763,"height":11}},{"id":"288526d6-d43f-4274-93fe-dae2892c4f37","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":70,"box":{"x":69,"y":370,"width":439,"height":11}},{"id":"58587f05-21b0-4403-815f-c1eee608db44","block_type":"box","text":"i.e.","page_number":70,"box":{"x":510,"y":370,"width":20,"height":9}},{"id":"d82ee36a-8d29-4195-822f-71cc6afd062f","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":70,"box":{"x":533,"y":370,"width":309,"height":11}},{"id":"9faac1df-4a41-4b72-b6a3-fdfb47fd2576","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":385,"width":826,"height":11}},{"id":"1a915f18-fe80-4303-81b3-bdac90d27706","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":400,"width":793,"height":11}},{"id":"4b0424cc-e94c-4479-babb-c0e224175184","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":415,"width":802,"height":11}},{"id":"1c1840bc-1cfa-4a5b-90ce-1eee921f87fe","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":430,"width":836,"height":11}},{"id":"498c3a73-565e-4ad6-926b-3fcb6b8774c5","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":445,"width":832,"height":12}},{"id":"befca24c-c204-4266-97bb-5d4a8d167c93","block_type":"box","text":"required, to be cleared.","page_number":70,"box":{"x":69,"y":461,"width":165,"height":10}},{"id":"9ad935e6-21ab-4b6a-9700-3cb60c810deb","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":483,"width":760,"height":11}},{"id":"fd455a59-110f-429f-9a87-9dceca0cc83b","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":498,"width":830,"height":11}},{"id":"e66c7e3e-9640-47b0-b8f1-c2429216e590","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":513,"width":706,"height":12}},{"id":"fa407b2e-eaf5-4ade-a365-155489125258","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":536,"width":805,"height":11}},{"id":"04ec788b-a20c-45db-95c3-419e0a77bc20","block_type":"box","text":"Derivatives” above.","page_number":70,"box":{"x":70,"y":551,"width":135,"height":9}},{"id":"6eb76521-0aa1-4eb1-8e56-1c537bb39cae","block_type":"box","text":"FLEX Options.","page_number":70,"box":{"x":102,"y":574,"width":96,"height":11}},{"id":"4124050d-e256-45b8-9f38-8ad6ea3a4293","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":70,"box":{"x":206,"y":574,"width":702,"height":11}},{"id":"9aa096a1-4db8-4e56-977c-117b350a5cf6","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":589,"width":839,"height":11}},{"id":"5ba6b9c5-2a28-43a7-9250-7405edb26601","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":604,"width":818,"height":11}},{"id":"63baccfe-58ab-42e7-84f3-d67d2c378e64","block_type":"box","text":"exercise prices, exercise styles (","page_number":70,"box":{"x":69,"y":619,"width":231,"height":11}},{"id":"a831da68-3ebc-4ef7-936b-ce63dae3d724","block_type":"box","text":"i.e.","page_number":70,"box":{"x":302,"y":619,"width":20,"height":9}},{"id":"b45e2021-4fc0-47b3-a67f-165b601908f9","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":70,"box":{"x":325,"y":619,"width":561,"height":11}},{"id":"aeddba26-f046-42fc-bcfa-7ea2ff8b1fab","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":634,"width":768,"height":12}},{"id":"725ac3a3-d953-459a-9916-287133797f8c","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":649,"width":812,"height":12}},{"id":"900a5934-1b04-4246-b75d-399456a0e3fd","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":664,"width":830,"height":12}},{"id":"8d0137e0-7306-490a-a345-d1952b875e6f","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":680,"width":792,"height":11}},{"id":"0602e9a2-8479-40cb-b082-7af990e98677","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":695,"width":802,"height":11}},{"id":"c371e8a1-8bf4-403d-9b5f-82d4b566b1b1","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":710,"width":806,"height":11}},{"id":"ac85e9ae-bd89-4d06-b9c0-c6a962829c81","block_type":"box","text":"FLEX Option’s expiration date.","page_number":70,"box":{"x":70,"y":725,"width":211,"height":11}},{"id":"a7779159-ad77-423b-8084-22e4a3bb0e88","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":748,"width":783,"height":11}},{"id":"99576585-b0d7-427a-85d9-c8151f10d93a","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":763,"width":802,"height":11}},{"id":"0b6b9651-4771-40df-a622-33c5b8fcd454","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":778,"width":826,"height":11}},{"id":"c2ef7742-9a7c-4b38-b340-44fc7460dad3","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":793,"width":814,"height":11}},{"id":"8dd18ead-a2d4-4861-98fc-d7e8ea5e3aec","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":808,"width":822,"height":11}},{"id":"5dc91582-e6d9-4bb0-97b4-bbd9722f6eba","block_type":"box","text":"FLEX Options contracts.","page_number":70,"box":{"x":70,"y":823,"width":166,"height":11}},{"id":"b5dd969a-5d75-4b50-9a98-1cf52dc5bce2","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":846,"width":748,"height":11}},{"id":"8e978f2d-5b47-4350-b3b0-d8c3e4a1d6a9","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":861,"width":822,"height":11}},{"id":"c4e48d46-4af7-46fa-97b6-79f2f14020eb","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":70,"box":{"x":69,"y":876,"width":759,"height":11}},{"id":"5ea05028-f169-4c03-b561-f9d6dff6f938","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":891,"width":833,"height":12}},{"id":"3ab8c098-cdcc-4f6e-88ef-04742ba4be9d","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":906,"width":829,"height":12}},{"id":"c57df22d-cfff-467e-9eda-32cbda3a7073","block_type":"box","text":"II-22","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65c89de8-a896-41a5-8f03-56a277906e4e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d3a93ee-385e-4496-ba6d-0a7e9e6a4e85","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":71,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"7ba2891a-e7fe-44b8-90fa-bc3918d01fc8","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":71,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"fc0b1d46-2348-4554-966a-b28f49090d28","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":71,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"814b461a-2b8a-4cf1-863f-9018c2a3a21a","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":71,"box":{"x":68,"y":90,"width":753,"height":11}},{"id":"3eedf5ae-7e30-4574-aa52-2d68e936345e","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":71,"box":{"x":70,"y":105,"width":806,"height":11}},{"id":"78dd5e7c-d646-48f9-a345-5f7dc6b0136c","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":71,"box":{"x":69,"y":120,"width":593,"height":12}},{"id":"4b1bcec5-6241-4b84-8a8f-134997afd5cb","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":71,"box":{"x":135,"y":143,"width":298,"height":11}},{"id":"a2c1d8ff-73ab-423d-9ca5-6316d16da7fd","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":71,"box":{"x":435,"y":143,"width":461,"height":11}},{"id":"a32622f8-25b1-475d-82a7-a08db6e18b3c","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":71,"box":{"x":102,"y":158,"width":768,"height":11}},{"id":"e9b98f85-d5e7-44ad-ba39-7c2ce4e2e99a","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":71,"box":{"x":102,"y":173,"width":775,"height":11}},{"id":"d60d52de-8111-4c72-80c2-bd7e28e500e4","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":71,"box":{"x":102,"y":188,"width":777,"height":12}},{"id":"a20a3ade-56ac-4b62-a5e2-61c47804c909","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":71,"box":{"x":102,"y":203,"width":799,"height":12}},{"id":"9f7d4547-6900-4c8e-ac33-ee9c96be47bf","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":71,"box":{"x":102,"y":218,"width":777,"height":12}},{"id":"c06de794-e564-49f2-a74c-7a4ba5e815f4","block_type":"box","text":"expire unexercised have no value.","page_number":71,"box":{"x":101,"y":234,"width":240,"height":11}},{"id":"29e3a281-84dd-4501-8a1d-b67fb7c0b48e","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":256,"width":747,"height":12}},{"id":"34dba39a-95ab-40cc-93ba-1a48a0af7d41","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":271,"width":792,"height":11}},{"id":"2295a6eb-a04e-4aaf-b06d-a9e651b8d308","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":286,"width":786,"height":12}},{"id":"9c979d8f-cac5-4578-9f9c-01b93b0211c7","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":302,"width":798,"height":11}},{"id":"65c3d244-c352-4ec4-9248-c8d6b782d038","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":317,"width":802,"height":11}},{"id":"671d7be3-27d3-4175-8531-f921adc902de","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":332,"width":800,"height":11}},{"id":"73c6ab6b-b2a8-40b4-bbb5-add66ab4c52d","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":347,"width":774,"height":11}},{"id":"b7f47c12-6c48-4192-84ca-145d3eb916b6","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":362,"width":793,"height":11}},{"id":"2ca69087-bb18-4fa7-9386-22ac39576d90","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":377,"width":764,"height":12}},{"id":"8bbf8d0a-d07d-479c-a904-abf387c49eb6","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":71,"box":{"x":102,"y":392,"width":430,"height":12}},{"id":"0f4d1e78-7be8-44ec-88d9-7839e4fc7d33","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":415,"width":740,"height":11}},{"id":"aaf438ce-b5cd-470c-9ee4-30059295dbc8","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":430,"width":787,"height":11}},{"id":"8d8eb44c-2de1-4e30-80e2-cbe74f4cf56b","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":445,"width":790,"height":12}},{"id":"bfa47983-5877-4126-b3a9-bfa3d214eac9","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":460,"width":793,"height":12}},{"id":"9abce137-236c-4f73-82f1-49aa9a626a84","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":475,"width":802,"height":12}},{"id":"b0e1e249-08d0-4d4e-bf22-38e4ade2b16e","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":71,"box":{"x":102,"y":491,"width":635,"height":11}},{"id":"ee54cbe4-e0c8-45ea-a3a0-7abb95482ff0","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":71,"box":{"x":135,"y":513,"width":297,"height":11}},{"id":"3476907d-299f-4edc-a345-64e6ad56c3e6","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":71,"box":{"x":433,"y":513,"width":448,"height":11}},{"id":"aef36d4b-4871-4243-b0e0-f65e79a1ba1a","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":528,"width":777,"height":12}},{"id":"9fb90df1-4a37-4ba4-9f08-da117132bb1a","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":543,"width":753,"height":12}},{"id":"31af4a72-849b-4a8a-aa72-0fb5cb946e98","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":559,"width":780,"height":11}},{"id":"90e926d2-9eb3-4645-864b-e5557996a1fa","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":71,"box":{"x":102,"y":574,"width":387,"height":11}},{"id":"e05d489a-0e69-426b-9095-8f94ed0585d1","block_type":"box","text":"Foreign Exchange Transactions.","page_number":71,"box":{"x":102,"y":597,"width":222,"height":11}},{"id":"a7ebb81f-994e-4131-b8c9-6290ad96b717","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":619,"width":807,"height":11}},{"id":"40d8b2b1-d5d0-49b1-9f62-2b01d29558a8","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":634,"width":818,"height":11}},{"id":"b9db3476-5924-4cba-b005-57245080e983","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":649,"width":821,"height":12}},{"id":"0f198a09-6e3d-4ce6-87c4-ba6bd1386237","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":665,"width":792,"height":11}},{"id":"0421903e-dd08-481b-be0b-9f8613282b03","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":687,"width":790,"height":11}},{"id":"6a3e85eb-c519-4059-afc3-416a93e5a4a8","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":703,"width":830,"height":10}},{"id":"2bbb2c34-8012-4d46-91e5-3764088a3013","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":717,"width":808,"height":12}},{"id":"83c8cc31-4f5e-4661-80f6-f355b4d95671","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":732,"width":824,"height":12}},{"id":"9f8a21dd-4156-4ba2-b562-4f70c001b345","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":748,"width":823,"height":11}},{"id":"0b693d54-69b5-41e2-8b11-a17ed7922ae1","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":763,"width":821,"height":11}},{"id":"c03c8852-c103-44d4-b2b7-7cfd30152bc7","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":778,"width":813,"height":11}},{"id":"a418a75d-6c1c-4dd2-acd6-28e3f6ab51e8","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":793,"width":813,"height":11}},{"id":"f4d309bf-d9ca-4b26-a908-47b1cb912dc5","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":808,"width":835,"height":11}},{"id":"44d953d9-4f27-4806-917a-e510a22b1034","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":823,"width":836,"height":12}},{"id":"bdeb5db6-ffaa-44d9-ad71-5f16d9c879dc","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":838,"width":794,"height":12}},{"id":"4121ea4d-fa7d-4624-956c-9628daadfadb","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":861,"width":805,"height":11}},{"id":"7d486afd-8699-45a8-8b60-d94776a6d874","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":876,"width":828,"height":11}},{"id":"3516d772-c43f-4e05-adc6-0cc88384a5d6","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":891,"width":819,"height":12}},{"id":"534465ba-f40f-47ee-8a16-bb80defd9182","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":906,"width":773,"height":12}},{"id":"0a907ca0-afe9-460a-9720-1d78306153ef","block_type":"box","text":"II-23","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cb9fb2d2-c01b-4a12-b832-5545c6340930","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6584ec09-85c8-44fa-ab66-f4a3d11fa07b","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":72,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"baaa6f11-ca7d-4bd0-9fe1-97be53bf0c08","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":72,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"7e2f5182-50a1-4083-a114-0867999b209c","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":72,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"54e46a9b-a55f-4661-993b-3f00eff672bc","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":72,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"72912d25-9208-4b11-b7da-25680e4d022a","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":72,"box":{"x":69,"y":105,"width":493,"height":11}},{"id":"75ae6893-8eb3-48ec-8aea-6ba9e12b56c6","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":72,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"635f8424-0e1c-4aaf-9686-693cfe9e03e7","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":72,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"d36c4a07-4c44-4739-92d0-e25dbaa1c875","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":72,"box":{"x":70,"y":158,"width":819,"height":11}},{"id":"88d320d8-f0dd-4f51-98c9-12fe69ff222e","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":72,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"08ae21ca-7608-4d70-a69f-7dfcb7d2b7ff","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":72,"box":{"x":69,"y":188,"width":797,"height":11}},{"id":"19d0dc3e-7fe3-46cb-a726-2be00f3f419b","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":204,"width":794,"height":11}},{"id":"8daaac6c-f7f6-4ed9-9a38-ae07c30eddc8","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":218,"width":841,"height":12}},{"id":"0ac387d0-76a9-4cf0-9bd4-dd7f787f288e","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":234,"width":831,"height":11}},{"id":"60b29b17-b959-48ed-bc3b-acf065c253ec","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":249,"width":805,"height":11}},{"id":"ea23df07-ed3d-4550-9c8e-091856974e61","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":72,"box":{"x":68,"y":264,"width":401,"height":11}},{"id":"d3d75b89-b6eb-420f-9adb-754104bf6c79","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":286,"width":738,"height":12}},{"id":"ec202bea-f732-40ee-8ac3-f8e9dcbbd24b","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":302,"width":837,"height":11}},{"id":"19ee8299-f333-4f0f-95ec-50a899fce73a","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":317,"width":837,"height":11}},{"id":"b6342b61-26a4-453f-9679-234dfa72555e","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":332,"width":800,"height":11}},{"id":"2a969338-4c85-4b68-93d8-d90e5ed1b627","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":347,"width":829,"height":11}},{"id":"9d9bde92-4447-40cb-acea-4354933c1a17","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":362,"width":753,"height":11}},{"id":"d55e86d8-f8d3-4103-b19e-a5fcddd63152","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":377,"width":811,"height":12}},{"id":"9271fbbd-4939-4853-ac8c-d7d24b29e143","block_type":"box","text":"involved.","page_number":72,"box":{"x":70,"y":393,"width":59,"height":8}},{"id":"0220adab-62e2-472b-a804-f0b642a5bbe8","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":415,"width":803,"height":11}},{"id":"5b465b9b-3140-412e-9585-c4cb6ef9c5ef","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":430,"width":785,"height":11}},{"id":"92fe01b4-14ff-49e2-ae44-309a9121ec7a","block_type":"box","text":"denominated in such currency.","page_number":72,"box":{"x":69,"y":446,"width":216,"height":10}},{"id":"a5d12abf-551d-48d0-b957-c3ddb04582cf","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":72,"box":{"x":102,"y":468,"width":254,"height":11}},{"id":"fd80ff41-6a20-40ca-b427-eb4657b9da12","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":468,"width":527,"height":11}},{"id":"148e2747-3e70-4130-94ab-602f06c4075f","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":483,"width":834,"height":11}},{"id":"ecf10521-b06f-4cfc-99b0-04fefb3abe0c","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":498,"width":798,"height":11}},{"id":"3ba0c11f-0854-41e2-a57c-4b65d87b036d","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":513,"width":817,"height":12}},{"id":"77460700-266d-45c6-88d5-3b094f35e637","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":528,"width":830,"height":12}},{"id":"a9e3ed8c-c864-4ee4-ad25-80defeb2dfac","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":543,"width":774,"height":12}},{"id":"dc97430c-9095-4354-808d-9aea481d676b","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":559,"width":828,"height":11}},{"id":"bd94e6ed-9a96-4c44-b2d1-f89d161aaa3d","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":574,"width":830,"height":11}},{"id":"04b84422-9b78-4182-bee1-399384f19883","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":589,"width":826,"height":11}},{"id":"c560d247-b86a-4b42-988a-8b7debf15b02","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":604,"width":819,"height":11}},{"id":"5b9bd9d6-c081-4071-8685-32a107a60415","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":619,"width":822,"height":11}},{"id":"3c63be9f-ac14-4664-ac90-bad3905cafee","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":634,"width":819,"height":12}},{"id":"1ecda32d-9cfb-4205-bbd0-a8f7f48a1655","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":650,"width":814,"height":11}},{"id":"5d7f0bc0-74a5-47f6-8eeb-4a9de3212be0","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":665,"width":745,"height":11}},{"id":"eba9468e-c799-4a75-b56b-6bdd2864bd08","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":680,"width":832,"height":11}},{"id":"dd4e81ab-07a5-4da8-824d-34c7f7c088aa","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":72,"box":{"x":69,"y":695,"width":428,"height":11}},{"id":"c2ae40d4-1ba9-464c-b19d-60979a7bddf2","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":717,"width":797,"height":12}},{"id":"0232715c-0030-4e62-8788-42b0442ffd10","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":732,"width":829,"height":12}},{"id":"07105d9a-231c-45cc-b5ae-475cc8921ad3","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":748,"width":838,"height":11}},{"id":"dd896d4d-b945-44ef-a5b4-0f9170f387de","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":763,"width":823,"height":11}},{"id":"0aa218cf-b8f6-4025-ae6d-9e5d92ee714c","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":778,"width":827,"height":11}},{"id":"d0cfcd50-6ffb-47c9-a68d-928c5b296934","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":793,"width":838,"height":11}},{"id":"18bc1269-aaea-4dcb-9017-092150750539","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":808,"width":798,"height":11}},{"id":"b8e453a0-e14a-47a6-be91-ad0d2d7fa10c","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":823,"width":819,"height":12}},{"id":"b0db7742-f37c-4374-a5c0-12c1323a56b0","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":839,"width":691,"height":11}},{"id":"3e3e8ac7-0b26-49b6-8bff-aef3e5659177","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":861,"width":785,"height":11}},{"id":"97d2363d-e109-4528-a75e-8fa505186293","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":876,"width":811,"height":11}},{"id":"115b43ee-eb31-4c64-8454-cbc4464dd850","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":891,"width":828,"height":12}},{"id":"909b97d6-1946-423f-9f9d-f7670ab8bf78","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":906,"width":829,"height":12}},{"id":"92590058-b3e7-4490-8618-d7848cab29e0","block_type":"box","text":"II-24","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ff087b8-4bab-4cfc-801a-03685a4041ae","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"696ebea6-c315-49aa-9205-2f4d1d3d3daf","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":73,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"41dcd4cf-2ad9-444b-a184-965344ed568b","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":73,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"cdb9ee7f-eee4-4071-ba9c-a6a71797755b","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":73,"box":{"x":68,"y":75,"width":372,"height":11}},{"id":"8f97acc8-3d84-4494-8d0d-61a266c0af9d","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":73,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"5409ff1a-d034-4720-ab9e-cec7cae4a9cf","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":73,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"de7e85f8-cf24-469f-a91c-4252ca1b1336","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":73,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"00e4acf8-a953-4fab-91ab-33e678a2e84f","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":73,"box":{"x":68,"y":143,"width":806,"height":11}},{"id":"282672fa-498b-4875-9cde-818ae6240c28","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":73,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"6a4daab5-122c-47ba-80c5-cee290b742d7","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":73,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"cbaf6c40-e9e7-4442-9341-5beb1b7930cc","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":73,"box":{"x":69,"y":188,"width":821,"height":12}},{"id":"cd33fef5-fadc-41f5-aa9d-e85ae693ddb1","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":203,"width":835,"height":12}},{"id":"d1e766c8-5522-4ff7-9504-f2d7d24f3414","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":218,"width":802,"height":12}},{"id":"dfed4b1f-bbd8-49be-ba19-9517e37cb18d","block_type":"box","text":"traded.","page_number":73,"box":{"x":68,"y":234,"width":49,"height":9}},{"id":"723b1a33-61f4-4135-9484-09f4312cf7b0","block_type":"box","text":"Currency Futures.","page_number":73,"box":{"x":102,"y":256,"width":123,"height":11}},{"id":"6627ede4-866b-4800-9881-8764ceedbfdc","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":256,"width":654,"height":12}},{"id":"3b8f4389-0b1e-48a4-b1ed-eacbef5f815d","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":271,"width":782,"height":12}},{"id":"f63e4b3e-28a4-4958-90ba-43a987f51816","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":73,"box":{"x":69,"y":286,"width":774,"height":12}},{"id":"092dfbcc-f7ed-4e9f-8792-b35374d416d0","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":302,"width":836,"height":11}},{"id":"314864d0-5c98-4ff1-9008-051fcb69e880","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":73,"box":{"x":69,"y":317,"width":269,"height":9}},{"id":"87d46c80-4f65-4e5b-ba89-2f2cf5563517","block_type":"box","text":"Currency Options.","page_number":73,"box":{"x":102,"y":340,"width":125,"height":11}},{"id":"fa3ef7ff-113f-49df-9b0a-3b9a25321158","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":339,"width":654,"height":12}},{"id":"bb507127-3976-42e3-a11f-3aebd2924c7b","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":355,"width":776,"height":11}},{"id":"d4945c63-2d3e-4a3c-ac6d-47e34289e89f","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":370,"width":825,"height":11}},{"id":"75bf4af0-4812-42af-83e2-2958de61ad9b","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":385,"width":827,"height":11}},{"id":"a907ae34-0321-43ee-bf89-651e5d0e6bb3","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":400,"width":820,"height":11}},{"id":"e239f081-2c41-40e2-89b9-c60d9a6ce014","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":415,"width":824,"height":11}},{"id":"3faba833-4e5f-4bed-bc84-929a8767f16d","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":430,"width":790,"height":11}},{"id":"5def2f95-b30d-4d45-9682-2d6351048469","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":445,"width":813,"height":11}},{"id":"17c5ee89-5e12-48cb-8838-245482a8222b","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":461,"width":826,"height":11}},{"id":"99a88f29-1bc5-4358-807a-7467469f574c","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":475,"width":776,"height":12}},{"id":"8f2f6a96-e2bb-4476-9647-f9826dee3086","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":73,"box":{"x":69,"y":491,"width":483,"height":11}},{"id":"06a4fa40-3487-4c64-b488-83aef82f52b2","block_type":"box","text":"Currency Swaps.","page_number":73,"box":{"x":102,"y":513,"width":117,"height":11}},{"id":"0563c621-07ea-49d8-9459-37ecfa30048c","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":513,"width":652,"height":12}},{"id":"53ea1317-dfab-4c5a-8305-825a410eb1fc","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":528,"width":799,"height":12}},{"id":"7d451175-9f39-47a6-9d80-0ff7251df128","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":543,"width":812,"height":12}},{"id":"3a4e5ae7-2470-4965-be67-3f31385603c0","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":559,"width":836,"height":11}},{"id":"a6556e15-6ea2-4a08-bb11-1e9fd49681e9","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":574,"width":800,"height":11}},{"id":"16c05aba-d5c8-4308-8308-d3120985f1a1","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":589,"width":810,"height":11}},{"id":"11cd3ddc-b3ba-4ef0-b754-e3ff9e5c2f25","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":73,"box":{"x":69,"y":604,"width":393,"height":11}},{"id":"acf71558-e0d1-4cc1-a83b-10100ca8dc88","block_type":"box","text":"Distressed Securities.","page_number":73,"box":{"x":102,"y":627,"width":159,"height":9}},{"id":"26c8f4bc-e709-4c62-96be-9f1212f15428","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":627,"width":633,"height":11}},{"id":"42264612-1b2e-42e2-a306-e443e8847a12","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":642,"width":834,"height":11}},{"id":"0ea2b5ef-2ab4-4eec-847d-b3b0cad97d87","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":657,"width":827,"height":11}},{"id":"b43f62fa-b7be-4fa1-b4a8-cbed523050c3","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":672,"width":835,"height":11}},{"id":"db087023-1b04-4328-9cd0-82487f091ada","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":687,"width":784,"height":11}},{"id":"35bb7ac4-9a72-4b0a-b9ad-254d26de60a1","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":73,"box":{"x":70,"y":702,"width":569,"height":12}},{"id":"d5216797-165f-4694-b5fa-94bf0762abc5","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":725,"width":766,"height":11}},{"id":"b830bfb9-e6a3-4575-8270-116f2a389e31","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":740,"width":795,"height":11}},{"id":"102f4f85-bf2e-4882-95a9-6e9bb1c5294b","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":755,"width":826,"height":11}},{"id":"348f681a-c041-4325-af0f-f9e933005217","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":770,"width":794,"height":12}},{"id":"7de7bc58-b521-4c59-9d0d-2cdce07db55f","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":785,"width":832,"height":12}},{"id":"fb25947f-adae-4adf-aa9c-f3dda945381c","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":801,"width":824,"height":11}},{"id":"cf07b369-d78f-4f72-8178-4367eaac7f91","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":816,"width":789,"height":11}},{"id":"50bbfef9-8e27-4893-93b1-928caa83470d","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":831,"width":810,"height":11}},{"id":"003bdb52-6a11-410e-9a74-d1d2b66746d3","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":846,"width":831,"height":11}},{"id":"878d5b23-efc1-45d7-833b-deb6a2216917","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":861,"width":826,"height":11}},{"id":"68d20e8c-14a3-4099-be55-f2d2da7a02f3","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":876,"width":827,"height":11}},{"id":"f7b92d92-f70e-4477-8b2e-a14b4840e8e6","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":891,"width":834,"height":12}},{"id":"1c028100-988e-45b2-b58c-06d76186c4e0","block_type":"box","text":"satisfied (","page_number":73,"box":{"x":69,"y":906,"width":70,"height":11}},{"id":"692946c7-6f52-46c2-983d-119ad13c3c33","block_type":"box","text":"e.g.","page_number":73,"box":{"x":140,"y":908,"width":25,"height":10}},{"id":"a4d72c08-9d6e-4506-99cc-be3b675d7325","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":906,"width":729,"height":12}},{"id":"e465deb0-256e-4094-badb-66f443fd4225","block_type":"box","text":"II-25","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2cc6a1c9-da0f-47e6-bff7-740180e9144e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d27b03b-cc05-494a-9d88-5ae4016c2020","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":74,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"f62559c4-4cb3-4d06-9241-1f170a3fc742","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":74,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"d3aa0db2-d29b-499f-a713-bac8ee941bf6","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":74,"box":{"x":69,"y":75,"width":816,"height":11}},{"id":"f1728d6a-a942-4eef-8e2c-fbef94fc8858","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":74,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"13aacfc8-3f24-4e3e-b87e-abf4fcfc72a0","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":74,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"93fc1e80-a8d2-4edb-970d-b08b7ffd91ab","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":74,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"636a5ccf-b35c-48e1-8e7c-6bfb3d6d80c0","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":74,"box":{"x":69,"y":135,"width":770,"height":12}},{"id":"0fa7581f-b06e-4dda-8f5a-68814b05f654","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":74,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"9ef686de-cb30-408f-9c87-edbd594cc2e0","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":166,"width":839,"height":11}},{"id":"98f03e23-f8f3-41eb-bdca-4b2d96f24e5d","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":181,"width":787,"height":11}},{"id":"364e6fbb-768a-4305-bae7-42900bd5436e","block_type":"box","text":"affairs.","page_number":74,"box":{"x":69,"y":196,"width":49,"height":9}},{"id":"18fd18ef-f633-48e2-bc25-e384bebf926d","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":74,"box":{"x":102,"y":219,"width":428,"height":11}},{"id":"ad9e3da1-8dc5-492b-915e-5aba30aa0e73","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":74,"box":{"x":531,"y":219,"width":341,"height":11}},{"id":"d78418a8-6fe2-48f4-98ea-c8231a4deb77","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":234,"width":785,"height":11}},{"id":"79ed8242-4987-46b4-920d-9b5f979523cf","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":249,"width":838,"height":11}},{"id":"206cde97-f504-43a9-95c4-c02931843f96","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":264,"width":827,"height":11}},{"id":"fab4728b-caa1-4771-a3b8-d9b5bc9e096c","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":279,"width":806,"height":11}},{"id":"353aa7de-139b-4a21-a112-30e1d1ef239d","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":294,"width":812,"height":11}},{"id":"b2721813-1362-4c3d-b06f-7bc1cb4e278b","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":309,"width":807,"height":11}},{"id":"c4e7dc04-24e7-4c37-bcf0-7ce1ec5c3571","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":325,"width":800,"height":10}},{"id":"1366267e-a769-4cf2-b29e-8d52df9b9332","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":74,"box":{"x":69,"y":339,"width":377,"height":12}},{"id":"b0acaf7f-4a03-4ade-9210-1df3a6a40d24","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":362,"width":778,"height":11}},{"id":"7a3ffec5-b606-448a-9554-8711bc78b00b","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":377,"width":800,"height":12}},{"id":"c900789e-7e24-43ea-abf2-a314a485426d","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":74,"box":{"x":68,"y":393,"width":400,"height":11}},{"id":"82a6a302-8995-47f0-a35c-575b1e62be64","block_type":"box","text":"Equity Securities.","page_number":74,"box":{"x":102,"y":415,"width":127,"height":11}},{"id":"5a358895-ec7a-43e9-88cb-89671ee489b4","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":415,"width":648,"height":11}},{"id":"2f88b016-d4de-4fa9-9575-c1ace1309a11","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":430,"width":802,"height":11}},{"id":"ae25f50c-86f7-4a2d-a611-edc2e7a3aef6","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":445,"width":817,"height":12}},{"id":"6dc10aaf-c685-4e59-abf2-66c9b80c25d4","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":460,"width":819,"height":12}},{"id":"138adc64-adc0-49fc-bd72-1ef051b49ff5","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":475,"width":813,"height":12}},{"id":"988bf80b-ec90-4197-ae95-8ac08165315a","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":491,"width":839,"height":11}},{"id":"e5eba665-56b4-4020-9eb5-7567d7f77150","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":506,"width":775,"height":11}},{"id":"649365ed-c40f-4af7-b1d2-eb86433da846","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":521,"width":777,"height":11}},{"id":"2a40a73f-656a-4e5e-bce6-6e59f1de6416","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":536,"width":837,"height":11}},{"id":"44ecd7f0-9b76-44bc-9aad-bb6a7f32ac53","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":551,"width":831,"height":11}},{"id":"a575915d-9c82-4740-9639-d9883fb0feba","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":566,"width":829,"height":11}},{"id":"9631f74d-2f64-4649-9c1b-f300e4eb899e","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":74,"box":{"x":69,"y":582,"width":325,"height":11}},{"id":"ae2df12a-c7db-4ac6-a621-a2b7b87305ec","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":604,"width":745,"height":11}},{"id":"60cb7c44-ea33-4cb5-99e7-6dad39e89fc5","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":619,"width":833,"height":11}},{"id":"0a57a31a-6258-4406-b798-02d372db690f","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":634,"width":824,"height":11}},{"id":"3bbaa124-a326-48bd-ac6f-4be35e1a36f2","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":649,"width":834,"height":12}},{"id":"6ca2c49c-d546-4082-ab92-b2122b163b96","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":664,"width":782,"height":12}},{"id":"53b6ca0d-6aab-4deb-bd45-8581a7529fe2","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":680,"width":790,"height":11}},{"id":"110c8842-7954-4c30-bfda-095c14d5187a","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":695,"width":823,"height":11}},{"id":"968f9885-63f9-4eec-88c4-397d13025d1f","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":710,"width":805,"height":11}},{"id":"2a48a4d9-db77-41c6-8e52-a7f6cd5293d7","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":725,"width":836,"height":11}},{"id":"760e7b8c-9fda-43a0-ba7d-c9ec5eaaca52","block_type":"box","text":"initial public offering.","page_number":74,"box":{"x":70,"y":740,"width":147,"height":11}},{"id":"ab624125-9aed-466d-a2f9-06abc0da510e","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":763,"width":777,"height":11}},{"id":"97e71966-d4d3-4528-a6cb-9d2b51d915eb","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":778,"width":838,"height":11}},{"id":"b4bf5667-a0d3-4529-805e-a8d76288de97","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":793,"width":815,"height":11}},{"id":"f527b6ca-82a9-4fc5-8435-7c891a6fdad1","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":808,"width":829,"height":11}},{"id":"24c60f7c-891d-4907-8ad8-d6598aef845e","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":823,"width":831,"height":12}},{"id":"d6b9255c-61ac-4b4d-b8df-7b65ae8ee749","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":838,"width":826,"height":11}},{"id":"c2b08340-65b0-4273-b23f-fc52f38984f9","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":853,"width":810,"height":12}},{"id":"47c8f933-9b82-43c0-8b6b-f51f9b9c9821","block_type":"box","text":"more established companies.","page_number":74,"box":{"x":69,"y":869,"width":209,"height":11}},{"id":"305ce4d8-9cdd-42f7-b3a0-5127c9d904a8","block_type":"box","text":"II-26","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b30dcbe-b625-4614-9685-06a892fe1562","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"029cce43-a75f-45e7-a07b-49a59b296f07","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":75,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"d24c7cc7-70ce-4367-88d4-76fa9e38cc7d","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":75,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"b00a664f-73e9-4ed7-9762-1576c8e67c67","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":75,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"bde912db-2f22-498c-81b7-fe56e6fac5af","block_type":"box","text":"below.","page_number":75,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"b56ea2b7-fe70-4a97-a260-a847ef8d3155","block_type":"box","text":"Real Estate-Related Securities.","page_number":75,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"8464f1b6-02d9-4dde-8d64-9dfafb9aad4d","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":75,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"86d6e2e3-f646-465a-aed6-8bb68129b9b8","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":75,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"49b714c3-d741-490a-9633-e013170b4692","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":75,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"3a43a645-eef9-4dfd-a94d-154513f51291","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":75,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"091ec4a0-60b8-4e7b-81c0-4632483b65fe","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":75,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"4a33f395-103c-434c-9392-1a8e5be1c5c9","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":188,"width":795,"height":12}},{"id":"78e662f6-35eb-40ab-8bd3-f1f2509b4a17","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":204,"width":828,"height":11}},{"id":"5a66039b-92de-41df-b844-c9eee1390a84","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":218,"width":794,"height":12}},{"id":"ec216394-3042-4e4a-aff3-214ee5c4889a","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":234,"width":805,"height":11}},{"id":"6a5efbf5-c70f-40d7-a1ab-e14b179d24a8","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":249,"width":836,"height":11}},{"id":"e5399001-a3d7-42e0-8933-580ccfef731b","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":264,"width":838,"height":11}},{"id":"4a9245b9-09c0-414e-bdd6-d18bf4a4bead","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":279,"width":838,"height":11}},{"id":"5cb90982-e8bf-420d-9442-d30676ec2ced","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":294,"width":785,"height":11}},{"id":"9e22e5d8-adc3-4dde-948a-120657135f4b","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":309,"width":836,"height":11}},{"id":"66cc7699-a23f-43c5-ab3e-810617080ed4","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":75,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"aaff9a07-bd34-445a-9815-eb7919031c22","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":347,"width":797,"height":11}},{"id":"01878d7b-2f3f-46e4-a2e8-7e099e32eeea","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":362,"width":829,"height":11}},{"id":"4b97059a-338b-4552-9e56-7cd46381998d","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":377,"width":794,"height":12}},{"id":"28829b60-a4d9-4c0e-87eb-a52ce2710671","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":392,"width":730,"height":12}},{"id":"b0863b7b-ee68-4443-b446-57327844108e","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":75,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"dc7d8853-67c7-4c9e-a299-93c2083a1a70","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":75,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"d8f13970-5024-437b-82b4-33e3a3b40785","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":430,"width":828,"height":11}},{"id":"a95b89b6-0839-4121-9aa7-2b547c5cc010","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":445,"width":815,"height":12}},{"id":"0d4511e3-593c-45ec-9df3-4ed0e2032dd8","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":461,"width":804,"height":11}},{"id":"1101f8f4-2a20-4063-917d-761ce79985a0","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":475,"width":647,"height":12}},{"id":"c6349903-bf94-4791-9f71-a0f6bd259209","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":75,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"97a797b3-4f41-4248-9b03-aaffcd2636bc","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":75,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"813a0b06-df4a-49ee-a880-4730e797e25b","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":536,"width":797,"height":11}},{"id":"cec0d5f1-33c9-4379-beac-aefcb0d1295b","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":551,"width":832,"height":11}},{"id":"d728a49e-96ec-44b3-9ff7-d6c618a42403","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":566,"width":808,"height":11}},{"id":"a4d57b11-16d6-4972-a894-b7dc6a84c76b","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":581,"width":825,"height":12}},{"id":"20292dde-fb7b-4012-adad-3fc82d825434","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":75,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"67b432a1-3ca0-479b-957c-1d35f0535936","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":75,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"ca4081e7-64ef-486e-917f-7991fa3e47aa","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":75,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"e46b00c1-a829-4e1a-a302-2bf58faf742a","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":75,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"ee4cc3dc-b4e0-438e-b5fd-ec84e6528a31","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":75,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"73625914-5608-404c-9e75-2f80242bec6a","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":75,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"ba01f605-0bf5-4b5b-ac1c-0820d9a47475","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":75,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"7897cadd-ae5c-4240-b396-2a932c405410","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":75,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"23ba1cb7-c3b1-460e-9a21-7ad91b8e3a28","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":740,"width":729,"height":11}},{"id":"1ec314de-3fe3-46aa-906f-6f4922274488","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":755,"width":837,"height":11}},{"id":"4ed9002a-638a-464f-9c1c-8cf1deed206c","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":770,"width":794,"height":12}},{"id":"315a84c1-bdc1-46f4-be86-cccc302c26fe","block_type":"box","text":"cycles.","page_number":75,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"c1b1d934-7398-4b30-aeaf-f4d83389050d","block_type":"box","text":"Tracking Stocks","page_number":75,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"7bbaf8f5-e83f-41c6-ad3a-ac11e706cfb5","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":808,"width":640,"height":11}},{"id":"aa392682-e9a5-4c05-b7ec-65a1a32b5dd2","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":823,"width":791,"height":12}},{"id":"cbaa56c5-e263-4d84-a42f-1e28d71ba1ca","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":838,"width":826,"height":12}},{"id":"240f47fb-4ad4-4ec2-9c77-9624d223de53","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":853,"width":801,"height":12}},{"id":"0f631724-abcc-4c0a-beac-97c5f433716c","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":869,"width":740,"height":11}},{"id":"b079fe65-e05d-4425-8915-c2a44947ad83","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":75,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"45a8355c-eb3a-49aa-9213-fd9b06d405a1","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":75,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"7cc9413b-762f-4055-8210-a12b6cb92f23","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":75,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"29815ef3-609d-49b1-8605-b6b00ba264ec","block_type":"box","text":"II-27","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffdca6fc-51f2-415f-ae7f-4c333e989bc3","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c7e19fb-e5ec-4186-ab0d-32d1fbf85862","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":45,"width":774,"height":11}},{"id":"c9c490bd-47a1-415d-a1f6-2848c3bad716","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":60,"width":822,"height":11}},{"id":"21483fe0-1832-4e40-ba2f-8dc05a6a2764","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":75,"width":831,"height":11}},{"id":"4b0494c4-a31c-4d02-ad95-43389693cf7f","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":90,"width":805,"height":11}},{"id":"5c132c19-8e00-4d98-8d83-cb631448b25f","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":105,"width":654,"height":11}},{"id":"8817a6a1-3e26-4caa-bdbc-b5caf6e36aae","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":128,"width":794,"height":11}},{"id":"9502bc7a-6520-407d-9e9d-ef0a6a491d6b","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":143,"width":748,"height":11}},{"id":"d7b151eb-c1c6-4d28-87a0-c24e8f44780d","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":158,"width":789,"height":11}},{"id":"4feb4a62-9c6f-4cfb-8539-2d76f82cbce4","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":76,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"0ceb0cc2-8674-4ba3-a96c-388c27356f34","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":76,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"3d5a054d-4ff3-4744-9db1-5367502b4dc8","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":76,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"b3502a99-1e2a-4db0-bb7b-0ad2d1b7c092","block_type":"box","text":"ETN.","page_number":76,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"e70431d4-5b47-425a-bfdb-f16bc4da14c0","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":76,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"316a0fb2-1c42-468c-b1eb-127b1b7cbef0","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":76,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"a27ede00-a0c1-440e-937e-6df4997e9afc","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":76,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"c9867c3c-43c6-4491-b1d5-e77fb2ad38a8","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":76,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"728e378a-8cab-4f8f-aad3-8ecb42e9ff58","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":76,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"95f34844-0871-4ce2-9568-31ca30572a78","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":76,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"2af83df6-349b-4d61-bdce-9954cc38839a","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":340,"width":774,"height":11}},{"id":"1bd542da-89e7-4564-8a02-2a02383d32eb","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":355,"width":788,"height":11}},{"id":"5706437e-309d-4fd3-aa21-610e8d227e2d","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":370,"width":810,"height":11}},{"id":"77aa90d8-7f61-4976-b1a8-41979208966b","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":385,"width":815,"height":11}},{"id":"15d7850c-2974-450a-85c1-8b19dcfdcd46","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":400,"width":766,"height":11}},{"id":"3446a8cb-a5ef-4ebd-a1fd-0d08c1d628e7","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":76,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"9f136399-2589-47fe-903e-de96c4f97cf7","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":438,"width":791,"height":11}},{"id":"3986ce61-866b-4ac6-9a6c-7056b01463a9","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":453,"width":818,"height":11}},{"id":"88ec3661-db1d-4679-92c1-9c06ff65d79e","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":468,"width":547,"height":9}},{"id":"ecdd4202-fecd-4bbc-9e12-48aa6daaa045","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":76,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"2aa348c3-9729-4733-a3cc-88659617a7c9","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":76,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"80f19346-7eef-494f-9bb0-b34402403519","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":76,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"b5b8e5b2-a081-4456-b77f-b559ff0d45f2","block_type":"box","text":"Foreign Investments.","page_number":76,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"00ccfc2e-f869-4fa4-b303-e5343a6fa7ac","block_type":"box","text":"Foreign Investment Risks.","page_number":76,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"1d122444-4b4c-497d-b2d3-0da9b032b75d","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":76,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"bb55da64-f94f-49f4-b5e6-78c215dc0543","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":581,"width":822,"height":12}},{"id":"9cbad51c-a782-4a5b-8381-51f06fca5c6a","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":596,"width":774,"height":12}},{"id":"993a95bb-bce6-408c-b031-f0e3f93e7409","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":612,"width":738,"height":11}},{"id":"b4d08cda-60d3-49f8-a493-dea902b6d5cc","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":634,"width":782,"height":12}},{"id":"c107e8e1-156a-4d89-a60e-a97eba4221ce","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":649,"width":824,"height":12}},{"id":"e8f73772-738c-4793-9220-f33814c17bfa","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":665,"width":771,"height":11}},{"id":"d844348e-ea04-44a6-84a2-4a6f16869758","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":680,"width":792,"height":11}},{"id":"b0d71547-307f-47cc-b4f7-7b87f51dab2d","block_type":"box","text":"benchmark index.","page_number":76,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"ea423838-4675-4640-aa0b-5aa7845230da","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":717,"width":767,"height":12}},{"id":"f648d5ab-38c1-4cd3-bee9-4b26a5644b0c","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":76,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"6a55636e-88e0-4082-b411-7b5fcdb17e99","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":748,"width":818,"height":11}},{"id":"d07f2c60-821e-44cf-a579-d684a685689b","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":763,"width":780,"height":11}},{"id":"c0af0204-89d5-49c2-93d1-e755dbe98ef8","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":778,"width":837,"height":11}},{"id":"695dee2b-fd83-47b3-afa5-6b7f426b6275","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":793,"width":794,"height":11}},{"id":"8f259e89-b55d-4c9f-aef3-0c5b3d652d2a","block_type":"box","text":"securities and zero-coupon securities.","page_number":76,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"3a81bceb-0f49-49ed-96c8-7c1bd6bdefdb","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":831,"width":785,"height":11}},{"id":"6aa8b770-dc39-4235-bd92-48309c68a1e0","block_type":"box","text":"taxes.","page_number":76,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"f94f7f80-8367-4bdc-8e52-379d9ab9ec12","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":869,"width":798,"height":11}},{"id":"e2c1659a-9172-4299-b243-aabb78deaab0","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":884,"width":815,"height":11}},{"id":"4a83df5e-21ec-41a3-bc07-5f5aec4e0823","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":899,"width":792,"height":11}},{"id":"9ca979a0-dc22-4685-a23d-03cc2817ddf9","block_type":"box","text":"II-28","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a07918fe-ffa5-45ae-8092-c3ae4f433674","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d956d16a-2471-47a9-8b50-93c2e469a633","block_type":"box","text":"underlying security (","page_number":77,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"7f074d39-20dd-4254-9417-d7421ff56909","block_type":"box","text":"i.e.","page_number":77,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"a2cf940f-bbfe-46e3-8d6d-ada878fcc57a","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":77,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"026c7a30-92c6-4391-a647-09dd06b1e3bc","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":77,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"cbf43518-958d-4988-8636-8131623f50fe","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":77,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"fc03fe64-6eac-4abf-830c-e70f788d697c","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":77,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"66f8e976-ba2f-4364-adf2-b71ecc0f6d0b","block_type":"box","text":"Foreign Market Risk.","page_number":77,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"313aa42e-5f50-41d4-8485-2db441ec34ed","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":113,"width":652,"height":11}},{"id":"64484a24-ed1b-4c5d-99d4-697692feadb2","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":128,"width":797,"height":11}},{"id":"06298be0-d971-4542-b9e0-f44607bfed75","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":143,"width":817,"height":11}},{"id":"f15c94db-89a5-43da-82a0-b69000ffe1b1","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":158,"width":836,"height":11}},{"id":"866e181c-4479-44a2-b432-37ca4d5a4089","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":173,"width":835,"height":11}},{"id":"de6d6aad-6185-4374-8da9-6dfd9ca30623","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":188,"width":810,"height":12}},{"id":"1a5771f2-8421-4a1d-81dd-4f3184d8d3b6","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":203,"width":820,"height":12}},{"id":"df6c8f63-e9fe-49b2-bdb9-2ced9e8c5501","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":77,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"b2d5e394-8f57-4b60-8f78-69abbe93f8de","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":77,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"ed05894a-0ea7-434a-b616-883e0350aa48","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":77,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"e8eae3b1-7dc2-4f9b-a1c4-d34c724b5b6e","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":77,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"741f4406-b6d6-477a-a995-cc00db644e23","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":77,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"e5daebe6-908b-40c1-b681-d159e6065ef9","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":77,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"4d6dbba0-4a5c-4d3d-a483-dd120c989e66","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":77,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"90933e0d-53e1-4bd1-b198-eacc426b6c7d","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":77,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"3d62f532-de11-442f-90bb-24ee812056ea","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":77,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"2ca72fd7-4894-4fd8-89e4-c31697f98eaf","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":77,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"2751a386-e042-4436-86d0-342333bc2b9a","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":77,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"4bddcc33-b4db-489d-b099-c4ba17b0d135","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":77,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"191a7b1f-c933-43a2-a3f4-578cf3bc1765","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":77,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"e8a33dbb-db01-4021-9738-a246cb0ba1f1","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":77,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"7d022751-5968-433d-ab38-3704849af8ab","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":77,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"959e22f2-3e9b-498a-98a4-a729315df1eb","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":77,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"480087f6-b921-4c51-99ff-05c997bd7b78","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":77,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"b372d0b0-4e2d-4672-8078-a8e2d84e936c","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":77,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"033796d8-d43a-409a-8bc4-ecbea072c5fc","block_type":"box","text":"Fund’s operations.","page_number":77,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"ec2c7cec-dc8d-4fef-90ff-d75590ce1d64","block_type":"box","text":"Foreign Economy Risk.","page_number":77,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"49bcf8e8-1fbd-43f5-bfab-bb0d9c32885e","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":513,"width":636,"height":12}},{"id":"1d3be1be-d573-4489-897c-73b1d965809d","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":528,"width":812,"height":12}},{"id":"d89a341a-097a-4a33-904b-e0fe55f7a0cd","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":543,"width":835,"height":12}},{"id":"d0d52f0d-f12f-4553-8994-63e836e8f35b","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":559,"width":795,"height":11}},{"id":"7eabbb5f-134c-4826-8eca-5994095103e4","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":574,"width":817,"height":11}},{"id":"fb6f4ac0-304b-4061-ad8e-8a9d00ff7d1d","block_type":"box","text":"measures.","page_number":77,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"d93a660e-a0f3-40d5-9276-9cf6bb68fff5","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":77,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"09356f01-55bf-4e60-a0c6-1af87b98da7c","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":77,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"9e813929-a3e0-4f50-89a1-039d28e9ca4c","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":627,"width":838,"height":11}},{"id":"7dde2b6a-e4ed-49d3-94a6-c0797dc853a2","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":642,"width":833,"height":11}},{"id":"272d24b6-975b-402b-891e-d994960ac25d","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":657,"width":801,"height":11}},{"id":"c9f8cf9b-e0c3-4f4f-a93e-968ab3657374","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":672,"width":808,"height":11}},{"id":"11f9919b-ce12-41e1-a615-6ffd584b39a6","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":687,"width":816,"height":11}},{"id":"63a80789-4bd3-46cd-b399-38709bc613ae","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":702,"width":814,"height":12}},{"id":"2a2c8a78-89f5-4766-95ae-c2597d37f689","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":77,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"fc945601-4ceb-4366-b75c-4e5755a9c8db","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":77,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"f6bb04f2-37bf-4b57-b0b8-8a2ec7776510","block_type":"box","text":"United States or abroad.","page_number":77,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"88ea7141-bf43-4ac8-bd87-07385937ce68","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":77,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"f0a921f5-2d98-42f7-9453-92507fccd01d","block_type":"box","text":"Many foreign governments supervise and","page_number":77,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"3dec675d-1a22-481f-a63d-68a22320fe64","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":785,"width":828,"height":12}},{"id":"5ae5827c-ec97-43e0-bd6e-cc97cd515bfb","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":801,"width":826,"height":11}},{"id":"638f66e0-272c-4c05-9868-b0208b949030","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":816,"width":778,"height":11}},{"id":"c1afd11f-c442-4d03-a272-56e4a55f5913","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":831,"width":794,"height":11}},{"id":"4aca02f9-c717-4f26-9ea4-a2384a1f0dd1","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":846,"width":831,"height":11}},{"id":"e87962b0-a536-4fb0-b1db-9b8c55c95ad7","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":861,"width":840,"height":11}},{"id":"306d9ff9-67dd-4c95-8b6c-1ca28bdf7b76","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":876,"width":760,"height":11}},{"id":"0925fa66-ba34-4c5c-9ede-6c5a09349797","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":891,"width":803,"height":12}},{"id":"1d644a54-ad56-4f39-be22-7c3964652047","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":906,"width":798,"height":12}},{"id":"a2de9514-26cd-4353-b51f-ed70e4af3fd1","block_type":"box","text":"II-29","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"792c26e1-ad0f-4be9-9b04-b1f78684feb9","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b209f50-b5a5-4749-b82f-82e7171d49cc","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":78,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"f6131db1-07e4-4889-9a70-c26d169c1a20","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":78,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"4c444d4a-7c57-4743-9c40-75c9328224b0","block_type":"box","text":"investments.","page_number":78,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"14f8ba20-4647-48b5-ba28-cb77cfbaf630","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":78,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"9b8852dc-c4b8-4dd7-92fb-6722d7b6c494","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":78,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"e1b1a7dc-cbf9-483d-813a-ea6da12a0471","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":78,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"9d35150f-4d5d-4f24-9eaa-27589bfa8ff7","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":78,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"c66c62a1-9f4f-44b0-91f8-8fd162d8e1e8","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":143,"width":838,"height":11}},{"id":"c48f751d-62cd-44d4-813c-c3d66cd7e6ae","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":158,"width":835,"height":11}},{"id":"7d94526e-df06-4e02-a83d-ecc1a380a26c","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":173,"width":777,"height":11}},{"id":"1f0db575-7c61-4a55-844e-051be6258d45","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":188,"width":831,"height":12}},{"id":"5359a134-256c-4ba0-814d-671f2d6ec169","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":203,"width":828,"height":12}},{"id":"01a33a62-26c0-4117-a29c-980aa2a8df5b","block_type":"box","text":"States.","page_number":78,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"c3adc3c3-efc7-4cd1-97ea-b45f11b1c95f","block_type":"box","text":"Publicly Available Information.","page_number":78,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"6bc7f671-aeea-4189-80a9-02b0acae549d","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":78,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"f179f3ef-4a10-4854-876f-4b4238f57763","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":256,"width":779,"height":12}},{"id":"b81cec7e-f069-42dc-a228-2b1f9cfa0a32","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":271,"width":793,"height":12}},{"id":"4793007d-4569-4bb6-a68f-9ca4a58a1c8c","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":286,"width":834,"height":12}},{"id":"bc34138f-6f31-4f01-ac09-d80e3cffc817","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":302,"width":841,"height":11}},{"id":"b59c6b02-e3f4-4ae6-8126-16f234dadbc0","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":317,"width":813,"height":11}},{"id":"6fd825f5-7719-4c47-b484-8ddef6a1cc68","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":332,"width":827,"height":11}},{"id":"194d68f0-20ec-4a01-bcc9-bf83357c3985","block_type":"box","text":"United States.","page_number":78,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"1d44ed0d-53e0-4ff3-83d7-931220c9e52b","block_type":"box","text":"Settlement Risk.","page_number":78,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"0e7fdfb6-db1e-4842-9439-f080c0e45724","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":78,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"b6e5c54e-7d56-42dc-908c-249225e36782","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":78,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"0bb140ae-eae8-48ce-bfa1-93f8a4daa60d","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":400,"width":808,"height":11}},{"id":"8cf4fa0d-5912-4fa8-9a0f-eabbbd76af9e","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":415,"width":772,"height":11}},{"id":"8d16d30d-9495-4076-ac0e-833e9f15b221","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":438,"width":781,"height":11}},{"id":"3f6a5b36-a61f-46aa-8eb2-bdf39072451c","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":453,"width":771,"height":11}},{"id":"d469a685-0559-4df2-af47-06c5d0ddd431","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":468,"width":797,"height":11}},{"id":"12f9c834-fa10-409e-9868-6e6c4372525a","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":483,"width":802,"height":11}},{"id":"bae153cb-e9ba-4d3b-8cb5-9a924744ce42","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":498,"width":812,"height":11}},{"id":"c8a81f76-4fd4-4357-b613-71eff05437c4","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":513,"width":821,"height":12}},{"id":"8ec4667b-4410-4a00-a08a-36041c9abca2","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":528,"width":816,"height":12}},{"id":"25747d53-fea5-4cf2-bd5d-fb53a72a5e7a","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":543,"width":539,"height":12}},{"id":"df92ec79-cc10-4933-984c-5fd3171c55f7","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":78,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"963578c1-754c-496b-82dc-c790fb62e694","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":78,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"5694723c-62fd-43d4-8115-10e9d4b7995c","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":78,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"8c842c90-204c-497c-8f6f-ebbb851e13c0","block_type":"box","text":"Sovereign Debt.","page_number":78,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"a4f9edbf-5671-450f-ae3f-7c4f320d00c9","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":619,"width":653,"height":11}},{"id":"0bae032e-0f96-4b09-add0-b7475fbb0886","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":634,"width":837,"height":12}},{"id":"523d5e28-d974-4529-8edd-59f28e2edb7b","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":649,"width":826,"height":12}},{"id":"73e6bf97-4337-4769-815d-230c59ecdd7e","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":664,"width":798,"height":12}},{"id":"62b2b18a-376c-4e52-91ab-1b4d4dfd1c84","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":680,"width":809,"height":11}},{"id":"7c7df442-a50c-45ed-a040-554d5de0feb1","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":695,"width":832,"height":11}},{"id":"46a50334-5d18-4249-8ee3-d97216ef56ba","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":710,"width":790,"height":11}},{"id":"e0973af3-c0f1-485d-add0-82e8e1eb82db","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":725,"width":831,"height":11}},{"id":"b3820435-599a-409a-95c3-0c03be28a604","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":740,"width":805,"height":11}},{"id":"7d934429-8386-4fc2-9a81-c018d5a36afa","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":755,"width":772,"height":11}},{"id":"cfae1db2-7b91-42b1-83e8-5419aef25559","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":770,"width":789,"height":12}},{"id":"9bd7bcfd-957f-44ad-83b0-dfd77b65c3e5","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":785,"width":839,"height":12}},{"id":"9cd0da17-4ed0-4bce-b4e8-e5a6cc997187","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":801,"width":810,"height":11}},{"id":"e1b0d6c1-1238-44bf-a5a7-64c5095d6d31","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":816,"width":821,"height":11}},{"id":"334f5900-aa60-48ab-b754-f0aa0da1f38e","block_type":"box","text":"debt.","page_number":78,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"e7b91236-7773-46a0-87f0-d2ada6f62ecc","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":853,"width":807,"height":12}},{"id":"6b6f8616-09a6-420f-8dd9-ad5dffed4b5e","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":869,"width":814,"height":11}},{"id":"911aae55-2ee4-444f-9810-93052ba3e34b","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":78,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"b1f8beb4-bce4-4856-bc35-4dd7a88ca571","block_type":"box","text":"II-30","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"72a01257-b9b4-43eb-a2a1-defb6e237f07","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa5b8800-d453-4ea0-8703-116c75264778","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":79,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"ed1d9f22-1bc0-4d3d-82ca-8eece424f9d1","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":79,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"27de241e-accb-47b2-a1f9-c7309e20f847","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":79,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"bf7e0244-dd09-49f8-a643-ab87b1fc1594","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":79,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"95f83c3c-16e8-4c2c-ac7a-a1fe2d2e4e7a","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":79,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"559c9f18-e505-4bd9-a86f-0485fe233282","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":79,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"efd2167e-2b4c-4c54-8273-121fd77f3028","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":79,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"ab77dd48-e44e-46b2-adf7-491cfdde6423","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":79,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"f04570f5-cb3e-47c9-960c-b94a23ef2440","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":79,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"facb72ee-08dd-4697-90a4-6912daf38435","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":79,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"86b3987e-4af3-44c3-ae0f-302291eb8f53","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":79,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"7015c8ac-3d19-4ea9-b950-c83e304d5dc2","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":79,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"daab5a02-b29e-4d4f-8ab8-82787483de3e","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":211,"width":835,"height":11}},{"id":"023910eb-0e80-48f8-8ea8-98fbd4711633","block_type":"box","text":"in the Fund’s net asset value.","page_number":79,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"8044eb15-d52f-4068-8c15-07ace7ed8040","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":79,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"83bdee8a-00ab-4084-ae09-64e1f4c8ba3d","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":79,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"bff8c7d6-b734-4469-ac74-fce1ebf98e59","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":264,"width":773,"height":11}},{"id":"c58367bc-4dfc-4fcb-bd1e-0c9cf5e91093","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":279,"width":839,"height":11}},{"id":"6a9821bc-a5e1-493c-85cc-dd1073c525d2","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":294,"width":812,"height":11}},{"id":"d4e5f1cf-da24-4c83-ac3f-1b88f3186378","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":309,"width":803,"height":11}},{"id":"50565b41-3c98-42cb-a8da-baa88bce6644","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":324,"width":824,"height":11}},{"id":"e3b7a12b-37fa-47d3-8266-5a2254dbcbba","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":339,"width":819,"height":12}},{"id":"c6f38135-d21d-482c-8009-42dfbfc2905b","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":355,"width":746,"height":11}},{"id":"e61d6ddb-1b8c-4eec-8551-00d0d38c44a3","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":377,"width":787,"height":12}},{"id":"4f74c06a-13ce-4447-92df-10f052d26b70","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":392,"width":827,"height":11}},{"id":"dcf9cff2-18eb-4471-afea-728b7848902e","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":407,"width":817,"height":12}},{"id":"520dc7d3-c023-4085-8795-cf8f61152a85","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":423,"width":791,"height":11}},{"id":"ca15b77e-3798-4c4b-9b7a-f43a08b4aa22","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":438,"width":803,"height":11}},{"id":"fe07fd84-3949-47b5-ae4e-0538d05f7d2a","block_type":"box","text":"Fund may invest.","page_number":79,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"7b69ee66-6665-4a20-ac55-7aff5eff1dfa","block_type":"box","text":"Funding Agreements.","page_number":79,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"f7248711-c694-4287-9427-e219781c0751","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":79,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"e422cccf-7587-42cc-82f5-764fc544dc35","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":491,"width":773,"height":11}},{"id":"86fa0b29-910d-486a-bc91-4cea02687573","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":506,"width":761,"height":11}},{"id":"05858f45-830d-46b0-82dd-e333d603d6b6","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":79,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"beed5db3-c6db-4742-b078-6d4bf640cb0c","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":79,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"7fcca250-7aa0-4be7-b517-2560dccb6ff9","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":79,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"bc897b08-b6ec-4d06-aa98-b6e88579759e","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":79,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"2f3e90d8-a38d-4d41-ab97-8d8c13b8e023","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":79,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"765ec4da-4d60-4ea9-9224-3483783432dc","block_type":"box","text":"Guarantees.","page_number":79,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"697a9f44-7eb4-46c3-b04b-8b8ceaff2164","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":604,"width":685,"height":11}},{"id":"ca790400-e921-464b-b3a5-55ed14925a16","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":619,"width":797,"height":11}},{"id":"68fe957d-f61e-4c27-a039-0040fe9535b3","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":79,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"c286bb69-3e6f-48e6-b684-60e5a5287d6d","block_type":"box","text":"Illiquid Investments.","page_number":79,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"acef38f9-8a66-408b-ac89-7170d2a3cc20","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":657,"width":630,"height":11}},{"id":"afeb545f-302c-46f4-a4ed-04fe52b475d9","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":672,"width":787,"height":11}},{"id":"99c3b1b0-4943-4ccb-a916-79112c4abd60","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":687,"width":792,"height":11}},{"id":"2893f36e-ed5d-4eae-a8a1-78fa64ed7581","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":702,"width":834,"height":12}},{"id":"1b279209-a78d-4986-901f-b0a351bfa751","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":717,"width":838,"height":12}},{"id":"7c5e2702-c759-48e1-8a4d-41b7528e598c","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":732,"width":824,"height":12}},{"id":"0cad3211-d5bd-45ca-b84d-74da0b78b928","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":748,"width":838,"height":11}},{"id":"526ff430-293c-4709-9031-0dc3b4b9fdb5","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":763,"width":816,"height":11}},{"id":"4d4811d6-1117-44b3-b1b5-3f5cbd6a290a","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":778,"width":832,"height":11}},{"id":"d3274d31-e0a3-417b-994f-ca81a432081a","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":793,"width":803,"height":11}},{"id":"fa04fd4d-aa5d-4505-93ed-bca7fa60a04d","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":808,"width":817,"height":11}},{"id":"a4b0e665-50b4-4bc2-b544-e9d583269535","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":823,"width":781,"height":12}},{"id":"3d1510a4-712c-48e4-9d8c-fadded974ad3","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":838,"width":822,"height":12}},{"id":"26482b13-5bcb-423a-833f-b734ceb1eb85","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":853,"width":822,"height":12}},{"id":"6ed8275c-31de-4287-aaa7-ca38278d5be5","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":869,"width":813,"height":11}},{"id":"3e5061c5-e3ed-41a7-8259-59498fb5c683","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":884,"width":814,"height":11}},{"id":"1fcd8a5b-cd3b-411e-b84b-84624cb55e28","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":899,"width":833,"height":11}},{"id":"1fd5353d-097f-480a-8860-4df7bcea44f2","block_type":"box","text":"II-31","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"89c4bd26-73d9-43ca-b3bc-5cdbb172eeea","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e072a081-190d-448e-83b0-6928290fd0a3","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":80,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"3ee51b1b-2569-4312-8fb2-88370d393603","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":80,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"3bedfe0b-05ab-40aa-9f62-99bad317dbea","block_type":"box","text":"Index Funds.","page_number":80,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"16587f94-9f9f-4f47-b9b3-be3c09be894d","block_type":"box","text":"Cash Flows; Expenses.","page_number":80,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"4b6ef659-6d8f-4ab1-ac3e-bc72f014f86a","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":80,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"3a660a3e-cd5b-4731-a7d5-8eba840814c0","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":80,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"d98e8c2f-c7d3-4ed6-ad0e-2973121de172","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":80,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"34507489-fbe2-4bc8-8baa-96eddced8fb7","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":80,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"ddbd6982-9aae-486c-8d4d-003056adcd1e","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":80,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"07004b00-7d4d-4a93-b9ac-8c373ad97daa","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":80,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"0e37ee38-17a4-4c4e-98e9-0f630a038e42","block_type":"box","text":"(","page_number":80,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"5fe0cf35-2953-4cb0-bc9c-8f0bb426b7d3","block_type":"box","text":"e.g.","page_number":80,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"9eba32b7-5598-4166-a8a2-c3a4158ffeb5","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":196,"width":749,"height":11}},{"id":"e366bce3-e2be-48ad-8a91-1d817ddc4ee3","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":211,"width":774,"height":11}},{"id":"6c24f061-d540-49b8-bf7b-77394288e34c","block_type":"box","text":"par ticular security as an investment.","page_number":80,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"09e0842e-5a0d-40b1-961b-fff0e838339e","block_type":"box","text":"Tracking Error Risk","page_number":80,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"8022ad51-9f9a-4340-a4e7-fb049162f03e","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":249,"width":658,"height":11}},{"id":"21a1cfd4-ea51-4b6b-b1f8-849b26f2efab","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":264,"width":827,"height":11}},{"id":"75a66b07-24ff-4c5f-914c-3addbf8676a2","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":279,"width":830,"height":11}},{"id":"7393d64c-deb4-45d5-8def-c427ea245cbb","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":294,"width":827,"height":11}},{"id":"53277124-9431-4378-b402-aa18f4f86dda","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":309,"width":797,"height":11}},{"id":"72c933cd-bf39-47c0-95cb-435a64bab7be","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":324,"width":787,"height":12}},{"id":"b0e36e17-2106-43fa-ac37-2f55a3103281","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":339,"width":830,"height":12}},{"id":"b06af515-250b-4d93-b5fb-0b6742ac5076","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":355,"width":838,"height":11}},{"id":"896e557a-5dfc-418e-b8eb-e6002de3904b","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":370,"width":791,"height":11}},{"id":"01d0796a-1a9e-4b6c-a3a1-f299791cf27e","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":385,"width":801,"height":11}},{"id":"668f4781-fe48-42cd-b7b0-0d3e7e969813","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":80,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"410bc032-048f-4507-bc9c-b9405d6785d5","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":423,"width":799,"height":11}},{"id":"ff664ad9-1edc-4d71-9ee4-717b1bd54a22","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":438,"width":803,"height":11}},{"id":"639567c1-0c74-445a-95a2-2aab1506f173","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":453,"width":814,"height":11}},{"id":"049a1738-2d75-4581-acdd-6c896db6015a","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":468,"width":838,"height":11}},{"id":"c3c5b3f6-15c1-4f01-b95e-38d8bce50ecc","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":483,"width":778,"height":11}},{"id":"ad10338c-95b1-409d-ac76-6956ea608781","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":498,"width":816,"height":11}},{"id":"3896292b-260b-4f47-abb6-ab627bfb87e8","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":513,"width":836,"height":11}},{"id":"784e802c-b8cf-41d7-9122-b78d4969f07d","block_type":"box","text":"the rebalancing of its index. 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Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":82,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"81a4fe26-0035-4f79-a0f6-618d6ad8b603","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":82,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"241064cb-95b6-4052-8763-82f343e40e56","block_type":"box","text":"ICE BofA Indexes.","page_number":82,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"0c4f6eb5-2b20-402d-a89f-5d0a2155d429","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":82,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"0d77a862-fb6c-4c00-b001-512df7d992b5","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":82,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"cff5c540-d496-4bba-a3f9-48be11f6c981","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":82,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"439c6eb0-3231-48f2-9299-34da87379527","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":82,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"77914c23-9924-45da-b4cc-e47a49ddd9d0","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":82,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"42c8a3a2-d02c-4350-8296-1e02aaeb6145","block_type":"box","text":"completeness, or otherwise.","page_number":82,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"a569c8ab-1c38-434c-a335-e4270b4c6acb","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":82,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"47013f53-92cf-42df-8b81-dd5d9930ccea","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":82,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"43fe4271-8a5b-460c-936b-1e01a86844a0","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":82,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"57a078de-2b22-49ac-b966-09ef0176665c","block_type":"box","text":"Indexed and Inverse Securities.","page_number":82,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"d9172707-8d53-485b-bfec-2f8e732e6458","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":249,"width":523,"height":11}},{"id":"6f36d1f9-ddef-4791-abd3-1c100f84fa83","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":264,"width":831,"height":11}},{"id":"a06cb09f-d95f-4e75-ba53-338ebef5242c","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":279,"width":814,"height":11}},{"id":"06e2d8e7-3586-4ad5-887c-f934aa41f89a","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":294,"width":830,"height":11}},{"id":"67934d39-d28c-43db-9816-2a0d06c95b06","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":309,"width":827,"height":11}},{"id":"40daeb90-a902-4498-b2e8-2a8b68fbf4d8","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":324,"width":812,"height":11}},{"id":"2c73d2ef-30e9-4f09-a632-09d7b5b9ad2b","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":339,"width":837,"height":12}},{"id":"e30ba762-a8c5-4e27-8463-9ca906ea5f3d","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":355,"width":781,"height":11}},{"id":"4ab1c45d-37a7-402b-8de9-d857c8a48a5a","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":370,"width":838,"height":11}},{"id":"0eb3f00a-8678-44cf-b746-22bcd71d728e","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":385,"width":771,"height":11}},{"id":"4983ce73-f85e-480e-a83a-5b62b71443dd","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":400,"width":820,"height":11}},{"id":"6a940cb0-e659-495b-b569-b808f9afd3fa","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":415,"width":835,"height":11}},{"id":"30c51060-c2cd-45ca-948e-7d1c90166df3","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":430,"width":817,"height":11}},{"id":"71d5eb19-ad6d-43b1-9503-401c9d2c453e","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":445,"width":829,"height":12}},{"id":"708362a3-2222-4ae3-b9eb-f8ea56791b59","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":460,"width":804,"height":12}},{"id":"91ec22e7-2285-4126-b433-1c2f1237400f","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":475,"width":838,"height":12}},{"id":"7243a3b5-9d88-4b83-8cb6-cf950aed657b","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":491,"width":819,"height":11}},{"id":"78cde43d-37c5-4825-9275-e7e0d1e8d706","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":506,"width":798,"height":11}},{"id":"e6863139-087d-4bdc-bf29-54ba07f6bf83","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":521,"width":829,"height":11}},{"id":"923007d2-95ac-4521-beec-16bb99b8a7d0","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":536,"width":834,"height":11}},{"id":"4a9583bc-7a94-4224-a250-31976e07ee49","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":551,"width":839,"height":11}},{"id":"c7f8e6ae-c609-44bd-94b6-fca48d1f57ec","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":566,"width":781,"height":11}},{"id":"b0b34cc2-10d4-4007-b9ce-93ae45e4d646","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":581,"width":812,"height":12}},{"id":"9f7a1329-a861-4f2c-887b-7188b1d6ccc0","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":82,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"0286782e-d403-4213-8c2b-91b16aad4434","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":619,"width":741,"height":11}},{"id":"a61a355c-2f6c-4f60-bd4a-8d952367d442","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":634,"width":815,"height":12}},{"id":"4d69d418-11ea-41d6-9017-f857708eae55","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":649,"width":817,"height":12}},{"id":"ea591ed6-b211-434a-8978-4f75e1ffb188","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":665,"width":805,"height":11}},{"id":"5cd7a64e-33e5-4966-8e11-b65565fb4932","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":680,"width":813,"height":11}},{"id":"693648da-4475-48b0-932d-46436c189d3a","block_type":"box","text":"Inflation Risk.","page_number":82,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"15e260f3-2318-4dcf-ac8f-32f5eea0d02d","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":702,"width":663,"height":11}},{"id":"e7b073ad-33cb-4580-bec4-6c163b182aa7","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":717,"width":820,"height":12}},{"id":"d586cb8d-c704-4144-bd77-33dc79e352c7","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":732,"width":792,"height":11}},{"id":"0f226922-99ba-4a0a-a6d9-c213da1957dc","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":82,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"b0714b46-a765-44e9-a710-8603a7277400","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":82,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"35845cda-07bf-4664-a766-bcdf71b734b2","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":82,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"8f721d67-4ff0-4ca3-aac6-bf070253c542","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":785,"width":540,"height":12}},{"id":"4e17d873-9c63-4ff8-b483-c0ece26aea8d","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":801,"width":836,"height":11}},{"id":"9dd8aedc-4330-48d7-8488-5464191924d3","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":816,"width":815,"height":11}},{"id":"0f410f1e-68e5-474e-8886-7d414c06e50a","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":831,"width":795,"height":11}},{"id":"455c6934-6196-4781-8fce-14c5a421ba7e","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":846,"width":829,"height":11}},{"id":"5207cedc-6182-49f7-a7a6-be5dc90b556e","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":861,"width":814,"height":11}},{"id":"2599a899-3ca3-4ba0-aaa2-bcc50e7d178b","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":876,"width":813,"height":11}},{"id":"6435ab51-0e6b-46e3-a580-4eaf37d27fe4","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":891,"width":828,"height":12}},{"id":"e7c245ba-12fc-4ad3-8d97-9f2fd9d64e86","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":906,"width":802,"height":12}},{"id":"483390f0-c44b-421e-bab1-f9e38ba86497","block_type":"box","text":"II-34","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"efbbc4d2-6407-4f0e-a1c1-4b2abfba18a0","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75a31352-7d8c-4d19-84fb-75131993b846","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":83,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"0478c07d-38d7-427a-9301-6c5d917e4b0f","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":83,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"b7b6f37b-5e9d-4b33-a7d4-a5e1d0a4c9b9","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":83,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"41519779-b544-4a72-a16c-f641cac37a87","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":83,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"d8867e90-8587-4fe1-be34-f93314a187e0","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":83,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"fb3976f5-03de-4aa3-9257-b198419a03bf","block_type":"box","text":"be available for very limited periods.","page_number":83,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"d6c0eac2-5ed8-404b-a6a0-83a0529183e9","block_type":"box","text":"Investment in Emerging Markets.","page_number":83,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"b143caee-41d5-4fe8-8083-c4c5eff82eec","block_type":"box","text":"General.","page_number":83,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"6980fd31-dd2a-4c13-a0d5-7f70331c357b","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":188,"width":748,"height":12}},{"id":"f7fd19ce-8992-4b73-9639-7cf256c197c4","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":204,"width":840,"height":11}},{"id":"5ddf343c-e1c0-4451-8bd0-10d1b2f8f141","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":218,"width":813,"height":12}},{"id":"1de7f406-ad45-4f7c-828d-7320df8a62eb","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":234,"width":836,"height":11}},{"id":"db9ee78a-b296-44f0-8f61-00b10d8223df","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":249,"width":839,"height":11}},{"id":"7cf32289-b313-48dc-bbe7-dcc4596c1aa4","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":264,"width":831,"height":11}},{"id":"48e440ad-9ea1-4a38-bbd7-86942bbe59bd","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":83,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"3ce2907b-9543-4d69-9550-6ffcd561688d","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":302,"width":770,"height":11}},{"id":"6a3c272c-003a-474e-b5c3-62a3f259d37a","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":317,"width":835,"height":11}},{"id":"2f983ec9-9d02-4548-9298-e7a14ed01bde","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":332,"width":828,"height":11}},{"id":"50c2eac6-6f32-4b0b-a335-c55e2b2fe569","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":347,"width":779,"height":11}},{"id":"bb69ec7a-e6c3-415f-a18d-cd123f135d77","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":362,"width":809,"height":11}},{"id":"a755a947-c837-41e2-82e0-b15b0f16d4f9","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":377,"width":800,"height":12}},{"id":"9a6ba6d6-bccf-414a-b62b-0be46365ff65","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":392,"width":800,"height":12}},{"id":"9babf6ca-0331-468c-85f2-fdbda01eef53","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":407,"width":811,"height":12}},{"id":"777f56a4-7fb1-46c6-a142-875e3e0f6301","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":423,"width":824,"height":11}},{"id":"aa6f5e58-b6e2-4d10-b66f-86de02040c56","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":438,"width":823,"height":11}},{"id":"9f6e51bb-2417-4241-95a7-27e539afaac9","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":453,"width":813,"height":11}},{"id":"dca352e1-241e-44ac-b67e-d8527c60fb93","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":83,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"7c9fa47a-2366-4b50-a75b-69ee6eea51a9","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":491,"width":767,"height":11}},{"id":"1adde557-d567-4b29-b829-db0183b676a8","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":506,"width":814,"height":11}},{"id":"eec9dea9-ecf1-4269-9719-ccb58005820d","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":521,"width":792,"height":11}},{"id":"81da60af-957e-4794-961e-8434bd49c29f","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":536,"width":838,"height":11}},{"id":"1dc50695-7eb2-4c8d-8f4d-5a1d9c336a99","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":551,"width":828,"height":11}},{"id":"b0c6f942-c24a-4af8-b339-fddcc652f64a","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":566,"width":816,"height":11}},{"id":"ddc88acb-7f38-4463-879d-4db24cdfd44d","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":581,"width":802,"height":11}},{"id":"29a4062b-336a-444f-9ddb-53dceee0bab9","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":596,"width":838,"height":12}},{"id":"26480102-f76b-4217-88cc-3d376e99f7b7","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":612,"width":788,"height":11}},{"id":"e68a2a55-e455-47b8-b75e-212cf3429b57","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":627,"width":819,"height":11}},{"id":"b87edaf9-c032-44a5-9ce3-97c582b8ad4e","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":642,"width":838,"height":11}},{"id":"3185d005-f701-4577-b092-7be69374d6c5","block_type":"box","text":"volatile than investments in more established markets.","page_number":83,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"88919438-c0e0-42e4-b7ff-786ce90dfb59","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":680,"width":805,"height":11}},{"id":"8b25a5c3-3ef4-4228-b548-0ed8e1ba9651","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":695,"width":818,"height":11}},{"id":"91c52d4b-6fe1-4f8e-b2d1-12ba1d6093f8","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":710,"width":831,"height":11}},{"id":"4dab69b5-895d-4b99-8534-af7910b7dd54","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":725,"width":768,"height":11}},{"id":"338a71cf-ac5f-4cc8-843e-83509431193b","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":740,"width":811,"height":11}},{"id":"76fdf20d-e953-42b6-b96d-eba4d9abfc9c","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":755,"width":795,"height":11}},{"id":"2956a777-ddc4-4af0-9a1f-0c30aced611a","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":770,"width":814,"height":12}},{"id":"71466e5b-75b6-420f-b70c-3c4b1bbcf3c1","block_type":"box","text":"acquisition or disposal of securities.","page_number":83,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"664e4e67-f826-4fb3-88b9-4a842872105d","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":808,"width":800,"height":11}},{"id":"9945228a-ff71-4077-aff8-7a742776fb6b","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":823,"width":769,"height":11}},{"id":"a953b64c-9638-4ffd-b60e-9b8989f9272b","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":838,"width":798,"height":12}},{"id":"eb02bc90-54a4-4c41-ade5-f62d181e9a25","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":853,"width":819,"height":12}},{"id":"66886661-4358-4122-90bb-018e655bfe39","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":869,"width":804,"height":11}},{"id":"9bb4ea8a-deb0-4318-a688-8e98a848dd29","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":884,"width":794,"height":11}},{"id":"d161cdb1-c2fc-47a2-ad20-8771af75248c","block_type":"box","text":"II-35","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12de8f7a-a2df-45ac-b38b-a4dc2126fa38","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a288649-3e80-48b0-9e04-858b7824c58b","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":84,"box":{"x":101,"y":45,"width":783,"height":11}},{"id":"c4ffe287-3126-4751-9a7f-5b4a4cfabf41","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":84,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"7740cc70-a8e9-4e81-84ee-e1831ee83f61","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":84,"box":{"x":68,"y":75,"width":818,"height":11}},{"id":"92912fb8-0a9e-4ce2-9d39-30c82e4dfe7a","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":84,"box":{"x":68,"y":90,"width":777,"height":11}},{"id":"ed2afe76-0a04-40bc-8e60-5a7ec65be266","block_type":"box","text":"generally less available or transparent in these markets.","page_number":84,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"812032c2-8329-4021-8736-4bf85d066ea3","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":84,"box":{"x":102,"y":128,"width":778,"height":11}},{"id":"18cc06f2-9fdf-4194-b64a-66f06d67cb07","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":84,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"685ba3cc-e0a7-46f9-9d3d-1f4446eadb98","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":84,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"d1380206-2148-4fb9-8cc8-a7b3c4810407","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":84,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"9b31fc2d-8af4-4744-9b4f-25ccae9fb213","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":84,"box":{"x":68,"y":188,"width":799,"height":12}},{"id":"977088f2-6bb3-409a-a0f2-d731a2c25ccc","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":84,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"ea7075cd-e622-4e5b-8a07-60b3ab6b2aa2","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":218,"width":740,"height":12}},{"id":"638f679e-858f-409f-b0e3-c8cb237a312d","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":84,"box":{"x":102,"y":241,"width":305,"height":11}},{"id":"c9b24ea0-0723-48f8-866e-7d3bcf4d699e","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":84,"box":{"x":414,"y":241,"width":485,"height":11}},{"id":"fd3943d0-e7b7-4782-80e5-ba763fbb78b4","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":256,"width":832,"height":12}},{"id":"2ce65751-1463-47bc-8392-6ddb9ee3edd7","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":271,"width":808,"height":12}},{"id":"70161ae0-4807-4aad-b8a7-8f3f96727250","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":286,"width":838,"height":12}},{"id":"1855bda7-d2d2-49f9-bbf8-83bf2c736d8b","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":302,"width":834,"height":11}},{"id":"ebc684a7-34f3-4ed8-aea7-1cde8289ffa2","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":317,"width":791,"height":11}},{"id":"8f3c62b3-19be-4d84-b95a-3ac033efc35b","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":332,"width":804,"height":11}},{"id":"2eadd8fd-8ace-4205-bfd2-2c6fcdddb64d","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":347,"width":833,"height":11}},{"id":"c1bc9f6c-9d1d-4113-9b79-77fe9928144f","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":362,"width":830,"height":11}},{"id":"625488b4-de59-472a-81a3-c57df5b56fca","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":377,"width":766,"height":11}},{"id":"2799cba7-8a78-40c4-9346-c8aaa89c5202","block_type":"box","text":"per formance of the Fund.","page_number":84,"box":{"x":70,"y":392,"width":179,"height":11}},{"id":"04144259-7276-49f4-a43d-9392d9d9663f","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":415,"width":784,"height":11}},{"id":"2cb361bf-2b22-4087-aa0d-e831850ddffa","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":430,"width":803,"height":11}},{"id":"bb0969df-f88a-4648-adb1-9d35af724084","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":445,"width":788,"height":12}},{"id":"75d9e3ce-836b-4132-9afa-0f73f34ff6a2","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":461,"width":827,"height":11}},{"id":"2ef439d6-e8d3-410e-ac53-1b4057f03b2a","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":475,"width":823,"height":12}},{"id":"3775b09d-e86b-45d9-907b-3dcf3b0c2f8d","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":491,"width":822,"height":11}},{"id":"9d4ba95b-413d-474c-b632-143a78818d78","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":506,"width":818,"height":11}},{"id":"babdadb0-2649-4099-9d97-c9db25567983","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":521,"width":821,"height":11}},{"id":"bb3e7fb8-6560-4681-9a6e-3d2d4c2ea3e3","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":536,"width":827,"height":11}},{"id":"57d20be9-d8a9-403d-964c-36282d3d0e81","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":551,"width":803,"height":11}},{"id":"564d19bf-4e55-4391-80d5-fd25d0b30596","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":566,"width":824,"height":11}},{"id":"cbad1994-512f-4a4e-8519-6ae1da387d04","block_type":"box","text":"affected by a variety of factors.","page_number":84,"box":{"x":69,"y":581,"width":220,"height":11}},{"id":"ace01923-dec2-4368-a127-79560727be0a","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":604,"width":785,"height":11}},{"id":"ed1eb778-07ce-4fdf-80f4-de6d8f1b99c5","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":619,"width":789,"height":11}},{"id":"189f8a8d-7670-4fa3-9fdd-b8d3e0d4b1b7","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":634,"width":814,"height":12}},{"id":"0bf2a6f3-e0f5-4b24-a251-a34a3009a911","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":649,"width":813,"height":12}},{"id":"ab661017-f4ae-4f94-99de-70baeff81b5b","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":664,"width":777,"height":12}},{"id":"6af6ca78-df16-482e-805d-500580f66471","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":680,"width":652,"height":11}},{"id":"d88c7c8f-8866-4821-8637-6ccd213b0fb9","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":702,"width":737,"height":12}},{"id":"a268fc83-48b4-48e3-9161-ac766842fbd9","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":717,"width":803,"height":12}},{"id":"7960f44d-5a77-49d7-8c45-228df3fd156e","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":732,"width":801,"height":12}},{"id":"19c06d86-c775-4c75-b9f0-302397c55f7b","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":748,"width":793,"height":11}},{"id":"3cdd3759-f247-4919-9ec6-617cfeacee7a","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":763,"width":820,"height":11}},{"id":"dffe1e98-d7fe-45d3-9ddb-ff73b672160d","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":778,"width":839,"height":11}},{"id":"adbc63fc-69e0-4ab7-96ed-21cad889a0a0","block_type":"box","text":"nations.","page_number":84,"box":{"x":69,"y":793,"width":56,"height":9}},{"id":"5910cca4-72be-4cda-8212-e7b25d1a4e75","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":816,"width":794,"height":11}},{"id":"e8f72c29-53a7-4bf8-a933-856a566d8555","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":831,"width":773,"height":11}},{"id":"f4b7d9b7-a726-4441-8da6-46c21e27b86f","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":846,"width":808,"height":11}},{"id":"9012314d-2911-4602-8ec2-db1807d4a321","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":861,"width":791,"height":11}},{"id":"a2993c40-9ed0-4cd3-89f2-be3c5074cba4","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":876,"width":790,"height":11}},{"id":"eb82d841-1f33-4191-b12b-13e8680fee68","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":891,"width":790,"height":12}},{"id":"7a609765-f018-4d29-a9d0-c10cbcdf4069","block_type":"box","text":"market Asia-Pacific companies.","page_number":84,"box":{"x":69,"y":906,"width":220,"height":11}},{"id":"79767fb7-0e75-4fa0-8225-511d777b957d","block_type":"box","text":"II-36","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eae10a82-7121-44b7-8eff-7af85d30f00e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68a7497c-ffc4-4262-8245-cac9211c0c4f","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":85,"box":{"x":102,"y":45,"width":780,"height":11}},{"id":"c61b64c2-0f71-43f8-96d5-192f8bd0fc3a","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":85,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"9c032ef9-05c0-48ed-96f6-00658031feef","block_type":"box","text":"services for such securities outside such countries.","page_number":85,"box":{"x":69,"y":75,"width":367,"height":9}},{"id":"7e25419c-7b18-4ddf-b09c-69d647d7a43a","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":85,"box":{"x":102,"y":98,"width":795,"height":11}},{"id":"aaa0de74-dca6-423a-abe4-edd87c148e90","block_type":"box","text":"to commercial banks and foreign governments.","page_number":85,"box":{"x":68,"y":113,"width":335,"height":11}},{"id":"ab93e9ac-ed4b-48ba-a9cc-e75fbee3f8d6","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":85,"box":{"x":102,"y":135,"width":788,"height":12}},{"id":"7479e531-5ee0-41b6-9ef3-9174bebae72b","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":85,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"88cd5653-6f3e-406f-ad4d-11b29e00da09","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":85,"box":{"x":68,"y":166,"width":450,"height":11}},{"id":"06ac7a1b-63e2-49d0-8956-1f0f2fb499a2","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":188,"width":782,"height":12}},{"id":"c480a155-b303-4bb4-9b8f-52efc498735b","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":203,"width":819,"height":12}},{"id":"f44554b1-dce1-4162-8678-c09ee9c7dc6b","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":218,"width":711,"height":12}},{"id":"6b0c53c2-1c39-4303-91f8-375d76dbca05","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":85,"box":{"x":102,"y":241,"width":435,"height":11}},{"id":"6e428c0f-885d-4e58-ae36-2a987f117ebc","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":85,"box":{"x":543,"y":241,"width":355,"height":11}},{"id":"bbebf777-b02b-4de0-9412-f72420ad46b3","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":256,"width":817,"height":12}},{"id":"c2e4af0e-2d45-438b-b0ac-c8bdd9713730","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":272,"width":836,"height":11}},{"id":"092e7197-9283-4783-8335-fb546951c06c","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":286,"width":828,"height":12}},{"id":"3cad4d03-92f4-4391-b13e-ecfe381ad23a","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":302,"width":794,"height":11}},{"id":"218c3449-376a-404f-8852-fb7d6743c5a1","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":317,"width":835,"height":11}},{"id":"43de3d28-655a-49f4-8c9b-b87b4540e0be","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":332,"width":820,"height":11}},{"id":"d9244f20-5500-48e5-92bf-b54ba3fff6bf","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":347,"width":820,"height":11}},{"id":"d3049bdf-27d3-421d-ad48-4a7e3b05a8fd","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":362,"width":788,"height":11}},{"id":"6da93d09-66be-41f4-b741-4113089889b8","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":85,"box":{"x":70,"y":377,"width":434,"height":11}},{"id":"c2d677d0-7c05-41ab-a80c-180f969d94eb","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":400,"width":787,"height":11}},{"id":"a86cc926-f630-4cbe-92ea-456cbd051196","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":415,"width":833,"height":11}},{"id":"ef0d4ad5-a0b4-4151-a2fd-4f2529f7d95a","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":430,"width":820,"height":11}},{"id":"843059dc-ed5f-4d4c-aff1-79553f863197","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":445,"width":831,"height":12}},{"id":"628e1f0d-3af3-4c8e-808c-8cd50eab7326","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":460,"width":834,"height":12}},{"id":"a337459e-7d16-4c1f-bb45-610d4da55f88","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":475,"width":836,"height":12}},{"id":"88e754b4-7335-424a-be2a-1281a7348007","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":491,"width":800,"height":11}},{"id":"9cf8433d-1611-4a6b-a31e-5be2ddb5dd70","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":506,"width":826,"height":11}},{"id":"f63731cb-50fa-4185-a952-ba6fd77b5ded","block_type":"box","text":"investment at that time.","page_number":85,"box":{"x":70,"y":521,"width":168,"height":9}},{"id":"c56a716c-6e31-4cf2-a7ad-8ab22f374d4a","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":544,"width":774,"height":11}},{"id":"335c76b2-9c90-46ea-8635-f08d6313ab93","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":559,"width":803,"height":11}},{"id":"548159d7-d609-4f21-82f0-ce3375111e37","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":574,"width":789,"height":11}},{"id":"fea4ce51-d590-4016-b198-8bc8f325a9aa","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":589,"width":826,"height":11}},{"id":"d9103599-b8c0-46f0-86c1-6bd45035f2f3","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":604,"width":818,"height":11}},{"id":"4414f733-6431-46b8-bb51-91a6e04f0664","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":619,"width":826,"height":11}},{"id":"45146def-7e2a-43dc-8349-a58b5d729ef1","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":634,"width":800,"height":12}},{"id":"955bf8b5-e6e2-45d5-8378-add7606bb7fa","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":649,"width":839,"height":12}},{"id":"9af4c1c9-b1f2-466b-8985-0fb88082c37b","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":664,"width":798,"height":12}},{"id":"1cb82087-34c4-4b89-89ea-54a5a8376466","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":680,"width":795,"height":11}},{"id":"56e16a77-322e-49bc-af6c-cefbd6a4cc10","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":695,"width":808,"height":11}},{"id":"299cb961-db6c-4221-890f-8e59a701f958","block_type":"box","text":"government).","page_number":85,"box":{"x":68,"y":710,"width":92,"height":11}},{"id":"155744be-dc76-4573-a026-1e3440c40d79","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":732,"width":790,"height":12}},{"id":"674ed5b8-3372-4206-8e53-d4d83d744394","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":748,"width":828,"height":11}},{"id":"e3678f19-540e-49f0-8bf8-13a21025d29e","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":763,"width":808,"height":11}},{"id":"8b86a837-94cd-43e1-b1a0-73d86ba8025d","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":778,"width":829,"height":11}},{"id":"a0529735-8dbb-465c-99ef-b8bf0ea0a22d","block_type":"box","text":"foreign banks and other financial institutions.","page_number":85,"box":{"x":68,"y":793,"width":322,"height":11}},{"id":"c7b52836-91d6-4e5a-96ee-2f5f0c00b7c8","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":816,"width":767,"height":11}},{"id":"7473e4d8-3091-4bbc-828d-b93ef653fbdb","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":831,"width":814,"height":11}},{"id":"7f955e3f-3406-48ae-a590-84f28195b9f0","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":846,"width":809,"height":11}},{"id":"9b056eea-a92b-4a84-bec9-73f53e278b26","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":861,"width":812,"height":11}},{"id":"cbf0c41c-9ab7-4e87-82e9-f703c9d2a96b","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":876,"width":838,"height":11}},{"id":"e7657b9f-a72d-482c-a478-7e2e66500220","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":891,"width":788,"height":11}},{"id":"f5ab3973-3171-47b9-963a-6d9c5ac95d27","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":906,"width":812,"height":12}},{"id":"828ab1d8-1e3b-401e-ad7a-bdbb5bea91c7","block_type":"box","text":"II-37","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b5e990d9-4c4f-4071-966e-ae0643774bb3","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"166538ad-1643-4c6a-8d1d-2f7aa791f70a","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":86,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"653278f4-7ea5-4134-8c49-e1a73c8ca4f8","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":86,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"8778f5be-945a-4319-bdb9-f3b44568ffe0","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":86,"box":{"x":70,"y":75,"width":771,"height":11}},{"id":"0e1c825f-c7ee-4f64-8f78-4cef4949bbbd","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":86,"box":{"x":69,"y":90,"width":711,"height":11}},{"id":"46575b84-a01e-4989-817e-55fee40c2ac3","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":113,"width":779,"height":11}},{"id":"35278096-e521-40eb-b7c3-3ee8a875bd52","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":128,"width":840,"height":11}},{"id":"08e08f34-601e-4eeb-b87f-0465a966978b","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":143,"width":838,"height":11}},{"id":"a0698fdc-35f1-4296-acc9-32b87304b835","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":158,"width":802,"height":11}},{"id":"9e3e3aaa-0535-4e36-af46-af81b8579ca4","block_type":"box","text":"foreign securities.","page_number":86,"box":{"x":68,"y":173,"width":127,"height":11}},{"id":"2ea37c70-d156-473b-8584-84ea07a89a7f","block_type":"box","text":"Risks of Investments in Russia.","page_number":86,"box":{"x":102,"y":196,"width":224,"height":9}},{"id":"97a72ebd-16e0-4be9-b0a9-b4c9f46513b4","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":196,"width":539,"height":11}},{"id":"c355710e-f6dd-43a4-bbdb-d11c10685ee9","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":211,"width":826,"height":11}},{"id":"21354fb8-7d23-41eb-bded-989090c773e2","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":226,"width":821,"height":11}},{"id":"158bfddd-3a0e-4364-98f3-c745936fc8be","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":86,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"2437f3db-7aa1-4b93-855e-c083226498b5","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":86,"box":{"x":68,"y":256,"width":824,"height":12}},{"id":"8de2809f-18d1-48e6-89d0-2fda7f671745","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":86,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"fad7f260-31c3-4960-95b0-5c0b0bd3222b","block_type":"box","text":"developed markets.","page_number":86,"box":{"x":69,"y":287,"width":138,"height":10}},{"id":"1b0e03c8-7e71-4fa4-a559-0bed6e1022ed","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":86,"box":{"x":102,"y":309,"width":751,"height":11}},{"id":"c09bb072-43c6-49b9-94eb-5a9d1a6384f0","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":86,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"c3918f86-4b83-46fb-bcb6-aae7d96f86aa","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":86,"box":{"x":68,"y":339,"width":838,"height":12}},{"id":"d91b3f44-cff0-478a-8f1e-e580fa159bb9","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":86,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"c2870d7a-e1e2-4f7d-9d1c-b05b4c9f4927","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":86,"box":{"x":69,"y":370,"width":783,"height":11}},{"id":"768d4d38-f416-43c5-b8dc-d51517c28bd6","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":86,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"c059cfc2-6ed3-4ec7-ad1a-394ed9dcd4a8","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":86,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"6136c614-c0fd-4dfc-8e28-11832e054c3b","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":86,"box":{"x":70,"y":415,"width":831,"height":11}},{"id":"caf47bbc-f3cf-4331-b34e-f792d01e7748","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":86,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"c5dd5088-841c-4681-850a-2bd2f3c51564","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":86,"box":{"x":69,"y":445,"width":832,"height":12}},{"id":"ed98a274-87a4-4d31-a57e-f35637206dac","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":86,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"b6fa7130-aed3-4cf4-8c4d-2a5af290ddf8","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":86,"box":{"x":69,"y":475,"width":800,"height":11}},{"id":"59307440-552a-4ff8-ab84-5091a39e8e50","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":86,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"e36bd2b8-d137-4f05-b40f-ab38d809a8e9","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":86,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"f5eebd85-ec79-4fb7-9b2b-a99087acd497","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":86,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"2233d9ab-bf62-4d0b-982c-3e94b8253bf5","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":86,"box":{"x":68,"y":536,"width":723,"height":11}},{"id":"b98961c2-a5c6-40f4-8a71-feb002e20d41","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":86,"box":{"x":102,"y":559,"width":801,"height":11}},{"id":"1ca8b266-6f04-4f3d-9c9c-4f4b21f2e511","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":86,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"2e52d119-81b6-4bff-95d2-b0c812f9be37","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":86,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"e1298e6b-feb2-4696-b277-41e5e1909015","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":86,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"ce30ec28-9bf3-4c13-89c5-ef3f4f9ac68c","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":86,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"3470543d-058b-40ac-ac09-5765c37bd464","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":86,"box":{"x":69,"y":634,"width":827,"height":12}},{"id":"a965d1a5-8866-4d89-91ab-8d4f8f83eb50","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":86,"box":{"x":68,"y":649,"width":824,"height":12}},{"id":"30b5e329-3fef-4628-b494-b55af9702f95","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":86,"box":{"x":69,"y":665,"width":814,"height":11}},{"id":"2ad2073e-e6b6-4785-9d7e-551d7802a466","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":86,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"f9a694e8-22eb-4f96-a7da-aef54d8b645e","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":86,"box":{"x":69,"y":695,"width":814,"height":11}},{"id":"fc58a0fb-f030-4a24-ab9f-d5ce1caa1bae","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":86,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"a6d6cdbd-cc6b-45a0-9473-481db4c72fc4","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":86,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"3c913e8b-abab-4241-aba4-4a675381c55e","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":86,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"8e66869d-72ea-4340-a2f2-2cfc2022eb20","block_type":"box","text":"sectors globally.","page_number":86,"box":{"x":69,"y":755,"width":112,"height":11}},{"id":"202324bf-6764-4f49-a60b-565ab34e3e9c","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":778,"width":745,"height":11}},{"id":"91254d4c-6e6c-4d2c-8336-72daeb5d7fc3","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":793,"width":826,"height":11}},{"id":"226333fb-d4a9-457a-802b-4c2f44bb102a","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":808,"width":799,"height":11}},{"id":"d34bab15-732c-44fc-82b8-6f8a00e37965","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":823,"width":788,"height":12}},{"id":"5aea4ecd-9d39-4149-9c7c-13db33f610b6","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":838,"width":807,"height":12}},{"id":"b3b96fdf-7819-4d6d-a155-38a6c7af1fa0","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":853,"width":782,"height":12}},{"id":"d30814d0-624f-4915-b28a-f0e33d5aae94","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":869,"width":802,"height":11}},{"id":"26738c0e-ca34-4308-9830-0d1405e8eed8","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":86,"box":{"x":68,"y":884,"width":797,"height":11}},{"id":"e2739df5-9024-49a0-ae57-738560828b81","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":86,"box":{"x":68,"y":899,"width":804,"height":11}},{"id":"1e2da7d3-2962-4513-bd61-071ad57c872c","block_type":"box","text":"II-38","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ddf15d9b-d14a-48d1-ad78-ff82768183d7","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"44098c59-1d4b-4ea3-bb9f-03e35924e3d6","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":87,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"0ec16a5a-aa28-4791-b37a-8d323ce7a893","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":87,"box":{"x":68,"y":60,"width":417,"height":11}},{"id":"57dff1cb-9bdb-418f-b70f-5b022bbf20ff","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":87,"box":{"x":102,"y":82,"width":241,"height":12}},{"id":"9a6f25ed-5f8f-4e86-aec8-0c99cdbf98be","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":87,"box":{"x":350,"y":82,"width":523,"height":12}},{"id":"434f8b92-c448-4b58-a0eb-3bcdeff2fd25","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":87,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"df6130e5-ea81-4d03-800b-f6e60de7c4ec","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":87,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"b51be61e-be7b-46df-88f9-286b0c26be05","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":87,"box":{"x":68,"y":128,"width":793,"height":11}},{"id":"1b6b6c34-fa67-4bf1-8300-c02f3292728f","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":143,"width":819,"height":11}},{"id":"7caaa258-5759-45c8-974f-d9103d79a69f","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":158,"width":777,"height":11}},{"id":"82c0420f-1cca-40bf-ba86-a0b727aba20b","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":173,"width":803,"height":11}},{"id":"28fe92a7-30f5-4c3b-9524-ad43083e811b","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":188,"width":837,"height":12}},{"id":"9fdbb85e-6c8c-40a7-b499-7d7c714cecb4","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":203,"width":765,"height":12}},{"id":"9e60574e-82d1-4e97-8d05-5f1d251b7314","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":218,"width":838,"height":12}},{"id":"c4b7391a-9dd3-43c1-97dc-04af1f5c095a","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":234,"width":805,"height":11}},{"id":"a6f86c8c-44d0-4853-a82c-f440f276363a","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":249,"width":837,"height":11}},{"id":"ae0101df-5dfb-4995-920f-a14aecbab556","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":264,"width":826,"height":11}},{"id":"d722efca-ce2c-4e16-83e0-e993950b4ea1","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":279,"width":834,"height":11}},{"id":"7d775677-28aa-44af-aff9-ce237d2930b8","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":87,"box":{"x":69,"y":294,"width":835,"height":11}},{"id":"8b4ed73d-5a5f-43dd-8781-4f9143753881","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":309,"width":797,"height":11}},{"id":"809332c3-1734-495e-8f13-515744408bc8","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":324,"width":781,"height":12}},{"id":"518d1e19-5d13-4863-b377-903f11f58284","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":339,"width":811,"height":12}},{"id":"f80c123f-9208-47ea-b24f-767463a2c659","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":355,"width":833,"height":11}},{"id":"3f6cbb4c-2a34-4786-8621-b34d5b3889d8","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":370,"width":831,"height":11}},{"id":"aa6e0893-f7c4-4e5e-ae9e-c287e111ef54","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":385,"width":823,"height":11}},{"id":"09af80a0-5c5e-4d67-89f2-c9bb3123ef90","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":400,"width":791,"height":11}},{"id":"6f155288-91f8-43e9-84df-f78d8d9e85b0","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":415,"width":835,"height":11}},{"id":"11856703-ca70-4a73-8051-70d6577f27e5","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":430,"width":799,"height":11}},{"id":"682d18db-79c0-46f4-8986-451d791441b9","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":445,"width":815,"height":12}},{"id":"f3d45116-244f-42ae-af49-285cdf82f229","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":460,"width":818,"height":12}},{"id":"498d63d3-8cc4-47c4-b4fa-6eee5f5c94f6","block_type":"box","text":"impacted.","page_number":87,"box":{"x":70,"y":476,"width":67,"height":10}},{"id":"37e085d2-2a34-40df-86a1-0c724b18402e","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":498,"width":773,"height":11}},{"id":"720b19c7-d445-4ce2-bd0b-c2967feeaf37","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":513,"width":812,"height":12}},{"id":"d13f9590-413b-44b0-9d56-406f2ba08ff0","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":528,"width":818,"height":12}},{"id":"10c989e4-1e76-4b16-83ff-004a375d4a36","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":543,"width":836,"height":12}},{"id":"97a6deb8-dd42-475e-9592-49468fea91bc","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":559,"width":826,"height":11}},{"id":"fc6d35e3-ceae-4415-90ff-eb0c6530c441","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":574,"width":809,"height":11}},{"id":"ffc719ca-54b2-4fcb-9ccb-74b32843bb18","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":589,"width":790,"height":11}},{"id":"8f418700-2306-4722-8e9a-442e4d7587f0","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":604,"width":798,"height":11}},{"id":"77b4d396-9112-4c6b-80be-8ec4f913dc84","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":619,"width":781,"height":11}},{"id":"125c0104-a9a5-42f4-b0f3-d3a6385e35d0","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":634,"width":836,"height":11}},{"id":"eca50b29-8e02-41ec-94c7-8de7eac5c2e6","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":649,"width":837,"height":12}},{"id":"2462dd96-d074-4efc-bf2c-3313847b7d32","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":665,"width":838,"height":11}},{"id":"b0165383-1df3-4a96-bd49-3d131f01a4ec","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":680,"width":790,"height":11}},{"id":"5b398493-51e6-4529-ab4a-7d10ef4df9cd","block_type":"box","text":"economy.","page_number":87,"box":{"x":69,"y":697,"width":65,"height":9}},{"id":"b5429c95-4be4-432c-bad7-6c32fa55037d","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":718,"width":747,"height":11}},{"id":"dbbb93a7-2b1e-4813-bc2e-48bb27338cb6","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":733,"width":776,"height":11}},{"id":"97255ad3-ab94-4ead-91d3-5cb771a24995","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":748,"width":836,"height":11}},{"id":"b88b5e2d-c6e0-4a7c-b8ea-03512c8ffc24","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":763,"width":830,"height":11}},{"id":"76940ea4-0014-4a76-8f40-36b34bb4fd6d","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":778,"width":813,"height":11}},{"id":"7b69e121-6329-47cd-8a70-2d4c9105a323","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":793,"width":822,"height":11}},{"id":"c023d3a6-d2fa-4359-bad9-76914864032a","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":808,"width":837,"height":11}},{"id":"96d0cef2-9d5b-4614-b195-581bce49b77e","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":823,"width":826,"height":12}},{"id":"0982f7b0-2a24-4dbd-965a-86cce5446772","block_type":"box","text":"typically the case for investment managers.","page_number":87,"box":{"x":68,"y":838,"width":309,"height":12}},{"id":"d87ee1fa-a03a-47ee-9143-927881d7eeb1","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":861,"width":806,"height":11}},{"id":"27057a49-24fd-48a5-b787-0b42a61bc935","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":876,"width":828,"height":11}},{"id":"fb8698da-71ed-41ad-824b-fc9e60123219","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":891,"width":777,"height":12}},{"id":"76d654c9-3af9-41d1-a17f-ad2d5bff3a41","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":87,"box":{"x":69,"y":907,"width":796,"height":11}},{"id":"006fb06b-6512-451f-9331-18fbfa9e0dcc","block_type":"box","text":"II-39","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a30f68df-7739-481a-a129-f097779ba385","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"388ad6ea-0596-4f97-b688-2e808ab12149","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":88,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"c98b9b7e-f96c-47e0-8b06-8b0b9b6d03fb","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":88,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"b66896b2-8e0c-4ed9-af44-2d9e35103093","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":88,"box":{"x":68,"y":75,"width":764,"height":11}},{"id":"7f045fe6-3e7d-4ea2-a6f7-ce1a13750b51","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":88,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"b8fae483-ad61-4ccb-81e1-ee4a92432f3c","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":88,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"d61900f1-57ba-42bd-ba9d-893febffa5cd","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":88,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"f17c6986-f227-4aa1-bef3-f839b21ce18f","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":135,"width":815,"height":11}},{"id":"f9bf4195-adaf-470b-9911-f474592ba844","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":150,"width":825,"height":12}},{"id":"0ec84ebd-5633-4373-a69e-89f86d7e6c18","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":166,"width":797,"height":11}},{"id":"e2ff17de-7457-495e-8c3b-28bc95035609","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":181,"width":510,"height":11}},{"id":"816a325c-cda0-440b-964f-46b6f1998e82","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":203,"width":773,"height":12}},{"id":"c8f46950-614a-4bd1-90b9-aac07e1b5796","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":218,"width":820,"height":12}},{"id":"b873e8be-122a-4402-88dc-b7afd83894dd","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":234,"width":787,"height":11}},{"id":"d867ff9a-29ac-46cf-b5d4-02ae407a9629","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":249,"width":837,"height":11}},{"id":"a17c4e00-8998-48c5-8b29-45edeb080672","block_type":"box","text":"will be indirectly subject to those risks.","page_number":88,"box":{"x":68,"y":264,"width":277,"height":11}},{"id":"0cc23ade-0951-4070-81ba-9d576deec94d","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":88,"box":{"x":102,"y":286,"width":223,"height":12}},{"id":"2610a453-55bd-40fb-8b2e-ccecb46cda71","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":88,"box":{"x":332,"y":287,"width":521,"height":11}},{"id":"0366cead-1117-478b-98a6-3b58e5b2c22a","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":302,"width":829,"height":11}},{"id":"8d1eea7e-27c2-4c47-9b73-3c078b91728b","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":88,"box":{"x":70,"y":317,"width":837,"height":11}},{"id":"38021c05-2117-4424-b79a-20062fd3c967","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":88,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"8f213282-3695-4374-bd45-20b433d04fca","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":88,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"e3a26440-41b9-42f9-a06e-3520fc1795fa","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":88,"box":{"x":68,"y":362,"width":816,"height":11}},{"id":"312c3a69-5fe1-4323-97a4-8d8e5fed42f5","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":88,"box":{"x":68,"y":377,"width":758,"height":12}},{"id":"7e08a2d5-84e5-407b-a0bf-76f1065362eb","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":88,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"2047d991-0391-4756-843e-555d84549eda","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":88,"box":{"x":69,"y":408,"width":804,"height":11}},{"id":"2734b9a8-48b7-4c7c-90d3-172e67f0356b","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":88,"box":{"x":68,"y":423,"width":822,"height":11}},{"id":"eee09b7f-da73-4cba-b0c9-73e05aec98ec","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":88,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"b16016aa-05ff-4bf9-b616-98087338d7b2","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":88,"box":{"x":68,"y":453,"width":814,"height":11}},{"id":"7b97e321-f983-4b1d-a928-617dd009b44c","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":88,"box":{"x":69,"y":468,"width":787,"height":11}},{"id":"ab2dd584-cd9d-4ff8-9b79-0255a3479451","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":88,"box":{"x":69,"y":483,"width":766,"height":11}},{"id":"cfe0d117-d2dc-47eb-b49e-e2b718e9756c","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":88,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"0b7abdb0-7de7-4c3c-8c13-775397c88537","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":88,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"3c66159d-fa52-4d17-90e8-a4d7a3d94845","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":88,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"ee0e7fcf-e760-49ea-b6df-8532597971cf","block_type":"box","text":"impact on a Fund’s investments.","page_number":88,"box":{"x":70,"y":544,"width":230,"height":10}},{"id":"95b6ec13-765c-4047-9f1f-2709fe0e7fa2","block_type":"box","text":"Brady Bonds.","page_number":88,"box":{"x":102,"y":566,"width":92,"height":11}},{"id":"484951fc-90c3-4169-9c38-b03f72250435","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":566,"width":689,"height":11}},{"id":"0246582d-1884-47ca-901f-2bef320dd5c9","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":581,"width":815,"height":12}},{"id":"634718b1-a8d2-46fb-ade7-72893fde648e","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":596,"width":766,"height":12}},{"id":"441304b3-62a8-4aaf-8797-65af0aaf7e5d","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":612,"width":784,"height":11}},{"id":"553b1de1-f7bb-4c9c-9d72-3f9a04fac126","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":627,"width":837,"height":11}},{"id":"733c51bf-86bf-4ffa-8802-f3941eb1fb0e","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":642,"width":839,"height":11}},{"id":"64c14c78-93be-4e03-bf29-35d73c501b19","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":88,"box":{"x":70,"y":657,"width":786,"height":11}},{"id":"cb1c252b-a6ce-4308-a62b-75c23c3bad64","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":88,"box":{"x":69,"y":672,"width":814,"height":11}},{"id":"0ab67173-c54a-464d-9006-1848c0bb2f93","block_type":"box","text":"Venezuela.","page_number":88,"box":{"x":68,"y":687,"width":75,"height":9}},{"id":"196f0596-2a49-472e-8e93-e832c245eab6","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":710,"width":798,"height":11}},{"id":"639ccc83-8ace-498f-a22a-d747107641bb","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":725,"width":780,"height":11}},{"id":"d459b64a-a739-46c2-90a8-b0a494696db6","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":740,"width":812,"height":11}},{"id":"3ae0e035-71cf-42a6-ac65-71766a2fc22b","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":755,"width":796,"height":11}},{"id":"9a6e24aa-acd7-43a0-a13f-e3804b66dc46","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":771,"width":812,"height":11}},{"id":"9bbf6fec-4010-402a-a942-ffbce79c4747","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":785,"width":823,"height":12}},{"id":"34f95534-77a4-490e-bcb6-43cdd1546fca","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":801,"width":833,"height":11}},{"id":"9b36e9b6-5020-4f2a-b51d-cec8524d5537","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":816,"width":816,"height":11}},{"id":"46283d7e-70c9-4f02-ae6a-06a52c94ab21","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":831,"width":818,"height":11}},{"id":"cad462de-e1dd-4945-98fe-1d67c49a6ec8","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":88,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"270fdffe-4e19-4c89-a21c-2c3d76293964","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":88,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"e454133f-55d6-404f-90e2-de3ef0ad4b6b","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":88,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"d9dc4de8-13c3-4530-9e38-f1885a7e003a","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":88,"box":{"x":69,"y":891,"width":430,"height":11}},{"id":"e4680515-49ae-4435-8963-70ae75fa87a9","block_type":"box","text":"II-40","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fead2119-5b49-49e9-a6b4-c1de3d2723d7","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8fb63e65-cb19-4656-96bd-43b59e04d39e","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":45,"width":807,"height":11}},{"id":"94bfc3d9-f902-4bbd-9991-a0fd5bf65d71","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":60,"width":838,"height":11}},{"id":"a8982e49-7856-43d2-9a16-76e3cead3363","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":75,"width":819,"height":11}},{"id":"e39e0724-2d18-4882-9dea-b6a8b9a90605","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":90,"width":835,"height":11}},{"id":"8d66f094-5b7e-4759-aeec-e6a05b6ead72","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":105,"width":841,"height":11}},{"id":"bc805072-cdb8-46f7-a8b9-d57f35d71671","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":89,"box":{"x":70,"y":120,"width":351,"height":12}},{"id":"898273ec-c357-463a-b46b-b8908d2446e7","block_type":"box","text":"China Investments Risk.","page_number":89,"box":{"x":102,"y":143,"width":171,"height":9}},{"id":"22a990c6-923e-4eed-a530-c883db910607","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":166,"width":763,"height":11}},{"id":"e44c8b49-d00a-4664-9277-05dd5760719b","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":181,"width":830,"height":11}},{"id":"c13f4d60-684c-4deb-995d-cb2bc7485034","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":196,"width":821,"height":11}},{"id":"faee06cd-c009-4fd6-989c-d6fe6b12c7b3","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":211,"width":809,"height":11}},{"id":"8b4b7f1c-2157-4f81-ad19-2e3d2cee86ae","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":226,"width":713,"height":11}},{"id":"83436095-aa31-4c58-b115-57514a3db250","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":249,"width":762,"height":11}},{"id":"fb326e40-dc6c-4527-bab2-40aa03feb12a","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":264,"width":800,"height":11}},{"id":"6d3a483f-363b-45be-a466-b9d84a45cd77","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":279,"width":820,"height":11}},{"id":"04843221-39f9-489e-8638-12c68f74efda","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":294,"width":777,"height":11}},{"id":"d8fde52b-6825-442a-8108-89cb00578c21","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":309,"width":809,"height":11}},{"id":"404fb6a5-c038-4f7d-94ec-dd19be8c31b3","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":324,"width":805,"height":12}},{"id":"8eb36fc0-1398-4cb7-a70b-2ad6f789c997","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":340,"width":770,"height":11}},{"id":"554c62d1-d5a7-473e-b2df-01f87568879c","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":355,"width":821,"height":11}},{"id":"251e0e6c-1595-44d2-b67f-c341bb4fa11f","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":370,"width":831,"height":11}},{"id":"dc64d769-242f-4e11-86e4-1e8c1e4cb9d8","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":385,"width":812,"height":11}},{"id":"4fd3f5c2-670d-4ad2-bc67-ed8539029e09","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":400,"width":818,"height":11}},{"id":"fb3084af-92b3-4877-9b90-5dffc1b17095","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":415,"width":769,"height":11}},{"id":"1433f219-887d-4540-9732-985ed46ce534","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":430,"width":836,"height":11}},{"id":"2d7d5879-4a6b-4272-a56e-b55cb964f06a","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":445,"width":810,"height":12}},{"id":"d416f643-5dca-49bc-a33e-a0f9263161f7","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":460,"width":813,"height":12}},{"id":"7acf0d60-f702-4b7d-8d5b-c3b15a3277dc","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":475,"width":811,"height":12}},{"id":"4e2cb125-7526-4f96-8d84-27edf78ec0c3","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":491,"width":804,"height":11}},{"id":"c898bec4-8dab-47d4-b569-08af591d1898","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":506,"width":829,"height":11}},{"id":"687e9aa7-0f0f-4b53-ae5f-40394338e9a4","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":521,"width":825,"height":11}},{"id":"d29e5af0-6937-4b9c-9226-cec347cc9aa7","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":536,"width":819,"height":11}},{"id":"c67804b6-cf6c-4350-a06c-176995e241c4","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":551,"width":776,"height":11}},{"id":"04d1145e-a257-4fc7-bd31-ed4b6ec5027a","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":574,"width":792,"height":11}},{"id":"eebb7ace-b912-4e22-a467-6ab0aeee9810","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":589,"width":818,"height":11}},{"id":"8e531fae-e996-4bd4-aca8-7eeacf2b429b","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":604,"width":835,"height":11}},{"id":"f44528f5-cf38-4e17-822a-5972049e51c0","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":619,"width":802,"height":11}},{"id":"aa3ef7b2-2a48-4b1f-8660-c2ad728c8ed6","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":634,"width":763,"height":11}},{"id":"96e8ba6a-f652-4a08-b592-9d493d55ba3b","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":649,"width":829,"height":12}},{"id":"8a0023f3-1b11-4f6c-9e2a-5ef2192983b3","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":664,"width":813,"height":12}},{"id":"f85197f6-f0f8-4157-ac19-648c865192f2","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":89,"box":{"x":68,"y":680,"width":653,"height":11}},{"id":"ad4707dd-2d0d-4eb2-bb07-d719fb0b8cf1","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":702,"width":783,"height":12}},{"id":"c1d9a224-1874-4845-a89c-631dddd44c79","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":717,"width":805,"height":12}},{"id":"417c3f66-161a-4069-84e3-6f919a0908ab","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":732,"width":827,"height":12}},{"id":"15297443-9d23-477f-b4c3-0b3664925564","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":748,"width":821,"height":11}},{"id":"6514492d-2695-406e-83f2-c4abb77d2abe","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":763,"width":683,"height":11}},{"id":"264af013-3a71-42ac-82bf-a04e9b8d4cff","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":785,"width":797,"height":12}},{"id":"086b281c-3ae8-44fd-aa8c-9434a04516b0","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":801,"width":779,"height":11}},{"id":"725566d1-5b35-4103-8c93-e684c95c9724","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":816,"width":822,"height":11}},{"id":"d2c5e449-acca-4161-bd96-812a6f504275","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":831,"width":836,"height":11}},{"id":"b8f32911-c212-4b90-b703-6690cbaf4925","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":89,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"88dbc84f-e9c2-40ae-82ac-67d06a709fd4","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":861,"width":803,"height":11}},{"id":"cac2d41f-3181-46d8-b75a-98dbbe6bff21","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":89,"box":{"x":68,"y":876,"width":816,"height":11}},{"id":"255d2f99-5f52-491c-8731-44c7e1c3e389","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":89,"box":{"x":68,"y":891,"width":816,"height":12}},{"id":"03dba140-8c18-4b4a-b9e8-d9b25678028b","block_type":"box","text":"II-41","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d751d03-afb5-40f0-9a09-55e3ba5811f4","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"856e0780-47ee-4c23-b3a8-ee7fae72f225","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":45,"width":798,"height":11}},{"id":"6e9cd61a-1b12-404f-a847-86256f9591f7","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":60,"width":826,"height":11}},{"id":"b70d30d2-c5b4-45e1-a75a-b1ad17d6708c","block_type":"box","text":"sub-custodian.","page_number":90,"box":{"x":69,"y":75,"width":102,"height":9}},{"id":"52d70960-8bc6-44df-b68b-c7f3da3f70ce","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":98,"width":801,"height":11}},{"id":"fc97f7ac-18d7-4e98-9151-50df227d4704","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":113,"width":829,"height":11}},{"id":"d8ea2743-0987-4a40-8a6d-275d89ae3776","block_type":"box","text":"on investor protection considerations.","page_number":90,"box":{"x":69,"y":128,"width":268,"height":11}},{"id":"b9e41b1c-a1d7-4597-9354-37d1a32eb025","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":151,"width":806,"height":11}},{"id":"7bfcf631-3a75-422b-8465-5b6f4c9ff9a4","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":166,"width":829,"height":11}},{"id":"303c0e45-a42c-4a35-a5d6-2851087edb9d","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":181,"width":810,"height":11}},{"id":"29be2d6a-8270-4b11-a853-06d16ea43d16","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":196,"width":829,"height":11}},{"id":"a90c5fa6-caa3-4927-944b-a83f8d4a2487","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":211,"width":774,"height":11}},{"id":"2b189b38-409d-4f41-b311-16a622fbf07b","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":226,"width":760,"height":11}},{"id":"3d04d5d4-6dfe-460c-9bd1-6575094c2bd6","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":241,"width":788,"height":11}},{"id":"07d57eb7-c3a9-4b70-b278-cbff7dd44329","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":256,"width":822,"height":12}},{"id":"180fc13b-ad5e-4c50-b354-153eeb53e3d4","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":271,"width":821,"height":12}},{"id":"98a09f20-cecb-4624-9ca2-38d4cc90af6d","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":287,"width":820,"height":11}},{"id":"195e732f-7828-4b06-b092-cd9240ae15cc","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":302,"width":805,"height":11}},{"id":"75a32f2b-f605-4798-8ac4-d270ca445a4a","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":317,"width":816,"height":11}},{"id":"5b230d3a-e724-4136-9fa3-541adaa8f81b","block_type":"box","text":"accounting firm.","page_number":90,"box":{"x":69,"y":332,"width":112,"height":11}},{"id":"b908eb85-d466-43ab-a4ce-33d8cf1f226f","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":355,"width":780,"height":11}},{"id":"a5c749a6-23bc-4a05-a43e-ab5ae55a55a0","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":370,"width":815,"height":11}},{"id":"dc8fe42c-2e34-4097-9fa8-eb8d44828fc0","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":385,"width":837,"height":11}},{"id":"6aa742b0-5de3-43af-bccd-bec267f91cb4","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":400,"width":787,"height":11}},{"id":"4374650e-e435-4ddf-968c-aba97229ec82","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":415,"width":837,"height":11}},{"id":"66ec5c7c-2679-48f2-aeb7-6d598ebc01ea","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":430,"width":825,"height":11}},{"id":"01451e46-4fa9-4b3b-a1dc-fad9777b7665","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":445,"width":828,"height":12}},{"id":"f064abff-153d-4a9d-9212-bd3dcbd5f319","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":460,"width":812,"height":12}},{"id":"f321534a-4e63-48f5-9317-051bbe2b6106","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":475,"width":808,"height":12}},{"id":"bd43b6c2-983c-4422-8670-30a5e9bcb7a6","block_type":"box","text":"RMB (“CNH”).","page_number":90,"box":{"x":70,"y":491,"width":97,"height":11}},{"id":"ad9366c6-a369-487d-8485-18828fdf2549","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":513,"width":802,"height":12}},{"id":"2ed07bc3-7a69-4195-83ad-371f643001dc","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":528,"width":837,"height":12}},{"id":"35e77e53-439b-4691-aeb0-659a42956f2b","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":544,"width":822,"height":11}},{"id":"3a901566-49ff-46a4-9dc6-177c138ce25a","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":559,"width":775,"height":11}},{"id":"f2d20fd1-093b-44f0-a14d-502636480a5d","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":574,"width":809,"height":11}},{"id":"4a5accfd-2b1d-40cc-8680-1b3dc4628f49","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":589,"width":803,"height":11}},{"id":"3bf93602-2752-41f4-9990-c48bfc38e2ad","block_type":"box","text":"represent equity ownership in the operating company.","page_number":90,"box":{"x":69,"y":604,"width":380,"height":11}},{"id":"ca85bbf8-a9d7-4337-99a8-dec4976d6e71","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":627,"width":801,"height":11}},{"id":"735aaa67-f7db-497c-9d5e-a332871f2d0c","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":642,"width":833,"height":11}},{"id":"a576d4b9-ca6c-4ce4-9d17-696046017d9b","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":657,"width":825,"height":11}},{"id":"0f2f52b6-d27b-410b-9401-8ec84ecf8fa5","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":672,"width":832,"height":11}},{"id":"60e8ac76-3bd7-46a7-911c-930f53818b8c","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":687,"width":826,"height":11}},{"id":"3864f37f-b5d7-46b5-932e-aa2196cb4f05","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":702,"width":770,"height":12}},{"id":"65ed3cac-107a-44c3-85ed-6c2697fa8a2a","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":717,"width":829,"height":12}},{"id":"ce1b5548-ffb2-4e64-981c-8bbab2245a8a","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":732,"width":815,"height":12}},{"id":"531ff852-0f3e-4d31-802f-6d34f849ef56","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":748,"width":815,"height":11}},{"id":"68578469-0357-42d2-9b0c-d32c6a1c3c8e","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":763,"width":802,"height":11}},{"id":"3d33ba2e-6678-480f-ab50-e14096c94620","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":778,"width":828,"height":11}},{"id":"b36f5696-ea89-4d90-a4bf-b7968c4a6870","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":793,"width":833,"height":11}},{"id":"a4f214d6-ac34-42cc-9124-f92784718c68","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":808,"width":819,"height":11}},{"id":"53ee5b6a-323a-497e-b64e-b63648aab53b","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":823,"width":798,"height":12}},{"id":"42e13a7f-c008-4965-8be4-f8c9c9b234d8","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":838,"width":833,"height":12}},{"id":"2569cbaa-0f22-49ec-a12a-083d53aa1f47","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":90,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"802d4465-a0c1-411e-8e6f-e1926996ca4a","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":90,"box":{"x":68,"y":869,"width":792,"height":11}},{"id":"8dd06602-d943-4874-ba66-55d01a404a01","block_type":"box","text":"losses to a Fund.","page_number":90,"box":{"x":70,"y":884,"width":120,"height":9}},{"id":"ba996bcd-5eb5-4a98-9d73-d89ef5d22846","block_type":"box","text":"II-42","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"142b0070-d0ef-4855-8adb-4e49de1c7509","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a27ab5f-4eeb-4479-a394-020da34169bf","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":45,"width":760,"height":11}},{"id":"ba651e7f-1444-477d-9057-e105dc4b8bea","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":91,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"29215e1f-082f-4e62-879b-fae1bdfcf7ee","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":91,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"a2b5ab43-1062-4f15-8c7d-4456f4e25010","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":91,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"c1f72934-cfda-48d5-9f89-cac7ec0811fa","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":91,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"0a3539ea-35a3-4db0-81f2-12e6e17e8821","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":91,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"3fa6c07f-0bc9-49bd-bc2b-96f9b1a74025","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":91,"box":{"x":69,"y":135,"width":765,"height":12}},{"id":"dc47f47d-3f9b-445d-963c-4c3b2961786d","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":91,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"a037f117-2f5e-4858-900c-2cd8e3d58f1e","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":91,"box":{"x":70,"y":166,"width":816,"height":11}},{"id":"a6fe60d9-1bf3-433f-a557-91dd66e86e31","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":91,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"4af12f6a-43c5-43fc-a704-5382ae65b9bf","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":91,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"62ab7ad0-e493-4703-a430-5bee117fcde6","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":91,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"630677dd-819f-489e-a42d-80f44fdb7854","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":91,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"c3cbe55d-14d3-46c7-805a-1085e224e820","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":91,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"b121a2d6-7fc1-45fb-b3f8-a444744eaad5","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":91,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"cf71bbf4-05bc-4be6-9645-84169b5e6825","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":91,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"c47836f5-bf06-41f4-b031-6e1a5e6fdaaa","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":286,"width":815,"height":12}},{"id":"1e4f3b6b-9554-4ab0-a1d2-ff128913f9bf","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":302,"width":812,"height":11}},{"id":"392de2b5-391d-4021-b71b-1d67088a8071","block_type":"box","text":"such companies.","page_number":91,"box":{"x":69,"y":317,"width":119,"height":11}},{"id":"d78f2e8f-72bc-4336-8648-d09bbb76f652","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":339,"width":792,"height":12}},{"id":"0fe6c011-e42e-41fc-8ebb-ac9f882e359b","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":355,"width":840,"height":11}},{"id":"8dbca4aa-7996-4bc8-8be1-741e3894f664","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":370,"width":815,"height":11}},{"id":"12200329-2bf7-4219-9fb8-b2e6fc017bee","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":385,"width":823,"height":11}},{"id":"a07e4e29-2e1b-4df2-b19f-da582a9c9435","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":400,"width":812,"height":11}},{"id":"15cd6a94-d702-4fde-a10a-e6c54e070d74","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":415,"width":821,"height":11}},{"id":"684b4c26-898b-4190-af5d-d736cb91274c","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":430,"width":832,"height":11}},{"id":"bd473ed3-a1ee-42ec-94e5-fe0f38e2b863","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":445,"width":773,"height":12}},{"id":"5bab03df-46e2-4478-a930-0213e50b0724","block_type":"box","text":"standards.","page_number":91,"box":{"x":69,"y":461,"width":74,"height":8}},{"id":"3d224ca0-3b68-41a4-b5a3-096e100af4bb","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":483,"width":794,"height":11}},{"id":"1901dfb7-fae4-4178-b57d-9e652b6313e8","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":498,"width":792,"height":11}},{"id":"dd749678-e9d8-454f-90d7-b92105d8d18c","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":513,"width":803,"height":11}},{"id":"0c8d9b28-275b-43cf-bdba-f8a2d731aef0","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":528,"width":811,"height":12}},{"id":"f0741164-9b52-4eb3-bd52-3ed5a4b7b6ac","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":91,"box":{"x":69,"y":543,"width":548,"height":12}},{"id":"8710d3a6-b431-4ef1-9cb0-12a87ad77450","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":91,"box":{"x":102,"y":566,"width":288,"height":11}},{"id":"5b160599-d2da-4c97-a750-5804b4e69a97","block_type":"box","text":"General","page_number":91,"box":{"x":102,"y":589,"width":55,"height":9}},{"id":"8e7b84ad-9ccd-4137-af64-dd2f82b4d74d","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":589,"width":704,"height":11}},{"id":"3e4dd8b2-82b2-4055-9de5-849687796696","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":604,"width":815,"height":11}},{"id":"5fb2e641-8e5b-4b79-bc66-28a63e80a8be","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":619,"width":815,"height":11}},{"id":"43b0ef89-bf3a-40b7-8de3-2956d1975e49","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":634,"width":833,"height":12}},{"id":"b42f8e8c-bcfe-42fc-b055-d21730a2e6ad","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":649,"width":744,"height":12}},{"id":"08827f61-21a7-4abc-a601-8843b4e55482","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":672,"width":745,"height":11}},{"id":"31e11d7c-5bbb-4298-ab93-9ebc709797c8","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":687,"width":807,"height":11}},{"id":"2eb15103-da61-4f2d-8dbc-d0a3a2f8830f","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":702,"width":834,"height":12}},{"id":"5f001b4c-ca22-4f2e-aee2-a57e25b5fe4d","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":717,"width":812,"height":12}},{"id":"c68b9d2f-f047-4afa-80f2-8db527360b5f","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":733,"width":819,"height":11}},{"id":"8416c5b6-8fa9-45a1-8675-60dbb9332071","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":748,"width":793,"height":11}},{"id":"bf1903ba-96a1-4054-b15f-3aaa9191010a","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":763,"width":818,"height":11}},{"id":"cc3c1d2c-0170-46b9-9422-1a9a73c07b7c","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":778,"width":824,"height":11}},{"id":"03efe46b-285c-4f86-8bb6-7c9557a95dba","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":793,"width":827,"height":11}},{"id":"cea92a2c-ea34-463d-a653-07f46efb69d1","block_type":"box","text":"company established by SEHK.","page_number":91,"box":{"x":69,"y":808,"width":219,"height":11}},{"id":"d0cc2931-b61b-4842-92f7-2a07b9f7801a","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":831,"width":794,"height":11}},{"id":"cf4baacb-11cf-494b-a12e-fa15cbaf9c5e","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":846,"width":839,"height":11}},{"id":"9454168a-f974-47a7-834d-9ea52c28ef6a","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":91,"box":{"x":69,"y":861,"width":779,"height":11}},{"id":"4299c4f2-603e-4f9e-841d-67cb0fb5df24","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":91,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"29a70865-abff-402b-827d-3123541273d8","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":91,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"0194a3c0-e732-4a83-a80a-52633671d02e","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":91,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"ef980b18-f31b-4e91-9b79-f60b2f5f56ac","block_type":"box","text":"II-43","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cc2d63d-9f4f-4b43-ab1e-098bd4aaea8e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae26edfa-20d1-4b8f-a060-c062c6bc448f","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":45,"width":802,"height":11}},{"id":"041eeee4-206c-43ad-a132-b9f711339103","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":60,"width":831,"height":11}},{"id":"ef8549f3-89dc-4643-a6df-abd033176223","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":75,"width":821,"height":11}},{"id":"8e0c6418-602a-4cee-b5aa-2acd78c04e76","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":90,"width":829,"height":11}},{"id":"f18ebc86-1969-4d4b-a534-34d158bf1962","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":105,"width":797,"height":11}},{"id":"55fb8922-6a47-4db7-90a6-35bcb9176e23","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":120,"width":820,"height":11}},{"id":"b47a7c49-10ba-427e-86b9-817645056f9f","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":135,"width":820,"height":12}},{"id":"eb2e737a-6986-49f5-9765-2a10331bb936","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":92,"box":{"x":69,"y":150,"width":278,"height":11}},{"id":"9095cd89-31ba-483b-b1b4-322454738207","block_type":"box","text":"i.e.","page_number":92,"box":{"x":349,"y":151,"width":21,"height":8}},{"id":"ee5aed7e-414a-4ef3-a238-07c6552f627c","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":92,"box":{"x":372,"y":150,"width":524,"height":11}},{"id":"5b92279b-c3d4-40f5-ba33-bd78777c5fa5","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":166,"width":815,"height":11}},{"id":"54af39af-03fd-48df-a5a5-448bbd16a033","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":181,"width":810,"height":11}},{"id":"b2089434-cf00-4b70-859b-e5a089568fd4","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":196,"width":834,"height":11}},{"id":"37b71ffe-62b5-4495-bc44-bd9d9e12ed9b","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":211,"width":799,"height":11}},{"id":"f6446d98-4af0-43c0-85db-c3e66c360bd7","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":226,"width":797,"height":11}},{"id":"7662ae07-007c-4d49-a7fa-536db17a135d","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":241,"width":818,"height":11}},{"id":"a8f53906-2d3f-4782-8cea-4f757f28c941","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":256,"width":820,"height":11}},{"id":"b02ed478-35c2-4bb9-803b-d907c64d3411","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":271,"width":836,"height":12}},{"id":"e700df8c-794e-48b5-9c41-85823c7fc592","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":286,"width":811,"height":12}},{"id":"7de41796-51ad-4d02-90b3-670232e143b8","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":302,"width":815,"height":11}},{"id":"8fe947fa-b4b8-4314-beeb-b5a81516bed9","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":317,"width":824,"height":11}},{"id":"a424d986-9d63-4c1d-99d0-05bc69aa646c","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":332,"width":777,"height":11}},{"id":"efcc64e2-f50a-4772-a023-61b55018c234","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":92,"box":{"x":70,"y":347,"width":582,"height":11}},{"id":"0e132fce-03fc-4429-a54f-a77c5e21a54c","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":370,"width":802,"height":11}},{"id":"9d6c5862-9c93-4c56-8423-d50bf1898b80","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":385,"width":784,"height":11}},{"id":"79b9cc3c-6e40-40a3-9a82-f4b636a269f5","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":400,"width":837,"height":11}},{"id":"79d47e19-ae4e-4fa9-9b4c-97307c2893cb","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":415,"width":822,"height":11}},{"id":"296da778-9b85-496e-bf1d-5737ee7b6478","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":430,"width":802,"height":11}},{"id":"fee08218-9553-4f76-9db8-ed31309a2b88","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":445,"width":805,"height":12}},{"id":"40fccb24-bab9-46b4-9877-8e05e0d52925","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":460,"width":807,"height":12}},{"id":"73925d66-af17-4481-8ce4-45b141c416fc","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":475,"width":805,"height":12}},{"id":"ba427ce0-c78d-4907-ab7e-33b2cff784d5","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":491,"width":774,"height":11}},{"id":"4803b904-4503-4677-a4e1-3476f565ccc4","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":506,"width":816,"height":11}},{"id":"b567f26e-29d3-4e2c-bb58-cfd4d64e4b31","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":521,"width":808,"height":11}},{"id":"4939550d-22c3-4935-834f-fd2b628a92ad","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":536,"width":779,"height":11}},{"id":"124b1921-15a0-45cd-b6a3-cf487d343a8e","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":551,"width":788,"height":11}},{"id":"19599374-b7f7-4c31-9f5e-7bd9967a4d26","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":566,"width":839,"height":11}},{"id":"ee30537f-2031-4694-a848-1412d5e6e23b","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":582,"width":811,"height":11}},{"id":"9ab58e7e-0231-4aee-81f9-918a8cfd79b2","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":596,"width":783,"height":12}},{"id":"05d104fc-366b-4e26-878b-0ea25cd3ce43","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":612,"width":826,"height":11}},{"id":"6664510d-976b-4f72-809e-87dc1d79523f","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":627,"width":752,"height":11}},{"id":"5efefa76-8f0f-4d62-a755-1e769dcf9906","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":649,"width":804,"height":12}},{"id":"ffc11d66-ac79-42b1-8206-1bcc07130cad","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":664,"width":826,"height":12}},{"id":"3f5a03fd-7670-4ab7-befb-da60966ec49a","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":680,"width":769,"height":11}},{"id":"b9aa3964-3471-4b38-b2c8-345f0ef31580","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":695,"width":809,"height":11}},{"id":"33c97b68-a40d-4fc2-84ba-613c9c1e7d03","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":710,"width":801,"height":11}},{"id":"7e9d1cc2-c974-4b75-9a4a-70991d5e2ef9","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":725,"width":822,"height":11}},{"id":"856db33e-e485-4f1c-bab3-674b9abf5a36","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":740,"width":829,"height":11}},{"id":"5e0156c4-5164-4687-9a81-2963666e4114","block_type":"box","text":"PRC.","page_number":92,"box":{"x":69,"y":755,"width":32,"height":9}},{"id":"ba7f70ee-33cc-43b3-983e-a93371a28b60","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":778,"width":796,"height":11}},{"id":"a025033f-4827-4a1a-ae66-5e2b98aed0f3","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":793,"width":815,"height":11}},{"id":"2cc839b6-3125-4bef-b9a5-ae1f91b8a007","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":808,"width":822,"height":11}},{"id":"692a915a-3f85-4b56-a667-5ec8b0d714e1","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":823,"width":818,"height":12}},{"id":"34a5e9f3-861e-45f6-9412-30919db020f4","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":838,"width":813,"height":11}},{"id":"438c4778-344b-47c2-9c27-ef076b5dce1c","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":92,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"3100af48-47c9-433c-8a5e-e768653004bc","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":92,"box":{"x":68,"y":869,"width":695,"height":11}},{"id":"6d37edc4-7c0d-43f1-8829-6ce795607263","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":92,"box":{"x":101,"y":891,"width":772,"height":12}},{"id":"426c6125-b095-4268-9aa4-1da87dc5a6ad","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":92,"box":{"x":69,"y":906,"width":810,"height":12}},{"id":"dadba634-8a1f-4003-9741-b1612e273762","block_type":"box","text":"II-44","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f04dc7aa-d175-4ed7-a4a1-fc0bca644b1c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"669296d8-917a-43d5-b7c6-95245521ef51","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":93,"box":{"x":70,"y":45,"width":798,"height":11}},{"id":"3d294cd0-4f88-49b4-95f9-36ca824812f8","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":93,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"4fe47149-f8ab-43e9-95dd-875fb087cbef","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":93,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"6e96f14d-3f5b-4ff5-bff7-a0b3f044cf3d","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":93,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"29afbff1-c3ac-4ddd-9ef9-dcb42fc5c91d","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":93,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"1cb16e49-643d-4d29-83e0-225700a1cf15","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":93,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"c9a3c86c-de77-483a-89b5-dfaffa40b9fc","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":93,"box":{"x":69,"y":135,"width":793,"height":11}},{"id":"0a6e2136-5551-4917-bd41-155f3c494c8c","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":93,"box":{"x":69,"y":151,"width":815,"height":11}},{"id":"9f4ce590-a38c-444a-9058-cd88dc1021a0","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":93,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"17d20f99-91f9-4a9d-9b9d-5c65c230d408","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":93,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"92636137-dfeb-40bd-8ab6-93cc074d9d04","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":93,"box":{"x":68,"y":196,"width":596,"height":11}},{"id":"25caea66-8b4f-44dd-95c5-ad65e7adfb6a","block_type":"box","text":"Suspension Risk.","page_number":93,"box":{"x":102,"y":219,"width":122,"height":10}},{"id":"42aaf20f-10b9-4c9c-b16f-6c3ee2c6cf49","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":218,"width":675,"height":12}},{"id":"4cbb64cb-5e0d-49ba-a782-55d5bce90fe4","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":234,"width":829,"height":11}},{"id":"f20e59d0-4504-4f03-94bc-00b36dccac68","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":249,"width":823,"height":11}},{"id":"961f6294-22db-4851-8a7c-175aa373d168","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":264,"width":831,"height":11}},{"id":"ae15b7f8-a6e7-4fcf-b93d-602a0c03878b","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":279,"width":828,"height":11}},{"id":"a6e5dc76-22d1-407a-a812-1bfc34e3f05e","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":294,"width":791,"height":11}},{"id":"5b1c9b7d-6691-4372-ab32-f970549f1c65","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":309,"width":837,"height":11}},{"id":"1dde1b04-e10d-4db9-ba42-4ec8dca5faff","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":324,"width":796,"height":12}},{"id":"21b9421f-a713-4d1c-b807-39e073b76076","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":339,"width":820,"height":12}},{"id":"b235ad9d-8ef9-4025-85c5-357de1fbe07a","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":355,"width":829,"height":11}},{"id":"b0bd9efe-3772-4e52-85f0-e5fdaee3e673","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":93,"box":{"x":69,"y":370,"width":778,"height":11}},{"id":"52a59339-6b75-46e3-a44e-303309a2f89d","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":385,"width":815,"height":11}},{"id":"1458bc26-d546-4ca4-8505-cd7a20ef02a3","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":400,"width":833,"height":11}},{"id":"4b6c39a5-6aa5-4b04-8b47-c6fc7618e068","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":415,"width":563,"height":11}},{"id":"83bf084b-7a3f-47c2-8fb1-0582dd5fb03f","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":93,"box":{"x":102,"y":438,"width":542,"height":11}},{"id":"e9d1aeaf-f961-431c-88f6-009da8829fd0","block_type":"box","text":"A Fund may invest directly in the","page_number":93,"box":{"x":650,"y":438,"width":230,"height":11}},{"id":"6d338f3e-2698-4330-8e91-fc036057b9ca","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":453,"width":791,"height":11}},{"id":"c01207fb-866d-49c7-b86c-1c8ca4d8f38e","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":468,"width":790,"height":11}},{"id":"4553a790-c927-4d90-a16b-6fdec8a07e83","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":483,"width":803,"height":11}},{"id":"1e066d95-6056-4e07-8001-38924a97af4d","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":498,"width":832,"height":11}},{"id":"92a4606a-b1e8-43df-a301-092ed5c90481","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":513,"width":821,"height":12}},{"id":"20da8aa1-e0b3-4d35-bc03-d58f0fd0ab9d","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":528,"width":825,"height":12}},{"id":"7bab992b-bc60-4b14-b540-8c0220f9a816","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":543,"width":825,"height":12}},{"id":"a352169b-ad40-411d-8950-69834ba2182f","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":559,"width":809,"height":11}},{"id":"5a3b7811-69ad-4089-b961-e83384f2fa27","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":574,"width":786,"height":11}},{"id":"e5a0e415-e090-4786-a572-30bd905ce64b","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":589,"width":830,"height":11}},{"id":"63c2adae-144b-435b-ba48-23d22dc16ec0","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":604,"width":788,"height":11}},{"id":"a1b08e6f-3421-4e6b-9cd0-051465501576","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":619,"width":827,"height":11}},{"id":"bb0a6f47-5a56-4bff-9c9a-299d59a34632","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":93,"box":{"x":69,"y":634,"width":570,"height":12}},{"id":"2712faff-dc9b-44e4-90e0-94ac3dda93c7","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":657,"width":773,"height":11}},{"id":"edb17e8b-8cba-4151-8f7b-38ce642fe80f","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":672,"width":823,"height":11}},{"id":"de696ad4-fa37-4656-b4f1-9b91591a2ad5","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":687,"width":832,"height":11}},{"id":"6d11b958-beb4-45aa-b6c2-3d82357b7248","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":702,"width":822,"height":11}},{"id":"6f172aae-8a0a-4631-b42c-98f1bf99b32f","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":717,"width":804,"height":12}},{"id":"c561c91b-46ae-406a-a927-dbc2bd627988","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":732,"width":787,"height":12}},{"id":"cc7f0643-542a-4ebf-8143-b2cc8e1de0ca","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":748,"width":788,"height":11}},{"id":"3d7d1413-5c8b-4e9e-9939-ad7e661e038e","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":763,"width":820,"height":11}},{"id":"5e071084-1094-4564-aab4-e84fcda9837d","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":93,"box":{"x":68,"y":778,"width":500,"height":11}},{"id":"c9e159bd-e4ee-400d-bdf5-942c494baaa2","block_type":"box","text":"i.e.","page_number":93,"box":{"x":570,"y":778,"width":20,"height":9}},{"id":"b342318f-2916-4776-bbe1-4ceeffc8d25d","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":93,"box":{"x":593,"y":778,"width":267,"height":11}},{"id":"42459988-7c48-4be5-8c19-32a477ce7328","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":793,"width":832,"height":11}},{"id":"78061fcf-24be-4eb4-9706-06ea3ad6b406","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":808,"width":819,"height":11}},{"id":"feb18d67-221c-4710-88d1-f9b8970d0221","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":823,"width":822,"height":12}},{"id":"e82a05a6-af38-492e-ae5f-a263f0bf59e6","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":838,"width":822,"height":12}},{"id":"30e7e8ba-49e0-4945-bb61-ced9f7bc4dbe","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":93,"box":{"x":69,"y":853,"width":793,"height":12}},{"id":"b62e65c5-9546-4b8e-b502-66bdaaa73211","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":93,"box":{"x":68,"y":869,"width":802,"height":11}},{"id":"aa81bad1-dc6d-465c-91b3-d11a01e613ee","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":93,"box":{"x":70,"y":884,"width":812,"height":11}},{"id":"3ac7c855-7cd6-43fe-81c8-5e957a1dfc3d","block_type":"box","text":"par ties.","page_number":93,"box":{"x":70,"y":899,"width":52,"height":11}},{"id":"02b81166-4391-47dc-9789-587db8b6bec8","block_type":"box","text":"II-45","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f79b0073-fc00-4d9f-8004-47866f93e5f1","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8505230f-f38b-495a-b28d-1cd091b80d0f","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":45,"width":799,"height":11}},{"id":"dfebf458-0471-4e50-ad70-67fa881838dc","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":60,"width":785,"height":11}},{"id":"ce1c5d7b-6dbc-4597-9a1c-4f55bf7de890","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":75,"width":776,"height":11}},{"id":"af581790-8480-43ee-85e7-e31035d99136","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":90,"width":830,"height":11}},{"id":"906fd9ff-0eed-45a8-ad0c-17be31b68ca6","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":94,"box":{"x":69,"y":105,"width":412,"height":9}},{"id":"881128ee-5c72-4495-91e4-8694a235b173","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":128,"width":793,"height":11}},{"id":"1ca57071-1f62-44f7-9cb6-9f40494b3458","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":143,"width":832,"height":11}},{"id":"304c50a9-4981-4a28-a955-80230e728a74","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":158,"width":821,"height":11}},{"id":"41f071cb-d82f-4067-961b-56a43771051b","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":173,"width":836,"height":11}},{"id":"e92a9289-6dc3-4367-b743-fb0c82934a4f","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":188,"width":798,"height":11}},{"id":"2d2273d4-8267-43c7-939e-d324166e9cac","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":203,"width":556,"height":12}},{"id":"8655db1d-79b4-40f7-a74a-6f9996cff9ae","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":226,"width":762,"height":11}},{"id":"4ca24d82-667d-4788-a3cb-8e7dc1b2a5cd","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":241,"width":835,"height":11}},{"id":"a76bb57e-3fc6-4d04-8c0b-f95870934e20","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":256,"width":835,"height":12}},{"id":"c74a9dec-b715-4687-b7c6-ddf237cea99a","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":271,"width":820,"height":12}},{"id":"50ef9a92-c1a9-4953-80b2-d99413300c27","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":287,"width":840,"height":11}},{"id":"adda0667-3e22-4b66-aa67-5de04034fbb5","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":302,"width":826,"height":11}},{"id":"73b283a5-d157-4b5d-9195-a8d9990bb441","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":317,"width":808,"height":11}},{"id":"d4c5632e-7747-45e9-ae23-128bdc4f84d8","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":332,"width":826,"height":11}},{"id":"48954522-42f2-424c-abbd-f18b5eb36d0c","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":347,"width":789,"height":11}},{"id":"7d460d87-8ac3-402d-8cbe-fa1327a36f7b","block_type":"box","text":"per formance.","page_number":94,"box":{"x":70,"y":362,"width":93,"height":11}},{"id":"553d1e40-1688-46a6-9b7b-4506839b0cd8","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":385,"width":803,"height":11}},{"id":"eed371c2-33c4-47ca-852b-1c0834403b9c","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":400,"width":776,"height":11}},{"id":"9fd64007-cbfd-4baf-932a-0a84596adcd2","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":415,"width":806,"height":11}},{"id":"df10857f-225c-4cad-a5bd-c10e9962ae27","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":430,"width":791,"height":11}},{"id":"93268a33-7ded-43a3-9038-10ba5b07f7e3","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":445,"width":827,"height":12}},{"id":"d5927c34-051e-477d-ad5a-5029566e3872","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":460,"width":827,"height":12}},{"id":"8243587f-6a00-44d4-9604-afadb3fbaa59","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":483,"width":755,"height":11}},{"id":"7a5e741b-fb52-4536-adcc-964bfbb69b32","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":498,"width":830,"height":11}},{"id":"7d1be27c-e3ac-4b40-9c87-dc4648385867","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":94,"box":{"x":68,"y":513,"width":298,"height":11}},{"id":"485fcd33-0666-473b-a6af-c04b33890168","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":94,"box":{"x":103,"y":536,"width":277,"height":11}},{"id":"e03d4a16-084d-48ad-aee7-720d571bf420","block_type":"box","text":".","page_number":94,"box":{"x":381,"y":543,"width":2,"height":2}},{"id":"d95ae033-e6ea-432d-965f-435183858356","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":559,"width":758,"height":11}},{"id":"10ea8dd1-6190-4ca8-88a1-9cd7dd1bdb64","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":574,"width":828,"height":11}},{"id":"7696dd60-3406-46dc-b40e-b9464f72c32a","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":589,"width":831,"height":11}},{"id":"40b709d9-c6f1-4ddb-97f5-e0db41f93dbd","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":94,"box":{"x":69,"y":604,"width":425,"height":11}},{"id":"94e320e1-697a-48da-82ae-c4774cd74f97","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":627,"width":697,"height":11}},{"id":"f7ec7937-eb0b-4058-b85b-a6e0ea9efe1e","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":649,"width":803,"height":12}},{"id":"b495941c-4503-405a-88c4-96fb0b80e267","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":665,"width":822,"height":11}},{"id":"5ec757ff-f16a-4afa-939a-78df992636a7","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":94,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"4652b58a-59b8-4ae9-b941-bdc2598967f4","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":695,"width":812,"height":11}},{"id":"310608f6-2e0d-4327-bbfe-281ac37fd13f","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":710,"width":800,"height":11}},{"id":"6c038520-b335-4884-a454-9ffb7d38c940","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":725,"width":783,"height":11}},{"id":"301a4300-db11-4acd-b5d8-d48dcfe24f11","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":740,"width":825,"height":11}},{"id":"e50168a7-974b-4c8b-be05-967dc6dc2268","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":755,"width":809,"height":11}},{"id":"d3863452-3c13-41a3-94e8-55cfd9dc0410","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":770,"width":818,"height":11}},{"id":"ca08964b-5235-431f-b50a-5c2ecaabdc0b","block_type":"box","text":"without notice.","page_number":94,"box":{"x":68,"y":786,"width":103,"height":8}},{"id":"958c1b5f-c836-4cd2-9892-b18587652c81","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":808,"width":759,"height":11}},{"id":"3b28e82c-47a1-4619-b504-3997c7312539","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":823,"width":827,"height":12}},{"id":"85145138-57a3-4a26-84bd-b2778d8b0a9c","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":838,"width":798,"height":11}},{"id":"b2bf1855-53ba-4dae-ab47-2ed050b017dc","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":94,"box":{"x":70,"y":853,"width":798,"height":12}},{"id":"a1e2f90f-2577-417b-90dc-0e2ae8c55e2d","block_type":"box","text":"January 15, 2026, it was announced via Public Notice 5 of 2026 that the exemption was extended through","page_number":94,"box":{"x":69,"y":869,"width":763,"height":11}},{"id":"52c14170-c33a-491c-a8d1-21119cdbf400","block_type":"box","text":"December 31, 2027.","page_number":94,"box":{"x":70,"y":884,"width":147,"height":10}},{"id":"c3faac0f-ff35-46b6-b612-95a9f127826d","block_type":"box","text":"II-46","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bfa69288-dc02-4c25-b2f2-3d660cd9ecb5","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d63c2a87-f2ae-42db-8098-1e49c7203a6d","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":95,"box":{"x":103,"y":45,"width":225,"height":11}},{"id":"c0eb0210-0ce7-434c-8b64-89028407abd3","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":45,"width":569,"height":11}},{"id":"d2f3baad-7f82-4bb1-9bea-999a75f36bb3","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":95,"box":{"x":69,"y":60,"width":528,"height":11}},{"id":"a01407bb-be26-4a97-8edf-d7d8844ca49d","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":83,"width":697,"height":11}},{"id":"85cd89ea-675c-48f6-b925-853e2d5201dd","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":105,"width":789,"height":11}},{"id":"46126cb1-0407-400e-91c4-3cc2e7082b7c","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":95,"box":{"x":69,"y":120,"width":565,"height":9}},{"id":"c082030a-8218-4c1d-b2ea-0f68faeb88a7","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":143,"width":749,"height":11}},{"id":"7c24f2cc-98ed-4969-85c6-12a4e8a57e9a","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":158,"width":791,"height":11}},{"id":"77e7a73a-5202-4757-a7f3-7c3fdcdc6fa6","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":173,"width":840,"height":11}},{"id":"cd8cea1a-8876-4f9a-8bd2-57c5c66298b7","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":188,"width":766,"height":11}},{"id":"38b047db-a53d-4c79-970f-104ef1e49d4b","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":203,"width":826,"height":12}},{"id":"6c182313-14fe-4f76-83ac-1f040bb7a2cc","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":218,"width":772,"height":12}},{"id":"6d0bf9d9-e705-4942-b890-d83fa4890694","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":234,"width":840,"height":11}},{"id":"b9e5261b-5556-490a-bfcf-a7e298c95dcb","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":95,"box":{"x":68,"y":249,"width":665,"height":11}},{"id":"cd629d40-6700-4078-8a07-36fd3787f6b7","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":271,"width":801,"height":12}},{"id":"55113888-96fc-4670-892f-047f0bdb3e44","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":287,"width":821,"height":11}},{"id":"2a54b2e8-579b-4d2b-8455-e2180c367943","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":302,"width":808,"height":11}},{"id":"df12f5e6-5047-45ae-ba65-4a77d87e1d53","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":317,"width":810,"height":11}},{"id":"f2a422f3-401b-4ff0-998b-794eaabae846","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":332,"width":829,"height":11}},{"id":"1c5cd38d-e1f4-48ae-adc4-bf426ddc6e77","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":347,"width":819,"height":11}},{"id":"c344d235-d026-43cc-8893-1974468efeb0","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":362,"width":833,"height":11}},{"id":"1546f8cd-6b05-4636-ad2a-e836c18c147f","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":95,"box":{"x":68,"y":377,"width":474,"height":11}},{"id":"a6963fd4-7016-4b3d-a613-013e45175079","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":400,"width":777,"height":11}},{"id":"9d058086-26d3-424a-9b30-3740cff8f9e2","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":415,"width":836,"height":11}},{"id":"3bb3c86f-9b54-485f-b39c-2451c5babb2f","block_type":"box","text":"the PRC in notifications.","page_number":95,"box":{"x":68,"y":430,"width":171,"height":9}},{"id":"f61a7c26-39c4-4986-95e0-635adf791160","block_type":"box","text":"Investment in Other Investment Companies.","page_number":95,"box":{"x":102,"y":453,"width":320,"height":11}},{"id":"21a4e3d9-a233-4634-9c19-a7db9040fd86","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":95,"box":{"x":429,"y":453,"width":402,"height":11}},{"id":"31e9e7dd-a861-43b3-92ca-34dccc06902c","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":95,"box":{"x":70,"y":468,"width":818,"height":11}},{"id":"14496ab4-3949-49fb-a599-2367864a8b0c","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":483,"width":797,"height":11}},{"id":"3e44ff95-97c3-49bf-8179-1bc20c0af115","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":498,"width":822,"height":11}},{"id":"e7481e44-4dff-466e-a72e-2bd1c3152baf","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":513,"width":814,"height":11}},{"id":"323acf9e-1bab-4042-89fc-c2f1cdf806f0","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":528,"width":793,"height":12}},{"id":"cec6fdaf-ae3c-4af3-8d91-6d9fecfa2fde","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":543,"width":796,"height":12}},{"id":"f8d3b674-9f72-488e-92b7-4ab261ea1662","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":559,"width":837,"height":11}},{"id":"7eeffd15-970c-4fe7-bb23-4c323991b855","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":574,"width":812,"height":11}},{"id":"2b286541-2074-4d8e-ad3e-3c522efb9402","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":589,"width":829,"height":11}},{"id":"0ff71ba9-cf09-48a9-a9a0-0ceb1c55d476","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":604,"width":827,"height":11}},{"id":"70d4dd2c-aa33-4636-b72b-704eed4e5ce2","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":619,"width":821,"height":11}},{"id":"e8b064dd-276d-408b-a4d5-125b6769df55","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":634,"width":817,"height":12}},{"id":"29000825-6b86-4fa9-9f88-f5979e3539d4","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":649,"width":776,"height":12}},{"id":"0b9aba63-c97f-42a7-9a96-8a62b728a262","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":664,"width":802,"height":12}},{"id":"d985eb77-8a34-4ac2-a6e6-ef4ce8f92c06","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":680,"width":801,"height":11}},{"id":"a8353ba1-ed82-4dbe-ae1a-0809fa1d03f6","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":695,"width":829,"height":11}},{"id":"8eb4d9af-1ebd-4866-aa49-863406775e41","block_type":"box","text":"subject to cer tain conditions.","page_number":95,"box":{"x":69,"y":710,"width":206,"height":11}},{"id":"dda67486-21f0-43b1-810c-d1edd297b3dc","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":733,"width":799,"height":11}},{"id":"534b33a1-3993-4e2d-b5e3-a68422426349","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":755,"width":779,"height":11}},{"id":"537951cc-a58d-45b9-9f5f-4daf66eb6623","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":771,"width":824,"height":11}},{"id":"9d76daa2-f9fd-4d56-a379-f979f79b58ba","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":785,"width":836,"height":12}},{"id":"65563f5e-30b0-4ba4-bfea-ab4a3cafdff1","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":801,"width":839,"height":11}},{"id":"0560180c-2a0d-4586-8af2-55ba9ba35f06","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":95,"box":{"x":68,"y":816,"width":806,"height":11}},{"id":"f1231707-5158-471a-b3f8-2423b4a0ed2b","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":95,"box":{"x":68,"y":831,"width":810,"height":11}},{"id":"428cfb1c-d806-4f99-b029-fd5e6c75acea","block_type":"box","text":"loss.","page_number":95,"box":{"x":70,"y":846,"width":31,"height":9}},{"id":"8cbc3aeb-2727-45d1-a3e2-f95f47da1b53","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":95,"box":{"x":102,"y":869,"width":758,"height":11}},{"id":"a09420c8-0aff-499a-888b-a12e97dde25d","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":95,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"b39a5b92-0bd6-4da0-ba1c-8b8905d349f8","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":95,"box":{"x":70,"y":899,"width":835,"height":11}},{"id":"317ddf8a-ef3e-4f77-9700-3018c2d0591d","block_type":"box","text":"II-47","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59b41507-1881-4307-a1d2-0d5455f1b1c5","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3e04b57-a8e3-443e-8971-d025649cc799","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":45,"width":816,"height":11}},{"id":"001a1e2a-0c4d-4050-95e7-c40f0635a17d","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":60,"width":768,"height":11}},{"id":"0c2641c9-8da3-4ade-b7a9-d6fc684d8531","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":75,"width":807,"height":11}},{"id":"e23f48e5-6a60-4d7d-8c54-c3f573d209dc","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":90,"width":830,"height":11}},{"id":"b057fd16-d96f-4e87-a211-ff9915330564","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":105,"width":804,"height":11}},{"id":"15ba4efc-2fa4-448a-95ab-09f7fa77d7c6","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":120,"width":778,"height":11}},{"id":"52a3fb36-8327-48b8-bb06-3c8a4340aa5b","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":135,"width":796,"height":12}},{"id":"61934e8f-b6c1-43ed-acf4-297f77562edb","block_type":"box","text":"assets.","page_number":96,"box":{"x":69,"y":151,"width":51,"height":8}},{"id":"160d2e5d-7bc5-4776-8236-0c00327df90e","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":173,"width":776,"height":11}},{"id":"31f8c7f4-70b0-40c6-b752-271151ca6a70","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":96,"box":{"x":69,"y":188,"width":313,"height":11}},{"id":"ff209bb1-c8de-444f-9347-2fd2cf88d359","block_type":"box","text":"e.g.","page_number":96,"box":{"x":384,"y":190,"width":24,"height":10}},{"id":"2d736ae5-7040-4d72-9d01-4e87252caec7","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":96,"box":{"x":411,"y":188,"width":491,"height":11}},{"id":"ed2cb694-5b15-4830-9eae-ebd0dd1a5898","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":203,"width":823,"height":12}},{"id":"63591024-1d5c-499e-85b1-96d8efdf9b68","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":96,"box":{"x":69,"y":218,"width":472,"height":12}},{"id":"b9343945-59fa-4c81-870d-761c37848b2e","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":241,"width":790,"height":11}},{"id":"f90514ee-601b-4742-a1fc-8020262cf96c","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":256,"width":818,"height":12}},{"id":"ccc9f102-a265-4e16-bb94-376c18ef44ad","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":271,"width":791,"height":12}},{"id":"083333a4-e33a-4167-9113-8ae15baec3f4","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":286,"width":795,"height":11}},{"id":"87327530-4971-4e01-975d-b2ca1c7d47b4","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":302,"width":807,"height":11}},{"id":"911763cc-c226-4a1b-87e6-38f940d97b14","block_type":"box","text":"countries.","page_number":96,"box":{"x":69,"y":317,"width":69,"height":9}},{"id":"ad367cc6-f617-4d2d-80d5-3f8a6a250bc8","block_type":"box","text":"Issuer Insolvency Risk.","page_number":96,"box":{"x":102,"y":340,"width":166,"height":11}},{"id":"7812fb72-3a26-4b1a-9af8-2eefa33f1772","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":96,"box":{"x":275,"y":339,"width":631,"height":12}},{"id":"edbe5b47-03b5-42d4-a5f3-e2ac7dad20ab","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":355,"width":832,"height":11}},{"id":"82cfb730-a232-438b-87b8-88953623c060","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":370,"width":781,"height":11}},{"id":"6ce692fc-b844-421d-8114-04721181fe78","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":385,"width":797,"height":11}},{"id":"9c7ecfc1-c8f4-494c-ba21-95a5e02f14c8","block_type":"box","text":"issuer uncer tain.","page_number":96,"box":{"x":70,"y":400,"width":118,"height":9}},{"id":"0dcb3202-5c7b-47ca-85eb-f04d3e7c97db","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":423,"width":788,"height":11}},{"id":"fe4bd96c-aa6f-42fa-9b1b-0a2817d84735","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":438,"width":827,"height":11}},{"id":"c8d15aae-accb-46ef-9172-4db96d257399","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":453,"width":779,"height":11}},{"id":"fb92bf71-e945-49ad-bd26-f977994667a2","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":468,"width":829,"height":11}},{"id":"2372c690-3eb6-47cd-bce9-a487881c72df","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":483,"width":797,"height":11}},{"id":"d261fe3a-3d17-4de6-bc3f-ed863fca5b91","block_type":"box","text":"eventually be satisfied.","page_number":96,"box":{"x":69,"y":498,"width":162,"height":11}},{"id":"16207506-388c-4955-9042-1b2e0d609ae7","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":521,"width":805,"height":11}},{"id":"6b3a65e2-9550-4d0e-b95c-b8f28661f978","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":536,"width":827,"height":11}},{"id":"80021bf7-78e8-4806-9027-0499b628cdb2","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":551,"width":819,"height":11}},{"id":"61a72fe2-55f0-4db8-b210-9207f4f68762","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":566,"width":802,"height":11}},{"id":"57aee7ed-4a91-4cc8-9ce9-5d198a4e0f62","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":581,"width":830,"height":12}},{"id":"5b5363ea-d539-465e-a441-15a96031a0a7","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":597,"width":805,"height":11}},{"id":"d5e1fc43-6c45-4046-94e3-21896fe3d6d0","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":612,"width":820,"height":11}},{"id":"833111f8-513a-48fb-8e43-da0125a70737","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":627,"width":828,"height":11}},{"id":"8edd4fe8-710b-448a-87e4-ed9b92fe7046","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":642,"width":820,"height":11}},{"id":"341a4028-eb28-41a4-82b2-67c8809af7c1","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":657,"width":820,"height":11}},{"id":"ce9987f9-5948-4cca-be5d-06dce8b977ac","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":672,"width":824,"height":11}},{"id":"1a1fc437-0712-41d0-a021-515e8a1e9fc8","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":687,"width":788,"height":11}},{"id":"75b5a1f5-9dd9-4464-8657-19679f687525","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":702,"width":826,"height":11}},{"id":"bc75b0e3-8940-4cff-a81a-1e9fbb50cf10","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":717,"width":809,"height":12}},{"id":"0562d5a8-bef9-4ad3-95ad-b9437e987131","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":732,"width":809,"height":12}},{"id":"962cf88a-4e71-4b4c-b449-875e9732f2a1","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":748,"width":741,"height":11}},{"id":"7c071e1a-5fe4-436c-8407-6832a460fc30","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":771,"width":780,"height":11}},{"id":"daf09844-1d40-4d50-b90c-216d7d4ea49c","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":785,"width":807,"height":12}},{"id":"2ad987c1-b08e-427b-b660-18a91d5a2f14","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":801,"width":795,"height":11}},{"id":"08d8a682-b92e-4716-9ea3-7badf1d116b4","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":96,"box":{"x":68,"y":816,"width":814,"height":11}},{"id":"fc87c4ea-e8c9-483b-b8db-b74a58b3918e","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":96,"box":{"x":70,"y":831,"width":439,"height":11}},{"id":"28dfed81-fa98-452a-ae73-0ea22b68e810","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":96,"box":{"x":102,"y":853,"width":806,"height":12}},{"id":"fe4f8e34-cea1-486a-b793-3a5b805f8b1d","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":96,"box":{"x":70,"y":869,"width":829,"height":11}},{"id":"85f07ec9-ea19-4182-8a0f-372480aa5e53","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":96,"box":{"x":69,"y":884,"width":767,"height":11}},{"id":"c9fc0c9e-9758-4175-8667-5e026d506525","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":96,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"5dfea9d7-6e0b-4bb1-bf52-744fd156b6c3","block_type":"box","text":"II-48","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8806fd90-f3a4-42e5-a8c3-c786b2868f8d","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1e2202c-36ae-4887-b6d2-fbc7f7d5c6ef","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":45,"width":823,"height":11}},{"id":"22649a56-737e-4994-b1d4-cf6164e73f23","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":60,"width":822,"height":11}},{"id":"20e3e69f-4493-4136-b715-3af951b304d2","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":75,"width":828,"height":11}},{"id":"41b516c5-1ba8-47a9-a69c-7b211f6dd5e8","block_type":"box","text":"that assumed generally by an investor.","page_number":97,"box":{"x":68,"y":90,"width":274,"height":11}},{"id":"8da7bd0e-7d24-4d78-824a-a8ae717486cd","block_type":"box","text":"Lease Obligations.","page_number":97,"box":{"x":102,"y":113,"width":133,"height":11}},{"id":"b11f78e0-b6f6-40ed-89c4-38ec48975af2","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":113,"width":653,"height":11}},{"id":"bcbe1c2a-9e97-4e79-b4e3-26b8cff89b67","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":128,"width":816,"height":11}},{"id":"010fc349-a2f2-431f-8179-1708318d9cbb","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":143,"width":602,"height":11}},{"id":"8e348c3e-6042-4fa9-a95c-6bff6fd6a724","block_type":"box","text":"Life Settlement Investments.","page_number":97,"box":{"x":102,"y":166,"width":210,"height":9}},{"id":"93b25b55-d763-49ea-a7d2-df6d9351a510","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":166,"width":589,"height":11}},{"id":"16f67b8d-d82a-485a-8ff2-fc9cfb164864","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":181,"width":838,"height":11}},{"id":"a4744d8f-0e4e-4b10-aeb4-f2df9e1f6e41","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":196,"width":834,"height":11}},{"id":"32deac38-6e75-409f-b99f-c2a14ce40afe","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":211,"width":808,"height":11}},{"id":"441335b6-efb8-4311-8d2f-9613e5cf5aee","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":226,"width":797,"height":11}},{"id":"714237a7-2da6-4b9f-aa40-f47b8c85d251","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":241,"width":775,"height":11}},{"id":"411dc2c8-503c-45ed-8de6-cf2688292d3a","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":256,"width":805,"height":12}},{"id":"cbb76bb2-a08b-4b0b-91ec-ab7ff8223d3f","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":271,"width":789,"height":12}},{"id":"56a0fd0a-02d0-4131-924d-0ee316147d90","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":286,"width":829,"height":12}},{"id":"13a0fabe-2759-465a-8bdb-ffe1bafcb99c","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":302,"width":813,"height":11}},{"id":"4796f10f-c6e3-4f8d-b6d0-70153c9a062b","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":317,"width":758,"height":11}},{"id":"7446135b-dbfa-40ba-bdca-530a4e18ce7d","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":332,"width":832,"height":11}},{"id":"2a49eaf9-7cdb-42a5-9a1b-d64909193844","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":97,"box":{"x":69,"y":347,"width":800,"height":11}},{"id":"495fe883-b705-4809-9d20-d451534a9bd8","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":97,"box":{"x":68,"y":362,"width":809,"height":11}},{"id":"9cf5fa92-faf9-497d-884e-8b4958c0fec4","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":97,"box":{"x":69,"y":377,"width":730,"height":12}},{"id":"05210eb5-9308-4daa-bd6b-09365d0e3d7a","block_type":"box","text":"Liquidity Risk Management.","page_number":97,"box":{"x":102,"y":400,"width":202,"height":11}},{"id":"58e2f747-ad81-4f9e-b340-8b00d50757e9","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":97,"box":{"x":311,"y":400,"width":591,"height":11}},{"id":"744302d3-f0de-4c4b-9d74-129ac628747b","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":415,"width":835,"height":11}},{"id":"55f43c2f-9f75-4728-8d49-2c5a691cd236","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":430,"width":803,"height":11}},{"id":"4ba07436-ba11-4619-88d9-6cccdb91740b","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":445,"width":801,"height":12}},{"id":"7e92b0c1-802a-4bc5-b92d-0b5fcfb35199","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":460,"width":822,"height":12}},{"id":"b540ce6b-e02b-4705-8160-f5d5f9e664ef","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":475,"width":808,"height":12}},{"id":"d92915a8-fcb0-4754-acc9-cf1152c0eeb0","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":491,"width":838,"height":11}},{"id":"7270d6df-c712-48a0-ab6b-4835659be1b0","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":506,"width":804,"height":11}},{"id":"e64cc740-91ca-4cea-bc0a-f8088bf120f5","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":521,"width":821,"height":11}},{"id":"6591216d-2e36-4413-843b-b645b49df684","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":536,"width":815,"height":11}},{"id":"e1c0df7e-86f1-407e-95e8-65bd2828cf58","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":551,"width":823,"height":11}},{"id":"c164f07f-c43d-4a2d-b827-7e77e085f94d","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":566,"width":601,"height":11}},{"id":"152a36e1-1653-4dd2-b1ab-ccc681d684e3","block_type":"box","text":"Master Limited Partnerships.","page_number":97,"box":{"x":102,"y":589,"width":211,"height":11}},{"id":"ec4c4fd5-759e-4a53-a7f2-7bd9d8190c8f","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":97,"box":{"x":320,"y":589,"width":577,"height":11}},{"id":"7fd25176-952b-4541-be87-d32359aca035","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":604,"width":816,"height":11}},{"id":"ec0dcf5a-7d2d-430f-98a0-60916a6852e2","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":97,"box":{"x":68,"y":619,"width":777,"height":11}},{"id":"09aefe2f-7d3b-4256-8dbc-a8a1e36b0f68","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":634,"width":792,"height":12}},{"id":"33e1facb-4a06-49f3-9cd9-9c15f7745a82","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":649,"width":811,"height":12}},{"id":"7785700a-5b21-4ebc-abef-0bac36473410","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":664,"width":791,"height":12}},{"id":"cc571d65-0e75-447a-84f3-e66bb02d1ea4","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":680,"width":812,"height":11}},{"id":"6802afdc-a0e5-4335-8e15-ca118ba905dc","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":695,"width":770,"height":11}},{"id":"0b2f6888-97fd-4750-9a4f-b2eb8208c71f","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":710,"width":833,"height":11}},{"id":"9558c02d-9e51-4f10-a85d-68944eb68b14","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":725,"width":799,"height":11}},{"id":"19daa49d-24b6-43bf-a31c-ddc26b682746","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":740,"width":825,"height":11}},{"id":"a8321b89-2975-4092-8c54-1f3f1747b360","block_type":"box","text":"in the par tnership’s operations and management.","page_number":97,"box":{"x":70,"y":755,"width":352,"height":11}},{"id":"298e2140-3f4f-4e25-bff6-f673168919e0","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":778,"width":794,"height":11}},{"id":"96f9ff27-cace-4291-b716-7cf9a6be55ff","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":793,"width":809,"height":11}},{"id":"d5dcd791-315a-4308-bdb1-2fe281282e29","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":97,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"c1c5b43f-d53e-485c-a7c4-cf9a8c762a2e","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":97,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"795cc040-dea3-4c9c-aa89-982932c23417","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":97,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"c92f38c9-9315-4b85-a6c8-981961ca4d30","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":97,"box":{"x":69,"y":854,"width":831,"height":11}},{"id":"8fdd34f9-3902-431d-b343-536557c32f61","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":97,"box":{"x":68,"y":869,"width":835,"height":11}},{"id":"fa9c440b-e37f-444a-8e0b-e6d9fa080eb0","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":97,"box":{"x":69,"y":884,"width":838,"height":11}},{"id":"4eb81e0c-f969-4531-b62a-956d3d3bd4f2","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":97,"box":{"x":70,"y":899,"width":839,"height":11}},{"id":"53ea23c4-de7e-4900-8340-8f0ca17e1831","block_type":"box","text":"II-49","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2cd906bc-2a4f-4f9a-96f4-3fd8e8d7d29a","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2db338f-04cc-4d9d-b156-f5cd3a65862e","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":45,"width":828,"height":11}},{"id":"24e77813-d627-419b-b19c-0eaa1427efb7","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":60,"width":761,"height":11}},{"id":"0e6e9a7b-34ff-456f-87e4-aa05a229a644","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":75,"width":830,"height":11}},{"id":"bf058275-c607-4834-926b-7cc1311ed501","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":90,"width":824,"height":11}},{"id":"2da4e0e1-bf6e-4a02-bfcd-c1c01f634332","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":98,"box":{"x":69,"y":105,"width":366,"height":11}},{"id":"f693048b-8fef-47db-8e61-0658cb733630","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":128,"width":790,"height":11}},{"id":"e0c94918-d339-4130-ac34-91fc7771f799","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":143,"width":820,"height":11}},{"id":"09392a9c-d0df-401e-ba50-fda4c1323aa9","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":158,"width":787,"height":11}},{"id":"402f34eb-a682-4add-911e-b716a9d1538b","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":173,"width":810,"height":11}},{"id":"d3531a5c-2238-486b-b971-0329323c3775","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":188,"width":828,"height":11}},{"id":"15bd0453-fb3f-4331-9309-a11577f0f0ad","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":98,"box":{"x":69,"y":203,"width":387,"height":12}},{"id":"fe69b8c9-b6b4-4ea7-9294-1549edd8ec18","block_type":"box","text":"Merger Transaction Risk.","page_number":98,"box":{"x":102,"y":226,"width":183,"height":11}},{"id":"8baa1bbe-d1ab-429c-921f-cbd6d83a2f0d","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":226,"width":616,"height":11}},{"id":"b04b8e8d-7bb8-4c89-a9f6-552b16333929","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":241,"width":827,"height":11}},{"id":"357c9296-3f1e-4168-9ffa-3325b2186b75","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":256,"width":816,"height":12}},{"id":"74898df2-c735-4476-9ee2-e33057b18d3c","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":271,"width":825,"height":12}},{"id":"4c170b61-b268-4fbf-b1da-f42300cb1e32","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":286,"width":832,"height":12}},{"id":"888bcf8a-cbe6-4f67-a98b-0fc876ef967a","block_type":"box","text":"the Fund and may lose significant value.","page_number":98,"box":{"x":68,"y":302,"width":286,"height":11}},{"id":"88564231-03ee-4002-9adb-f7d1a91441d8","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":324,"width":723,"height":11}},{"id":"49b13c5c-e838-46da-a01c-f30844437b90","block_type":"box","text":"Cer tain","page_number":98,"box":{"x":831,"y":324,"width":50,"height":9}},{"id":"8e42f0da-4992-426b-a512-7b22d86c82ab","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":339,"width":778,"height":12}},{"id":"ec0edcc5-d1e3-4f64-82c9-d60a43dee066","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":355,"width":802,"height":11}},{"id":"65ca1802-c69c-467e-baba-27a7c08fe763","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":369,"width":820,"height":12}},{"id":"950a35f6-32a8-4e78-9154-c5448e6f590c","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":385,"width":794,"height":11}},{"id":"fa6545e3-f844-4292-ac63-7f1dbf459ae2","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":400,"width":781,"height":11}},{"id":"ecc47044-2c2a-4f3a-91bf-2d50690df973","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":415,"width":776,"height":11}},{"id":"ddf96fa8-1ff6-4717-8181-0f1068734d17","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":430,"width":785,"height":11}},{"id":"a63df772-da89-46be-9067-40fb1f9882d4","block_type":"box","text":"branches of domestic banks.","page_number":98,"box":{"x":69,"y":445,"width":205,"height":9}},{"id":"05548a3f-a7bc-4348-98c2-cae7fe0e51fe","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":468,"width":785,"height":11}},{"id":"3bf3124d-a3a2-4a28-8d04-bff5f33b838e","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":483,"width":787,"height":11}},{"id":"c8d1f656-6396-41a9-a391-877a8a361929","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":498,"width":797,"height":11}},{"id":"f185c3bc-5f73-4a7d-95a3-0cb310cddbf8","block_type":"box","text":"paper of a foreign issuer.","page_number":98,"box":{"x":70,"y":513,"width":176,"height":12}},{"id":"6205a63b-410d-4891-bc3f-0449f8da83b2","block_type":"box","text":"Money Market Securities.","page_number":98,"box":{"x":102,"y":536,"width":188,"height":11}},{"id":"8bcb1d0b-52c1-4883-a98a-58cb25a4e232","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":536,"width":578,"height":11}},{"id":"35190290-f325-4cee-87fb-e39219b0aa2a","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":551,"width":802,"height":11}},{"id":"653d461e-6a82-4875-8602-dc755f57efee","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":98,"box":{"x":69,"y":566,"width":386,"height":11}},{"id":"1f2bad77-42ac-453f-aa41-c81fc229b5c0","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":586,"width":779,"height":12}},{"id":"19f380bc-17b7-4601-8a66-d1497ffab0d6","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":601,"width":776,"height":12}},{"id":"486cbd75-3b1d-4c33-85bc-3c37dd6ce5ae","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":622,"width":821,"height":11}},{"id":"5261bcce-ea3a-4767-841f-7dff3b2e4234","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":637,"width":795,"height":11}},{"id":"3ec4a146-12c2-4087-b537-87235deb3c95","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":652,"width":757,"height":11}},{"id":"f12756a1-7f55-4692-bec8-cb2649468f66","block_type":"box","text":"agencies;","page_number":98,"box":{"x":102,"y":667,"width":66,"height":11}},{"id":"91b48019-61fe-4c67-914e-321e1b6b2731","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":687,"width":792,"height":11}},{"id":"613bc13f-546c-4a5a-b9b0-42fa75d12ce6","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":98,"box":{"x":102,"y":703,"width":344,"height":11}},{"id":"294a0281-1548-4923-aae6-ae1319a8342d","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":722,"width":776,"height":12}},{"id":"663c32d2-2670-4979-8bf4-b8eb87dff33a","block_type":"box","text":"obligations and credit card receivables);","page_number":98,"box":{"x":102,"y":738,"width":283,"height":11}},{"id":"217da95b-3580-4f27-8ba2-610caa5e9ace","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":758,"width":778,"height":11}},{"id":"0ee0dce3-6091-4d63-921a-00610986fd96","block_type":"box","text":"authorities and related custodial receipts;","page_number":98,"box":{"x":102,"y":773,"width":296,"height":11}},{"id":"d725fdaf-4565-461b-984a-773045d17169","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":98,"box":{"x":69,"y":793,"width":782,"height":11}},{"id":"d772eb7f-12e1-4bbb-b5c5-f9b7444a40ab","block_type":"box","text":"agencies or authorities;","page_number":98,"box":{"x":102,"y":808,"width":166,"height":11}},{"id":"9ef4d2a2-5923-41da-9ecc-3c8c912754ac","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":98,"box":{"x":69,"y":828,"width":528,"height":12}},{"id":"91bef4b2-f505-4c86-bc70-9462a5d56140","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":98,"box":{"x":69,"y":849,"width":534,"height":11}},{"id":"e53feb2a-18b4-46c7-a779-b9f1b4538aec","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":98,"box":{"x":69,"y":869,"width":447,"height":11}},{"id":"e5d9ec20-b5fc-4b32-9f43-27a551fb806e","block_type":"box","text":"II-50","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2840abd7-eee6-475d-a7dd-a4ae8c40b470","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fea5bafd-3d31-4a72-b4d6-36e9105e1a3a","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":45,"width":812,"height":11}},{"id":"debbe183-7c20-40c6-869d-1e919bb45153","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":60,"width":766,"height":11}},{"id":"3945f542-97a8-4e31-bce1-6e09799acca4","block_type":"box","text":"States;","page_number":99,"box":{"x":102,"y":75,"width":49,"height":10}},{"id":"18b50970-e1dc-44a1-a339-54bde5d07818","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":95,"width":829,"height":11}},{"id":"969ec0ec-c4e8-4850-aa5d-7da4ca3a4334","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":110,"width":379,"height":11}},{"id":"375b4de8-a759-4ac4-8bba-a5e4183efc4f","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":130,"width":826,"height":12}},{"id":"738e7194-fa16-4189-b680-fd3a653f18e2","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":99,"box":{"x":102,"y":146,"width":207,"height":11}},{"id":"27063130-a2c7-4ac1-8727-030c0b826d54","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":166,"width":458,"height":11}},{"id":"83ea050c-89c8-4438-a06d-181f528c81b7","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":186,"width":837,"height":11}},{"id":"7e234441-0853-4cbd-b657-bdcfddf14967","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":99,"box":{"x":101,"y":201,"width":589,"height":11}},{"id":"59c033de-6306-49d6-80ab-30f15bf6d169","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":221,"width":795,"height":11}},{"id":"3a69684c-11a7-4e3a-9b7f-9225193de2f2","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":236,"width":764,"height":11}},{"id":"0d17fab2-035d-4cbb-a984-b38c4dd2c182","block_type":"box","text":"States.","page_number":99,"box":{"x":102,"y":251,"width":49,"height":9}},{"id":"f6fea8a0-5ca5-45be-b8b4-142dcbc935f8","block_type":"box","text":"Mortgage-Related Securities.","page_number":99,"box":{"x":102,"y":274,"width":213,"height":11}},{"id":"e47a7336-6a99-43ea-8a3c-9045355f5ac4","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":99,"box":{"x":102,"y":297,"width":203,"height":11}},{"id":"78b217bc-51ca-4679-9274-2374257ec2b6","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":99,"box":{"x":312,"y":297,"width":560,"height":11}},{"id":"ed97a20f-83e5-4bfa-aae6-7eaa235bb954","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":312,"width":805,"height":11}},{"id":"9be8553a-29fe-4e65-910f-784d66a530ec","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":327,"width":819,"height":11}},{"id":"0bc969f3-5cd5-4e8b-bac0-7878d51addda","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":342,"width":832,"height":11}},{"id":"6a937543-608a-4324-ad5d-35b1fc8f212f","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":357,"width":838,"height":11}},{"id":"eeb65fbe-4887-476e-b27c-180e5ca8a657","block_type":"box","text":"maturity or specified call dates.","page_number":99,"box":{"x":69,"y":372,"width":222,"height":11}},{"id":"64e01559-8efb-4a1e-9ef2-83f6942d786b","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":395,"width":785,"height":11}},{"id":"d87ad84e-95c2-45ef-a865-f73a8060e662","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":410,"width":838,"height":11}},{"id":"298bb4df-f73a-4286-beea-32a32919e3c4","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":425,"width":836,"height":11}},{"id":"8f1ee9fd-862e-4c09-b17e-7b303913d787","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":440,"width":837,"height":12}},{"id":"d413c76f-c581-4b95-aebe-c9b15ef10b6b","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":455,"width":810,"height":12}},{"id":"ac0bebdb-be1a-4604-bbd6-484e54ce98bd","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":471,"width":811,"height":11}},{"id":"b3f12f57-f73f-4d1f-81f5-d984a2f49c53","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":99,"box":{"x":68,"y":486,"width":837,"height":11}},{"id":"19e048f3-cca6-43c7-86ea-c60f9ea148a4","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":99,"box":{"x":70,"y":501,"width":834,"height":11}},{"id":"ab783541-5ab9-48bb-93a3-af1edea362e5","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":99,"box":{"x":69,"y":516,"width":840,"height":11}},{"id":"d4e0270f-e00a-484c-96cf-0737c072a5fb","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":99,"box":{"x":69,"y":531,"width":827,"height":11}},{"id":"3c2dde43-5abd-46d9-afda-7305ff6d2d18","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":99,"box":{"x":68,"y":546,"width":805,"height":11}},{"id":"7394b72d-4f17-4f50-9c8f-e4ad7240c9b2","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":99,"box":{"x":68,"y":561,"width":834,"height":11}},{"id":"8766639d-07be-4196-9804-82121b18b284","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":99,"box":{"x":68,"y":576,"width":791,"height":12}},{"id":"af3f8e62-a514-4643-af02-a0c4fe553a45","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":99,"box":{"x":69,"y":591,"width":816,"height":12}},{"id":"d625fb06-2b87-48c5-9224-67f0cc28ef23","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":99,"box":{"x":69,"y":606,"width":819,"height":12}},{"id":"32260a37-b750-4768-834e-97bbab9e0b51","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":99,"box":{"x":69,"y":622,"width":761,"height":11}},{"id":"35a2e28e-b82b-4f01-b9fc-2ff493e36d39","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":99,"box":{"x":69,"y":637,"width":791,"height":11}},{"id":"f3af1775-cb78-47cf-9919-599762a97b05","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":99,"box":{"x":69,"y":652,"width":602,"height":11}},{"id":"06e0f3cd-f752-48ec-8cfa-ce2de854135c","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":675,"width":761,"height":11}},{"id":"777a7555-9874-4d8e-b262-c920082a73ec","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":690,"width":800,"height":11}},{"id":"4fc163fb-22c9-43a9-a03d-201f51eaac37","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":705,"width":833,"height":11}},{"id":"3b447378-ddeb-4cb6-8a2c-5dc940eb33c8","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":720,"width":809,"height":11}},{"id":"18c4d368-6aec-497f-8d8d-66bfb9d79a18","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":735,"width":801,"height":11}},{"id":"e5f949e7-d12c-462a-98c2-3a8af197dde5","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":750,"width":778,"height":11}},{"id":"16ef5266-ad12-4246-8182-80fb2b91ae00","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":765,"width":831,"height":12}},{"id":"820c1bef-aca1-43dc-9095-0a1278dc46f5","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":780,"width":773,"height":12}},{"id":"0e8e370f-3925-40db-86d6-ac1baa1909f2","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":795,"width":818,"height":12}},{"id":"7c1f2d15-8a64-468f-92f0-77f545e437ad","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":811,"width":822,"height":11}},{"id":"e5e5b567-c775-4deb-97c7-7da4b52a603f","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":99,"box":{"x":69,"y":826,"width":399,"height":11}},{"id":"89a3c168-c491-44cb-af90-f58030833a45","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":99,"box":{"x":101,"y":848,"width":802,"height":12}},{"id":"b06cb2ad-2546-4886-9a80-617a53e5f0e1","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":99,"box":{"x":69,"y":863,"width":830,"height":12}},{"id":"05e1f4da-abb6-49f4-bdce-80b98b6dd80d","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":99,"box":{"x":70,"y":879,"width":818,"height":11}},{"id":"19e6fd8f-934e-4898-ab54-50db37965e3a","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":99,"box":{"x":70,"y":894,"width":766,"height":11}},{"id":"a96bafd0-5fa9-4551-ac61-0fd5ed094286","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":99,"box":{"x":69,"y":909,"width":808,"height":11}},{"id":"138a9d38-5503-41f3-bba9-37231558370c","block_type":"box","text":"II-51","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e51143ea-1a6f-49b9-becb-78d525b05753","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55ddcc3d-640a-4eae-9799-4e08c37c8c93","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":45,"width":825,"height":11}},{"id":"2e042fab-c185-4b42-8302-53bf76b27fb2","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":100,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"3c0234b4-6595-4096-b2d9-51263ed6e124","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":82,"width":743,"height":12}},{"id":"cbfc29b3-082e-4135-9a69-adf545c6157e","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":98,"width":831,"height":11}},{"id":"20fdc9dc-4ed8-4091-a7e5-cdfb991d5481","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":113,"width":815,"height":11}},{"id":"593e229e-82bd-429e-a231-23f7217c7157","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":128,"width":737,"height":11}},{"id":"6a1149a4-d169-4335-9057-ab937ae9812d","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":143,"width":814,"height":11}},{"id":"9ae493a7-8341-4736-a0d3-1eee50c9e35c","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":158,"width":794,"height":11}},{"id":"744f5af9-1be7-4fe1-8917-8191b7d0dc63","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":173,"width":828,"height":11}},{"id":"97d0d1a3-bdc4-4f1e-a1dc-918c89d5db51","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":188,"width":798,"height":11}},{"id":"7fb32d8b-0098-4d7d-a507-1b39172c9131","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":204,"width":798,"height":11}},{"id":"df0b7002-d2fa-4d37-8288-d0cdca52cf2f","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":218,"width":788,"height":12}},{"id":"d8cac275-8d8a-421c-828e-946db41ee657","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":234,"width":840,"height":11}},{"id":"3db6d85c-a3c4-4ff2-95f4-41fe2b5e22ae","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":249,"width":825,"height":11}},{"id":"51ac4835-c736-4c08-b0c6-819a09a01c60","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":264,"width":830,"height":11}},{"id":"7634358e-48ad-4aa8-9992-c835d08bff2e","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":279,"width":770,"height":11}},{"id":"358faa54-cfe4-470c-87cc-2ea7da6ae82f","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":294,"width":812,"height":11}},{"id":"21b96f4f-a220-4ed2-9575-2ab6fdeee941","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":309,"width":829,"height":11}},{"id":"a75cc387-b934-4045-abe9-89dd61666f9b","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":324,"width":832,"height":12}},{"id":"1918d33b-f60a-4363-a833-558957425689","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":339,"width":792,"height":12}},{"id":"56630868-035c-4691-bfb2-b1fd28ee0ccd","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":355,"width":819,"height":11}},{"id":"ecc8c7e9-5893-453d-a4a0-c8e53fc70886","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":370,"width":829,"height":11}},{"id":"c5268766-a6f1-4ac5-8207-d6e43658cdc3","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":385,"width":829,"height":11}},{"id":"203ec1b0-dbe0-423b-9d44-0ed0f48992eb","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":100,"box":{"x":70,"y":400,"width":401,"height":11}},{"id":"ca79d808-014b-4812-8f13-6a49cfaa7001","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":423,"width":786,"height":11}},{"id":"a8605afe-0710-4ac5-a7dc-72a847f221b5","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":438,"width":777,"height":11}},{"id":"36046b46-f985-4f62-8275-c428873c4a24","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":453,"width":782,"height":11}},{"id":"0fb4cfaf-6a38-4cf1-a0f6-47f37206b0ff","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":475,"width":802,"height":12}},{"id":"0a38cfeb-2e69-47e2-9f46-eb90cfbb656d","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":491,"width":828,"height":11}},{"id":"3d7cf0da-ec51-423f-b43f-2b1887c2351c","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":506,"width":814,"height":11}},{"id":"129a9d52-a199-4d5e-b2f0-bc19a3adf985","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":521,"width":833,"height":11}},{"id":"16058b5f-d609-479a-b2fc-7341b3f367ab","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":536,"width":789,"height":11}},{"id":"bffcf0dd-7915-48a8-a50f-7c20f4eb0065","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":551,"width":827,"height":11}},{"id":"ed433bca-9328-4051-85f0-1ee9427d7b23","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":566,"width":838,"height":11}},{"id":"d01e7717-de26-418e-9aea-fa4e05a79e2a","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":582,"width":810,"height":11}},{"id":"f28dce7f-0aa0-49b6-a671-5724dcead7cd","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":596,"width":820,"height":12}},{"id":"462ab5dd-cf16-4e4a-bc99-1202e328983e","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":612,"width":812,"height":11}},{"id":"21c13e9b-7642-47ad-9983-5fd1b1089855","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":627,"width":790,"height":11}},{"id":"36945e88-f9b9-4455-b888-85a7083eab13","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":642,"width":604,"height":11}},{"id":"17253c34-1eb3-4fa6-9063-a7320bd78693","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":665,"width":774,"height":11}},{"id":"ac1f18fd-524d-4de6-abbe-e3cf28e110b1","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":680,"width":791,"height":11}},{"id":"a8cbb410-1f15-48b7-91cf-f7170729307d","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":695,"width":832,"height":11}},{"id":"98fe3ec3-f41e-4b52-80b4-031092dd084b","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":710,"width":742,"height":11}},{"id":"8a02c778-f961-4efe-8ae2-c4c16cd50457","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":725,"width":831,"height":11}},{"id":"3226d420-4326-429b-b7eb-5c66fe4e87eb","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":740,"width":840,"height":11}},{"id":"c101b65f-4dc3-4fd9-8e15-926f21cedd16","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":755,"width":809,"height":11}},{"id":"5da85f6b-8fd2-4673-b824-8c5cb9094d6c","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":100,"box":{"x":69,"y":770,"width":828,"height":12}},{"id":"63c78388-7b70-451a-97cf-97e5562bbffb","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":100,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"2d9d4ba9-6211-4cd3-9685-83a73fe13d6e","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":100,"box":{"x":70,"y":801,"width":810,"height":11}},{"id":"9111aa4b-bd33-444b-aeaf-88ed5287d842","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":100,"box":{"x":69,"y":816,"width":804,"height":11}},{"id":"76e070c4-9353-4f6a-9ede-947b44d3b006","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":100,"box":{"x":69,"y":831,"width":669,"height":11}},{"id":"a8823cdc-8614-4429-b5ab-62fc48b64d81","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":100,"box":{"x":101,"y":853,"width":754,"height":12}},{"id":"de3feb8c-d2ea-4372-ae0f-d7d2c881404b","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":100,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"a5c852c0-f8fb-426d-8147-f3a57fb91e08","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":100,"box":{"x":69,"y":884,"width":812,"height":11}},{"id":"d61935a5-688d-49b4-a46e-1983785564a7","block_type":"box","text":"II-52","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba438626-22fc-4f19-b332-472c0b7c62b4","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf0bd566-a183-49e8-862c-0bd97b8ba2e9","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":45,"width":788,"height":11}},{"id":"2b779ef2-38c2-47b3-b015-e54030112118","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":101,"box":{"x":70,"y":60,"width":361,"height":11}},{"id":"521da0aa-43c8-4240-80a8-3438f646d940","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":83,"width":784,"height":11}},{"id":"35810954-5bd2-4362-809d-a9a9e84c2c83","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":98,"width":813,"height":11}},{"id":"6b6cc0e1-35e8-4c46-8c96-79b2226358a8","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":113,"width":837,"height":11}},{"id":"e9bdad2b-886e-4886-a533-ec12a1d7c510","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":128,"width":714,"height":11}},{"id":"60411ec5-47a9-4237-afb9-45ee6daff0ce","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":101,"box":{"x":102,"y":151,"width":328,"height":11}},{"id":"36510c5b-b84c-4940-8ce8-411799af2016","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":101,"box":{"x":437,"y":151,"width":407,"height":11}},{"id":"c0dd1c2e-9037-4c04-8afc-94dfd1b31ca6","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":166,"width":800,"height":11}},{"id":"e567852f-b4f1-48f7-8c3a-c2457cee946a","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":181,"width":827,"height":11}},{"id":"8fd3c869-c054-48a0-a95a-01171180a66f","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":196,"width":826,"height":11}},{"id":"7ed351db-8961-49f8-ba3d-6c5a0cdf66a4","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":211,"width":833,"height":11}},{"id":"1ab110b0-2288-4738-91d0-e01e659d374f","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":101,"box":{"x":70,"y":226,"width":661,"height":11}},{"id":"cec675eb-ea76-440a-96ac-b5e3f9b9c3b2","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":249,"width":803,"height":11}},{"id":"f3865d74-1693-44da-8bcb-43beda0a6653","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":264,"width":837,"height":11}},{"id":"bc5655f9-70a3-42cc-91de-6842a1390020","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":279,"width":838,"height":11}},{"id":"e44713d4-f127-4528-af9d-255e9df03683","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":294,"width":836,"height":11}},{"id":"aacc724a-aad1-46d6-afb9-3d4ef1d047d7","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":309,"width":791,"height":11}},{"id":"f3057a60-76ab-4cd2-ba7c-a049064a884f","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":324,"width":792,"height":12}},{"id":"c9eddeb4-28e1-442e-9a5d-031398efcc21","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":340,"width":820,"height":11}},{"id":"3de8889d-e1f7-4f6a-bf66-c811af33ba26","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":355,"width":836,"height":11}},{"id":"c56dbe93-dfc8-4bcd-8d0c-0a1230b22636","block_type":"box","text":"of principal because of the sequential payments.","page_number":101,"box":{"x":69,"y":370,"width":346,"height":11}},{"id":"71eb2a00-bdab-480a-94fd-9f5493b3e5fc","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":392,"width":723,"height":12}},{"id":"e698f60d-fd45-44c0-aad7-f4248458c595","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":407,"width":768,"height":12}},{"id":"0f96bbc2-ea0d-44ca-9381-6eb30bca374f","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":423,"width":800,"height":11}},{"id":"cb466400-4e87-4018-a51c-175d9e1e2057","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":438,"width":836,"height":11}},{"id":"87f088fd-44ac-4d7a-a9b7-de31a4b56432","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":453,"width":793,"height":11}},{"id":"b637769c-f397-458b-ad59-2968a7eaa665","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":468,"width":767,"height":11}},{"id":"ab7bed3c-6757-4892-a3cf-900925dbf01f","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":483,"width":838,"height":11}},{"id":"efe3038a-cf7a-402e-97df-025336ec8f3f","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":498,"width":773,"height":11}},{"id":"c994e08d-48d4-4d2d-a843-c24020bee90d","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":513,"width":821,"height":12}},{"id":"fdef252a-b2e9-400a-ac50-6eebd2fd449d","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":529,"width":836,"height":11}},{"id":"7643eb4f-183f-4829-b2b1-715483cc75ae","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":543,"width":795,"height":12}},{"id":"e182fc99-fa0b-40bd-b8ca-0d4f8d91b3de","block_type":"box","text":"securities of any single such entity.","page_number":101,"box":{"x":69,"y":559,"width":248,"height":11}},{"id":"5724e5a9-a27d-4916-8752-602d60859db5","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":581,"width":807,"height":12}},{"id":"decd679c-efd1-478f-9059-fd9fbe8b6c58","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":596,"width":805,"height":12}},{"id":"4c5624b1-80de-4ef5-8b5c-70e03860f1eb","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":612,"width":819,"height":11}},{"id":"a3ce6777-bf33-428d-9306-fb7a16d245b5","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":627,"width":829,"height":11}},{"id":"efc6da9c-277a-4455-9d4c-d52e0da5f378","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":642,"width":835,"height":11}},{"id":"60b4b672-98bd-4b5e-bb86-a8e415ec9306","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":657,"width":802,"height":11}},{"id":"b190432a-4f72-4635-bb8a-f58c85122572","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":672,"width":833,"height":11}},{"id":"3109ce2b-4c41-4ddb-849f-70f5ffe8c318","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":687,"width":801,"height":11}},{"id":"23da4a3c-466f-4f24-a6e5-144400c5ac16","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":702,"width":813,"height":12}},{"id":"17e4ef90-63a0-402a-a7ff-fb99bdb1a9b6","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":101,"box":{"x":69,"y":717,"width":708,"height":12}},{"id":"b172ec15-088a-47d2-beb0-0d4badfc5e5c","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":740,"width":742,"height":11}},{"id":"ad7a21f0-1041-4316-863b-07fc58c9f901","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":755,"width":784,"height":11}},{"id":"5159d716-a307-4957-a930-82733d7baed2","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":770,"width":800,"height":12}},{"id":"1dc0398e-c485-4f6c-84b4-a7f102cc40de","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":101,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"e902f1c2-29a5-4e46-90ce-592f5a565a8f","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":101,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"ad784095-da35-4b39-8bd4-a17a5b39e1a6","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":101,"box":{"x":68,"y":816,"width":835,"height":11}},{"id":"9864d438-fa5d-4b5e-8997-846963f0aa36","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":101,"box":{"x":69,"y":831,"width":772,"height":11}},{"id":"241a5956-99be-4db5-bc44-b3756576e0cd","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":101,"box":{"x":70,"y":846,"width":792,"height":11}},{"id":"c2362f5f-4b5f-4c4c-a143-3964009861a9","block_type":"box","text":"classes.","page_number":101,"box":{"x":69,"y":861,"width":57,"height":9}},{"id":"5b084351-ef8a-458b-b6a0-bb1ef9dcf06b","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":101,"box":{"x":101,"y":884,"width":774,"height":11}},{"id":"d591f1e1-f38f-4bc3-8ecf-b244d42df32e","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":101,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"bc4c038e-411b-4ae4-84ac-f72432f38f33","block_type":"box","text":"II-53","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e10ecfc9-1dad-443d-bb36-32d86daac360","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce80b3c7-2d55-48dd-a7a5-b65396faee32","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":45,"width":815,"height":11}},{"id":"a70a1e5d-c285-4309-a594-3142a80ce51c","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":60,"width":833,"height":11}},{"id":"90271b9a-8834-4e89-8bc4-6dee642f0b21","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":75,"width":839,"height":11}},{"id":"e546003c-fa25-473a-9d1c-42087c4f8a27","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":90,"width":541,"height":11}},{"id":"3d16fdf3-a531-4e5b-8775-9965ce95858a","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":102,"box":{"x":101,"y":113,"width":265,"height":11}},{"id":"114a8ce0-cb68-4e12-990e-2fd5ddbcde6a","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":102,"box":{"x":372,"y":113,"width":523,"height":11}},{"id":"7cd4c51e-78fe-4363-9260-3e5269fd2442","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":128,"width":807,"height":11}},{"id":"3363f4fa-fac7-4914-98e7-c138878ac4d5","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":143,"width":835,"height":11}},{"id":"d9bba20f-a341-49e6-9a8d-8afb7e4551be","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":158,"width":824,"height":11}},{"id":"fb4b1e59-d42c-45e8-8af0-4aa08ef217e9","block_type":"box","text":"to a designated benchmark index.","page_number":102,"box":{"x":68,"y":173,"width":241,"height":11}},{"id":"f7af68cb-d975-46e3-99fe-b4dd227bfe01","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":196,"width":767,"height":11}},{"id":"d20dcc37-664c-4c08-9323-e253d0883d36","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":211,"width":828,"height":11}},{"id":"539463d4-eae9-4462-9efd-f91421f0a1e3","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":226,"width":837,"height":11}},{"id":"56965c6b-bc91-40ea-a35e-c5b989554aaf","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":241,"width":830,"height":11}},{"id":"c13b7741-615a-420b-b6af-d9a4e204f4d6","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":256,"width":676,"height":11}},{"id":"e8796204-a0a4-4deb-b12d-7a6221a4677e","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":279,"width":757,"height":11}},{"id":"a36d58b7-ceca-4cf4-a149-d1a732fe755c","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":294,"width":822,"height":11}},{"id":"5a3db782-7f56-431b-bbce-d31b7739010b","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":309,"width":823,"height":11}},{"id":"e0ef6c0c-eb3b-4416-9a43-6876b4fe9dce","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":324,"width":782,"height":12}},{"id":"90569dde-3956-4034-a149-f9e64965772e","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":339,"width":838,"height":12}},{"id":"cf9b5156-4ac5-4e7b-aa35-1147e31281a6","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":102,"box":{"x":69,"y":355,"width":544,"height":11}},{"id":"796710be-5f5c-441f-8753-e05e80830896","block_type":"box","text":"CMO Residuals.","page_number":102,"box":{"x":102,"y":377,"width":112,"height":9}},{"id":"964f231e-ee5f-49c7-9fee-b89511f24b3b","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":377,"width":682,"height":12}},{"id":"47bc9d43-82ca-441a-863f-975206452a37","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":392,"width":740,"height":12}},{"id":"d2efbec4-9db6-4850-aad6-737a93e37aad","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":407,"width":829,"height":12}},{"id":"130699d6-a7a8-491d-992c-408e85431081","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":423,"width":826,"height":11}},{"id":"8edb0387-dde1-497d-a7ca-ed594b43a2bf","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":102,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"2125df4e-ba58-4aa7-b5be-9e7c70df45c5","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":102,"box":{"x":69,"y":453,"width":827,"height":11}},{"id":"4b973299-65e8-4242-af01-3c05ef32c9db","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":102,"box":{"x":69,"y":468,"width":829,"height":11}},{"id":"0bd68901-f11e-4287-aad6-75563cff5c6b","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":102,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"ec990138-8971-41bb-9ea5-b30345106aae","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":102,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"2a0c995b-478f-4a05-9efc-ad794f264ed9","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":102,"box":{"x":69,"y":513,"width":798,"height":12}},{"id":"9fad428e-8bbc-42bb-9940-70add948e21c","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":102,"box":{"x":69,"y":529,"width":813,"height":11}},{"id":"8eb55954-e804-4147-9127-7b62d1e3954b","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":102,"box":{"x":69,"y":543,"width":790,"height":12}},{"id":"de9e2724-7954-4b00-959d-464893f1e04b","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":102,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"a2d27e8a-e437-462c-9c14-a372aa3d1d71","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":102,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"f17fa780-cb93-4afe-a429-b167a73274be","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":102,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"0e75295f-c582-4e41-b9e5-a780443fe27c","block_type":"box","text":"a CMO residual.","page_number":102,"box":{"x":69,"y":604,"width":112,"height":9}},{"id":"888a619e-4ddb-4e40-9080-61ed26953ae5","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":627,"width":758,"height":11}},{"id":"12a21b7b-a1c3-4d99-9422-7281d3860549","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":102,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"fa08d4f3-f97b-49a9-9f10-eb6872b4ed60","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":102,"box":{"x":69,"y":657,"width":769,"height":11}},{"id":"1b34442a-4f15-4477-973d-ffa4c6969e4e","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":102,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"efcc289b-bfcd-4662-b807-c43eb41dad1c","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":102,"box":{"x":68,"y":687,"width":820,"height":11}},{"id":"cf1c8f7d-6df3-40fa-8b62-bf78007fe2c3","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":102,"box":{"x":69,"y":702,"width":650,"height":12}},{"id":"b63624c2-e30b-453e-9f8e-31b5b5d5247a","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":102,"box":{"x":102,"y":725,"width":267,"height":11}},{"id":"604a4cc8-fa11-4f00-86c0-57888bb1df32","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":102,"box":{"x":375,"y":725,"width":493,"height":11}},{"id":"9224b563-20bb-49dd-a673-a844b39a8ee7","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":740,"width":798,"height":11}},{"id":"0e25949f-c8be-42c4-85c2-14622130ffaa","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":755,"width":826,"height":11}},{"id":"a2a32fd5-981c-4dbf-a14e-40dd792fac15","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":102,"box":{"x":70,"y":770,"width":832,"height":12}},{"id":"fd16ddb6-e25d-44aa-a0f0-e487577eb7ed","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":102,"box":{"x":70,"y":785,"width":821,"height":12}},{"id":"a093235b-0312-4140-9149-e04bf9cc8b52","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":102,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"38b272bd-4d21-4ed4-a8b5-5b1c26a0e84b","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":102,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"c55cb3b2-590b-445a-be9d-6110282b114d","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":102,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"662f4fda-023a-42f0-ac9f-4ded8750e220","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":102,"box":{"x":68,"y":846,"width":800,"height":11}},{"id":"6821ba6c-2d9e-444b-8a9a-6159162dc7c6","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":102,"box":{"x":69,"y":861,"width":786,"height":11}},{"id":"809eda80-2bf9-43fa-9b5e-280bdc01dcef","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":102,"box":{"x":69,"y":876,"width":823,"height":11}},{"id":"53e903e0-aafe-4f33-9333-190dfc039aee","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":102,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"380385f7-0378-41b7-a4d6-79c0d005f7fd","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":102,"box":{"x":70,"y":906,"width":824,"height":12}},{"id":"e782fa47-6cbf-465f-b21f-64beb0e3c1ff","block_type":"box","text":"II-54","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4b5df71-8e50-494b-8c7d-0a32afb25462","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74d3f0c2-49c1-4e85-a7d9-9c11cc1846bf","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":103,"box":{"x":70,"y":45,"width":800,"height":11}},{"id":"7f7ae49e-1749-4fda-9a89-8e951b2da4a0","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":103,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"31c55423-c5ee-4534-8a00-fccdb5b0ece2","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":103,"box":{"x":68,"y":75,"width":840,"height":11}},{"id":"98e43295-69ec-4358-98d5-737f2dac0b9f","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":103,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"5f990558-d99e-4471-ad21-a8121dcd169f","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":103,"box":{"x":69,"y":105,"width":805,"height":11}},{"id":"4afeabac-9e4f-4f90-ba7f-43472604cfb8","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":103,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"4626a7a2-5f14-46d6-9e9b-0c29233bae8a","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":103,"box":{"x":68,"y":135,"width":683,"height":12}},{"id":"9d54a252-79e7-4a01-a27b-eb2382bc5be8","block_type":"box","text":"Tiered Index Bonds.","page_number":103,"box":{"x":103,"y":158,"width":138,"height":9}},{"id":"a1da17ea-dcb6-41b3-84e1-7b3daa4175fe","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":103,"box":{"x":247,"y":158,"width":638,"height":11}},{"id":"0e8f0e5f-ab46-4f46-b36f-cc7b97799235","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":103,"box":{"x":70,"y":173,"width":825,"height":11}},{"id":"ed4dce49-88f6-4ff0-926d-da31d3d51f73","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":103,"box":{"x":70,"y":188,"width":827,"height":11}},{"id":"4caf6739-c9c3-4d80-aac7-c8a26ea19a78","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":103,"box":{"x":69,"y":203,"width":738,"height":11}},{"id":"6809844d-9ec9-4b1c-8c95-1ce8e7b94bb6","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":103,"box":{"x":69,"y":218,"width":828,"height":11}},{"id":"09287daf-c713-48e2-9ae9-a3b2b0d930fe","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":103,"box":{"x":70,"y":234,"width":836,"height":11}},{"id":"e7ad2412-1199-457f-8ed1-8e8f098f489b","block_type":"box","text":"that of a fixed-rate bond.","page_number":103,"box":{"x":68,"y":249,"width":174,"height":9}},{"id":"09dcd79f-8b33-469c-9b4b-e8fbda9ece57","block_type":"box","text":"TBA Commitments.","page_number":103,"box":{"x":103,"y":272,"width":133,"height":8}},{"id":"6f349c1f-a3a2-4fc9-8686-54263d7f2460","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":272,"width":653,"height":11}},{"id":"9e166af4-052a-45da-8d90-c29c9f6833cc","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":286,"width":834,"height":12}},{"id":"2d04d799-3fca-4d63-9b0d-4f1f13112d3b","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":302,"width":825,"height":11}},{"id":"9b60a63f-7864-4a46-b41a-169f7c1c29c2","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":317,"width":793,"height":11}},{"id":"1b9a301d-78a3-43e0-b2d6-9e2db5346c8f","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":332,"width":833,"height":11}},{"id":"3b03d658-2eb6-4e5e-a635-d3e16c71f836","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":347,"width":804,"height":11}},{"id":"2e98ac12-22dd-4a4d-9b83-180f14cf519d","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":362,"width":779,"height":11}},{"id":"eda480cc-a4fc-423a-88fe-a56f2bb2f17e","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":377,"width":810,"height":11}},{"id":"f4b33610-b219-4b37-9801-7931266b63e7","block_type":"box","text":"below.","page_number":103,"box":{"x":69,"y":393,"width":43,"height":8}},{"id":"e8c89230-a4d0-4c71-9b20-a4c3a3db76e5","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":103,"box":{"x":102,"y":415,"width":157,"height":11}},{"id":"fe3e19ee-01f8-446a-afee-ff3bf4aab983","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":415,"width":634,"height":11}},{"id":"d84c6bcc-5d1b-4ec9-90eb-5dac4e027a8e","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":430,"width":825,"height":11}},{"id":"2ea306d9-5991-4da7-82db-1c2c7cb0af47","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":445,"width":805,"height":11}},{"id":"96344c9a-7813-4e2f-83ce-79640194e48a","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":460,"width":817,"height":12}},{"id":"4f500ef6-38b2-4cdc-ad24-38c64c17b2ef","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":475,"width":820,"height":12}},{"id":"99225ad1-dde1-4d6a-9821-6e02708f7e85","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":491,"width":827,"height":11}},{"id":"cf0b8724-b5c8-439b-a87d-f5bcf9b15992","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":506,"width":806,"height":11}},{"id":"b5fbc820-3183-43dd-a600-f0545326e79d","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":521,"width":833,"height":11}},{"id":"d3ec9568-19e4-4e0c-a2b0-cdeb1366a3cc","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":536,"width":836,"height":11}},{"id":"c4394dc0-1991-4658-8d99-ba327c11746f","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":551,"width":607,"height":11}},{"id":"778fc58b-d9bc-4321-a166-b5dc8a301c13","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":574,"width":744,"height":11}},{"id":"6545820a-4399-4723-8f8d-9594c30ffdf2","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":589,"width":796,"height":11}},{"id":"945416f9-40e8-4aa3-972b-de1b53bccfaa","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":103,"box":{"x":69,"y":604,"width":433,"height":11}},{"id":"6b434c84-f3d6-469a-b878-d853a48cee68","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":627,"width":795,"height":11}},{"id":"61397ce8-79b3-4c2c-a569-04f62481a166","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":642,"width":824,"height":11}},{"id":"92be6506-39c8-4b96-a507-ca42620afc64","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":657,"width":774,"height":11}},{"id":"60d95f95-db84-4bd9-891d-c5ca2e3ecf08","block_type":"box","text":"securities in the forward transaction.","page_number":103,"box":{"x":69,"y":672,"width":261,"height":9}},{"id":"32518f70-0776-4a74-a7c8-0023e2acce8e","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":103,"box":{"x":101,"y":695,"width":785,"height":11}},{"id":"a97440fc-b457-413f-a5b3-d6c97aeef4ca","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":710,"width":812,"height":11}},{"id":"e5e07a70-ab0c-4c08-bd15-014f503e6360","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":725,"width":824,"height":11}},{"id":"06c55fa6-f97e-4e24-b9b6-bd282a06bdf0","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":740,"width":824,"height":11}},{"id":"e8dbe3be-8b90-47b5-9a06-688712a3cc9b","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":103,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"66410daa-1bb0-4996-91e1-be763fe21478","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":103,"box":{"x":69,"y":770,"width":430,"height":11}},{"id":"d8de1117-0f92-45bf-b37c-d8fc9de5f45e","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":103,"box":{"x":102,"y":793,"width":759,"height":11}},{"id":"1b46fe77-db5a-4c2e-8b8d-be4b33ee0b60","block_type":"box","text":"securities (","page_number":103,"box":{"x":69,"y":808,"width":78,"height":11}},{"id":"b7aeb874-8975-480b-9312-c72383f4c1f7","block_type":"box","text":"e.g.","page_number":103,"box":{"x":148,"y":810,"width":25,"height":9}},{"id":"01c909d8-4d83-4655-be64-cfd4c1dbe297","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":103,"box":{"x":176,"y":808,"width":681,"height":11}},{"id":"13e2cb38-3335-4ec8-ad68-e2d16206ab02","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":103,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"38ec7db0-7ac2-49d8-a50e-644bdbc5f010","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":103,"box":{"x":70,"y":838,"width":783,"height":11}},{"id":"9784fa1f-a9ec-45af-b4c2-a696f1f3a825","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":103,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"67505bb2-87e8-4f73-b987-b29353145cee","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":103,"box":{"x":70,"y":869,"width":830,"height":11}},{"id":"15022a28-97cc-472f-84a6-ed42dd238133","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":103,"box":{"x":69,"y":884,"width":788,"height":11}},{"id":"d11e2b72-d5e4-42e6-ab35-7912bc00a0cb","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":899,"width":489,"height":11}},{"id":"8908cfef-6756-4a1d-8df8-2e2ebab510ea","block_type":"box","text":"II-55","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fd4c5946-e404-44e8-a0f5-6c26167869a9","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3b18328-872f-435d-8805-af240c3cbca4","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":104,"box":{"x":102,"y":45,"width":260,"height":11}},{"id":"21ac265b-afc0-4a2d-af42-55b0b41e690b","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":104,"box":{"x":368,"y":45,"width":473,"height":11}},{"id":"eb084695-c7db-422e-8f23-772eb0fa478d","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":60,"width":768,"height":11}},{"id":"94eb2def-be49-4e62-95c5-3e4d750d2de4","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":75,"width":836,"height":11}},{"id":"8a3c5bf4-94c1-48a1-a75d-d49920c0a8b3","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":90,"width":760,"height":11}},{"id":"84bc2597-2aa8-4f8e-ab6c-b2bef47a4baa","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":105,"width":832,"height":11}},{"id":"4da96c1a-7683-4417-927a-e6294926e64a","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":120,"width":810,"height":12}},{"id":"5a7711e0-14d1-43a0-b7dc-6c354ba89829","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":136,"width":764,"height":11}},{"id":"2f7ea4f1-f7a4-49d9-a1b6-2023737e3ce4","block_type":"box","text":"Municipal Investments.","page_number":104,"box":{"x":102,"y":158,"width":169,"height":11}},{"id":"b86c2b6d-5a9d-4bdf-a60b-54354821f26d","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":181,"width":763,"height":11}},{"id":"764b390f-8761-4c47-8661-02d62c5989d2","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":196,"width":783,"height":11}},{"id":"e7d31c85-8b1f-444e-9d88-58cd0d655c88","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":211,"width":833,"height":11}},{"id":"98701b01-11e1-414c-917c-f464eceb2fd2","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":226,"width":813,"height":11}},{"id":"3b9b8058-79ba-44d6-8fcc-39ca34beb446","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":241,"width":836,"height":11}},{"id":"91e9a8a5-f682-4412-98bb-6da4ddb3f087","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":256,"width":779,"height":12}},{"id":"05500e2e-dd6d-4d65-8e7f-83154a28475c","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":271,"width":838,"height":12}},{"id":"12b18ba9-536f-4fce-9223-26f16244410a","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":286,"width":810,"height":12}},{"id":"614dc271-f63f-4305-8303-4a951028df50","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":302,"width":834,"height":11}},{"id":"13b78051-3f63-4746-990f-90e95c716a0b","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":317,"width":801,"height":11}},{"id":"397b19b8-da67-4af0-91f3-5c8e8f42e08b","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":332,"width":807,"height":11}},{"id":"f301e12c-5e51-43e3-9c89-743325f283b7","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":347,"width":837,"height":11}},{"id":"97d6d840-0417-4c8d-b733-23e271678031","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":362,"width":809,"height":11}},{"id":"1b920f90-68f1-4a54-ab90-31b9de201c8c","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":377,"width":826,"height":12}},{"id":"ae3b3297-543c-49f6-885e-c984bd574d5f","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":392,"width":834,"height":11}},{"id":"5a3733b0-c01c-4b4e-8ae4-1703c28f6b68","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":407,"width":800,"height":12}},{"id":"8a5c5ccf-686b-40c6-a71f-b4591d506cdd","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":423,"width":819,"height":11}},{"id":"480dcd09-23b0-48c7-bdbe-a9f2df61c91a","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":438,"width":805,"height":11}},{"id":"4ab6c9c5-72a4-4fb1-856c-1f6e143be171","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":453,"width":805,"height":11}},{"id":"e390444b-14ea-4126-9401-9ca841118e19","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":468,"width":721,"height":11}},{"id":"a1bdee74-d887-44a5-aa71-05bb4d023efb","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":104,"box":{"x":102,"y":491,"width":495,"height":11}},{"id":"aa941154-9616-4e6c-9ad2-c02afce3f457","block_type":"box","text":"The risks and special considerations","page_number":104,"box":{"x":603,"y":491,"width":260,"height":11}},{"id":"049f4b6e-5078-435d-8e17-605a74eb7238","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":506,"width":806,"height":11}},{"id":"a2b3f8f2-1ebd-4e3a-b508-0c300fdfe08b","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":104,"box":{"x":70,"y":521,"width":810,"height":11}},{"id":"7080a5ba-2508-437e-a115-26e9b84d2d88","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":104,"box":{"x":70,"y":536,"width":544,"height":11}},{"id":"398d7a44-c740-4bd5-9462-63e0134a5ceb","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":559,"width":799,"height":11}},{"id":"f8ced4d6-e9a5-4c3e-a2b0-e695e066ee70","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":574,"width":829,"height":11}},{"id":"8f349fa9-0f92-4f79-b7d2-3e3200832a86","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":589,"width":814,"height":11}},{"id":"bd60408b-1b47-4e30-af5f-5fb4f3bdd70a","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":604,"width":802,"height":11}},{"id":"0997b270-8ac9-4d8e-832f-acf13db3d58d","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":619,"width":834,"height":11}},{"id":"cffa8cdc-18f6-4f07-bbb8-a1c778001205","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":634,"width":761,"height":12}},{"id":"41e49c10-acee-4935-b9de-0867615f3a68","block_type":"box","text":"II-56","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81521cbd-c4b1-423b-804e-5dbad04cd6aa","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3c979db-414f-47b7-be27-6f90fcc9f15b","block_type":"box","text":"Description of Municipal Bonds.","page_number":105,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"a3b1cc68-95d7-4768-8707-7b6009921c44","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":"48bb2713-4631-4870-99f6-8e326c58ba34","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":"2100cfc3-5175-405f-991d-0e6ec23e3075","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":"3df01382-88b5-48aa-8a4d-cb88d78079f6","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":"b7859178-43d6-466f-8325-d5e49bfa2ca8","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":"b06d1aa2-86e1-46e7-b7f1-62538a140568","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":"c1c4667e-a073-4472-bb48-5ad2c9aa4221","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":"89161d13-7f48-451f-b53d-18a0effb59a3","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":"9135cb78-af60-454f-8b27-619ad00b6590","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":"876417ed-4ead-45d6-96c6-854e977298ed","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":"ca98ec75-7e8c-47b3-92f4-734b780b67f1","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":"93dd327d-fa04-4a7a-a24c-4cc734c5c677","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":"ad80667c-777f-4b2b-a203-954fa4bc031d","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":"cb69d6d3-e3df-46fa-84ce-05949d9bda5a","block_type":"box","text":"General Obligation Bonds.","page_number":105,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"8e24124f-15c5-419f-9ba9-3fa7b4d00f9e","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":"59b351e4-b728-48d2-b20b-fadddc169790","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":"b27f41f3-d3e6-43ce-9b3f-894d82fac0bd","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":"8da032ee-a587-4b6f-877c-b0306a0a4e4f","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":"63091cd8-1073-4213-a3a6-42e9b85fd16d","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":"cc10de31-2acd-4619-bd80-522a7424575c","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":"4d6780f7-b3e9-49c3-858b-9b2e65e1f4af","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":"32e40e71-be96-4bdf-a20a-8d2f219aec15","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":"390d7b9a-91f7-416e-ad3a-bb63179ebc3f","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":"d75ac36e-c5c2-4433-85f0-cd0312e5814c","block_type":"box","text":"Revenue Bonds.","page_number":105,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"1e677dcd-2190-4a28-bb16-c81b2472c5dc","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":"34960164-beda-44cc-b5b8-2d61787b5211","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":"d75c3d5c-a4dc-40f6-9950-5677c8e4387e","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":"11f0ebaa-f311-4cdb-9e3f-417f64fec6b0","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":"1ac5013e-b2e6-4973-a9cf-614e161356bb","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":"dc53fbc1-6182-4a85-b670-b6a492d761ea","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":"38cc500e-d1f3-4d00-8a0d-309f3926da40","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":"0dbd1b34-af0e-4946-9c42-41a57f66e977","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":"5930fd79-dfd0-4d3f-af29-939e093788e4","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":"6267056e-0652-4dc7-a3fa-9fc21fe98169","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":"6f86792b-45fe-48c9-a595-b85c53f474c1","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":"12ba49bc-ed0b-4597-87dc-41c8b3c3b176","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":"2edc510b-8772-4da5-a4c5-e94e49965e86","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":"46d1f0d1-7048-4847-80b8-259d771165fe","block_type":"box","text":"PABs.","page_number":105,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"06dad3fb-ec9d-45a7-94bf-6424193d9095","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":"6c997740-813f-417e-a0f4-947125e6bc71","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":"50e596a9-3750-45a9-96a5-96ba9c780054","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":"d152a4e6-9cb3-4ede-ab6e-27109b190fe1","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":"5439b300-9144-4276-9a0d-4e2c3c914ca6","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":"23e83d43-e2ca-4e3f-a3ee-029e4e7c1b7e","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":"9a68cbcb-3927-4b40-91e5-22cbb7767c2c","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":"814b850a-3cc0-46a5-9e68-14a9e5938de1","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":"37ec43a5-62a6-481d-9e9e-756be1d95678","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":"3ad243f4-759e-4825-b7b6-e5a8bcfe0cae","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":"2fb5a3cc-46fe-4ced-b51f-9624e957d245","block_type":"box","text":"the par ticular facility being financed.","page_number":105,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"81e88914-30c3-4d8b-a38f-4325bc3fd8da","block_type":"box","text":"Moral Obligation Bonds.","page_number":105,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"3a67f943-b94f-4755-bf5b-f91060558023","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":"e3558822-17ac-40b4-adbd-34522dde0e60","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":"fdfb6d2c-ae58-4dad-baee-6bd7e0321f45","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":"28af3ca8-bdb4-465f-a3cb-21b2ce29bcd2","block_type":"box","text":"that issued the bonds.","page_number":105,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"be4ebe40-b866-499d-849c-a47f8a2eb708","block_type":"box","text":"Municipal Notes.","page_number":105,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"d3ddf545-e7e4-42b1-8172-3ab805796bc7","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":"4d38fa58-d45d-4b0b-8aa8-ad1eb177c7ea","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":"72068c0b-69fb-4541-b6de-ffc5bdbb54bb","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":"c562c465-e049-422a-8d6a-b4a71b9454d9","block_type":"box","text":"II-57","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9ffab59-1438-47cd-be51-6b22908bc9ab","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4283e518-8cb6-4130-b673-07809dfd1dc2","block_type":"box","text":"Municipal Commercial Paper.","page_number":106,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"3adc0074-030c-4c5e-81f3-fc3e474b4053","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":"5b609d71-7df8-48ee-96d0-05a7f93ca639","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":"49d2343c-31d1-42cd-898a-df85955ebf21","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":"879b2aa9-952d-4601-a754-3a8c96869018","block_type":"box","text":"Municipal Lease Obligations.","page_number":106,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"4f937e20-d89f-46d3-a03d-26b41c2769c4","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":"39986c34-8df8-4d64-9947-339528072e4b","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":"8f6a9450-51d9-4704-81be-1e4ac2daf2d0","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":"f1ec4bf0-c9ea-4938-ac1c-35f1d65a9a0d","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":"66235e45-4d1b-4cc6-9ea3-e5a7cd51f9ba","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":"e3cb1df3-577d-4969-bab8-6b3c2bd79eb1","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":"705207a5-d2ab-4d66-81e0-f3e37c88bb64","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":"8f6a1fd0-ea60-4e1c-9979-401bc40c32d6","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":"0a09a466-90a0-4d1b-b4f1-a025bf9e2433","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":"cff0e70a-f231-4e2f-8906-8e4c2b601058","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":"24c4d596-2dff-4766-b1ac-c2229b5112e8","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":"76800b94-f135-481a-b66a-87e03048db8e","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":"820001ca-7e85-40cf-80ee-0cb9d89d2e53","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":"dc7a076a-b31d-4cb8-9a47-c22ff8217fbb","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":"331a97b9-59ff-4e22-93b2-a86abea7b99b","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":"8eb3fd8b-76f1-43f0-bc9e-8721bb704d6b","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":106,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"339e32f1-2992-497a-8311-9f1e6c5b6acc","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":106,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"9bbeb29d-bd16-43f5-bd09-6388813f7002","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":"2570a6e7-3ae0-412f-8e9d-2ac343fad461","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":"eed7b308-6ebf-470e-9ed2-747240e04ec9","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":"c0e2a149-bd33-4922-b555-43d620297e2d","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":"ec375cf4-bf35-4f7e-a129-e11dcc39c395","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":"4094b86e-2df5-4f2f-ab79-239bce96d910","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":"ed723406-4ba9-4527-86e4-0c0c789c5747","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":"a76fbfe3-4eac-4e57-b6f6-13799445639c","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":"d1a2b83e-88b8-479f-b0e6-5df5017b8152","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":"1bcc446d-e8e4-43d2-96f7-7e518c4c78fe","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":"889f3ca8-a931-4cb9-b877-9b22026ff2ac","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":"c442af5a-ca28-40cc-a7fd-0232341df413","block_type":"box","text":"Tender Option Bonds.","page_number":106,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"ed09faab-32f5-40aa-ba6b-0d83ac728bc7","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":"e1ed746e-b8dc-4d56-9878-a1828094a4fa","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":"a2c1c73a-f4a3-430d-b7e4-8e00f295342f","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":"b6b8d4c9-f217-434c-8c75-ec82c3a2bc95","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":"a5d90187-f85a-49ae-a168-5c3b9fcadb3b","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":"7a7700b5-db58-4735-8651-9df0c8f34c6c","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":"742699db-9ace-4bae-8495-d5f546aa2372","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":"27a9cdee-b773-4f8d-9ee2-43869540fd45","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":"0a82b275-7d5c-4afb-b231-87c11b3f0ef4","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":"9056833a-e21e-4e42-aa5f-4ea7d846427f","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":813,"height":11}},{"id":"e310292d-b328-4476-bd68-acc667ad8eaf","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":"07365bed-2506-419a-8688-6a2661395476","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":"c235ba55-5dca-4116-8a5b-e6e818adcef5","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":828,"height":11}},{"id":"ea63b315-106e-474d-98ff-ab42ad0211c8","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":"0fd09171-d6af-4c4f-bcdf-faac291e0b6e","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":"eeb534db-8035-4245-9da8-311c597f5568","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":"90714a25-b791-4ab3-8bca-14e17ded38ba","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":"899ae6bd-3172-44bc-99f9-9ea1126334af","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":"43827c57-fce2-49d5-b61f-abcb66b1953f","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":"81ce6c7d-5d1f-459d-a6f2-f5d4469f23d6","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":"60541e97-a61a-44bd-9df5-386b1c4bbacc","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":"f989b6ab-e06e-4057-a702-7e6f6d83635f","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":"2aa012fd-719d-4b6e-a229-fe127cc8f2b0","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":"bc6afc62-baea-4636-b319-8dcf5b08091f","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":106,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"fd64bb8d-a11f-46f7-bf7a-d3133260fd85","block_type":"box","text":"II-58","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6260510-106a-4932-9ad1-487625f36106","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83df9be3-a739-4e91-a090-310443e7f643","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":"9d7ef22e-1f6c-4114-81ed-6808d9743351","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":"78a842b5-a1d9-4e67-8cae-4bb3286e8eea","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":"0b488129-0541-40d2-84ee-0bf86ff58dfc","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":"bfe5ba45-57d0-40ce-a709-84fdece3216d","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":"ee378bba-bd0a-4398-a8e5-e5c1e2479790","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":107,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"9f86d990-8d3c-4b79-a84e-103879fc42af","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":"122a1c28-5f92-4fb3-a8f5-d686d448bfb3","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":"81a5c12c-5245-46bb-8452-6691e20f9cd0","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":"bd420dd0-9aff-4976-b379-d9d2eb402520","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":"05e75f70-ed01-4e8e-bd0a-10492ec524ce","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":"4e6abd8d-978d-4c38-8f98-73340c787921","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":"b21224a1-e090-441e-9027-3c75ff07e825","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":"a15831bb-71c2-43a3-a717-710589663a92","block_type":"box","text":"issues.","page_number":107,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"406806a6-f75d-4d77-87b3-54a8138cd341","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":"d1ee49e0-c717-4d8e-bb04-c42e207acc7c","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":"1e818382-43eb-46f9-a8c8-286a5753f727","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":107,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"973564fa-e664-4751-85b3-5062ae2e3bf1","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":"d89683e5-89d9-4c9f-82d0-95fbb0da52e4","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":"3d3e807f-ac5b-4f48-a20c-c0571f46c185","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":"410431cc-8546-499b-9d7e-7ad453192b9c","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":"c49e8efa-13ed-4236-808f-8ac5a2edfc90","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":"69ada20c-0e1e-4ca8-82c9-27a15e93474d","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":"c1c1a27b-2e21-429d-b2fd-cb5bfe0eb1a6","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":"97dd2446-1404-4418-9a6b-d12697fdc92c","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":"c75d4b4f-39a7-4f43-9bea-dff7751b59e3","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":"8ab0c5ee-b650-44b0-bffb-9bad400b9daf","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":"8debea0a-529c-43b8-9362-ee526e5129b8","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":"27e9d113-d23d-4294-a7bb-8c9e944caa15","block_type":"box","text":"i.e.","page_number":107,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"83c24a4a-cd83-48ba-b596-a0f68c946d03","block_type":"box","text":", the Fund). In contrast, in the","page_number":107,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"43f28593-5c1e-4614-bd3b-abd72f4e4927","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":"5d6a933c-6b2b-454c-aba7-777d8996e7cc","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":"5af6aa51-ea14-4b9d-99ae-93a2f6f31a2a","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":107,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"ff05c11b-01d3-4088-9f55-c27b69f8ba47","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":107,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"d411729b-9c5e-4ca7-a6e1-55a9d1c3f176","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":107,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"6ede15de-24bb-4b7e-822d-23c3cd3c9a51","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":107,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"b7f300ad-cfd2-4675-8720-65dd7037620b","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":107,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"00ef77a9-3dfd-441a-a578-c787cebfd67d","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":107,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"cdb7c34a-3c65-49d2-9a20-770ec1d547da","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":"24d74b0e-4765-4b99-90c9-c406e1db98f3","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":"db01d73f-ab0d-460c-9c50-8f10ba825f9a","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":"2d574581-29ba-42ac-82f8-fea522959399","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":"9ce583e7-42ef-4f79-95e6-1b79f375f1c1","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":"0be8f049-a7e6-4dd9-9c8f-e7e44d6c8b4d","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":"1d5823c2-815b-448b-a6fb-fccd65c05ba5","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":"6e0fc3fe-fb94-4b25-a9e2-0865231d8bb8","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":"cb6093aa-9d23-4107-a7a3-826d74f2157c","block_type":"box","text":"Trust.","page_number":107,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"5284cb23-cc5b-4cf1-9f34-0ec075c49a2a","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":"09c0b902-4c6e-49ed-a0f0-75d48d50fb5e","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":"c3107817-8ebd-4798-b868-c870088298db","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":"50c6c45e-0722-4109-922c-bdf88c741730","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":"7865b8dd-f6e1-4231-be42-90682a04c544","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":"dd93a4a0-c1ce-4ab9-9367-8fc2f666aa55","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":"e112c9ac-e751-4bac-a80a-f262fb4a0328","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":"cbea8249-f89e-4b40-a3be-1c65453fc1ff","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":"e4d1e1b6-77d6-42fa-bfa0-13f42092e062","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":"d4b7f517-4de9-47a8-ad15-1bbf8b42aa0d","block_type":"box","text":"II-59","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9ba3f2a-a35d-4c4f-8323-8b6ea66375a0","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0418bcc2-44a9-4233-9563-91a2a3bb7880","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":"6d75987f-4d84-4f88-b853-68f5f8fc8ac7","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":"01e00140-f9b2-41c6-a1ac-ec3a8745a5a5","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":"7c4f53e2-4b6f-4075-a6b7-bfa756505afe","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":"20c63eda-0583-41a1-a3c3-2211eaae93a7","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":"f8141d60-066d-4e1e-ad6e-ca0acdaf0c66","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":"99d08b60-1cd0-44f5-b228-39df170ca48e","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":"387a7f6e-baa3-444f-91b1-203c90518ef0","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":"a09a9c29-9370-430f-9b89-a4152d31c287","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":"f66d270c-0170-46dc-b4d2-cbec9b1f8fe9","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":"acd6d339-c060-4ec6-b511-7efee9d960fd","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":"0c656bd9-42ed-4b01-9aef-907545894a42","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":"6ba22a6f-b0ea-4d70-aa79-f8d016041208","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":"aea2eede-7dc4-47a3-a38f-97df72daddb6","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":108,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"f7821194-88ad-4f46-82f6-c8bcb965c1c6","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":108,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"c6ef9d05-eab0-4dfd-80aa-f1556f4546ed","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":108,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"f236f342-1842-4e37-af97-ca07fff4e94c","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":"4aad1a7b-e986-4042-baca-ccab4ff0c0a6","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":"c59407f1-f856-4847-b425-7d5cb8b5bcaf","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":"e4f6f5c8-9ae0-4f7e-adf5-b565046111d0","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":"c18d7bc0-cc9d-4055-bc52-e569458376d5","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":108,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"b261b791-d81d-4aac-a686-0d6e33551c8b","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":108,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"7518d6d6-8985-4abe-b2af-60d18cf1f1ee","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":"a06efddf-cc6f-4fad-9e75-d03b510698bc","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":108,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"60b8d28b-c43a-4587-abda-6915fab49682","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":108,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"c2878f9b-b7c1-4628-80df-41699689f98b","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":"5ccb720d-27e5-4131-9c80-fb4e487b8151","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":830,"height":11}},{"id":"c6dcb685-d62c-4e2a-bf0a-c079b153f4e8","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":"f34fb2e9-3bba-4c63-94fa-7dc4a8f94909","block_type":"box","text":"i.e.","page_number":108,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"1452aefd-8438-4d8d-8352-f985329587ff","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":"1dacce03-cc1f-489a-b3c3-e16e2affe2fa","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":"6bae49a8-00d4-4488-9473-d4b9d099b176","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":"8f93ba98-f728-484b-aced-8a84a30b8140","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":"236aa41b-b6ba-49f9-b339-e1c64f54c8a7","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":"e2426580-d239-470d-95f3-04099c1e162d","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":"4bf7ee76-935f-47c8-8e39-7f7e61b27456","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":"8a22f8b4-42f3-43d8-ba42-f5f96efe90a4","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":"353f7574-bc93-42a8-9908-55c191a762cf","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":"8daa56ed-0b3a-412d-b6b5-b89852e5da62","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":108,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"348bccc5-7cec-4a46-ab65-dbd34f32a4f0","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":"51b4c721-cd93-4742-b110-68543c924ebf","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":"97e24d8b-84f9-4401-b977-4b15b5927a47","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":"9da93d26-5b50-4e79-86f3-1a12500057ff","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":"df786ceb-8d61-494e-8fa9-5c672970ffa9","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":"38c82ef7-6813-4c43-be80-5d974563b2ed","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":"15ab4a1e-ab37-4be1-b8ff-367d4e81e382","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":"23d2cecc-30a6-4498-8951-6409ea408333","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":"e60f9325-a8ce-4b3f-aecb-76f6bc176430","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":"db9e6454-f41a-4dc1-8220-8de35d4f887c","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":"d0a1749a-95db-48ea-8d16-d1600767bbcf","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":"6b65f6bd-b1b5-46e0-8a8e-c3e26e74df49","block_type":"box","text":"market is not yet cer tain.","page_number":108,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"8001a8df-3da4-4fc2-a4e1-0ab259ab7daf","block_type":"box","text":"Yields.","page_number":108,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"8c7e9664-43f5-433b-b899-b377f26bd468","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":"5ebc1a90-d8f9-424c-bc55-c8b31684640c","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":"c703914d-2bc3-437a-881d-019333f3ee29","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":"4c9f865e-11e4-4676-848f-f1dda6ed8400","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":"ae7f06ce-3e83-44e3-8a93-17400cd5ca4f","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":"6e84447b-af5a-41cb-9e01-8eed3149c844","block_type":"box","text":"II-60","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cb278c15-32e8-4e57-b459-6a1f09687dad","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97c4c9bf-359d-49e3-865c-8e8d3f8142ea","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":"dcf1ff66-7c8d-4f85-8ec7-7db093d03097","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":"ce5fe926-dfa7-4114-b8d4-d3490c4a5f3b","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":"2e785d12-3ec6-47b2-88e3-8583800d2deb","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":"7376db62-b1e8-445e-876f-e3734bf262ba","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":109,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"05e248eb-9256-4378-a90d-745f45c7e5ea","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":"30a0b5d4-d580-4ec3-8397-b6b8a351cf46","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":"da3ffe49-426e-4fd0-bc57-d9556fb1f1bd","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":"20639485-03e4-4fc6-b41c-9fe59abb6535","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":"85914538-20ca-454a-8dfd-37dcc85f54c2","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":"8101b236-3f6d-4316-a903-321022763d12","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":"2ee4d32d-c657-464d-b4db-246c601f0fa6","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":"920a652b-e41e-43b9-bf82-b3193a950120","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":109,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"96e5d3b8-bbbb-426a-891e-0360214c7561","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":"1f8e6191-cd2b-4b81-a1e1-7c5a2684f10d","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":"d8657410-1c92-4713-8c76-a72a9f1e52e9","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":"6bc76e56-496f-4c35-8bb0-8df0b7c9db5e","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":"8c307262-93fc-476d-9d4e-2351a186c4d9","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":"a4e756c8-e532-4b81-8ed0-fdd856c2ec75","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":"326c80c5-af74-4616-939f-76780d1a5b03","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":"e6309b41-e1e8-4dfb-9877-9712b768883f","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":109,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"9de2ad8f-346f-4e6b-a4cc-3c1a0eebb439","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":109,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"6c0d601a-58af-4b12-a415-945df0d1cd79","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":109,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"70ffc12e-74ee-4c2e-a1be-faabff708a95","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":109,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"04025fa3-33bc-457d-a9d7-a2ed3380e22d","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":109,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"2c8ecaad-e2a4-4656-a63d-cdf9a1888ced","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":109,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"d8caea50-237d-4d34-8c78-7fc344c1c95d","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":"7ed07289-6713-4404-baae-c4af0d279f03","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":"860a5ba5-eb58-4d24-81fc-54d638582bfa","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":"a951150e-756d-4773-a5da-b9561586afd4","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":"af0cb943-6f83-4868-b472-63558ec4e9b4","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":"86d49118-0a77-4c26-bbc6-83aa55fa2af3","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":"27e3f0b3-d56a-4b9b-bc42-146804185725","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":"bb169558-1a71-4de0-a34b-8801d4853ee1","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":"d70f31ea-106e-411a-8ddb-3411c556e678","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":"60b5212e-296d-4c82-aa62-44288c68384c","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":"0beac71d-d188-4f16-ab9d-42bda41e105d","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":"8e6984e4-a446-4fdd-8729-47eccc064ba8","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":"e2bf3b45-c545-4fc4-83f1-d7af3852d7aa","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":"95d7716c-cda1-4a00-a395-8932a1a49929","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":"87d3d390-b756-44d4-a92d-72201b1a50f0","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":"346f16eb-0a17-4290-828f-71a3ac6b88bc","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":109,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"5105ffc2-095b-4e6a-87c9-49af7492068f","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":"fa4489ff-795d-450f-a827-5b52d3b91a36","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":"402f8114-947c-4dd4-b91f-44465c6b7c78","block_type":"box","text":"Call Rights.","page_number":109,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"a5c21811-371f-49df-bffc-c9aabce05b33","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":"cacf783b-d7bf-4cb7-b759-bafa3c23ef0d","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":"8c6e890b-9d18-4513-9577-16e48306cca1","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":"ce3847b4-96b5-4428-be41-511c0cdef816","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":"0d2ad65c-8871-42b2-bb1c-162560e58504","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":"92683d4a-0077-45ce-a66e-9f4f1d4396d2","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":"74f96a79-63c3-45fa-8f7a-45bede5cab7a","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":109,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"7d3e1c52-2169-4bc0-b15e-7cc10a058f07","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":"6bf80cba-a65b-4d38-b58e-f9c3fbec80fb","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":"c26e70a3-b418-4d8f-9139-0784101652c9","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":"2dafdb73-4012-4b97-ac33-39f72db20b07","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":"d8dcdaa6-59a7-4109-a690-c9e135e08699","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":"68800c64-ac84-46a0-a520-160b9634b0a5","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":"b1df9b5c-c57d-42c8-ae75-0a43f7655626","block_type":"box","text":"II-61","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27fa8a91-0b62-4175-859c-e2c8d64949cf","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"971d7f17-be97-4695-8999-f872ae4e1cea","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":"a7213674-001e-47e7-9921-90f0be816337","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":"4778efae-5c9b-4742-b847-233c0c9afcd5","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":"74b1d134-a4f4-4d93-9b59-8f1657fbff29","block_type":"box","text":"i.e.","page_number":110,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"711fe07e-b694-4d92-92b5-f615f409e47c","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":110,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"4364b601-da36-4833-9fc6-8b1b18c1358d","block_type":"box","text":"rates).","page_number":110,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"decfcd1c-486f-49f1-ad13-a8301b15512f","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":"c5b497b3-efd8-4aa3-a804-c171eab5217e","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":"57e8a890-2f0a-43e5-8fb1-1dbf93f26c62","block_type":"box","text":"e.g.","page_number":110,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"620cc5cf-8f62-4b94-8801-f66894a58e46","block_type":"box","text":", an exchange of fixed rate payments for","page_number":110,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"00c8933c-5fed-4268-95c3-512a227cfc8f","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":"36b1a9ad-8e3e-42e9-9e16-46ed6eb25572","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":"ce3f40b4-aeb6-481e-8aa4-a81bdd4b710d","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":"7025d690-cd5d-4965-9e7b-cb00e7fa8340","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":"b2da1750-f5eb-415c-9150-5b32b1831043","block_type":"box","text":"with the same attributes as the swap (","page_number":110,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"91c3b46c-8961-41fa-b95e-50cd2c4fead2","block_type":"box","text":"e.g.","page_number":110,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"137a779b-09bd-48c0-ac2b-a1ab47043bb7","block_type":"box","text":", coupon, maturity, call feature).","page_number":110,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"5b1f6cfe-bc49-4780-8487-2d5f75a86fe0","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":"e1025c7d-29b0-4d26-85fe-101c20349992","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":"3908f6d1-5632-4d34-8808-781773ef0a81","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":"c2838ccb-81cc-4dc0-8223-3f8812dc0d87","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":"6c363187-94b2-4a45-a1a6-f02cb185d422","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":"e95b0188-09f8-4fa3-b3eb-648463b8d2e6","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":"35f51227-220b-4f7c-b799-b22ce8314110","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":"3edf3918-9cfd-49c0-b86d-7052ade169b6","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":"a2ce1ef1-9ebd-4fb5-9c68-3db1dac12c90","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":"d48aa2e7-375a-427f-8b66-2002ccdbfec4","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":"e006439d-afbe-46d4-b2fc-e474b1bc084e","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":"ca64e7de-de39-4def-8f87-6a95b662fe69","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":"e5398db0-120b-4e8d-a7e5-bc4bd9ed2057","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":"bde4447a-7bbf-42ff-a63d-30158cb9206e","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":"39a6018e-ec7a-4ec4-a3b8-56b466942c32","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":"81ed4fb2-e918-4639-be13-c186ec2b1d51","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":110,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"30136234-ba96-4d21-85e1-627831168591","block_type":"box","text":"Insured Municipal Bonds.","page_number":110,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"6fdf5431-9424-4257-86fa-fdec26e0827e","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":483,"width":619,"height":11}},{"id":"2388fe89-a62e-4bb8-947a-0ab1c855e64a","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":498,"width":835,"height":11}},{"id":"b2cf1a57-3986-4700-ac4d-8e88d7239d3d","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":513,"width":840,"height":12}},{"id":"7ff44942-ac01-49fc-98bf-94e7b624fa78","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":528,"width":818,"height":12}},{"id":"56a520da-1815-4e51-aa98-b5ae410f1015","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":544,"width":829,"height":11}},{"id":"64911433-1ddf-4c80-a5ff-4d102c694c60","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":559,"width":827,"height":11}},{"id":"e63ce519-2926-4898-b573-4f214f739ad2","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":574,"width":815,"height":11}},{"id":"2143f5ca-1b76-4013-bda9-6e0313b30f02","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":589,"width":829,"height":11}},{"id":"1539f2af-08a0-4222-b4f0-3d284ef4eb41","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":604,"width":767,"height":11}},{"id":"f7819743-adcd-40f2-bedb-196c1e6c363d","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":619,"width":827,"height":11}},{"id":"08a00513-7ab5-47e6-8d07-1820933c3969","block_type":"box","text":"bond could drop.","page_number":110,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"0cb1a95b-2cab-45a5-b88a-324d5582410c","block_type":"box","text":"Build America Bonds.","page_number":110,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"9c1bf443-5df6-466e-8bf7-c71515d2adc2","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":657,"width":616,"height":11}},{"id":"27008b92-6e74-4726-8de7-81c2936aac1e","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":672,"width":825,"height":11}},{"id":"e177cc25-b613-4850-8f57-9505e4be9ed3","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":687,"width":824,"height":11}},{"id":"d937a6ca-b4bd-41cc-b383-56addc4bdc1a","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":702,"width":833,"height":11}},{"id":"8811f4b8-3c40-4422-adae-797c38773e1d","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":717,"width":815,"height":12}},{"id":"f87d4eee-2519-48a0-a3c5-95c988f72ecd","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":732,"width":788,"height":12}},{"id":"7fb81585-ca8e-423b-a0d5-d71b0b372d9b","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":748,"width":823,"height":11}},{"id":"f8d777f5-2740-487a-a5f7-dd30bba49655","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":763,"width":825,"height":11}},{"id":"384518ce-b362-44ac-bfb9-b95cf21521ae","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":778,"width":837,"height":11}},{"id":"ca9d3555-e3fa-4d6f-8d2e-f5d8b6b673f3","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":793,"width":802,"height":11}},{"id":"074fb61c-c9b2-4ede-b879-f94aa6b0e1c5","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":808,"width":821,"height":11}},{"id":"8559f55f-46f2-49f7-a83b-9a2f14df6038","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":823,"width":760,"height":11}},{"id":"4585bcde-229b-4480-9c97-cf6bb7407496","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":838,"width":782,"height":12}},{"id":"910c1d1b-1f98-4d11-9b81-b8b988c80e81","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":854,"width":563,"height":11}},{"id":"40ce390d-e680-466e-a222-c10d6ddeba9c","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":110,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"2d3507f0-d403-4f3e-b54e-afb10bd535e2","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":110,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"8459fe72-7273-430a-9b8e-9284f9a63469","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":891,"width":798,"height":12}},{"id":"3c002a2e-f020-4b60-970c-cb241996a69b","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":110,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"502272d2-6e85-4b63-ad16-5c15a71c9a69","block_type":"box","text":"II-62","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0529f7fd-dae9-4f3f-8af6-057733ba927b","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00ce2223-9c1e-40f5-8922-1ebaeb3597fe","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":45,"width":830,"height":11}},{"id":"2f4b3bb3-4d90-4c8b-9161-c11647ffc62c","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":60,"width":832,"height":11}},{"id":"01d4c9d3-fa5e-4853-b188-cece9c3e26b7","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":75,"width":819,"height":11}},{"id":"a00c12cd-765a-4fc6-bcf1-e98a2ba96de9","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":90,"width":752,"height":11}},{"id":"987d091c-abf3-4173-960f-36098b2b53e4","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":113,"width":770,"height":11}},{"id":"a4079a27-d2be-48d2-bdff-ee632d04f52c","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":128,"width":806,"height":11}},{"id":"17f5988d-623c-4b7f-b93e-cbb2a9af808f","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":143,"width":809,"height":11}},{"id":"56b4eb61-6eab-47f3-88c0-06cc10f49825","block_type":"box","text":"their face value to the sponsor (","page_number":111,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"809ac785-2878-46de-8dd7-2027f8b37e53","block_type":"box","text":"e.g.","page_number":111,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"5dfb7464-5169-4b6c-9299-ac92fc6139bb","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":158,"width":557,"height":11}},{"id":"c2cdf723-6519-453d-8664-495c48d8d82f","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":173,"width":803,"height":11}},{"id":"fc8f068c-cc8c-4a2a-be85-8796ad38c338","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":188,"width":648,"height":11}},{"id":"7cbce269-00b2-415c-bb26-ad9fa07b2d73","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":211,"width":775,"height":11}},{"id":"809299ea-2b35-4797-857b-7daa455c8548","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":226,"width":785,"height":11}},{"id":"8adfc808-7973-496a-8166-02f1999ad1a4","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":241,"width":821,"height":11}},{"id":"56e9bac9-fa8d-4e8d-860c-1a0459556d0d","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":256,"width":833,"height":12}},{"id":"3643722e-36e9-4f8a-ad4a-5830f19ea6e0","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":111,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"c5cc9d69-4723-4b43-a8a2-a25b635ec32d","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":294,"width":797,"height":11}},{"id":"0c219b44-f848-4044-a3d0-17304a2bf0b8","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":309,"width":836,"height":11}},{"id":"2e38ec3d-b0a0-4857-a287-9c6da0cc919e","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":324,"width":831,"height":11}},{"id":"e8d41aa9-7c8a-4cd4-a77c-f4f34eb7add4","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":339,"width":809,"height":12}},{"id":"efdd10fd-cee8-410f-83a3-3e5212bb3612","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":355,"width":818,"height":11}},{"id":"39fcf594-fb9a-4024-a35f-21c8e825a374","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":370,"width":828,"height":11}},{"id":"20a2b53a-56bd-4ec8-9c92-8f5981a65d00","block_type":"box","text":"such opinions.","page_number":111,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"1425c9af-a137-4697-9939-2d0c9725c169","block_type":"box","text":"Operational and Technology Risks.","page_number":111,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"ba7d8b92-9a3f-4e88-af6f-9fb7aac8f53c","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":111,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"4bbdaf5e-f031-4f26-a506-1ab0f2bdaad9","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":111,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"58c8906e-c491-47d6-b41b-675fd275495a","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":111,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"1f184255-923b-46ce-86b7-716bd68c9b0c","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":111,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"fb5fc331-ac3a-4109-932f-14f8053d7e63","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"8db811c9-7fd2-4cc1-8e61-bcf992e16786","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":111,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"b5692d9b-144d-47ca-be2b-665354e98825","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":111,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"bef3580a-d757-41ad-93f2-0f82733a057e","block_type":"box","text":"governmental authorities. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":111,"box":{"x":68,"y":513,"width":837,"height":12}},{"id":"058aef87-9fb4-4757-b466-8af160deebc6","block_type":"box","text":"in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose","page_number":111,"box":{"x":70,"y":528,"width":814,"height":12}},{"id":"555b9dd8-b72b-4252-828f-176b48455825","block_type":"box","text":"value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":111,"box":{"x":68,"y":544,"width":694,"height":11}},{"id":"59bafbcb-e0df-425c-9304-e9c440235291","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":111,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"135b205d-fc2d-41f2-8e2d-8b00739f32af","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":111,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"a9256c57-b200-4690-89bf-49b007fa8b7a","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":111,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"3e2745c4-8390-4a81-adb7-d83bf3c487b2","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":111,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"26f80267-f0cc-45b4-bc10-c09accc44805","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":111,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"14e55687-122e-43e5-acb7-0a990fdfff6c","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":111,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"a36ca1cf-0f0b-4e6a-8cfd-418546b45c64","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":111,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"8ae18350-f5fe-4274-9072-0dd43f6980a3","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":111,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"243988f9-2227-466b-b2d4-5b81c431a018","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":111,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"673ad13a-061c-4d2f-9ce1-5bf559e8710c","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":111,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"8bcab8db-889c-43de-95c7-5ce9e77fc6a3","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":111,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"821a037f-6eb7-47da-95a9-d2fcb2067e5a","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":111,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"34bd9f3d-7759-4406-bc7b-82aea8480e1d","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":111,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"791144b0-5482-43af-9c78-cae1aca3aca0","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":111,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"2ba2f89a-95f4-42f9-9797-1a87d47f96cc","block_type":"box","text":"systems, may also disrupt business operations or impact critical data.","page_number":111,"box":{"x":69,"y":778,"width":501,"height":11}},{"id":"c12b8b73-9538-4a0a-84bc-a1d6fe40c0d8","block_type":"box","text":"AI refers to computer systems that can per form tasks that would otherwise require human intelligence and","page_number":111,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"680bc573-cf7d-4191-a360-c14855cb66fd","block_type":"box","text":"encompasses various different forms of ar tificial intelligence, including machine learning models. AI is typically","page_number":111,"box":{"x":69,"y":816,"width":792,"height":11}},{"id":"197c3ba1-f6e3-4a34-be5f-03fdba3f7e52","block_type":"box","text":"designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. The risks of","page_number":111,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"684f63f3-702d-4327-8022-c23098e086d0","block_type":"box","text":"increased use of AI technologies, such as machine learning, include data risk, transparency risk, and operational","page_number":111,"box":{"x":70,"y":846,"width":803,"height":11}},{"id":"c69ab182-8b8c-473e-88bf-317fde7ef316","block_type":"box","text":"risk. These AI technologies, which are generally highly reliant on the collection and analysis of large amounts of data,","page_number":111,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"b04cdc71-4bc8-4603-a842-6116e02a952c","block_type":"box","text":"may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into","page_number":111,"box":{"x":69,"y":876,"width":817,"height":11}},{"id":"ee63c9db-3152-4a49-bddc-16bd47d6493d","block_type":"box","text":"such technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous,","page_number":111,"box":{"x":69,"y":891,"width":783,"height":12}},{"id":"97c8ea66-aec6-44fd-9d48-738c835d9f2d","block_type":"box","text":"distor ted or misleading. Fur ther, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":111,"box":{"x":69,"y":907,"width":787,"height":11}},{"id":"cf24a429-b541-4791-bb38-80b14c54ead1","block_type":"box","text":"II-63","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"26a8b58d-eb6a-4747-ab80-5bb14b6bdbf6","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3267be5-0a8c-444e-ab2c-d49be0210dc4","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and","page_number":112,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"b45ea3b6-9746-4b44-b28f-001a39812a75","block_type":"box","text":"applications. The Fund and its shareholders could be negatively impacted as a result of these risks associated with","page_number":112,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"3412128a-0ae0-4042-a7d0-2c34be747cfc","block_type":"box","text":"AI technologies. AI technologies and their current and potential future applications, and the regulatory frameworks","page_number":112,"box":{"x":68,"y":75,"width":814,"height":11}},{"id":"9e711944-3e4e-4fbb-bfe6-6240ccbc28d2","block_type":"box","text":"within which they operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI","page_number":112,"box":{"x":68,"y":90,"width":801,"height":11}},{"id":"d5838820-64f2-46b5-93e3-75acc07d20e7","block_type":"box","text":"capabilities or rules and the associated risks to the Fund.","page_number":112,"box":{"x":69,"y":105,"width":410,"height":11}},{"id":"59ba44ed-5b91-4b6a-9d30-9d0cc8b773e8","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":112,"box":{"x":101,"y":128,"width":747,"height":11}},{"id":"fad1ad4e-f806-4b14-8e9d-6e1641f5ea5f","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":112,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"252cfe92-e77c-49fc-808c-80a459fbb6f4","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":112,"box":{"x":68,"y":158,"width":823,"height":11}},{"id":"3415a19c-9a52-4a87-bca6-e8ec3819cb2a","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":112,"box":{"x":68,"y":173,"width":755,"height":11}},{"id":"cb77d3ff-cb18-4a4a-b976-ce5d925b02bc","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":112,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"c547feb4-7e30-4bb5-8590-1578e10485ab","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":112,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"d43574a6-3922-492a-b18d-9c36d9acb822","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":112,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"b5c4388e-97f5-45cf-93b1-795673a3765a","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":112,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"4780bce1-2089-42c7-b142-97411dc94cf0","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":112,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"8d9860ed-8589-4be0-829e-d59d7b14e074","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":112,"box":{"x":69,"y":264,"width":775,"height":11}},{"id":"53ff921b-3c15-4a65-a0bb-a673fc1f1585","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":112,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"a0d7aa78-f8c8-4950-91a8-9ad0bc67fa5e","block_type":"box","text":"AI and its current and potential future applications, including in the investment and financial sectors, as well as","page_number":112,"box":{"x":101,"y":302,"width":795,"height":11}},{"id":"bf371ee8-e262-4699-9f89-7ac268d66a27","block_type":"box","text":"the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full","page_number":112,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"712617cb-b61c-46b9-862f-e8f0f417805b","block_type":"box","text":"extent of future applications or regulations. Regulators continue to develop new rules and standards related to","page_number":112,"box":{"x":69,"y":332,"width":788,"height":11}},{"id":"49897ab2-0a4e-45be-b5a6-12a173c34053","block_type":"box","text":"cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring","page_number":112,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"bb2f7e12-8b50-4aef-a2a8-9ff18df16087","block_type":"box","text":"substantial resources to monitor and implement required changes. Ongoing and future regulatory actions with","page_number":112,"box":{"x":69,"y":362,"width":783,"height":11}},{"id":"7b404777-3b5c-4a91-b837-e29abcfdab2c","block_type":"box","text":"respect to ar tificial intelligence generally or ar tificial intelligence’s use in any industry in par ticular may alter, perhaps","page_number":112,"box":{"x":69,"y":377,"width":837,"height":12}},{"id":"d965a6e2-25ed-4023-8b49-bcc705ed2277","block_type":"box","text":"to a materially adverse extent, the ability of the Fund’s adviser and other service providers or other market","page_number":112,"box":{"x":68,"y":392,"width":760,"height":12}},{"id":"e51f90de-3ff8-436b-be22-6e5887058c44","block_type":"box","text":"par ticipants to utilize ar tificial intelligence in the manner used to-date, and may have an adverse impact on the ability","page_number":112,"box":{"x":70,"y":407,"width":837,"height":12}},{"id":"dcfba3bd-40f1-40b0-a30a-83d4d77ced04","block_type":"box","text":"of a Fund’s adviser and other service providers, as well as the Fund or the issuers in which it invests, service","page_number":112,"box":{"x":69,"y":423,"width":780,"height":11}},{"id":"389d4120-a2a2-4e1a-9d7d-771d52f2eb79","block_type":"box","text":"providers, or other market par ticipants to continue to operate as intended.","page_number":112,"box":{"x":70,"y":438,"width":529,"height":11}},{"id":"a509bde0-a4ac-4e5e-b75e-132efab1147b","block_type":"box","text":"Participation Notes.","page_number":112,"box":{"x":102,"y":460,"width":145,"height":11}},{"id":"7ccba68e-de60-43b1-83e5-16f40b1a286e","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":112,"box":{"x":253,"y":460,"width":641,"height":12}},{"id":"e175e6f1-34aa-4231-a913-2af544819078","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":112,"box":{"x":70,"y":475,"width":766,"height":12}},{"id":"155aba3c-ae18-4daf-880e-9a6b4763d7c0","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":112,"box":{"x":69,"y":491,"width":772,"height":11}},{"id":"396e399e-0219-447a-9bbd-723e90cf33a7","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":112,"box":{"x":69,"y":506,"width":475,"height":11}},{"id":"136b7fd0-5284-441e-9da0-880df4c507ec","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":112,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"342348aa-317b-40e1-ae3e-cb3e93b9366c","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":112,"box":{"x":68,"y":543,"width":831,"height":12}},{"id":"d0e4c62c-29c9-4e8f-a6a3-e6c62fe7fe4c","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":112,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"f3bb5d7f-95bb-46e5-af76-982be1740c03","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":112,"box":{"x":70,"y":574,"width":789,"height":11}},{"id":"efc761fd-07c2-4f5d-b0a2-45cca643eefc","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":112,"box":{"x":69,"y":589,"width":791,"height":11}},{"id":"9a44c1f4-6ef6-43f4-86a6-041c660a548a","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":112,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"a1caaead-c764-46de-93b7-996f0dfa888a","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":112,"box":{"x":69,"y":619,"width":834,"height":11}},{"id":"6e768164-daef-4b27-9cf1-40cd111baa3b","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":112,"box":{"x":69,"y":634,"width":822,"height":11}},{"id":"59236d99-886d-40a7-996e-64ac44cf2ead","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":112,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"063c4d31-e4f0-484a-8084-3cef1d9ad672","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":112,"box":{"x":101,"y":672,"width":743,"height":11}},{"id":"c2bf01c6-a3ab-492b-8b0c-dffa984862b5","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":112,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"0c67958e-e88b-4426-8e63-06bcdf6b535d","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":112,"box":{"x":70,"y":703,"width":799,"height":10}},{"id":"f2b662b3-6dc4-4896-b5f9-ac246965b500","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":112,"box":{"x":70,"y":717,"width":776,"height":12}},{"id":"de8f726d-e912-4fd1-806d-d2eab9fe4d55","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":112,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"d9c5fa96-8efb-4063-bcbe-d46b50d0e5fe","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":112,"box":{"x":69,"y":748,"width":834,"height":11}},{"id":"510866ce-6829-4bad-bf4b-c6b88b4d4c31","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":112,"box":{"x":68,"y":763,"width":454,"height":11}},{"id":"1a245c8e-381a-4e47-89c1-6e5b8341a317","block_type":"box","text":"Portfolio Turnover Rates.","page_number":112,"box":{"x":102,"y":785,"width":181,"height":9}},{"id":"de3feaee-e44b-41e2-ba8d-64b3efae1079","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":112,"box":{"x":289,"y":785,"width":558,"height":12}},{"id":"0531adbe-2693-4975-befc-f74b6b56b50b","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":112,"box":{"x":70,"y":801,"width":804,"height":11}},{"id":"4606a497-a169-4baa-921c-0de2ba0507e4","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":112,"box":{"x":70,"y":816,"width":806,"height":11}},{"id":"61558e00-1a08-4e21-b452-86442d93d024","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":112,"box":{"x":69,"y":831,"width":800,"height":11}},{"id":"0bf223a3-a6f1-4bc9-a6c3-1b99226e2e65","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":112,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"fee6e017-7ffe-41bd-83a1-2fb382e5311d","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":112,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"c060bba4-d339-4680-8249-0ca4c540f33d","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":112,"box":{"x":68,"y":876,"width":595,"height":11}},{"id":"9135ae50-13cc-4f0a-83d7-2861d401683f","block_type":"box","text":"i.e.","page_number":112,"box":{"x":665,"y":876,"width":20,"height":9}},{"id":"ec8b7ee8-0c8f-467d-9150-886464e3a34a","block_type":"box","text":", 100% or more) may result in","page_number":112,"box":{"x":687,"y":876,"width":210,"height":11}},{"id":"d3b3cf23-c9ad-4ac6-99f9-11b0e53cd45e","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":112,"box":{"x":70,"y":891,"width":797,"height":12}},{"id":"100ff500-684e-4a28-904c-5af9b7ccff23","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":112,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"c7f47483-75cc-4d6c-b317-8ae4f7c0df35","block_type":"box","text":"II-64","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"401768de-a860-48d7-86ea-1fbaa0d6e0ff","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2fc63b4f-09d4-4308-ac74-2f78f0ddc89e","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":113,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"4f3a5335-45ee-4190-97ba-07a4c8f7fe73","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":113,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"6c66ea2b-4988-40c9-be9c-604158afdd23","block_type":"box","text":"Preferred Stock.","page_number":113,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"9c3519ad-9fd1-415e-8fde-332613abfc43","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":113,"box":{"x":226,"y":82,"width":665,"height":12}},{"id":"be2e376d-14e3-4e2f-8ed2-8ed912addbc1","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":113,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"264ffe98-6abb-48dd-bf48-f1035ee80f3f","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":113,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"d0ea28bf-8aa3-4691-ba01-19301bdec8f0","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":113,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"886458ed-96b3-46eb-a6bb-c004130ac033","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":113,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"ce6eaff0-cd55-4369-8fef-cafb8aed479d","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":113,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"2caa269d-7292-4343-aaff-2285dd5a3d70","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":113,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"8c89502a-3fba-403b-b968-b704d616687d","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":113,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"a50af9fe-baa8-458e-b862-f8a2367d9a72","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":113,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"8e98fa80-5e75-426b-80cc-00c7aae4eddb","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":113,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"9c40cfe1-dd8c-4317-95d1-4dbaceeec430","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":113,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"f48a9877-70e6-4aea-95c0-bff5c14ec51b","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":113,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"230a4535-17e8-4e8d-a81b-b3ad9de90b27","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":113,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"5044785e-4b80-4032-840e-7201d66c92ca","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":113,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"c3e1d067-0e75-4cf6-a1f1-f66a66def899","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":113,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"f5f8cb94-6392-4fa7-91f7-ee55449194ca","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":113,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"f98edb29-4dff-4f58-ba51-cbf90c80a27d","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":113,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"d04457b0-5911-4859-9df7-e97ed3f874fa","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":113,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"238dc387-b1a8-4293-937b-37515ccdbdce","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":113,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"d79f7e9e-c2f2-428c-aaa4-35a93c7f07a4","block_type":"box","text":"Trust Preferred Securities.","page_number":113,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"7d8c1e3b-8f2a-4cc4-80f1-16d243b844d9","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":113,"box":{"x":294,"y":370,"width":599,"height":11}},{"id":"b46de931-7b8f-414d-aa7c-1e1fb66eb22f","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":113,"box":{"x":68,"y":385,"width":737,"height":11}},{"id":"c6f2707c-d6ba-4394-9d06-798c0e47eb9c","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":113,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"646e1b66-fdcf-4bfb-90d4-671f98a53f42","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":113,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"c59b799a-fb94-4b64-a0b2-ab3996f28945","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":113,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"08cbaf5e-c2e4-42ea-b173-30d928dbbd85","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":113,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"256b47bb-63a6-48c3-be08-6f0ef4f2446f","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":113,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"f6dd0722-c9a0-467a-8f46-a2134a2a4955","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":113,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"e7dfc516-6587-46b1-b93d-809678f53dc1","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":113,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"5d97c427-1dda-4105-8d09-c09169fbd6a0","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":113,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"d617d245-1e31-4b1c-a4a2-1fee70134168","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":113,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"33994f11-2e69-4995-a456-7766038b27d6","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":113,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"c4a16fa7-a165-4c7f-aeed-68b0a1588a4f","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":113,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"20e9c47f-ee47-4740-838f-9fc4d6b65ed3","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":113,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"6a112cb1-9d13-469e-98ed-596c2ddd0bb7","block_type":"box","text":"®","page_number":113,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"82f08013-6bf6-48fa-b97e-315ef9b681fb","block_type":"box","text":"”); monthly","page_number":113,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"2d373ce4-9309-4eaf-bc11-0761808fb91e","block_type":"box","text":"income preferred securities (“MIPS","page_number":113,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"924c59df-6934-4b3c-919b-eca9c45fabcc","block_type":"box","text":"®","page_number":113,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"da7e75b1-9311-48fc-912c-a046f2e9b6b7","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":113,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"95eb65fb-581a-4d56-a9db-85a8c2b82361","block_type":"box","text":"®","page_number":113,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"15c62793-3be1-4d88-8a91-e3cafd9835c2","block_type":"box","text":"” ); quar terly income debt securities","page_number":113,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"05eff27d-a013-46fb-88d5-c03052feee68","block_type":"box","text":"(“QUIDS","page_number":113,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"1f43b9e2-d097-440e-941a-af848ccf39c6","block_type":"box","text":"®","page_number":113,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"91c8c593-2b67-41e6-afb9-e8f49ac97ddd","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":113,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"c8801d13-0b77-4874-bc70-92f1de91c783","block_type":"box","text":"SM","page_number":113,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"1009d9bd-2b21-4a41-9a2e-e8e1d485ebc5","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":113,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"5ecc969e-b586-4c6a-b625-312b6592ba5c","block_type":"box","text":"®","page_number":113,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"ddb732f6-c73b-4f3a-b786-42d3f4407c47","block_type":"box","text":"”); public income","page_number":113,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"300a8b3b-5901-48a2-abff-f0cb445e1d43","block_type":"box","text":"notes (“PINES","page_number":113,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"0eabdc89-5d28-4ead-a470-fe1e77deb68b","block_type":"box","text":"®","page_number":113,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"a2744e7c-77b6-439e-8972-4125e1f0f23a","block_type":"box","text":"”); and other trust preferred securities.","page_number":113,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"68054431-8109-4569-a40f-2ffe0a7f96d3","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":113,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"69310c6a-73b7-45d9-8b89-80fed3ef98f2","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":113,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"ca08f9f7-fda6-4cfa-b366-518bc9b64a8d","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":113,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"91e11871-1e4d-40c3-98d1-0d615bd601fa","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":113,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"4e7336bd-934e-446b-b715-f0225bb5beeb","block_type":"box","text":"regard to whether all payments have been paid.","page_number":113,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"14113f86-b510-4f92-ac1c-6b13dc3374d2","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":113,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"557fc749-4828-43f8-8c3c-f994cac3d3fc","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":113,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"57ed9bf8-71bd-4b52-9948-c5250aa38d3a","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":113,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"b775fb2a-340e-49f2-bb6c-134ad77825d7","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":113,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"11f4cb16-9b18-4926-bfdd-73f4004e155a","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":113,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"53766182-815b-420d-bc63-489047610fb9","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":113,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"432e8aa4-6e3a-46d6-8981-5646864ce79c","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":113,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"3f839914-4a00-4de5-893f-f46084a2f5f5","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":113,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"42cf9bc2-fd80-45ec-beae-4db549db5850","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":113,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"c7ef16b1-b7d9-426f-885a-2305d2192333","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":113,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"f9b9f630-6f89-47a6-9bb8-17b9e57675e6","block_type":"box","text":"II-65","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ebc394f6-2379-4a42-9771-c4aa182bdfa5","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e416312-cc82-42ac-bbb0-6a73942f798a","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":114,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"247e1dfc-318f-44df-870c-70ae76e8090f","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":114,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"122e3544-068f-4e69-926f-f5d1fa5ff0fe","block_type":"box","text":"debt securities.","page_number":114,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"c076eb7a-7cc6-48b5-a07f-0c9f855cec53","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":114,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"83daac51-dfa2-439a-b1a9-966cd3048a57","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":114,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"5450581f-4e68-4601-94ee-e8809d248d5a","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":114,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"145587d3-986d-42ed-91c0-a32694292c3c","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":114,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"8d9743d8-2014-4019-83c4-dff5e830cba5","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":114,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"d65609e2-e073-461f-83c7-fa826f4979b0","block_type":"box","text":"i.e.","page_number":114,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"c645fef3-e597-43b7-af4f-7c26466e9ca6","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":114,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"28a45080-657e-4e2a-9f85-1de84c9ee5a6","block_type":"box","text":"buildings.","page_number":114,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"af9f3472-e4a6-4a2b-9ede-e46e161fecaa","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":114,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"ae0656f5-c225-4fc5-8473-ac847a5b7425","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":114,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"e42b61d8-dcdd-485a-b6c9-1e0f9bff7f04","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":114,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"b567f31a-3c53-477a-9e8e-a59c01c58538","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":114,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"40750651-9fb1-442b-997a-096c4e95ae19","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":114,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"ba9cc323-b432-4da9-be96-43b69d0167a7","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":114,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"36179618-d6dc-4891-8703-e2628c70d35c","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":114,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"915dcb26-aa10-4575-8b19-c28c0a298880","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":114,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"2a89201a-85c1-4277-ae6c-46da3d194bd1","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":114,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"a8f358df-48c4-443e-97a9-88a179b09694","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":114,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"6f39befd-5a9d-4acb-8a24-aa95810eb48d","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":114,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"25b61d2d-c5db-4cbd-82cf-5828c36accad","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":114,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"808b4b0d-475d-40e2-a74e-7f1646935955","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":114,"box":{"x":68,"y":370,"width":812,"height":11}},{"id":"8cdf171f-0b20-4eb1-9b1f-0ec6a1ce9281","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":114,"box":{"x":70,"y":385,"width":838,"height":11}},{"id":"da65a6d5-ff54-4a39-91ea-14548a5ea113","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":114,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"3ada7042-cc68-4495-b798-fce1d4830997","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":114,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"990cf66e-2c54-4b1a-a1ee-d593b4464115","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":114,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"0879f494-facd-414d-b569-027f43d1cca4","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":114,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"b68e21fd-ac09-4b7c-82db-f8b55052eb55","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":114,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"0ad637c8-557b-43dd-bb42-c0ace152fce8","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":114,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"666b9e25-530e-49b9-9368-258a83ff4b8a","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":114,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"8aa3a76c-a4cc-4533-b1c8-fab8b8ede01c","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":114,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"ed587214-402f-427b-aeed-66c8a5490e44","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":114,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"6637de64-e95f-475d-93ae-65982cd8f116","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":114,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"9d8de9b7-d8b7-4ce2-8505-46a909ced4d6","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":114,"box":{"x":69,"y":551,"width":820,"height":11}},{"id":"7bcc69cc-759e-4a85-be9c-664edaba7ca0","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":114,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"29587696-5a12-4553-8f4a-396dbd515c6d","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":114,"box":{"x":69,"y":582,"width":801,"height":11}},{"id":"27d4f358-5e0a-453c-b590-5386dea8e7f6","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":114,"box":{"x":70,"y":596,"width":631,"height":12}},{"id":"6a867128-7090-48a6-80fb-3ac0710f2c91","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":114,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"09718db0-b3fd-4cea-9ef8-633b86dbe2f4","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":114,"box":{"x":70,"y":634,"width":790,"height":12}},{"id":"be3fede1-0353-4cb1-94d1-81955ba5adf4","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":114,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"90d2797f-b4b9-4d50-9957-c24060add8c5","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":114,"box":{"x":69,"y":664,"width":837,"height":12}},{"id":"a7351f1a-4466-4831-b170-9295a228579e","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":114,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"c94d0ca1-959b-42be-ba83-a1930a239d14","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":114,"box":{"x":69,"y":695,"width":759,"height":11}},{"id":"ff4eaff6-058c-4595-8ad5-8e139b8e562f","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":114,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"d53e1a67-7b29-4370-8752-0b1396fb4e6c","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":114,"box":{"x":102,"y":732,"width":773,"height":12}},{"id":"6b8953c3-a788-4796-96ec-6a20affee16a","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":114,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"917c36c7-8e33-414c-826d-c6c910dd3ccb","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":114,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"c58355a6-ac68-4e34-a182-d0ce8c33669e","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":114,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"18258f09-1cd7-4965-adc2-238b9e05a3f8","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":114,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"bce878f9-bdbf-47b9-9483-558623e7e825","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":114,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"6706a7f8-1905-4cb4-9c4c-dadecd8f24c1","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":114,"box":{"x":69,"y":823,"width":804,"height":12}},{"id":"ac47e21b-f760-478b-83e2-7fe05a06d4ad","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":114,"box":{"x":68,"y":838,"width":761,"height":12}},{"id":"7062e5f3-cecd-4fbd-8625-036a278668d7","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":114,"box":{"x":102,"y":861,"width":275,"height":11}},{"id":"7c543899-adf2-4b0e-95f0-cb32eeeb5cae","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":114,"box":{"x":383,"y":861,"width":466,"height":11}},{"id":"4f461329-611b-4c97-a7fe-4ecd543c4fa8","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":114,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"134a84de-1977-4128-982c-4e34ab7b3e52","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":114,"box":{"x":68,"y":891,"width":837,"height":12}},{"id":"f82a16ca-af57-4805-aafc-da5b0cd1e251","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":114,"box":{"x":69,"y":906,"width":795,"height":12}},{"id":"b90f137d-a4de-4ac3-a2a9-e2947b533f6c","block_type":"box","text":"II-66","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"55784db0-b575-4628-9964-0c0579627be1","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2bcb1ed-6e5b-4c75-95ad-c5e9e27b20da","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":115,"box":{"x":68,"y":45,"width":796,"height":11}},{"id":"a377cad8-81b1-42de-95ef-928bd8917e86","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":115,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"6f35b407-a4f9-4a94-a73e-cf1e37a50aed","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":115,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"a7cb6cca-ec94-41b9-8ee2-58b6983d27a8","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":115,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"da9e80e5-e4f8-43fe-bff1-c1fc1371a287","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":115,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"5c60e90b-b7da-4423-8a54-edf28cbd7a57","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":115,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"a0d43c49-6216-4c29-a944-22a95c4c4a49","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":115,"box":{"x":69,"y":135,"width":804,"height":11}},{"id":"0a4732d3-647a-4d10-b775-80427e23d216","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":115,"box":{"x":70,"y":150,"width":787,"height":12}},{"id":"6cd58dc4-030a-4d29-87cc-a10d5e0db6a3","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":115,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"4daf7045-8c22-4a63-91f0-8c79e66bffcd","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":115,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"43b87cf4-a836-4274-84d5-d7294149acee","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":115,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"65e3609a-61ad-434e-89a2-b11fbc0f9525","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":115,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"09f1e1ad-e374-41dd-8889-bda2174c0eee","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":115,"box":{"x":69,"y":226,"width":776,"height":11}},{"id":"eefd5b36-817e-488a-b9ec-a79808b38c27","block_type":"box","text":"conditions.","page_number":115,"box":{"x":69,"y":241,"width":76,"height":9}},{"id":"423cbd40-c79b-41a7-ac89-92dd71666945","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":115,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"69b9fea4-39b4-484b-bb8e-715a30af9d83","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":115,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"83234b73-dea2-42da-8fa4-8c7dcdb0354b","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":115,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"3a274bd3-af62-4abf-b163-2ddda5828260","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":115,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"860f9b11-7f83-4a8b-bc2f-3ffb22149fe9","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":115,"box":{"x":69,"y":324,"width":799,"height":12}},{"id":"010bfeaf-71e1-487d-a5e4-dc5f1e6ffad7","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":115,"box":{"x":69,"y":339,"width":751,"height":12}},{"id":"11b4fbda-94dc-4ca4-85de-68dad08c8db8","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":115,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"18a5ae78-d78a-42ec-8818-4d9b52c6d88b","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":115,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"4d2b1987-9ee6-472b-9770-e2312be70b95","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":115,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"6dde7b0a-af05-4605-b89a-5ea6c29e4204","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":115,"box":{"x":68,"y":400,"width":841,"height":11}},{"id":"250bb46d-8093-4e9e-ab8b-e09e75ce9feb","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":115,"box":{"x":69,"y":415,"width":775,"height":11}},{"id":"c60bc1af-9461-40fc-ae58-9e15f929c5cc","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":115,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"77e41596-0802-45a6-89d4-419bc776c5bf","block_type":"box","text":"affected by such events.","page_number":115,"box":{"x":69,"y":445,"width":173,"height":11}},{"id":"d8440310-5ebc-4129-bda0-7cbb9f798fa4","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":115,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"4654ae7d-a8b9-4862-ae26-aed469d6134f","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":115,"box":{"x":68,"y":483,"width":830,"height":11}},{"id":"92b0323c-3840-44a0-a7cc-8cbf4e21bf34","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":115,"box":{"x":69,"y":498,"width":796,"height":11}},{"id":"19c007c0-06ad-43da-a401-8fc0a98582e2","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":115,"box":{"x":69,"y":513,"width":820,"height":12}},{"id":"9591e9f7-2929-414c-9c08-dd49cdaa838e","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":115,"box":{"x":69,"y":529,"width":833,"height":11}},{"id":"34d198cb-5978-4628-88f2-91e0cd8c68ca","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":115,"box":{"x":68,"y":543,"width":759,"height":12}},{"id":"269593b5-c17f-4269-ac73-16f9956a49b8","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":115,"box":{"x":70,"y":559,"width":819,"height":11}},{"id":"775ebded-4b1e-4c35-a1ad-ce510e3fe346","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":115,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"8ec42064-337b-4e2c-806d-97cc9e019d0a","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":115,"box":{"x":68,"y":589,"width":837,"height":11}},{"id":"8263596a-e6ae-4ad8-a3d3-90b08629ee6a","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":115,"box":{"x":69,"y":604,"width":795,"height":11}},{"id":"f1a04ded-ca2a-4731-b5f5-3f0d8fd1e04a","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":115,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"1e529578-d5bf-41da-bb1f-446dbc3f38b1","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":115,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"9cbccc2a-8d35-4309-ad3f-91993e3630a6","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":115,"box":{"x":70,"y":649,"width":816,"height":12}},{"id":"61f034ca-8ba6-47eb-b9df-798876d32a06","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":115,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"1dd29929-a4b2-4e51-ad7e-10bcab6ae030","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":115,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"0541a611-1948-4d85-978f-6b936a2cf304","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":115,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"a0eb1dd1-535c-4215-b212-63e9a5934c07","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":115,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"afec65d1-7dc9-4686-8616-6b5778561524","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":115,"box":{"x":69,"y":725,"width":785,"height":11}},{"id":"4f314d27-5b9f-4b63-b195-3805279a5c07","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":115,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"c2c4e503-7765-4f18-90a4-cfaa1d60aa11","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":115,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"3fff98b2-89e6-4491-a16c-1ebb6948734b","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":115,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"6764a803-c03e-4e38-9a3a-df9d94819ce3","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":115,"box":{"x":69,"y":785,"width":746,"height":12}},{"id":"8fc03be3-5b37-4202-ace5-524a52d7f5f8","block_type":"box","text":"investments.","page_number":115,"box":{"x":70,"y":801,"width":89,"height":9}},{"id":"5c28a7f2-f663-4d77-a469-e225606f90fa","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":115,"box":{"x":101,"y":823,"width":802,"height":12}},{"id":"45a9dfe2-a518-4836-b396-53597ee74d26","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":115,"box":{"x":68,"y":838,"width":796,"height":12}},{"id":"fd05e47b-38cb-47e3-a0d2-df1ec142a31e","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":115,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"5bde20be-eba1-4488-86e9-8b0f046b70c9","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":115,"box":{"x":70,"y":869,"width":813,"height":11}},{"id":"6943a92b-029c-4fba-9dd1-20953ef80eb7","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":115,"box":{"x":68,"y":884,"width":812,"height":11}},{"id":"56885f22-2306-48a0-ba27-2cb919b95e58","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":115,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"d670a82e-d32a-40bb-bcde-a4b5b326d46c","block_type":"box","text":"II-67","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7db2945d-22bc-4642-b1e1-559a418b0f9c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e6024ef-0773-4d6d-98c8-d1afbbcc6117","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":116,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"e23b9cb2-be26-45db-bfb7-3471fd540300","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":116,"box":{"x":69,"y":60,"width":646,"height":11}},{"id":"7617de9b-317e-41d8-90b6-20f4972e159a","block_type":"box","text":"Legal and Regulatory Risks.","page_number":116,"box":{"x":102,"y":83,"width":197,"height":11}},{"id":"91d6f29e-dbf1-4031-981b-2b84870ce98b","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":116,"box":{"x":305,"y":82,"width":583,"height":12}},{"id":"592c7634-b533-473b-9412-3df97815b51d","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":116,"box":{"x":67,"y":98,"width":819,"height":11}},{"id":"8d2c401a-69c1-46a9-8fd9-983a0e2cdbf3","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":116,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"3c075b5f-70ec-4eca-9480-dbe02e2e7af9","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":116,"box":{"x":68,"y":128,"width":781,"height":11}},{"id":"cabe48b5-ac91-4809-981e-59d4e8951d76","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":116,"box":{"x":69,"y":143,"width":763,"height":11}},{"id":"65dbdcaa-409e-47ef-811b-ad58f1359889","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":116,"box":{"x":70,"y":158,"width":838,"height":11}},{"id":"daae4190-7f85-477b-8e16-47386de5a2ba","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":116,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"687a4336-2d23-40cf-ba7a-ac29c862beab","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":116,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"62bddc96-ba2d-43cc-bce0-c142136cb0ab","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":116,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"0c35efdb-5d6d-4245-af0b-c27310d4062c","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":116,"box":{"x":69,"y":219,"width":666,"height":11}},{"id":"d8957de1-9362-44a1-856f-0eb248676031","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":116,"box":{"x":103,"y":241,"width":202,"height":11}},{"id":"b96e12a6-c2d7-4393-a047-1946cd58cdec","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":116,"box":{"x":312,"y":241,"width":593,"height":11}},{"id":"98637cd5-6f96-4cf4-b6b1-029aeb483ef1","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":116,"box":{"x":68,"y":256,"width":806,"height":12}},{"id":"b5b0dfa3-6870-4063-8663-3278f3f5ccb5","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":116,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"00a627f2-71f5-45be-a965-8e4986b6683b","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":116,"box":{"x":70,"y":286,"width":827,"height":12}},{"id":"1120d7c9-be45-48da-8bc6-18739d9fada1","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":116,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"49891d80-db5f-4958-ab58-bc0165104600","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":116,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"9d701c15-b67e-4aee-b539-beb421892e22","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":116,"box":{"x":69,"y":332,"width":559,"height":11}},{"id":"9ca8ebb5-29af-4b6e-a5e6-1cc0157d4e32","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":116,"box":{"x":102,"y":355,"width":796,"height":11}},{"id":"44ff51ab-29da-4d1e-b2c5-067b61740a80","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":116,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"6af7d7e3-4764-4766-b2ed-efded4c51be9","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":116,"box":{"x":70,"y":385,"width":799,"height":11}},{"id":"b52980dc-c7b5-4314-8ef6-ea313ba3ce6a","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":116,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"4d2e9df6-0b03-45b0-80fa-0a1e28f5ec34","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":116,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"32f4cf09-e143-415d-a16b-9a1a58102c4b","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":116,"box":{"x":69,"y":430,"width":783,"height":11}},{"id":"60fab0f0-2f44-4509-a7c0-b911bf065195","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":116,"box":{"x":69,"y":445,"width":753,"height":11}},{"id":"8905f0b4-f304-49d2-a701-c74f5fcd38fe","block_type":"box","text":"Geographic Risks","page_number":116,"box":{"x":102,"y":468,"width":123,"height":11}},{"id":"782b4612-f97a-4178-b180-f3104574e1f0","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":116,"box":{"x":226,"y":468,"width":671,"height":11}},{"id":"fc2ea486-8536-4065-9be1-59694cc6f309","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":116,"box":{"x":68,"y":483,"width":835,"height":11}},{"id":"9e6f74ea-7604-40e9-90b3-80d0d76c807b","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":116,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"50a96fa9-0e12-4b77-9f06-f869e24e59a3","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":116,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"be3a0a25-34f5-4168-9249-8f412aa5d42b","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":116,"box":{"x":68,"y":528,"width":840,"height":12}},{"id":"ffe4cda5-b225-4458-8b1b-9f3120073c63","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":116,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"6d5ee7ed-75e2-4965-bad1-aeb2bea8ce88","block_type":"box","text":"Fund.","page_number":116,"box":{"x":70,"y":559,"width":36,"height":9}},{"id":"ae5b9d7a-8f3a-4d4d-a9f7-153a17b42476","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":116,"box":{"x":102,"y":581,"width":255,"height":11}},{"id":"ab19eeb1-8543-43d2-b45b-cd0509a7307b","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":116,"box":{"x":363,"y":581,"width":514,"height":11}},{"id":"fc4b0bba-69e3-4a39-a20e-2d8ae570b17e","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":116,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"bc5e2526-fe55-4838-a825-4b36955bd83b","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":116,"box":{"x":69,"y":612,"width":791,"height":11}},{"id":"5eb7bb0e-3815-4c06-8578-81d11356ac6d","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":116,"box":{"x":70,"y":627,"width":826,"height":11}},{"id":"c38269b8-56ec-4213-b7b6-012ae7f884f4","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":116,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"7d58ae08-17c4-4c71-bf09-2819ae6df371","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":116,"box":{"x":70,"y":657,"width":837,"height":11}},{"id":"d2b4271e-47a4-41dd-bc59-fe378ea9c437","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":116,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"3e0037c6-73a7-4034-a0ae-af4d4d9422c7","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":116,"box":{"x":69,"y":687,"width":779,"height":11}},{"id":"5b5cb8f5-e991-4639-9021-9226715caf91","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":116,"box":{"x":69,"y":702,"width":830,"height":11}},{"id":"0eddcb9d-531c-4f07-8631-55eb31c6b46d","block_type":"box","text":"continuing to develop (","page_number":116,"box":{"x":69,"y":718,"width":160,"height":11}},{"id":"696e00bf-618b-441b-acc8-fe4fe994c86f","block_type":"box","text":"e.g.","page_number":116,"box":{"x":231,"y":719,"width":25,"height":10}},{"id":"d211bd89-cb66-4f93-b52c-53d9ecefe83f","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":116,"box":{"x":258,"y":717,"width":641,"height":12}},{"id":"b6047131-68ac-45a3-aaa1-724de72202d2","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":116,"box":{"x":70,"y":733,"width":777,"height":11}},{"id":"d26dd41f-a779-4215-9361-aabf3cfd242e","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":116,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"0f81627d-fb3f-4b85-b8ec-ea874645c3ac","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":116,"box":{"x":70,"y":763,"width":493,"height":11}},{"id":"c964ec24-1e11-4d41-b50d-ebdf3108421f","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":116,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"4a0fbfec-22fc-4f71-98dd-91351aad6f24","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":116,"box":{"x":69,"y":801,"width":803,"height":11}},{"id":"7d2c562e-433b-4811-b2c8-2eb3e4dd831d","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":116,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"ecd12d57-a6cb-4a18-a63c-16b6d48580a4","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":116,"box":{"x":70,"y":831,"width":801,"height":11}},{"id":"636313ab-ffb7-455c-9bb3-11c682e653dc","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":116,"box":{"x":70,"y":846,"width":810,"height":11}},{"id":"2e9db18b-df65-47c7-8ed6-7df5bdd870fe","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":116,"box":{"x":69,"y":861,"width":803,"height":11}},{"id":"c0b8d2c4-bf1a-4a31-a6f5-09c38d750b7a","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":116,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"efecd143-efa6-4dba-830a-f574ae5ffab5","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":116,"box":{"x":70,"y":891,"width":828,"height":12}},{"id":"b41929b0-7c56-488f-8668-543978490f21","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":116,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"38a9a4ff-7f85-4c87-a45c-ca6b3bc0b71c","block_type":"box","text":"II-68","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fe05f73f-0ff4-4ea6-8794-674ef31f06c3","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc246404-f1a5-4a62-b509-be16744977e4","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":117,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"ad44a39c-05d5-407d-87a4-afa7f093ecc5","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":117,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"818fc737-14e6-4184-b39d-2df95c96847f","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":117,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"d0b01dbc-44c7-4310-b8f3-6ceede7609d6","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":117,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"aafc59db-3763-4c77-8087-80553d3fe594","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":117,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"187affc7-27cb-4dff-aea6-a42bc8e613d5","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":117,"box":{"x":69,"y":120,"width":827,"height":11}},{"id":"a28dec37-6b97-49b0-9f68-c773b57950da","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":117,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"2111059c-1c80-4190-8c95-ef6e6ba0b159","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":117,"box":{"x":68,"y":150,"width":384,"height":12}},{"id":"fb598d88-2499-4871-acd0-954795c6b7ef","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":117,"box":{"x":102,"y":173,"width":782,"height":11}},{"id":"be05467d-cee9-44be-bbd3-444fec3dfe53","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":117,"box":{"x":68,"y":188,"width":786,"height":12}},{"id":"f2988018-fdd2-4f8c-b266-24801c3ef1d1","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":117,"box":{"x":69,"y":203,"width":746,"height":12}},{"id":"51c2467f-a35a-429a-8dbf-d1dc126df89a","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":117,"box":{"x":70,"y":219,"width":822,"height":11}},{"id":"71e06bc3-bd22-428b-8433-ff619987f72a","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":117,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"1f51a270-c9ac-4928-97d2-454bb750ed4c","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":117,"box":{"x":68,"y":249,"width":799,"height":11}},{"id":"1c7bdc02-e357-47c4-b567-a91c00482805","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":117,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"97dcb82e-f12a-4ab6-82a5-1ef96b012672","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":117,"box":{"x":70,"y":279,"width":757,"height":11}},{"id":"0f1336f4-a310-4dd3-8628-31d22d032da4","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":117,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"93d1c3c3-ebba-4ded-9cac-0d48039324f2","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":117,"box":{"x":69,"y":309,"width":840,"height":11}},{"id":"c5deb97b-04de-4fa4-b018-8ba8951a4c0a","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":117,"box":{"x":70,"y":324,"width":782,"height":11}},{"id":"2fc98b2a-1404-41dd-bd71-0a4e196a01e5","block_type":"box","text":"consequences which cannot be predicted.","page_number":117,"box":{"x":69,"y":340,"width":298,"height":10}},{"id":"abb44e43-48bf-4e93-9ebd-a41faa2de207","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":117,"box":{"x":102,"y":362,"width":432,"height":11}},{"id":"f8ea0e61-3ee6-4d72-bf86-54c3a93ef898","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":117,"box":{"x":541,"y":362,"width":347,"height":11}},{"id":"d8b21edb-c30a-43d7-82f8-dba3c57750c1","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":117,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"1fbd5934-f5a1-4ca1-ad74-14477e6353d7","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":117,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"3337f443-4e17-4314-b6cd-8daed79d79cc","block_type":"box","text":"term of the agreement.","page_number":117,"box":{"x":68,"y":407,"width":164,"height":12}},{"id":"07e145e4-b4e8-46e5-b07d-9eba983e5191","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":117,"box":{"x":101,"y":430,"width":788,"height":11}},{"id":"08c48bfb-ff07-472d-bd71-d4b9f2236d91","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":117,"box":{"x":68,"y":446,"width":831,"height":11}},{"id":"164ff4d4-efe7-4dba-b18a-10640dc7c0f5","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":117,"box":{"x":70,"y":460,"width":821,"height":12}},{"id":"d9a87ebc-33c7-4f74-b2f4-b415ba9aed4d","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":117,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"7e4af246-0b35-46d5-8959-7fe00bd86536","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":117,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"893d5abc-c2c1-4c2b-ab21-0d3d7795fbb2","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":117,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"486713b7-37f0-48cc-802a-82925e736ac2","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":117,"box":{"x":68,"y":521,"width":522,"height":11}},{"id":"9a603f64-7e99-412d-b515-1caca39231af","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":117,"box":{"x":102,"y":543,"width":792,"height":12}},{"id":"349fdca0-1e94-428a-9dca-633d53ffcd66","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":117,"box":{"x":70,"y":559,"width":784,"height":11}},{"id":"778ad015-8505-4c2b-b948-3a10ff92d0db","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":117,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"7fa2f333-c04e-48df-a759-afa2a42cfb8a","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":117,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"76ec0bf8-5257-43b5-b41a-f82925746465","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":117,"box":{"x":68,"y":604,"width":770,"height":11}},{"id":"0a7852ac-a9f7-4f2a-8841-5b0468aaa35a","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":117,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"07e484b4-f614-4317-9287-fd04b99d2b19","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":117,"box":{"x":70,"y":634,"width":430,"height":12}},{"id":"70a795ed-6873-44ba-959c-55467a0ba767","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":117,"box":{"x":102,"y":657,"width":759,"height":11}},{"id":"edea8e77-7734-4443-a6d7-43ec91b64f40","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":117,"box":{"x":70,"y":672,"width":765,"height":11}},{"id":"df6f498b-b223-4b3f-a560-679a41807fea","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":117,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"f223078e-7541-406f-9ac5-4a10c6a6a19b","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":117,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"9a619563-4f06-4c94-9313-d3cb84544128","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":117,"box":{"x":69,"y":717,"width":801,"height":12}},{"id":"78404df8-4cad-497b-9340-1a00aa85677d","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":117,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"00b8fa0c-e6fb-41ee-adc4-d596e7cda4b8","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":117,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"4a608b12-35ae-4bb8-ac90-98db545c7504","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":117,"box":{"x":69,"y":763,"width":810,"height":11}},{"id":"d1918a44-30a4-49ec-a301-2c33815e9e21","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":117,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"c1505c0b-ace5-4f62-877f-9b8060dd8b4b","block_type":"box","text":"or by another authorized securities depository.","page_number":117,"box":{"x":69,"y":793,"width":329,"height":11}},{"id":"0200aca4-0b97-41d5-b320-15ff4bc017cd","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":117,"box":{"x":102,"y":816,"width":770,"height":11}},{"id":"0ceab01a-2009-4199-aa5d-f99fc8b4f959","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":117,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"e8fba2f9-41df-4d42-abf6-aee54928fde1","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":117,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"5d88aecf-d9f0-4bda-a0c4-0bf8fecf8568","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":117,"box":{"x":69,"y":861,"width":778,"height":11}},{"id":"6127adb1-6e4c-4b81-a459-89a75e2a3d40","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":117,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"32f04680-3806-4591-994e-1ee5ace64a4b","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":117,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"f7dbc790-b2f8-43f2-8e0e-b696c79e3e9d","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":117,"box":{"x":69,"y":907,"width":812,"height":11}},{"id":"8cf7fb35-4ae6-46d6-94e8-d569549a308a","block_type":"box","text":"II-69","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d4ccc1db-e575-4e05-9af1-6e0047c5a420","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3cc03032-2369-406e-8b67-c28d39d1d071","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":118,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"5cbb37e4-3086-4a60-a50a-2d2cbc500ced","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":118,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"e0c5b709-5257-4542-a13d-9fc4ef8e7be3","block_type":"box","text":"the repurchase price.","page_number":118,"box":{"x":68,"y":75,"width":151,"height":11}},{"id":"17d3d926-813d-4362-91c7-85d0c7bb9349","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":118,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"2e18d503-4ea2-4a10-a4b1-5f380abfa100","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":118,"box":{"x":70,"y":113,"width":837,"height":11}},{"id":"a75d8604-a943-4656-95df-c294819efe05","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":118,"box":{"x":69,"y":128,"width":788,"height":11}},{"id":"49054382-7296-4457-b51f-aff9eaab9fdf","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":118,"box":{"x":69,"y":143,"width":767,"height":11}},{"id":"dcbf2e8a-f0bb-4492-a3f3-5d8179a118e4","block_type":"box","text":"strategies without the repurchase obligation.","page_number":118,"box":{"x":69,"y":158,"width":317,"height":11}},{"id":"27afe0e7-162f-49b7-a5d7-8cb744eb3478","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":118,"box":{"x":101,"y":181,"width":782,"height":11}},{"id":"2d343184-96a3-4574-a2fb-268cae294fea","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":118,"box":{"x":69,"y":196,"width":776,"height":11}},{"id":"d64ab709-41cb-4654-9809-7553cb745b8c","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":118,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"7b0b370b-15fc-446d-835a-3932c8f7ea38","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":118,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"902d2926-59f6-4769-b9a5-f57b4e5d4874","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":118,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"49a1c0a6-3246-466e-ac45-b309a1fafafe","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":118,"box":{"x":69,"y":256,"width":374,"height":11}},{"id":"c6fde0d8-176d-437e-8065-ee6ea76a789e","block_type":"box","text":"i.e.","page_number":118,"box":{"x":445,"y":257,"width":20,"height":8}},{"id":"9d578571-79ee-45c3-9534-aa3b329e655b","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":118,"box":{"x":468,"y":256,"width":434,"height":11}},{"id":"eb12436e-8efa-45a0-af1f-4db33b869e9e","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":118,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"e07f679d-d926-41bd-be51-6523596cbe4d","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":118,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"1cf109b2-b520-492a-b2c4-f93d03798199","block_type":"box","text":"and income involved in the transaction.","page_number":118,"box":{"x":69,"y":302,"width":278,"height":9}},{"id":"38f263ec-79ed-4e18-906f-e5c81604503f","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":118,"box":{"x":102,"y":324,"width":800,"height":12}},{"id":"9d3276bb-e02a-4c22-8282-2e9a1ecd4478","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":118,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"11db587f-2451-4749-b062-3b06c2a236e4","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":118,"box":{"x":69,"y":355,"width":814,"height":11}},{"id":"be86b344-c4af-483e-b76e-a81d80b98bda","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":118,"box":{"x":68,"y":370,"width":790,"height":11}},{"id":"edc51194-f9b7-4eb5-a690-152c3fef97e7","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":118,"box":{"x":69,"y":385,"width":818,"height":11}},{"id":"cac72ca6-a716-4098-96d3-7941da4685b3","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":118,"box":{"x":68,"y":400,"width":783,"height":11}},{"id":"6eb857f5-513a-46ef-bdc2-b4d3dad4fe29","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":118,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"3b40a23c-f209-49e1-b7f1-d4b426571382","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":118,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"9b6c599d-ccd0-4c53-a1fc-7cc4a0e0697c","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":118,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"a2b3ee37-5212-496c-b4a7-3324197a5cad","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":118,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"28edaa8b-f5df-4dd2-81df-c1b484caef51","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":118,"box":{"x":68,"y":475,"width":824,"height":12}},{"id":"7cb1b328-ecc8-47a9-948b-2347f61ad908","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":118,"box":{"x":69,"y":491,"width":279,"height":11}},{"id":"01e2cc36-ffcc-4c61-a82a-d882b3483fb7","block_type":"box","text":"Restricted Securities.","page_number":118,"box":{"x":102,"y":513,"width":157,"height":9}},{"id":"e7d44081-5d79-4710-9997-780f80afa79d","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":118,"box":{"x":265,"y":513,"width":617,"height":12}},{"id":"32cebb19-d8f0-4ecc-b858-78b0c4b1328f","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":118,"box":{"x":69,"y":529,"width":801,"height":11}},{"id":"af183fe4-4c01-4aab-9e20-8db131028e69","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":118,"box":{"x":69,"y":544,"width":808,"height":11}},{"id":"cc385075-775e-49fa-8788-bc797e3900ea","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":118,"box":{"x":70,"y":559,"width":802,"height":11}},{"id":"1196f23d-ed37-4162-ae4d-22f29915a72b","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":118,"box":{"x":70,"y":574,"width":834,"height":11}},{"id":"5613fe55-30cc-445f-ac59-456911f51481","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":118,"box":{"x":68,"y":589,"width":825,"height":11}},{"id":"05093ee9-d3d4-4a3b-a5f1-d7c0fb91eabb","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":118,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"6c3d08e4-3bf1-4378-a55a-3e823599144e","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":118,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"0a352f6e-b26a-4a5a-82e0-07b70ddd89b2","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":118,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"5a8c8cd9-6670-4a66-9aba-9eae8d8c92a3","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":118,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"cfd1d59b-bccc-4f33-b731-110daf0bf723","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":118,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"51cfb5e4-dd05-4562-948f-91b8d934cda5","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":118,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"820a3332-7237-4d39-8665-d7ed60afaf7c","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":118,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"b4139092-a676-4554-bebc-d06b43425e04","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":118,"box":{"x":68,"y":710,"width":805,"height":11}},{"id":"d7f8e8d6-6054-48b7-8e5d-25beae71822e","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":118,"box":{"x":68,"y":725,"width":840,"height":11}},{"id":"3aa9e72a-6f58-48dc-9be6-8f0672b23896","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":118,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"8687c2aa-7483-4ea6-97f8-54dfff3fc8eb","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":118,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"942d8e00-98d2-47be-ad9b-e1f8de05f370","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":118,"box":{"x":69,"y":771,"width":803,"height":10}},{"id":"97200997-cebc-47fb-aa82-d5e74b50cdfb","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":118,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"354f2560-7970-4ce7-9a57-7877db1b40bf","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":118,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"87929aa7-85dc-4ee2-a61d-ef13237807df","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":118,"box":{"x":68,"y":816,"width":825,"height":11}},{"id":"55b73d86-27c8-4368-9d72-65b8f1981ce7","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":118,"box":{"x":69,"y":831,"width":777,"height":11}},{"id":"7f5deef5-ce69-4603-a3aa-8064bea179e1","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":118,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"e7dde065-77aa-4536-9a57-f7a55f0752e7","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":118,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"76346182-0d01-45f1-88a9-e86983e0293a","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":118,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"abff7315-e554-42a5-81fe-e309ae51ed7a","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":118,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"4304c378-812e-41c2-9a9e-0dd8f7abe175","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":118,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"94fc7838-0826-4c88-bbfc-f641a0ab7047","block_type":"box","text":"II-70","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65c9a463-79d2-48e8-b2f4-f260aa027d81","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93742755-78a2-455a-be2e-d04da1f0ccd5","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":119,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"3a607bb8-942c-44b9-9399-673cb3e9682c","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":119,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"56cf3861-7d99-4cbd-874e-5f1173678143","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":119,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"76009c6f-ed9a-4a53-85b2-3dd16ecc80dd","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":119,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"94e67c65-b3c6-4780-80fd-515966decb52","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":119,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"59c77234-6785-4965-9a48-03309cf0affc","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":119,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"73e66cdf-6dd7-43e9-9968-fb06207ef457","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":119,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"fac06e7f-8838-4efa-8340-bc96b6bafb43","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":119,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"3652a026-b7e2-4935-9eae-16b263978948","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":119,"box":{"x":68,"y":166,"width":804,"height":11}},{"id":"739dc5d1-36df-46dd-a3a7-b273948164d6","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":119,"box":{"x":69,"y":181,"width":647,"height":11}},{"id":"143c8463-0bbb-4cfa-8663-b794d0cdd8c2","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":119,"box":{"x":102,"y":203,"width":714,"height":12}},{"id":"829ee4f7-b1ba-4bc1-8c48-da26525cb9f2","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":119,"box":{"x":70,"y":219,"width":823,"height":11}},{"id":"8b2286fa-3310-4859-82e7-e483941fbebd","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":119,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"b4e4cc2f-a345-466d-b0d2-b9bd8cb179e0","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":119,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"791fac2d-11ce-44b8-9164-8b396f538f4b","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":119,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"c2282e89-0430-47f0-8637-9390b1ad6ec7","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":119,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"260fa069-2047-4f9e-9d1a-489e5aa894f0","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":119,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"4ae3a7ab-1d10-4f61-b1de-f65f597d2061","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":119,"box":{"x":69,"y":309,"width":759,"height":11}},{"id":"f13ac931-73f5-44c4-93ca-e1fca747c943","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":119,"box":{"x":70,"y":324,"width":833,"height":12}},{"id":"27052ae6-4340-48e3-bfab-f4fa801286a9","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":119,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"b8249cf8-fecc-494e-90a0-ebcc346b04a8","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":119,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"db4bad18-04ad-46fe-b6a7-4c3695ebcb73","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":119,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"dcae3494-8d5c-4311-a33e-03418c33a5a8","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":119,"box":{"x":69,"y":385,"width":816,"height":11}},{"id":"0313245e-afb9-45a3-9ebc-25adff771066","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":119,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"59c2a47a-e4b4-4c6a-a4c1-15e94875e328","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":119,"box":{"x":69,"y":415,"width":768,"height":11}},{"id":"858a3f05-0206-4897-b0db-0a8dad89b26e","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":119,"box":{"x":70,"y":430,"width":815,"height":11}},{"id":"5cecdec8-18c6-4304-9c3f-511638c7651d","block_type":"box","text":"especially as that Fund grows in size.","page_number":119,"box":{"x":69,"y":446,"width":264,"height":11}},{"id":"40647020-4a86-4520-93e5-fd3b1258dc8a","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":119,"box":{"x":101,"y":468,"width":762,"height":11}},{"id":"d45f9ea2-ead1-494b-81eb-49d77119ea68","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":119,"box":{"x":69,"y":483,"width":795,"height":11}},{"id":"b39c0051-6b00-483e-87c8-4ad595f5f3e7","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":119,"box":{"x":69,"y":498,"width":751,"height":11}},{"id":"914492e0-f6cc-4850-baab-7f471ac34f8f","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":119,"box":{"x":70,"y":513,"width":755,"height":11}},{"id":"287510a7-1333-481a-aafa-a36bd375f663","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":119,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"cbc06498-10b2-45bc-b090-9b179b4e32c1","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":119,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"66087e66-16ab-4134-83d9-7187576441ee","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":119,"box":{"x":68,"y":559,"width":766,"height":11}},{"id":"c8d6154a-c965-4fc9-88c0-ea1043aa52ba","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":119,"box":{"x":69,"y":574,"width":792,"height":11}},{"id":"ad38ea29-3c8e-4b31-8dd9-b18169bd1bc2","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":119,"box":{"x":70,"y":589,"width":821,"height":11}},{"id":"0de6a6cf-637e-4ede-aa6c-22d2a73bbaba","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":119,"box":{"x":70,"y":604,"width":771,"height":11}},{"id":"894c95af-c8ab-4d04-b7a6-4c23671a494e","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":119,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"5c515fde-e98d-44eb-a705-e2eaca4e1c8d","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":119,"box":{"x":69,"y":634,"width":790,"height":11}},{"id":"77338cde-0859-4154-bc53-380daa533495","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":119,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"67d3e2ba-e81e-4aee-a4b5-27eee0c9cf8b","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":119,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"26b43002-5e1c-43a9-ab30-cf8aa88deff6","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":119,"box":{"x":70,"y":680,"width":818,"height":11}},{"id":"e1e27077-96f2-40a2-8521-0ef858f06c50","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":119,"box":{"x":68,"y":695,"width":839,"height":11}},{"id":"41beb31e-7e9d-41d7-b31a-ad43cf5d82a3","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":119,"box":{"x":68,"y":710,"width":514,"height":11}},{"id":"671e289c-ad46-468c-9a38-79a7aeef2e63","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":119,"box":{"x":102,"y":733,"width":385,"height":10}},{"id":"ffe9fa1c-8b05-4c9b-8c74-1211445e8629","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":119,"box":{"x":102,"y":755,"width":246,"height":11}},{"id":"7ae4bd6b-3686-474b-8b02-8037121fe3b9","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":119,"box":{"x":354,"y":755,"width":548,"height":11}},{"id":"e0be500e-0a6e-4353-b6f2-a246badb4795","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":119,"box":{"x":68,"y":771,"width":830,"height":11}},{"id":"e3821265-5528-43ab-a045-b9ee30239b9b","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":119,"box":{"x":68,"y":786,"width":793,"height":11}},{"id":"9dd128d3-cc72-4b04-8e5d-dfc3de32ef05","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":119,"box":{"x":69,"y":801,"width":784,"height":11}},{"id":"ee55879f-1c6e-4e03-9d8b-bf7bc9d1d577","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":119,"box":{"x":70,"y":816,"width":591,"height":11}},{"id":"d6b29aed-4e7e-4e8b-9fd8-a0ce04d6effc","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":119,"box":{"x":101,"y":838,"width":730,"height":12}},{"id":"4e39defc-b2d6-44f9-813a-486b1eada84c","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":119,"box":{"x":70,"y":854,"width":822,"height":11}},{"id":"8a029539-0acc-4814-95ea-c5e9a12735a9","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":119,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"bd3d520c-a2c4-4f2f-8048-7f252253d8b4","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":119,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"166c3caf-42e4-4f33-bdb8-fafa62bc1145","block_type":"box","text":"II-71","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a2d1c594-500a-48fc-8a4b-d6aa084deb14","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68c1b6d0-91fa-4d2d-9eb4-cdb06da68995","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":120,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"8b953508-b5cc-446a-8c93-8ad37fd539ee","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":120,"box":{"x":69,"y":60,"width":354,"height":11}},{"id":"a7e33c71-b916-4880-ac0e-e8c5e12f3dcc","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":120,"box":{"x":102,"y":82,"width":769,"height":12}},{"id":"64e24fa5-e7ff-4133-9c8c-dbcc80c26925","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":120,"box":{"x":70,"y":98,"width":815,"height":11}},{"id":"1d794eac-191d-4bc4-8ffb-f8e68b945fd2","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":120,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"614d995b-afb0-4f88-aa6f-dff605a74950","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":120,"box":{"x":69,"y":128,"width":449,"height":11}},{"id":"7f9fb316-86b1-4eac-aa74-a474909554d8","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":120,"box":{"x":102,"y":150,"width":794,"height":12}},{"id":"078aa9a0-64be-4085-a833-a85cd2386679","block_type":"box","text":"similar financing transactions (","page_number":120,"box":{"x":69,"y":166,"width":218,"height":11}},{"id":"773f5b60-6b82-41c5-8ef9-f9947262be2e","block_type":"box","text":"e.g.","page_number":120,"box":{"x":289,"y":167,"width":24,"height":10}},{"id":"59a7d39e-f814-4e49-b8e0-d77ff2b21dcb","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":120,"box":{"x":316,"y":166,"width":594,"height":11}},{"id":"1152af93-e74a-48ec-8ae3-577f5cda8fdf","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":120,"box":{"x":68,"y":181,"width":813,"height":11}},{"id":"8118963a-175e-40e6-82db-67096a43e2b9","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":120,"box":{"x":70,"y":196,"width":789,"height":11}},{"id":"d4b12f55-1410-4444-b75e-401d87c8626a","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":120,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"8f42d092-d324-41fd-a78b-6e924910fc59","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":120,"box":{"x":70,"y":226,"width":824,"height":11}},{"id":"6efa60be-eaab-469c-bf4b-8d03b8493029","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":120,"box":{"x":68,"y":241,"width":758,"height":11}},{"id":"b31975a9-a1b6-4b52-bdca-c4d49e104be3","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":120,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"bb002b1d-6e2e-4f66-8278-9a724a382cf2","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":120,"box":{"x":68,"y":271,"width":838,"height":12}},{"id":"ffa1e9f9-65c9-4cee-add3-86738abe9f7e","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":120,"box":{"x":69,"y":286,"width":538,"height":12}},{"id":"520e4f91-a7c6-4598-a20b-c69612ad5ad2","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":120,"box":{"x":101,"y":309,"width":780,"height":11}},{"id":"57f91813-1e4a-458b-a190-943e7df5fcec","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":120,"box":{"x":69,"y":324,"width":838,"height":12}},{"id":"0606ce85-e063-4023-bcf8-ef1fa033cac2","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":120,"box":{"x":68,"y":339,"width":775,"height":12}},{"id":"3339caf2-0992-4c82-a8d6-36da91822d41","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":120,"box":{"x":68,"y":355,"width":754,"height":11}},{"id":"f8cee7e6-cd74-425d-a87d-9218835e07de","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":120,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"a296870d-01c6-4277-9a7b-b38be20d6663","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":120,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"459fd468-6dfe-47ab-95ab-d0ba27a8289f","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":120,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"3014ad19-f908-44d0-a750-c3a0aada87dd","block_type":"box","text":"amounts to be received under such agreements.","page_number":120,"box":{"x":69,"y":415,"width":345,"height":11}},{"id":"29ca7ffc-8a22-477c-8791-d2c7d8ff0584","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":120,"box":{"x":102,"y":438,"width":316,"height":11}},{"id":"871bbd39-e114-4002-9642-a776a5f7d3d1","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":120,"box":{"x":424,"y":438,"width":481,"height":11}},{"id":"33b737f3-5eb9-4b93-9412-11717af2dbf3","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":120,"box":{"x":68,"y":453,"width":822,"height":11}},{"id":"f2fbab4e-645d-4db7-931f-0b7b3f2f1112","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":120,"box":{"x":69,"y":468,"width":776,"height":11}},{"id":"a86e3673-2014-4ad9-aa9c-91b2e4b54e6b","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":120,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"a9d8a9df-8244-4b74-b6a4-c9e2b2f471f0","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":120,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"0a07e8c6-fbab-47e1-b349-dbf366e73704","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":120,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"a4e39ab6-c4b5-43fd-944f-c0701855b5de","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":120,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"823f16e5-1929-4870-8377-45936cc78f3f","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":120,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"9edd26cc-e9ca-4482-ab1b-a5c2007d3d83","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":120,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"35a6f2eb-4fe8-419a-8441-593d6b4564c2","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":120,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"646254aa-57f0-4378-b273-a87adfd43009","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":120,"box":{"x":68,"y":589,"width":708,"height":11}},{"id":"d2b264ca-aa56-4d81-8b6f-50103a6b8059","block_type":"box","text":"Rule 144A Securities.","page_number":120,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"aab6ed31-9c4c-4e92-9a1a-158a30e39903","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":120,"box":{"x":266,"y":612,"width":560,"height":11}},{"id":"219d059b-3c9b-423c-9e81-dbd3862d5af5","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":120,"box":{"x":70,"y":627,"width":741,"height":11}},{"id":"9cef4d0a-b996-4844-ab1f-06e86e590c80","block_type":"box","text":"Securities Lending.","page_number":120,"box":{"x":101,"y":649,"width":139,"height":11}},{"id":"dcdfe194-a1e6-4beb-867e-935ae4683bab","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":120,"box":{"x":247,"y":649,"width":645,"height":12}},{"id":"1544e0be-8085-449a-ac33-af0a42c597df","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":120,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"1e67f767-a94f-4f52-8f75-8f042708cbb7","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":120,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"9c6991d0-4007-4ec0-ae15-70f9a7ec0959","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":120,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"e348e633-a5d0-477f-8540-cf32d9fb6b64","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":120,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"a4efff08-9e07-46ce-b033-0b299460cb95","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":120,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"4aa98321-5c34-420f-9e0d-70d5dc1ada89","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":120,"box":{"x":69,"y":740,"width":838,"height":11}},{"id":"d8e4d7a8-ceeb-4288-9a70-37375d888cc8","block_type":"box","text":"the securities were not on loan.","page_number":120,"box":{"x":68,"y":755,"width":225,"height":9}},{"id":"4833c1b2-57f5-44bd-930d-8b3836a1146e","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":120,"box":{"x":101,"y":778,"width":799,"height":11}},{"id":"ae83fd09-2edf-44f7-ab47-fa9335feab01","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":120,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"93ca2fe5-d1f9-492b-8750-78ea5fea450d","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":120,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"4308150b-005d-4eb5-97ff-b20c28480ff0","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":120,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"aad50eb9-aef0-4a07-93b4-d99dafea49fe","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":120,"box":{"x":69,"y":838,"width":810,"height":11}},{"id":"c91d5fa9-312b-4046-a3d6-4301dce32588","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":120,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"1de08cb5-cbb2-44ce-ad6d-7a9565a4aee9","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":120,"box":{"x":70,"y":869,"width":643,"height":11}},{"id":"99b38f13-be27-4de4-bde1-b6fad0a7c571","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":120,"box":{"x":102,"y":891,"width":568,"height":12}},{"id":"d54d0fc4-8500-4fd5-a9a0-d9f580531a7f","block_type":"box","text":"i.e.","page_number":120,"box":{"x":672,"y":891,"width":20,"height":9}},{"id":"6e0f506d-621d-49ab-891f-8f602307a6f2","block_type":"box","text":", the risk of losses resulting","page_number":120,"box":{"x":695,"y":891,"width":198,"height":12}},{"id":"1b4ef846-e94f-46b6-86f7-ac0f8557941b","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":120,"box":{"x":68,"y":906,"width":501,"height":12}},{"id":"be8070b1-e64c-4836-b68b-dadd8383c13d","block_type":"box","text":"i.e.","page_number":120,"box":{"x":571,"y":907,"width":20,"height":8}},{"id":"07aed894-71df-44a5-b9c1-7123ece3bc6c","block_type":"box","text":", the risk of a mismatch between the return","page_number":120,"box":{"x":594,"y":906,"width":307,"height":11}},{"id":"55cafb1f-12d2-41d1-b31e-cf9092878638","block_type":"box","text":"II-72","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ee24d6e-bc00-42d9-bfb8-6743e41abf64","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31a42027-ff09-43b0-a993-ac022d74bb4e","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":121,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"e8ca61f2-87fb-434f-9311-409840c7fc0a","block_type":"box","text":"i.e.","page_number":121,"box":{"x":865,"y":45,"width":20,"height":9}},{"id":"f52e3e3d-f936-4851-808e-5543b1c9d91e","block_type":"box","text":",","page_number":121,"box":{"x":888,"y":52,"width":2,"height":3}},{"id":"1edac6de-cae0-4d6a-89d9-b4bfaaf37f1d","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":121,"box":{"x":68,"y":60,"width":788,"height":11}},{"id":"adf414e3-d191-4ad9-8ed9-c1f7e08ef43e","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":121,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"9168ba5d-dbe4-45aa-91a5-19371b121d51","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":121,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"8441ae30-6d1c-4695-9b27-9af3c94593b5","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":121,"box":{"x":68,"y":105,"width":811,"height":11}},{"id":"b32e0775-8d78-43b7-8e94-78342fa50560","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":121,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"12355dd2-c66d-4b1e-a5b5-ba901be820d0","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":121,"box":{"x":69,"y":136,"width":790,"height":10}},{"id":"2f2ae1de-d4fd-4f27-ba58-83a7311c376f","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":121,"box":{"x":70,"y":150,"width":820,"height":12}},{"id":"a86a3a7d-0565-441c-95d6-7d0fdc3243c0","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":121,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"f6d53e49-c9e0-4aa4-8538-660f2c665267","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":121,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"c91cd800-26e7-4868-a8e7-15d50e9f175c","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":121,"box":{"x":69,"y":196,"width":775,"height":11}},{"id":"957b581c-0a3b-4b8b-98da-f171e168da39","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":121,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"eb30c58b-8929-495b-aa97-0a7e860c4284","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":121,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"25fcdb91-fa75-4b87-ab61-0a9db674b321","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":121,"box":{"x":70,"y":241,"width":837,"height":11}},{"id":"96a3af24-633c-4922-be55-59bddb8970b9","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":121,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"f87caa19-65e4-4aa2-bb4c-062837b58b81","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":121,"box":{"x":69,"y":271,"width":839,"height":12}},{"id":"214fb4c8-5a1a-4599-96a7-33af452a99d0","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":121,"box":{"x":70,"y":287,"width":832,"height":11}},{"id":"5537c35b-4bcd-4609-83e1-c61cdf13bab1","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":121,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"0e57d463-55be-4da8-9773-ad90bf61f7f2","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":121,"box":{"x":69,"y":317,"width":823,"height":11}},{"id":"5f0f11af-dfdd-4794-875f-7fafc45b3d9d","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":121,"box":{"x":70,"y":332,"width":823,"height":11}},{"id":"3a06e4c5-7453-44b7-8baf-f7afffcba856","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":121,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"1ad83373-a032-42ba-ab12-f411bb4f2149","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":121,"box":{"x":70,"y":362,"width":814,"height":11}},{"id":"23664723-1fff-4b99-99b0-92d150da9d4f","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":121,"box":{"x":68,"y":377,"width":787,"height":11}},{"id":"3f5c9969-32ad-454a-882c-070dc5ca38f3","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":121,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"fbd5a89c-abf0-461e-ad65-7dae48987fa9","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":121,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"c8680bc4-3e0a-4e7d-89ab-d5c982caea30","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":121,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"2cd390e1-04d5-4dc1-90a0-60a3feaf5800","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":121,"box":{"x":69,"y":438,"width":731,"height":11}},{"id":"88d5cc3e-f9b5-425e-b34d-4cd53187e6ee","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":121,"box":{"x":102,"y":460,"width":800,"height":12}},{"id":"84327455-0f77-47da-9603-f6492ac0119c","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":121,"box":{"x":68,"y":475,"width":802,"height":12}},{"id":"fd3c0686-6c93-4c5e-908c-1ad4f6b18540","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":121,"box":{"x":69,"y":491,"width":783,"height":11}},{"id":"7c844690-b3b2-4053-8847-bf2d0d8e2aef","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":121,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"02d3bf92-669a-4358-bb8a-37f1cba3c7fb","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":121,"box":{"x":70,"y":521,"width":747,"height":11}},{"id":"ac68c02e-33c7-41bf-8b28-3d844f0fee4e","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":121,"box":{"x":69,"y":536,"width":806,"height":11}},{"id":"3aa840c6-17f4-4469-9e67-93db473d8dba","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":121,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"7af5ee0e-9ed2-4592-9a85-cdc934468733","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":121,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"c8e904ef-ed71-4e00-a29c-e8e14d2ce525","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":121,"box":{"x":69,"y":581,"width":827,"height":11}},{"id":"e07be062-0939-4875-b20d-1ba99ff64a04","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":121,"box":{"x":69,"y":596,"width":794,"height":11}},{"id":"561d8c25-7835-44ea-a5fc-075317b5a3b3","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":121,"box":{"x":69,"y":612,"width":371,"height":11}},{"id":"bc5d35cc-d09d-4cf9-8349-608ea4bb3536","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":121,"box":{"x":101,"y":634,"width":753,"height":12}},{"id":"746941d6-0e4c-49c2-a055-644af30d2284","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":121,"box":{"x":70,"y":649,"width":808,"height":12}},{"id":"b740eb03-5f43-4e9c-87b5-34aa2af48b52","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in early 2026,","page_number":121,"box":{"x":69,"y":665,"width":791,"height":11}},{"id":"b971ebc0-3cd7-41a3-b6db-3854192da649","block_type":"box","text":"although a legal challenge against the rules is currently pending.","page_number":121,"box":{"x":69,"y":680,"width":459,"height":11}},{"id":"307b5bcc-23a5-4006-b17b-32ab74b3f969","block_type":"box","text":"Short Sales.","page_number":121,"box":{"x":101,"y":702,"width":89,"height":9}},{"id":"50609dea-28b4-49c7-bf68-80168865232a","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":121,"box":{"x":196,"y":702,"width":696,"height":12}},{"id":"2dba8e6e-3317-4063-ad4e-e842347a2bcf","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":121,"box":{"x":68,"y":717,"width":821,"height":12}},{"id":"1e5200b2-46db-40f8-9971-0b64515a88bb","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":121,"box":{"x":69,"y":732,"width":778,"height":12}},{"id":"3045c6c9-82ef-45b2-b07b-ef40126e65f2","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":121,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"97f47e4a-3ab3-4386-a57b-c24844a049de","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":121,"box":{"x":69,"y":763,"width":837,"height":11}},{"id":"cc01606d-3d9f-4b49-bfb8-ffebbd52fdf3","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":121,"box":{"x":68,"y":778,"width":828,"height":11}},{"id":"2979966d-88de-4d0d-a467-f35e6db34d33","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":121,"box":{"x":70,"y":793,"width":829,"height":11}},{"id":"e5a8ebbe-11d5-49d3-af86-f2c116c37f0c","block_type":"box","text":"securities to the lender of the securities.","page_number":121,"box":{"x":69,"y":808,"width":289,"height":9}},{"id":"3b11b0db-ada8-4cc6-a3d9-0088d4e5f110","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":121,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"425b9a12-123c-4fe9-830e-0cb375703e4f","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":121,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"b3545b8e-8068-489b-907d-356155a349a3","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":121,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"af1f7fb3-75ed-47f7-a2c2-b2a90306bb23","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":121,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"02a88866-a904-40cf-a026-a68ab2ef2a82","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":121,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"2e61f7c7-9a26-4918-91a4-5bca46258b3b","block_type":"box","text":"II-73","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"decd6964-65f8-4d0a-83bb-d01720abe13a","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91a99a44-5b8e-472b-8bd9-35dfee2b7060","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":122,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"648caa47-f7c6-4b83-a7c8-d30df39f5399","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":122,"box":{"x":70,"y":60,"width":568,"height":11}},{"id":"da1ea61d-04a7-4c14-b4cc-09e7d49e2334","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":122,"box":{"x":102,"y":83,"width":806,"height":11}},{"id":"832c4135-cc85-4012-b926-06a7becdbec9","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":122,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"5d777dfb-f63a-4277-9a3c-623b066a004e","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":122,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"fe4abb4a-cb61-43b7-ab07-4f259e7a0419","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":122,"box":{"x":69,"y":128,"width":758,"height":11}},{"id":"9dd47a45-c074-425a-80b1-3f1eaf665e70","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":122,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"191f9007-1bb5-4d13-be14-320a32ee3fc7","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":122,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"8d3e7fbf-74d2-49bf-9904-e14c8f881e52","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":122,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"67c4f841-ba6c-47ad-b3f3-7492176f65d5","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":122,"box":{"x":68,"y":188,"width":821,"height":11}},{"id":"d0028358-f7ad-437c-9173-9ebacb159cc8","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":122,"box":{"x":69,"y":204,"width":640,"height":11}},{"id":"76e89163-a0fd-4ff8-bfc0-c763f700b007","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":122,"box":{"x":101,"y":226,"width":673,"height":11}},{"id":"58147c02-1d3a-4c00-8f15-c98e8235c448","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":122,"box":{"x":101,"y":249,"width":721,"height":11}},{"id":"e36e6611-36a8-4923-be24-c60f713002a0","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":122,"box":{"x":69,"y":264,"width":791,"height":11}},{"id":"d35a64d8-136a-4a2c-a5a5-ceeb91a5d484","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":122,"box":{"x":70,"y":279,"width":489,"height":11}},{"id":"9c94cd1a-296c-4f83-9bba-c7cc7a5c5b11","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":122,"box":{"x":102,"y":302,"width":745,"height":11}},{"id":"b7f75568-d58b-41c3-83ff-0602643fa7c6","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":122,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"bd0a1a20-c02f-4605-abd1-e3f357ba870c","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":122,"box":{"x":69,"y":332,"width":796,"height":11}},{"id":"bdc97f26-f02b-4aca-ac3e-4999e39e3c9c","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":122,"box":{"x":70,"y":347,"width":766,"height":11}},{"id":"96dce59f-218b-477c-b12b-d08d70ba4814","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":122,"box":{"x":70,"y":362,"width":754,"height":11}},{"id":"3a8d8af9-50d4-4892-ada3-f40477c9d123","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":122,"box":{"x":67,"y":377,"width":800,"height":11}},{"id":"1e62a052-3c81-419e-87df-1e20dc2531f1","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":122,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"abce416f-cffa-4e66-a2ca-f6aa4618a235","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":122,"box":{"x":69,"y":407,"width":782,"height":12}},{"id":"130054d2-6a1c-486b-b118-d82816c497d1","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":122,"box":{"x":69,"y":423,"width":460,"height":11}},{"id":"fb761301-731d-4ce7-b2a9-25556a01a41e","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":122,"box":{"x":101,"y":445,"width":293,"height":11}},{"id":"0913459a-189e-40a2-af7c-ef95410b39ef","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":122,"box":{"x":400,"y":446,"width":504,"height":11}},{"id":"9ad472c6-720e-44c8-bc3f-d38cf6bd3821","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":122,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"482dab63-6be5-4112-b592-a1750e7f1583","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":122,"box":{"x":70,"y":475,"width":793,"height":12}},{"id":"eea7edc7-dd09-4210-b4f5-2cdd322bc1a3","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":122,"box":{"x":70,"y":491,"width":824,"height":11}},{"id":"a32bb098-520f-4485-91d2-21962d066d4e","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":122,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"1aca13bc-4965-4bf7-9cc2-6d9fe5a293e5","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":122,"box":{"x":69,"y":521,"width":768,"height":11}},{"id":"8023e32f-879e-4e18-b008-28e1bb2cd552","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":122,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"40cb2dad-3c1d-4a7d-82c6-28036e99f9be","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":122,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"ab4477f7-54b7-403f-908c-42cbbeb66a93","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":122,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"1da23b20-bbc3-40bd-8308-ed7b99971150","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":122,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"907d4b6d-36a3-4f41-b56f-2fea489ffaac","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":122,"box":{"x":68,"y":596,"width":788,"height":11}},{"id":"670c6157-dbe7-4010-bc02-08a3eaea0ac1","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":122,"box":{"x":68,"y":612,"width":794,"height":11}},{"id":"288136d9-d5b4-4047-9d5a-eb5653e29e31","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":122,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"00af87b8-f188-4b24-8ab1-cddaf5e5f1f5","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":122,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"84f523d7-5bce-4269-a51d-383faad87600","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":122,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"19bc7cf4-bd7a-4b3d-b3ce-be9abc7aca80","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":122,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"524fa801-da3a-4abe-839e-7323116d60ee","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":122,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"50ae6d6a-4378-4e14-a1f8-f3ff5c173e4c","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":122,"box":{"x":69,"y":702,"width":806,"height":12}},{"id":"33b89cf1-b5b1-49be-85bd-34c7c3032321","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":122,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"24c085bc-1d48-499f-9627-2302d7b2dcf7","block_type":"box","text":"Standby Commitment Agreements.","page_number":122,"box":{"x":101,"y":740,"width":255,"height":11}},{"id":"b04bf6bb-3244-4a54-893f-f386ed30aed8","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":122,"box":{"x":362,"y":740,"width":511,"height":11}},{"id":"73c1d503-d622-4f34-81d5-b8b0073a912b","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":122,"box":{"x":68,"y":755,"width":834,"height":11}},{"id":"b8300d0d-6645-4f55-a3f2-7305dd5f04ec","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":122,"box":{"x":68,"y":770,"width":834,"height":12}},{"id":"e4f9d98d-2f85-46bb-bc31-6c42345bd0ed","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":122,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"1a083dbd-8863-4131-b975-883e1c0426cf","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":122,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"3b378f1a-bf73-477f-8741-b15a7277f84e","block_type":"box","text":"advantageous to the Fund.","page_number":122,"box":{"x":69,"y":816,"width":188,"height":11}},{"id":"77276e18-018d-4cd7-8868-751c7282ced9","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":122,"box":{"x":101,"y":838,"width":800,"height":11}},{"id":"bc9b4ba1-c164-47f1-b596-da62a6f4b4b4","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":122,"box":{"x":68,"y":853,"width":816,"height":12}},{"id":"36f63ce3-63c1-49af-9242-bfd508a3b244","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":122,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"7c25c4c1-c122-423a-858b-b309a7d4e231","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":122,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"1edbfb92-be8c-4001-9124-31f5caebda3a","block_type":"box","text":"II-74","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aa3de4eb-7b0f-41aa-9d51-587651bbf218","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c27d9e2-2e06-4012-b8c2-23afa940eec8","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":123,"box":{"x":101,"y":45,"width":785,"height":11}},{"id":"8a087e73-896d-447f-94d1-cc294680bb40","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":123,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"ae4e2f8d-10ae-44f8-b39e-29b50a5977e2","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":123,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"cbef5b25-e810-4f68-865d-5121a53bcb55","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":123,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"10f80700-64b8-4595-a0ca-895f95c83264","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":123,"box":{"x":70,"y":105,"width":415,"height":11}},{"id":"21c7bdd8-b6fd-404d-8f5f-87459674476d","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":123,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"1fd5202a-a7f6-48fd-9f23-05bec3761c2d","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":123,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"8021f7b3-18cc-4ddc-b3d4-e5289609f708","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":123,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"f262a849-db77-459c-87fb-413b4751de91","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":123,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"36817e8e-f3c2-42d8-9ff8-1473dbb40688","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":123,"box":{"x":68,"y":188,"width":817,"height":12}},{"id":"f77e12cc-55fe-4205-9cae-486e7b60bdb0","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":123,"box":{"x":69,"y":203,"width":578,"height":12}},{"id":"49a7dfc4-58df-4d1b-9fb4-2aaa5e612dca","block_type":"box","text":"Stripped Securities.","page_number":123,"box":{"x":101,"y":226,"width":143,"height":11}},{"id":"1d4e227e-eb6e-4836-8da1-76d730ddc515","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":123,"box":{"x":251,"y":226,"width":596,"height":11}},{"id":"de0e6ddd-ea21-4e13-bac3-f5888e50005b","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":123,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"596f0150-4b15-4bf3-b1e8-4783042389c7","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":123,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"0bb890d3-8724-41e3-9d01-327e72ee3f66","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":123,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"5b094b3f-83d5-452c-80bd-f39a539daeb5","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":123,"box":{"x":70,"y":286,"width":777,"height":12}},{"id":"dc8ede6f-a361-4aca-832f-507284246a16","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":123,"box":{"x":70,"y":302,"width":802,"height":11}},{"id":"8668f923-4db4-4be1-95e8-d0374eafa327","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":123,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"74e4cd46-90b7-4e95-8209-839a3b672a52","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":123,"box":{"x":70,"y":332,"width":837,"height":11}},{"id":"e8e3e525-d08d-48a3-95f8-2e36f83482d5","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":123,"box":{"x":68,"y":347,"width":823,"height":11}},{"id":"55563ee9-dae7-4f7f-816b-e6e66cef0b13","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":123,"box":{"x":69,"y":362,"width":494,"height":11}},{"id":"fbfbbe3c-fedb-4bcc-a873-c67bf86c3b55","block_type":"box","text":"Structured Notes.","page_number":123,"box":{"x":101,"y":385,"width":130,"height":9}},{"id":"5024fab7-bc38-4828-9fd4-f3b2be0f9059","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":123,"box":{"x":237,"y":385,"width":650,"height":11}},{"id":"d069d3de-382e-407c-b1dd-662539835621","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":123,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"623f9279-11b4-4e2f-ac55-b0de63f2705f","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":123,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"418d649a-02fd-4e49-8705-d1e534869d71","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":123,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"f73d5f61-a0b1-4680-88d0-d1fba9634d28","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":123,"box":{"x":70,"y":445,"width":839,"height":12}},{"id":"08ba5f08-61e2-4b6c-bdb5-7cf09e861336","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":123,"box":{"x":69,"y":460,"width":801,"height":12}},{"id":"c115d743-7b36-4500-a0cf-809f57a38378","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":123,"box":{"x":70,"y":476,"width":813,"height":11}},{"id":"cf58a9fa-5339-4fbe-ba88-4a29b6cab497","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":123,"box":{"x":68,"y":491,"width":673,"height":11}},{"id":"333a804c-81f8-4f20-b150-19c72c09e201","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":123,"box":{"x":102,"y":513,"width":768,"height":12}},{"id":"3bd1b6f4-f242-40a8-babe-2b4580e037e0","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":123,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"5832459c-964a-488a-8756-98129bf9c761","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":123,"box":{"x":69,"y":543,"width":787,"height":12}},{"id":"a6594b93-b073-49f6-bcf5-22c3dc9c7ec4","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":123,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"304c747a-e5c9-49c5-8b23-185233a91e85","block_type":"box","text":"the risk of loss.","page_number":123,"box":{"x":68,"y":574,"width":110,"height":9}},{"id":"f6e437a9-35c6-4df1-b56a-ea29cfc5a3c9","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":123,"box":{"x":101,"y":596,"width":759,"height":11}},{"id":"3c1f0c28-c088-44d4-87b8-3d68624fd596","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":123,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"0e5c615b-9fbf-46de-af93-ef7507c2dba8","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":123,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"d9081f0b-6f76-43bc-b1e8-286e8691430c","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":123,"box":{"x":70,"y":642,"width":821,"height":11}},{"id":"d9a76591-65c5-4d5e-bdde-065307938d84","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":123,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"45c1efae-912f-4c76-82fa-90097c12712f","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":123,"box":{"x":70,"y":672,"width":618,"height":11}},{"id":"b58014ef-7e3a-4e12-a92b-9981223439d3","block_type":"box","text":"Taxability Risk.","page_number":123,"box":{"x":103,"y":695,"width":109,"height":11}},{"id":"9722c0f3-0606-4f17-8ddd-06cd8f756f42","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":123,"box":{"x":218,"y":695,"width":644,"height":11}},{"id":"44d6ecaf-d25f-4c9f-beea-1e7a203dff19","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":123,"box":{"x":70,"y":710,"width":817,"height":11}},{"id":"5b4f6f39-84a5-4e2d-b734-edfa46450d40","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":123,"box":{"x":68,"y":725,"width":827,"height":11}},{"id":"53dcc628-2dbe-4b81-90cb-85986b54e73f","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":123,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"3e9f6c01-5262-4908-afdb-1680a9126fbb","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":123,"box":{"x":68,"y":755,"width":809,"height":11}},{"id":"608888aa-b645-4208-a7ac-f5a242efe89c","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":123,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"1e391647-03bc-44bd-b333-b0d97b462f01","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":123,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"055c7741-794e-4d38-9b52-973e7c0d6a35","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":123,"box":{"x":70,"y":801,"width":822,"height":11}},{"id":"c3605988-c45a-4721-a7eb-4eae7c0e472e","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":123,"box":{"x":70,"y":816,"width":818,"height":11}},{"id":"e61da7a7-8e29-412b-8de3-ec8d4fe80736","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":123,"box":{"x":70,"y":831,"width":771,"height":11}},{"id":"1f1c41d5-4762-446a-b892-8b43d6b89600","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":123,"box":{"x":70,"y":846,"width":765,"height":11}},{"id":"e479e20a-af44-410b-8a0a-18c25f541c91","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":123,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"a470795b-6651-40b2-943f-5b38cda8fdbf","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":123,"box":{"x":68,"y":876,"width":807,"height":11}},{"id":"4de3ce2f-e5ae-4cb7-b428-bfa42ad44eae","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":123,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"03f5b73a-e0b7-4762-a486-de200e473c99","block_type":"box","text":"II-75","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"78961b3a-bcbf-4cd8-b342-9711f57ced30","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93536e29-0755-4d4d-91f5-e0c7461d009a","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":124,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"b3d52abe-e05c-40a4-be64-bf3ef9d22b1d","block_type":"box","text":"the value of an investment in the Fund.","page_number":124,"box":{"x":68,"y":60,"width":278,"height":9}},{"id":"fc50fcde-7cb2-48f5-9f2c-abb0d81149f9","block_type":"box","text":"Temporary Defensive Measures.","page_number":124,"box":{"x":103,"y":82,"width":230,"height":12}},{"id":"c6ff093c-bf4d-449a-a8fb-0710d1ea7790","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":124,"box":{"x":339,"y":82,"width":542,"height":12}},{"id":"6770e43c-23ee-4831-909f-5459769b29fc","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":124,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"f6eae870-f62c-4ffa-817c-7755f1e33666","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":124,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"cc29da3b-0c87-479c-b4ec-a785d4508b84","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":124,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"eae24551-a52c-4cdf-9930-ea31ee09b2c2","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":124,"box":{"x":70,"y":143,"width":813,"height":11}},{"id":"8e06d97f-8550-4852-8104-95f1976db420","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":124,"box":{"x":69,"y":158,"width":795,"height":11}},{"id":"9711631f-a0d3-4d2a-b34c-ff0683c38429","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":124,"box":{"x":68,"y":173,"width":806,"height":11}},{"id":"77b03bdb-aae7-4181-b53a-5b4f7cf769b0","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":124,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"2d281bb0-3b39-41c0-8381-5ca942faa4bd","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":124,"box":{"x":68,"y":203,"width":820,"height":12}},{"id":"dfdf1d79-c2ed-440a-8558-552352d3315b","block_type":"box","text":"its investment objective.","page_number":124,"box":{"x":70,"y":219,"width":171,"height":11}},{"id":"20002fd6-f8d7-4545-ba56-3ca35337a8b1","block_type":"box","text":"U.S. Government Obligations.","page_number":124,"box":{"x":102,"y":241,"width":213,"height":11}},{"id":"4c354927-932f-4023-8a84-27b8bb855c6f","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":124,"box":{"x":321,"y":241,"width":566,"height":11}},{"id":"cdf4a03a-520d-4419-8185-fcbcdeeed139","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":124,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"c4e19c79-9033-4bd2-af77-f0db55f03015","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":124,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"f0cd5e04-d840-4c36-8a7b-0f7536b22ca6","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":124,"box":{"x":68,"y":286,"width":779,"height":12}},{"id":"b7a5629d-68e3-48a7-a40b-b7e37dbaf3b7","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":124,"box":{"x":70,"y":302,"width":798,"height":11}},{"id":"9a2334d1-89f0-448f-beea-9eef815b9dc0","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":124,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"afb5f7bf-5940-4e2e-97e3-1321f74b0a89","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":124,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"25ca03bf-19ed-48ec-b235-b6f9c4b92b19","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":124,"box":{"x":69,"y":347,"width":805,"height":11}},{"id":"cad7abb3-4bc7-4083-a13d-588edc8b5b04","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":124,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"96437373-956c-4cdc-9e58-9ceaa40e3ce0","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":124,"box":{"x":70,"y":377,"width":832,"height":12}},{"id":"31abd5e4-b832-4904-91f9-0ac2f14386e2","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":124,"box":{"x":69,"y":392,"width":829,"height":12}},{"id":"ac4cd71f-0349-48ca-84e3-ef5accf9f184","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":124,"box":{"x":69,"y":407,"width":716,"height":11}},{"id":"cc45dab9-3c62-41cf-b497-e2b94f808ef8","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":124,"box":{"x":102,"y":430,"width":800,"height":11}},{"id":"4ac4179e-a04e-4a93-8a96-bac4b625369b","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":124,"box":{"x":68,"y":445,"width":785,"height":12}},{"id":"6c42d267-03e8-448a-8bdf-956c1ba3c3a2","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":124,"box":{"x":68,"y":460,"width":813,"height":11}},{"id":"49fa70d3-bb86-43b2-8936-7694a69ba349","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":124,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"965d0002-98bf-40a0-bae9-0ca24282873d","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":124,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"ded0c23c-7570-4cd9-8449-d3aef20a4f7c","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":124,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"ae9d0adf-52b2-454a-9bdf-97ab8845e340","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":124,"box":{"x":70,"y":521,"width":777,"height":11}},{"id":"fec0d5c5-f8dc-4a05-965f-73d8e15db528","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":124,"box":{"x":70,"y":536,"width":749,"height":11}},{"id":"a4e3ba9f-0804-4f3c-9b65-478b62bb5c32","block_type":"box","text":"U.S. Treasury Obligations.","page_number":124,"box":{"x":103,"y":559,"width":183,"height":11}},{"id":"bc75fa8d-0851-4b0f-82e0-4ff54b4ed629","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":124,"box":{"x":292,"y":559,"width":593,"height":11}},{"id":"fe8d1288-906d-4df2-b5a8-f933dae9c0ea","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":124,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"4d186208-bb06-4b6b-95d1-4895d468d9f7","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":124,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"d891b2bc-6df9-4126-b113-2c420fb05296","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":124,"box":{"x":68,"y":604,"width":823,"height":11}},{"id":"ddef212d-729f-4b03-8ad2-652d120f889e","block_type":"box","text":"do so.","page_number":124,"box":{"x":69,"y":619,"width":42,"height":9}},{"id":"26b503f0-8385-4a18-b54e-a096861b712d","block_type":"box","text":"U.S. Treasury Rolls","page_number":124,"box":{"x":102,"y":642,"width":139,"height":11}},{"id":"08dd7cb8-2b42-433a-9921-935c191cf582","block_type":"box","text":".","page_number":124,"box":{"x":241,"y":649,"width":3,"height":2}},{"id":"bb004e27-095e-4d69-ac24-9f7f5f11ebfd","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":124,"box":{"x":250,"y":642,"width":656,"height":11}},{"id":"117ada83-3502-4ad9-90ee-e097e0db49a1","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":124,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"a184980b-49c5-4e63-ab93-6c0a0908afa8","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":124,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"e986ca80-8bd3-4aac-a327-6db1aeabcfae","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":124,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"2a7df156-69c4-49d0-9dfb-1da29a459dcc","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":124,"box":{"x":69,"y":702,"width":828,"height":12}},{"id":"303aaeda-336c-4723-87f5-f8643ed1abf9","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":124,"box":{"x":69,"y":718,"width":775,"height":11}},{"id":"fdef4343-5fc9-47b8-b83b-674fdc46fb55","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":124,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"4108449a-0919-4d54-967f-5372a672dcb0","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":124,"box":{"x":68,"y":748,"width":657,"height":11}},{"id":"36944dd1-ad63-4a8c-bd84-04751c84a513","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":124,"box":{"x":101,"y":770,"width":756,"height":12}},{"id":"558a2e50-e623-4274-808c-3d46a6c8d5e9","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":124,"box":{"x":70,"y":785,"width":800,"height":12}},{"id":"9d36a6d7-0b34-4618-9013-e02b2f45c86e","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":124,"box":{"x":70,"y":801,"width":617,"height":11}},{"id":"b9786038-621c-485d-a6a7-09d0086e2247","block_type":"box","text":"Utility Industries.","page_number":124,"box":{"x":102,"y":823,"width":124,"height":11}},{"id":"6216da68-922f-47c5-a73c-a407be4596c2","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":124,"box":{"x":233,"y":823,"width":674,"height":12}},{"id":"1cb85cbd-7098-4966-99c6-7376f66150d7","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":124,"box":{"x":69,"y":838,"width":812,"height":12}},{"id":"8f475ade-288e-49e6-8c8f-5d0e300ba5a8","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":124,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"18e8f56b-2962-4740-b950-350b872d536f","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":124,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"adf4914f-77f1-4071-82f0-2dde450d0a75","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":124,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"c64272b8-af46-4a8b-925a-d269472c3525","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":124,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"c7824fe9-e01f-4684-b3e3-16a473bf96d7","block_type":"box","text":"II-76","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86d0ea1b-6a83-4340-b36d-e075427770d4","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"312fada7-48f8-4388-8e60-46c6710b3d58","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":125,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"82ef52f2-cc30-4f46-a84e-de7e84d5670b","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":125,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"fe027b81-f8e9-4a9f-8196-88d7947afcff","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":125,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"506136b3-d7cc-4b77-8c08-b0492f987168","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":125,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"461f60f5-16c4-4fba-8a65-769782d06310","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":125,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"9ea8da8b-75ee-42af-91a3-9e70949d572b","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":125,"box":{"x":69,"y":120,"width":761,"height":12}},{"id":"d6da3605-bdc6-4dfe-8502-24ab24d23e87","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":125,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"78d0fdc5-184d-445f-9562-e92551313897","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":125,"box":{"x":69,"y":150,"width":777,"height":12}},{"id":"b585432e-09d4-43a8-b117-83b4fb1d968a","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":125,"box":{"x":70,"y":166,"width":820,"height":11}},{"id":"3395022b-10ca-4e18-87c8-20dffcd33a8c","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":125,"box":{"x":69,"y":181,"width":835,"height":11}},{"id":"7b2f9b49-daaa-4712-811b-33cf57108add","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":125,"box":{"x":68,"y":196,"width":778,"height":11}},{"id":"151ade45-416f-40bd-a2ee-d3a0b81c68c7","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":125,"box":{"x":69,"y":211,"width":808,"height":11}},{"id":"66eedd84-777d-40a0-aeba-2be83261fa2b","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":125,"box":{"x":69,"y":226,"width":831,"height":11}},{"id":"284c56c7-8681-48fb-9e0a-9143be8fe7d0","block_type":"box","text":"utility.","page_number":125,"box":{"x":69,"y":241,"width":39,"height":11}},{"id":"b3ee1122-fe3b-4298-88fd-31978ea50b93","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":125,"box":{"x":102,"y":264,"width":744,"height":11}},{"id":"f20d6dba-b68b-4dd7-82c4-0d23f092466f","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":125,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"78bc514f-15fa-4c21-b6f0-5711b6d18a6d","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":125,"box":{"x":69,"y":294,"width":817,"height":11}},{"id":"3da977b8-d223-4e50-9b7a-557fbece3942","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":125,"box":{"x":70,"y":309,"width":464,"height":11}},{"id":"dced924f-ba45-427e-91c7-1f9d00c1057c","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":125,"box":{"x":102,"y":332,"width":789,"height":11}},{"id":"a8ba16e8-74b7-4b82-be74-1127c7fcd05a","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":125,"box":{"x":69,"y":347,"width":790,"height":11}},{"id":"f6103804-6c1d-4c32-abe9-da7610c48e22","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":125,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"86f20741-000c-44e7-8fd2-8f2f40ff166c","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":125,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"dfbae567-0df2-48de-b64c-c46f74c874d6","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":125,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"7b34d2de-8f1a-4ca0-ba25-cbda25fc53dd","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":125,"box":{"x":69,"y":407,"width":826,"height":12}},{"id":"1402f829-4240-491b-a541-3204fb184f64","block_type":"box","text":"continue in the future.","page_number":125,"box":{"x":69,"y":423,"width":156,"height":9}},{"id":"69e46ea1-9981-4596-b0e6-6dbae1aef56e","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":125,"box":{"x":101,"y":445,"width":763,"height":12}},{"id":"f47d3c04-24a1-4ab8-bc99-385955007591","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":125,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"9d443595-c468-44ef-af85-6a6d973e0482","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":125,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"21d7af44-96c4-4dd7-8532-712bde3ae19c","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":125,"box":{"x":69,"y":491,"width":784,"height":11}},{"id":"938dd8a5-d2cb-4bff-a01d-b886d279435b","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":125,"box":{"x":70,"y":506,"width":830,"height":11}},{"id":"fc648303-a18b-4392-af8d-92925391d35f","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":125,"box":{"x":68,"y":521,"width":809,"height":11}},{"id":"6ad4f80f-dd6c-48b3-833b-edc235bba82c","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":125,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"fa0b7231-ab8d-4342-bde0-3d8acca88796","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":125,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"e0e6f197-9652-4016-9607-51743918112a","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":125,"box":{"x":68,"y":566,"width":840,"height":11}},{"id":"d9028ff2-2068-42df-80f8-8bff825c4cf0","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":125,"box":{"x":69,"y":581,"width":796,"height":11}},{"id":"3f3629ac-cb3e-4e10-b1cd-6205c9edf977","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":125,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"bc4c2afa-a3cd-4b5f-829f-c8dd3538798b","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":125,"box":{"x":68,"y":612,"width":831,"height":11}},{"id":"c7ffc2d5-8093-4f4b-a25c-ad1c52425027","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":125,"box":{"x":69,"y":627,"width":812,"height":11}},{"id":"5cfa0e82-91f0-4ce1-8c7b-71fe047b1ad7","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":125,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"206340ee-e289-41dc-a963-9213ecaceeb4","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":125,"box":{"x":68,"y":657,"width":831,"height":11}},{"id":"46672ba5-f3d2-4b22-a41e-5c0bdfe03ad7","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":125,"box":{"x":102,"y":680,"width":720,"height":11}},{"id":"a7ec7138-5b48-4481-ba5e-1c80c425aead","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":125,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"3122f61e-d764-4e1e-b27f-ca306c60eb62","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":125,"box":{"x":68,"y":710,"width":762,"height":11}},{"id":"22016177-8c89-47e6-8eaf-9cede9ef71e9","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":125,"box":{"x":68,"y":725,"width":815,"height":11}},{"id":"95c5a721-5b6a-4b17-8fd2-b24eafba3f4b","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":125,"box":{"x":68,"y":740,"width":801,"height":11}},{"id":"a1fd260c-fe99-4235-ba87-d1578abb35c1","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":125,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"4886a541-6221-4faf-b99d-83b32f756113","block_type":"box","text":"ways different from regulation in the United States.","page_number":125,"box":{"x":68,"y":770,"width":365,"height":12}},{"id":"6ff0d6d7-a61f-4e36-bf9d-5166e07a94e5","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":125,"box":{"x":101,"y":793,"width":745,"height":11}},{"id":"bd3c4385-b06d-431f-bde8-62104187551d","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":125,"box":{"x":68,"y":808,"width":790,"height":11}},{"id":"476c446c-b2df-4a9c-bdd4-073f09eadbc4","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":125,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"eec4da2a-1c5f-4065-92f7-0d3ae5ffffe6","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":125,"box":{"x":69,"y":838,"width":810,"height":12}},{"id":"2f1e0de3-1805-49c2-be9c-ec3d3de8ed1d","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":125,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"06289281-f2d5-455b-a8af-ea59734ccd29","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":125,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"99911d7d-9d32-4d4b-878a-02624cd9745a","block_type":"box","text":"II-77","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b779e0d9-4b9c-4410-ba1f-f3ef8f60f611","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b477dcf3-c918-4628-ad36-8f10d3358a69","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":126,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"46c3e210-a249-4db7-8cd4-b97db9f0436e","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":126,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"71354ace-b0c9-432e-8d2a-70f8ef61de52","block_type":"box","text":"increase.","page_number":126,"box":{"x":70,"y":75,"width":63,"height":9}},{"id":"6159b044-28ad-44ae-853f-549b02ac586a","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":126,"box":{"x":101,"y":98,"width":793,"height":11}},{"id":"27d67c70-4f8c-4eff-abc2-7811ac03884a","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":126,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"06e06e08-d564-4419-b70c-f67a9783cabb","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":126,"box":{"x":69,"y":128,"width":619,"height":11}},{"id":"c0c504df-fb65-486f-850c-cf4c92351d99","block_type":"box","text":"Electric.","page_number":126,"box":{"x":102,"y":151,"width":54,"height":8}},{"id":"23491b0b-9df2-4dc1-a206-84a23cb1dc36","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":126,"box":{"x":163,"y":150,"width":684,"height":12}},{"id":"59508ce1-d592-4e58-a7c3-96a9af99f3d7","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":126,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"979f5a9d-09dd-42ba-a268-982a85c8fe47","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":126,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"14fef167-d909-4346-af86-c5229cd23880","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":126,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"218412b6-144f-4945-a1b4-94d18e3c009f","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":126,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"d580f9fe-573a-4297-840f-4c7fa5997526","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":126,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"1dc131df-e664-47ff-8bca-45d1336b07b0","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":126,"box":{"x":68,"y":241,"width":803,"height":11}},{"id":"0f54de06-a266-4eed-828f-db963a3448a4","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":126,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"e3cc4bc6-9bde-4696-a228-11b913337419","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":126,"box":{"x":70,"y":271,"width":836,"height":12}},{"id":"db6e5077-f531-47b4-becd-ef1f8b4045c7","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":126,"box":{"x":69,"y":286,"width":793,"height":12}},{"id":"7c010d2b-1b94-4a3e-b46f-f5ac4bfc0771","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":126,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"fcf13bf5-138a-4516-8ab3-7468bd068706","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":126,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"121859b6-8be5-49be-9cbf-daf6f1b1f026","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":126,"box":{"x":69,"y":332,"width":775,"height":11}},{"id":"7bbf661e-2f58-46ea-82b7-1c4434020ce0","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":126,"box":{"x":69,"y":347,"width":770,"height":11}},{"id":"08c6639d-acc5-4e75-9fba-23dfde47fd69","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":126,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"d8055893-ff64-4a33-b5fc-0a7b2efb9e1f","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":126,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"92c9b80b-3cce-46b3-be56-e831eb18b403","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":126,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"886e064b-3b3b-4945-9262-f7c477a92541","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":126,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"54c780ed-520e-4454-87ba-d2fe7de06655","block_type":"box","text":"and for decommissioning such plants.","page_number":126,"box":{"x":69,"y":423,"width":270,"height":11}},{"id":"6bc1d765-7759-4a75-b44a-117b5592b6a9","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":126,"box":{"x":101,"y":445,"width":776,"height":12}},{"id":"aab2271d-cac7-4a55-9ffd-3501553f0003","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":126,"box":{"x":70,"y":460,"width":802,"height":12}},{"id":"064569f6-837c-461f-82c0-b0713252ac23","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":126,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"6542a50e-9812-4d3e-a697-2d2b22f4e2fc","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":126,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"cb85c824-10c9-47bd-a2a4-2fb251da0475","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":126,"box":{"x":70,"y":506,"width":838,"height":11}},{"id":"fc58556f-c65e-4c4f-bd00-70cd58cae4e1","block_type":"box","text":"greater predictability of cash flow.","page_number":126,"box":{"x":68,"y":521,"width":239,"height":11}},{"id":"9d6f9f1e-1ecd-4a62-96fe-42ac12215d26","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":126,"box":{"x":101,"y":543,"width":801,"height":12}},{"id":"37b963ae-d600-41c2-baea-1a6190234ff0","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":126,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"fa660837-5bb3-4b2a-a0bd-31b6102773e8","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":126,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"9900fc1f-36ed-405d-be3f-ed352d774a27","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":126,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"7ed3b5b4-fc19-45aa-9633-32a3c20f5e06","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":126,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"67e4a3e7-7396-41d6-ba35-51a07a0d08b1","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":126,"box":{"x":69,"y":619,"width":777,"height":11}},{"id":"97c3c895-2c69-464e-8781-751d94637cfa","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":126,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"05cc608d-deca-4e5a-b990-4f83f9e377bf","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":126,"box":{"x":68,"y":650,"width":835,"height":11}},{"id":"78e4a49f-618d-4512-826f-adecc28f876a","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":126,"box":{"x":69,"y":664,"width":700,"height":12}},{"id":"40a6273c-a078-490e-80d9-14f9fe1efff3","block_type":"box","text":"Telecommunications.","page_number":126,"box":{"x":103,"y":687,"width":147,"height":9}},{"id":"dedb84f3-b177-4eee-8034-71594c35d84d","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":126,"box":{"x":256,"y":687,"width":652,"height":11}},{"id":"619ed8eb-744f-46b9-bb93-cab405bccbc4","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":126,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"81dde729-93ef-407e-8ffd-5e6db8a04b96","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":126,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"4cdf9c60-dfa5-4672-a85c-ab57e3d18e91","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":126,"box":{"x":69,"y":733,"width":786,"height":11}},{"id":"a8437c26-8ac8-4a2b-a0f4-ea77e62471ab","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":126,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"9a9bc316-d4af-4133-8e2d-ec5329f0edee","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":126,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"07a8a1aa-790b-4b01-a3b3-ca26fe76530f","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":126,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"4d370ea4-92cc-4bcb-96a8-cbc145840927","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":126,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"faddf2c4-80ad-4ab3-8547-e5eb91c5527a","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":126,"box":{"x":68,"y":808,"width":825,"height":11}},{"id":"f63149f7-e583-4680-a3ec-8c6d6662b607","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":126,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"5fdeb3ed-a1a0-408d-8aba-5af430bfa8d8","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":126,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"7397db43-e3d2-46cb-ba24-920f1c0fab78","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":126,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"41ec3c4a-f31d-474c-980b-4e616a84ca6c","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":126,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"997f2c50-1a24-4052-9ebb-46a24fae84da","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":126,"box":{"x":69,"y":884,"width":827,"height":11}},{"id":"9b9973cf-1f0e-4c4b-beb3-cfa6558c7e28","block_type":"box","text":"II-78","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"25229207-d80d-476c-859f-85089a4ec5ae","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c3a1475-efbe-4433-a91c-5a59ae848168","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":127,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"312d28e0-63d9-4d07-886a-195277bebe54","block_type":"box","text":"residential, corporate and governmental customers.","page_number":127,"box":{"x":69,"y":60,"width":367,"height":11}},{"id":"47656fbb-8f90-4b51-a742-f3b99c1fd7aa","block_type":"box","text":"Gas.","page_number":127,"box":{"x":102,"y":83,"width":31,"height":8}},{"id":"7a3623ca-d133-4904-b9e0-cea093c121d5","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":127,"box":{"x":139,"y":82,"width":740,"height":12}},{"id":"556b4450-11bf-458f-90ea-b4fd28fa8064","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":127,"box":{"x":70,"y":98,"width":834,"height":11}},{"id":"1ea69541-6784-4170-b329-1f962262eb8b","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":127,"box":{"x":70,"y":113,"width":756,"height":11}},{"id":"d38fe296-0e1a-4b57-bd03-c7afcfc62cfd","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":127,"box":{"x":69,"y":128,"width":831,"height":11}},{"id":"733400d6-10d8-4399-be3b-ddf6957fe498","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":127,"box":{"x":69,"y":143,"width":801,"height":11}},{"id":"733239ef-6b36-40ab-b679-12cc3747ebc1","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":127,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"51cc7660-fd05-4557-a5b3-896e4281fc4a","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":127,"box":{"x":69,"y":173,"width":782,"height":11}},{"id":"97ebcdcd-9b33-4790-b72e-7cf0559c6504","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":127,"box":{"x":70,"y":188,"width":829,"height":12}},{"id":"51d7b4e3-9a18-421d-8906-c0697e142822","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":127,"box":{"x":70,"y":204,"width":691,"height":11}},{"id":"c41a9061-c8cc-4367-8746-4fe676c35573","block_type":"box","text":"Water.","page_number":127,"box":{"x":103,"y":226,"width":42,"height":9}},{"id":"bbb53a99-8aa7-45fc-b058-ba3957c78441","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":127,"box":{"x":151,"y":226,"width":754,"height":11}},{"id":"e0d2e02f-6fd4-4ada-83ab-00745cb56020","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":127,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"6511acdb-8614-45f4-bf4d-6494aa157799","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":127,"box":{"x":69,"y":256,"width":806,"height":12}},{"id":"f1a8e7e2-fbec-48ed-a7e4-ed8b6a0e1918","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":127,"box":{"x":69,"y":271,"width":814,"height":12}},{"id":"4378b79f-f587-461f-93c8-e9c434f81e4b","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":127,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"c55c682c-1a74-40c3-b663-465c0cbeef66","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":127,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"5df1a152-824c-48a6-8348-55b5659d762f","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":127,"box":{"x":69,"y":317,"width":662,"height":11}},{"id":"73d13270-c624-4064-9f66-7bcc23913f72","block_type":"box","text":"Utility Industries Generally.","page_number":127,"box":{"x":103,"y":340,"width":186,"height":11}},{"id":"84d009f7-d1a2-41cc-b5ed-9caf406dbf8f","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":127,"box":{"x":296,"y":340,"width":584,"height":11}},{"id":"f6fa10a4-8e91-4371-86ae-c24c884caee9","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":127,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"5fa96c85-4708-4235-98c1-0e75f64ee6ad","block_type":"box","text":"not develop in the future.","page_number":127,"box":{"x":69,"y":370,"width":178,"height":11}},{"id":"36400f24-4403-430a-ad0c-6d5ab8510188","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":127,"box":{"x":103,"y":392,"width":585,"height":11}},{"id":"b4224c78-671b-45ea-8a60-cf18c63eab0c","block_type":"box","text":"A Fund may purchase or sell","page_number":127,"box":{"x":694,"y":393,"width":200,"height":11}},{"id":"f70bc290-b9de-4c83-bad9-a0128a3e74e1","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":127,"box":{"x":69,"y":408,"width":795,"height":11}},{"id":"e2e92c01-a9a1-46d8-a20a-9b251c746095","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":127,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"1461abe5-69c2-445f-b0e0-5d51e956692f","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":127,"box":{"x":68,"y":438,"width":820,"height":11}},{"id":"f7549adf-e48b-4842-9aee-53aa8db7c9f1","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":127,"box":{"x":68,"y":453,"width":807,"height":11}},{"id":"7d87ffb2-2abf-4396-b891-67424464189a","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":127,"box":{"x":70,"y":468,"width":430,"height":11}},{"id":"989af80a-e22b-46d3-944c-9dfc0e92a790","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":127,"box":{"x":102,"y":491,"width":750,"height":11}},{"id":"566ec1d8-f19f-4b3c-aaaf-d3562330f9d0","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":127,"box":{"x":70,"y":506,"width":823,"height":11}},{"id":"0fc6dbfa-e7ec-4783-8f18-402f3a503c72","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":127,"box":{"x":69,"y":521,"width":788,"height":11}},{"id":"eb33d64f-ce47-4f81-96d0-80220953c3cc","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":127,"box":{"x":70,"y":536,"width":755,"height":11}},{"id":"415ad495-d3d4-4203-bafd-924be10e5df8","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":127,"box":{"x":69,"y":551,"width":799,"height":11}},{"id":"ffbc4f50-18c7-44a8-ae91-15885be99733","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":127,"box":{"x":69,"y":566,"width":614,"height":11}},{"id":"b5e57f6f-77e0-470a-8458-1b186a549b9e","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":127,"box":{"x":101,"y":589,"width":780,"height":11}},{"id":"6bf7917a-ecb1-4636-b45f-8115c121f9cb","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":127,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"6dc12696-23ee-448d-9392-d2cb941c9454","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":127,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"519a660a-c870-47b6-ab64-12f19981d105","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":127,"box":{"x":68,"y":634,"width":839,"height":11}},{"id":"2284b70b-0bfd-44f8-a74a-612c35430180","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":127,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"744f9b7e-6542-471b-aad0-63e397e06b15","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":127,"box":{"x":102,"y":672,"width":776,"height":11}},{"id":"ad21339e-454d-48a5-8aca-c0435d82d0f2","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":127,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"eced08a7-c369-42d9-b25e-2769b438d2dd","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":127,"box":{"x":69,"y":703,"width":799,"height":11}},{"id":"c6478bb6-60fa-4f04-bb25-b43ef1ce5570","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":127,"box":{"x":101,"y":725,"width":784,"height":11}},{"id":"8b01ce48-7216-4043-95ad-2f1bc4f7871f","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":127,"box":{"x":69,"y":740,"width":772,"height":11}},{"id":"0a1c7a89-33c8-488e-b9ca-27708f6ac64e","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":127,"box":{"x":69,"y":755,"width":434,"height":11}},{"id":"fcb49e9e-7eca-4a50-abaa-4c1b57ac3c99","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":127,"box":{"x":101,"y":778,"width":745,"height":11}},{"id":"96198081-f417-49d0-a29b-963df7e855a2","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":127,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"7392d370-3f92-42de-9d11-4ca917a445d1","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":127,"box":{"x":69,"y":808,"width":823,"height":11}},{"id":"f5a2856e-6ccd-4ab4-b797-da5d2d5da75b","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":127,"box":{"x":68,"y":823,"width":514,"height":11}},{"id":"05d5c7fc-50ca-470e-8379-87caaf68b2a7","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":127,"box":{"x":102,"y":846,"width":759,"height":11}},{"id":"4a9b593a-8bd5-46e0-808f-2a79fb28c064","block_type":"box","text":"securities (","page_number":127,"box":{"x":69,"y":861,"width":78,"height":11}},{"id":"ff4524f7-bb2b-4fe3-9aa9-82072626a155","block_type":"box","text":"e.g.","page_number":127,"box":{"x":148,"y":863,"width":25,"height":9}},{"id":"40d1777a-d0da-4ffd-b02c-56e4f27f86d5","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":127,"box":{"x":176,"y":861,"width":686,"height":11}},{"id":"cbaaa293-b383-4ab5-8ce8-eb38e2a27b59","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":127,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"aeda20de-3115-482b-9cd6-ede4ba7172a7","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":127,"box":{"x":70,"y":891,"width":822,"height":11}},{"id":"6bad991a-b920-4f31-bb86-8b4b56029c61","block_type":"box","text":"II-79","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"423a5d11-d71b-40f6-8ce8-a292e0526ff5","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"009e8253-110b-4c66-89ab-2bf83ccb5c97","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":128,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"14c7d43e-4f84-4730-a0ca-17bd18162918","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":128,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"554f3319-53c5-4b13-8b72-7f225c153fce","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":128,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"24072afd-2b10-4c91-a7db-2ada586872dc","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":128,"box":{"x":70,"y":90,"width":349,"height":11}},{"id":"694288bc-bd89-4f53-8c67-718e6db35eea","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":128,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"930932d0-5548-431d-a43e-20525c71d31b","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":128,"box":{"x":68,"y":128,"width":829,"height":11}},{"id":"93433447-8d4a-48b3-aa93-0412771c1cd5","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":128,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"7613ae82-110a-4f00-86ef-81be007bd786","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":128,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"57463edf-942c-4022-92f5-42ce0f22836f","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":128,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"5c0a9268-d19e-436a-8a16-964d7315fb8f","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":128,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"7eb3b45a-e2c2-4ec0-9e40-1a8bb10054a2","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":128,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"b4d57b9d-5855-493d-9f31-ca4854f98f7f","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":128,"box":{"x":68,"y":219,"width":573,"height":11}},{"id":"52cfbacf-c7c9-453d-9013-76961146ee46","block_type":"box","text":"Yields and Ratings.","page_number":128,"box":{"x":103,"y":241,"width":139,"height":11}},{"id":"70d23dd0-691e-4661-8670-0f1283814049","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":128,"box":{"x":247,"y":241,"width":628,"height":11}},{"id":"c046e0b4-b088-4b83-a74d-7384b08f83ee","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":128,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"a1b6a980-80bd-4d43-a045-0d2a979a2098","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":128,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"78485b3b-0233-4144-a7ce-3a8cbc7fec21","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":128,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"4c97a3cd-5d41-49bd-a4b0-a3dbb6f6d3f4","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":128,"box":{"x":68,"y":302,"width":792,"height":11}},{"id":"712498f7-c051-4a3e-8256-ff926ed53703","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":128,"box":{"x":70,"y":317,"width":827,"height":11}},{"id":"f8932ea2-5cbc-44fb-aae7-943d147405e8","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":128,"box":{"x":69,"y":332,"width":786,"height":11}},{"id":"9f8c5a02-d7ff-4aaf-8524-bc053706fd2e","block_type":"box","text":"continue to hold the security.","page_number":128,"box":{"x":69,"y":347,"width":204,"height":11}},{"id":"6ae590df-64d1-4d1e-b428-ad5bc41f015d","block_type":"box","text":"Zero Coupon Securities.","page_number":128,"box":{"x":102,"y":370,"width":175,"height":11}},{"id":"3ed92269-7d07-4104-8b31-d60b0f965861","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":128,"box":{"x":283,"y":370,"width":601,"height":11}},{"id":"029a800a-a713-44ce-a045-8a87cf2a72d9","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":128,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"3460d858-2297-47d0-b0c2-966c001aae6d","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":128,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"9a24ec5a-1ebf-48c1-bebf-e122cb745ca9","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":128,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"71bcf3da-517c-4b42-bc3b-595a862632ac","block_type":"box","text":"security.","page_number":128,"box":{"x":69,"y":430,"width":57,"height":11}},{"id":"ff42a589-433d-4fb2-9fbe-b215a0fd3af0","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":128,"box":{"x":101,"y":453,"width":749,"height":11}},{"id":"89b84f41-7050-4673-a5af-fc4e1d3cad05","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":128,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"219d636f-e622-4af6-b3e3-85fe826e214f","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":128,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"4437761c-db56-4813-92fb-44ed92db2b15","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":128,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"aecc18cd-e5d0-40d4-8b0b-080fd6f6b754","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":128,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"e2fa8ce0-ecee-4bc3-88ad-9f32b2a42836","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":128,"box":{"x":68,"y":529,"width":824,"height":11}},{"id":"8b4f941b-ec5c-4831-be9f-9fc067603add","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":128,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"b45e9012-6a10-431d-b1e2-ee7d98a91b5e","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":128,"box":{"x":70,"y":559,"width":837,"height":11}},{"id":"4539a04f-ceaa-4144-a093-fe9b00691155","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":128,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"3d4bdda0-2494-4ce7-875d-2e2df92aefdc","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":128,"box":{"x":69,"y":589,"width":800,"height":11}},{"id":"109af152-fb93-41d7-a372-aeaa6d5bddfe","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":128,"box":{"x":69,"y":604,"width":400,"height":11}},{"id":"d0ba7552-8f8e-44d7-917e-2282454cd47f","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":128,"box":{"x":101,"y":627,"width":775,"height":11}},{"id":"5fec8930-d44d-417e-b169-0c27a7dd90ad","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":128,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"39ea46e2-d857-4ae6-a8b0-fe915952b4df","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":128,"box":{"x":70,"y":657,"width":826,"height":11}},{"id":"3e3fd6b2-3d6a-4d66-b540-f1d6212c5fa6","block_type":"box","text":"intervals.","page_number":128,"box":{"x":70,"y":672,"width":64,"height":9}},{"id":"da490153-79a2-4bea-b2bb-521bb186903c","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":128,"box":{"x":102,"y":695,"width":749,"height":11}},{"id":"ba6657f9-7fbe-45c3-b2a6-af6303d3e9ee","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":128,"box":{"x":69,"y":710,"width":784,"height":11}},{"id":"5334b58e-2e9e-467e-a494-634bd8cbd0c9","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":128,"box":{"x":70,"y":725,"width":799,"height":11}},{"id":"f9d2c850-9ea4-42d3-a016-622c52ee2de0","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":128,"box":{"x":68,"y":740,"width":799,"height":11}},{"id":"9dc0a5c2-abae-4b19-9828-3e7d4bf1e88a","block_type":"box","text":"exposure to zero coupon securities.","page_number":128,"box":{"x":69,"y":755,"width":253,"height":11}},{"id":"56ffbd00-fe8b-4adc-b0dc-d50d374fa4bd","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":128,"box":{"x":102,"y":778,"width":740,"height":11}},{"id":"b60faa76-f50b-4f65-a72f-69905f93adbc","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":128,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"9bd925c1-e1e6-40d1-9597-f8f65e7cd0c8","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":128,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"172ef079-4527-4771-ac4f-d9788599965a","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":128,"box":{"x":69,"y":823,"width":741,"height":12}},{"id":"d497612f-454f-4920-9eb0-6036f69b5c11","block_type":"box","text":"Suitability. (All Funds)","page_number":128,"box":{"x":101,"y":846,"width":161,"height":11}},{"id":"f0792a96-78d9-417f-b7e2-bedbb20acb7b","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":128,"box":{"x":101,"y":869,"width":793,"height":11}},{"id":"d4047640-6b63-4ba9-927e-a27d4e68dec0","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":128,"box":{"x":68,"y":884,"width":811,"height":11}},{"id":"94801208-b143-4de4-b394-d6f717ddb1d2","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":128,"box":{"x":70,"y":899,"width":810,"height":11}},{"id":"d3fecd06-94a9-4282-8911-b64d675f98a9","block_type":"box","text":"II-80","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4895f5b3-5fb2-42e0-86fd-ab6b0ed853e9","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e9b1137-b6a2-4f2d-ba89-a54e08799e01","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":129,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"82fad6fd-97a6-4b36-8077-09787cd5b62d","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":129,"box":{"x":68,"y":60,"width":460,"height":11}},{"id":"e740c2b3-c292-42ca-bb86-eb696eb8b7fd","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":129,"box":{"x":102,"y":83,"width":264,"height":10}},{"id":"316e64a7-e019-4c34-bfb0-8cae26b829e9","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":129,"box":{"x":102,"y":105,"width":745,"height":11}},{"id":"b1caf5b7-9f95-4aea-84dd-0c1ecf4bb3b3","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":129,"box":{"x":68,"y":120,"width":807,"height":11}},{"id":"0582092c-4e83-44ae-8a2a-daa98095eebf","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":129,"box":{"x":69,"y":136,"width":528,"height":10}},{"id":"2bd8acad-a287-4f5f-b9e5-52d9c57fb6e9","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":129,"box":{"x":102,"y":158,"width":735,"height":11}},{"id":"cbd961da-ddc6-4a46-82d4-412ca3ff6b1d","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":129,"box":{"x":69,"y":173,"width":775,"height":11}},{"id":"876d4f21-b5ba-4ebd-9a4b-9c039e271344","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":129,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"5197a110-0cd4-48d7-89e0-7889ba29056e","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":129,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"fbe9b109-374f-465a-9287-b3ab91c3c282","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":129,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"ea857574-8eda-47f9-b2eb-e47028012014","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":129,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"44d7694e-53ba-4002-b1c7-b21b7e055bed","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":129,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"f2892825-eec7-4866-90c4-cd95c40d6a08","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":129,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"15f41cb5-83b5-4165-b8b1-00c1bbba2c3e","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":129,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"0aadc669-acb3-4e46-b644-6f84d4b06211","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":129,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"fbb905cc-656e-4986-b491-adbba7aaaba4","block_type":"box","text":"(","page_number":129,"box":{"x":69,"y":309,"width":3,"height":11}},{"id":"bd1c3566-5c36-42a8-b171-32ccae0bbceb","block_type":"box","text":"i.e.","page_number":129,"box":{"x":74,"y":309,"width":21,"height":9}},{"id":"4f541ef9-39ce-47cf-bee0-d617ec8299ff","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":129,"box":{"x":97,"y":309,"width":806,"height":11}},{"id":"61cf17fe-58f0-450e-b357-63cd854d7bf5","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":129,"box":{"x":70,"y":324,"width":824,"height":12}},{"id":"b3adbd00-7803-4a03-966e-2c0fc034fa68","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":129,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"83732052-219e-416b-9bfd-72c95dd7b768","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":129,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"1e683ed5-e7c8-4aae-951e-59d5e71d2588","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":129,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"b67b3562-4815-4e67-805a-7b63a09940b9","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":129,"box":{"x":69,"y":385,"width":781,"height":11}},{"id":"f30437b7-f6bd-4c82-92f6-e6401af9858f","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":129,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"c708792a-6d93-41ac-995d-37595fbc7b58","block_type":"box","text":"regarded as the sole issuer.","page_number":129,"box":{"x":69,"y":415,"width":198,"height":11}},{"id":"b72e0431-5f53-4698-b86f-1ec740d2eaf5","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":129,"box":{"x":102,"y":438,"width":784,"height":11}},{"id":"53f91745-40b7-4a14-850f-dae8cb6327ca","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":129,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"3cbeb327-a1fe-4040-af12-53b5741589fa","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":129,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"69dcb464-fba5-4bfb-afff-4b240d8da483","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":129,"box":{"x":70,"y":483,"width":747,"height":11}},{"id":"90c39199-f407-49c6-92d4-910d6a3d0514","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":129,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"3bcdbe90-a43e-45a8-bc43-7ff88102bf44","block_type":"box","text":"75% of its total assets.","page_number":129,"box":{"x":69,"y":513,"width":165,"height":9}},{"id":"92e281a8-9366-448b-bcb9-61fb417c9a4c","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":129,"box":{"x":268,"y":543,"width":442,"height":10}},{"id":"612525c2-7e28-4145-9255-382b69d49b57","block_type":"box","text":"Directors and Officers","page_number":129,"box":{"x":69,"y":573,"width":159,"height":9}},{"id":"6bf0d8be-f7fb-4508-be5f-856829f0f666","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":129,"box":{"x":102,"y":596,"width":733,"height":11}},{"id":"0b30550f-f7ab-4f22-b3cc-18a4dd34a733","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":129,"box":{"x":69,"y":611,"width":783,"height":11}},{"id":"e55abb4a-11bd-45f7-ad3e-9eb97cc9b912","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":129,"box":{"x":69,"y":626,"width":795,"height":11}},{"id":"4628c48e-bcda-48c2-b3c6-39741923cad5","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":129,"box":{"x":69,"y":641,"width":789,"height":11}},{"id":"f04955d1-5107-4908-809b-2c1d0ff5b510","block_type":"box","text":"Management Arrangements","page_number":129,"box":{"x":69,"y":672,"width":202,"height":11}},{"id":"dfaacb6e-c4b3-402c-b803-78a86f578feb","block_type":"box","text":"Management Services.","page_number":129,"box":{"x":102,"y":694,"width":162,"height":11}},{"id":"85a44ee9-9aab-4014-b792-17679b9b527a","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":129,"box":{"x":270,"y":694,"width":615,"height":11}},{"id":"2c70afad-d0cd-43e0-af76-3bd70da434bf","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":129,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"ca7f2f76-8b32-4b16-9891-d0311a880afc","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":129,"box":{"x":70,"y":724,"width":820,"height":12}},{"id":"89a0a687-63dc-4003-b2c0-23b99dc3f0a7","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":129,"box":{"x":68,"y":739,"width":832,"height":12}},{"id":"d1a56426-20c1-4331-b105-53e3b629088f","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":129,"box":{"x":70,"y":755,"width":801,"height":11}},{"id":"2d3a1b01-d471-4ffb-954d-3240ad7db25f","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":129,"box":{"x":69,"y":770,"width":370,"height":11}},{"id":"f983aedd-de43-42a9-9326-cd10b07c83d6","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":129,"box":{"x":102,"y":792,"width":778,"height":11}},{"id":"4509a13b-7335-44ba-a2b0-82c9fbe61a04","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":129,"box":{"x":70,"y":807,"width":800,"height":12}},{"id":"d1b5061c-bf51-4514-865c-220403629a19","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":129,"box":{"x":69,"y":823,"width":810,"height":11}},{"id":"f9a5f751-4bd8-49a1-a227-02fdde0510f5","block_type":"box","text":"Management Fee.","page_number":129,"box":{"x":102,"y":846,"width":126,"height":11}},{"id":"a73d82c2-e179-469b-b948-cfe6637edd7b","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":129,"box":{"x":235,"y":846,"width":646,"height":11}},{"id":"1221793a-76b3-41ee-a3c8-5502bed0f54f","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":129,"box":{"x":68,"y":860,"width":841,"height":12}},{"id":"8c0fd7f4-897b-4ade-a6c0-760b5bf224dc","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":129,"box":{"x":69,"y":875,"width":833,"height":12}},{"id":"d1d709d4-363d-4de8-8bac-60485c89b797","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":129,"box":{"x":68,"y":891,"width":746,"height":11}},{"id":"2113960a-998a-48c6-b4f2-53aae14b5fc3","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":129,"box":{"x":70,"y":906,"width":825,"height":11}},{"id":"e584f2ff-eb4e-4801-85a1-4cd9fa4cbfd2","block_type":"box","text":"II-81","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bad0f8f4-0169-4e81-96e5-025582790f4d","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1db3fb64-a758-4f5c-998a-3904ccfdb1a1","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":130,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"902a8c7a-f83d-4ddf-b8b0-520b10f015e9","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":130,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"966a89ae-05c0-4171-ab5b-b8e162c34358","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":130,"box":{"x":70,"y":75,"width":820,"height":11}},{"id":"61b4f2d6-cf8a-4de6-ae24-44630b457d7c","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":130,"box":{"x":68,"y":90,"width":797,"height":11}},{"id":"c7a3a2ff-c53d-43e9-9517-e4831c6a351d","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":130,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"976dd6fe-c0a5-47c6-a59c-78959f65405e","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":130,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"14081888-3cd6-4387-8979-cc9bf7026242","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":130,"box":{"x":70,"y":135,"width":809,"height":12}},{"id":"9bba6777-65bd-4476-ae64-7297da6a2e19","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":130,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"9b642988-b869-4a29-8524-f3fa1cd0644d","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":130,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"325e4a42-f400-4de3-8836-d4fbdade9660","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":130,"box":{"x":70,"y":181,"width":784,"height":11}},{"id":"1aa531d0-0dea-416e-b679-e98f2429904b","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":130,"box":{"x":69,"y":196,"width":767,"height":11}},{"id":"e7fad57c-6576-441a-86a9-9991242ef66d","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":130,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"3a140e22-b191-42fa-8c91-8535d1440cb7","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":130,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"eedcc38c-ea93-4d8c-8208-2bae6aa33ec0","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":130,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"791ce98f-cd00-462a-a531-1dd468fb8c82","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":130,"box":{"x":69,"y":256,"width":786,"height":12}},{"id":"828277ee-9739-4c37-a74f-c6a364c6e89c","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":130,"box":{"x":69,"y":271,"width":790,"height":12}},{"id":"6e7c1288-9a3b-49a3-afeb-ab99d6806194","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":130,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"fc590fb6-5731-4ea0-952e-ba37b6c98b27","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":130,"box":{"x":69,"y":302,"width":767,"height":11}},{"id":"4229f2c5-0be1-49fe-860e-5eb7d4c475b5","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":130,"box":{"x":70,"y":317,"width":743,"height":11}},{"id":"bafb7e91-285e-41fb-ac14-46f8381f7380","block_type":"box","text":"Sub-Advisory Fee.","page_number":130,"box":{"x":102,"y":340,"width":124,"height":11}},{"id":"6a5ac66a-485c-4ecb-83bc-320beb5832c1","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":130,"box":{"x":232,"y":339,"width":643,"height":12}},{"id":"d1d54848-6149-4313-856e-f798a8678d9c","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":130,"box":{"x":70,"y":355,"width":839,"height":11}},{"id":"8364060b-e94e-41f5-a8b2-c1d0dd2851c6","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":130,"box":{"x":68,"y":370,"width":830,"height":11}},{"id":"59ec4579-452f-41c8-ac60-ce53c4a69659","block_type":"box","text":"Organization of the Manager.","page_number":130,"box":{"x":102,"y":392,"width":204,"height":12}},{"id":"e1cddb5c-0c33-4040-890f-af855345f411","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":130,"box":{"x":313,"y":392,"width":560,"height":12}},{"id":"87392036-0dd0-4dda-b389-206366b1aa9c","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":130,"box":{"x":70,"y":407,"width":819,"height":12}},{"id":"9e4b958f-7de7-4d19-9e86-f961ad4ee770","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":130,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"36650469-1662-4410-9f20-0c1929a3d1a3","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":130,"box":{"x":69,"y":438,"width":768,"height":11}},{"id":"f2642fa4-1f77-4ec6-93c7-77a98d8e5dbc","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":130,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"0a455b7a-8ca7-421c-b653-815f082a18c3","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":130,"box":{"x":69,"y":468,"width":517,"height":11}},{"id":"60af1cc0-e6fc-405c-8945-7834f7e6b0a6","block_type":"box","text":"Duration and Termination.","page_number":130,"box":{"x":102,"y":491,"width":182,"height":9}},{"id":"e1d9da92-8b43-4c8d-be09-616ee880927e","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":130,"box":{"x":292,"y":491,"width":613,"height":11}},{"id":"b895ac4c-506e-447b-8321-e83fbae1f85d","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":130,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"6e6a3e13-0810-4870-a723-7bb71167e5c4","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":130,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"bec6f77e-2874-4495-aedb-b8fa5e8803a0","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":130,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"0c11a4e5-aa49-4780-a5d7-d2ffb309d86f","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":130,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"26aff6a7-7e8b-4e46-99ae-932c3f35f243","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":130,"box":{"x":69,"y":566,"width":832,"height":11}},{"id":"58b82d25-2d87-4d78-8845-1354951e8df8","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":130,"box":{"x":69,"y":581,"width":388,"height":11}},{"id":"22884272-637e-4493-a81f-3a72b98b3bbc","block_type":"box","text":"Other Service Arrangements","page_number":130,"box":{"x":69,"y":612,"width":205,"height":11}},{"id":"e7eeeaa0-d864-43cc-9d6e-75eb0a5c2730","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":130,"box":{"x":101,"y":634,"width":338,"height":9}},{"id":"bacbdf4a-0390-473a-a22c-3a1e6679f60e","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":130,"box":{"x":446,"y":634,"width":439,"height":12}},{"id":"12e37379-fc36-4875-8178-230616370cbd","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":130,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"e264dabb-c754-4d0e-9374-71b385aaef03","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":130,"box":{"x":69,"y":665,"width":808,"height":11}},{"id":"d8cc58bb-7ad1-47c6-971d-4fa9912db4b8","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":130,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"1861bb55-73db-45e3-9148-2cebce56e64b","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":130,"box":{"x":68,"y":695,"width":738,"height":11}},{"id":"0adaea27-c6b8-4fb1-ac83-52886b6555a0","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":130,"box":{"x":68,"y":710,"width":839,"height":11}},{"id":"58ef7266-ed8a-4da1-9f68-ac9a973a435e","block_type":"box","text":"that Fund’s SAI.","page_number":130,"box":{"x":68,"y":725,"width":113,"height":9}},{"id":"ed6efd5b-6376-4583-84a3-6662e78aaa16","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":130,"box":{"x":102,"y":748,"width":755,"height":11}},{"id":"fb673231-26d2-4036-9036-cea727fc6bcc","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":130,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"85aee3c1-a2dd-42bb-9ca1-ccb6f6de3476","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. 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Such contract is not assignable","page_number":130,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"05f34ab9-9f18-482b-83ec-c192f9926dce","block_type":"box","text":"II-82","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec77771c-b893-43e2-a96d-2416142ee918","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d9a11a7-b034-4af6-a258-06cdbd18034c","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":131,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"df5d7dbc-0a4a-43fd-9a25-a458cb3646bb","block_type":"box","text":"shareholders of the Fund.","page_number":131,"box":{"x":69,"y":60,"width":181,"height":9}},{"id":"257781be-e87b-484a-b012-2919d6cbd9d1","block_type":"box","text":"Transfer Agency Services.","page_number":131,"box":{"x":103,"y":82,"width":180,"height":12}},{"id":"982f51ae-b64d-4f13-b389-9f243704a6a2","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":131,"box":{"x":291,"y":82,"width":595,"height":12}},{"id":"d29b06c4-f890-426d-ae55-eaeac3b9a650","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":131,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"579adb90-3134-45f0-93eb-de6e3ce940f9","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":131,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"7a7963fa-1d38-4c9d-b002-87de5243bda0","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":131,"box":{"x":68,"y":128,"width":792,"height":11}},{"id":"f823eacb-c0f1-4270-98ca-134f77a4577b","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":131,"box":{"x":68,"y":143,"width":819,"height":11}},{"id":"270a9124-8980-4bc2-9d3d-dff6829ea333","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":131,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"56c2a2f2-7908-46da-9edf-d029d6e5243b","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":131,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"d75e141f-e8ba-4cdf-a034-cb0f07302d5c","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":131,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"dd708769-b345-4dba-b562-44409ed129b8","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":131,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"f0287eee-0b52-4fdb-8b0a-3118ee85d6b8","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":131,"box":{"x":69,"y":218,"width":806,"height":12}},{"id":"af00a0d8-0595-4427-a3bc-980dcfc94bc3","block_type":"box","text":"class on a recordkeeping system.","page_number":131,"box":{"x":69,"y":234,"width":238,"height":11}},{"id":"38e8e51f-757a-48fe-8797-ade2b673e1e0","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":131,"box":{"x":102,"y":257,"width":338,"height":11}},{"id":"c0559166-26cc-4299-a254-735ac2edbd7d","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":131,"box":{"x":446,"y":256,"width":441,"height":11}},{"id":"2a27de5b-b189-4e2f-ad9c-35e2b9c41ee0","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":131,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"74da891a-c5f0-4ebb-baa1-cde59febd4e6","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":131,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"6fe1394f-84c9-4aea-8255-90006a810a52","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":131,"box":{"x":69,"y":302,"width":627,"height":11}},{"id":"04724d5b-3c64-4425-b21c-1bffa7177c92","block_type":"box","text":"Custodian Services.","page_number":131,"box":{"x":102,"y":324,"width":141,"height":9}},{"id":"4df57cd2-0500-4880-bbe8-94bb9cddb8e4","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":131,"box":{"x":249,"y":324,"width":654,"height":11}},{"id":"e34bbbf1-95ce-48cb-aafa-dcaac6fc9800","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. 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The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":131,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"098981d7-4d31-407f-b8a5-1690e8143e40","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":131,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"b49d083d-214c-49cf-b051-3d8beb58f1fc","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":131,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"079590e5-e8b9-4e62-9cbf-e5742b0f39af","block_type":"box","text":"cer tain assets.","page_number":131,"box":{"x":69,"y":415,"width":106,"height":9}},{"id":"abd37f03-48ca-4c2a-8f25-8cea7b716574","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":131,"box":{"x":102,"y":438,"width":716,"height":10}},{"id":"4f5390f6-c79a-47c4-9acb-f20d2d861f48","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":131,"box":{"x":102,"y":460,"width":803,"height":12}},{"id":"c0e81975-a003-4472-9e82-81de59ae064c","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":131,"box":{"x":69,"y":476,"width":799,"height":11}},{"id":"cb42ec73-9f72-43cf-b5aa-365c33b0eac1","block_type":"box","text":"credit”) or a charge based on that net amount. 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Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":131,"box":{"x":68,"y":536,"width":836,"height":11}},{"id":"19c6e982-8ede-4ec6-98c9-15dcf834e7a9","block_type":"box","text":"Fund.","page_number":131,"box":{"x":70,"y":551,"width":36,"height":9}},{"id":"cb5d9de1-09c5-45e7-a2c8-39c0cdd2efc9","block_type":"box","text":"Accounting Services.","page_number":131,"box":{"x":101,"y":574,"width":148,"height":11}},{"id":"28ce26d9-8e0e-4a5c-a54a-22e9dc7ef257","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":131,"box":{"x":256,"y":574,"width":641,"height":11}},{"id":"22c0cc46-6be4-469e-a431-3f5f8f51ef82","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. 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State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":131,"box":{"x":70,"y":604,"width":797,"height":11}},{"id":"67adc992-8077-413d-830c-f4b55ac10c0d","block_type":"box","text":"Master LLCs.","page_number":131,"box":{"x":70,"y":619,"width":91,"height":9}},{"id":"2359b16d-90f0-447d-b06e-accda83a656e","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":131,"box":{"x":102,"y":642,"width":771,"height":11}},{"id":"1fe68266-896d-4f3e-a4c6-41f212eff751","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":131,"box":{"x":68,"y":657,"width":810,"height":11}},{"id":"fd9808fa-a280-42da-9366-1cd1224e2a01","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":131,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"192de073-fcd2-424e-971d-8ca440843387","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":131,"box":{"x":69,"y":687,"width":386,"height":11}},{"id":"ff6c0d02-1262-4d36-83d9-576bd8af60e2","block_type":"box","text":"Distribution Expenses.","page_number":131,"box":{"x":102,"y":710,"width":158,"height":11}},{"id":"07dcccc7-251b-450c-9164-555e88139437","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":131,"box":{"x":267,"y":710,"width":614,"height":11}},{"id":"c8322c24-a33d-4394-b526-eda232893fef","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). 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The Distributor also pays for other supplementary sales","page_number":131,"box":{"x":70,"y":785,"width":799,"height":12}},{"id":"00826565-3f5c-4003-8ddc-a693de39c9c9","block_type":"box","text":"literature and adver tising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":131,"box":{"x":70,"y":801,"width":788,"height":11}},{"id":"41409bdd-9182-4c72-9526-13eb014a24cd","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":131,"box":{"x":68,"y":816,"width":513,"height":11}},{"id":"7895a8c3-bfbb-4fc1-a8e5-6f77c264e1ff","block_type":"box","text":"II-83","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3089c35d-9254-40cc-b375-b69766f29a20","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6647f322-90cb-4b83-a0d3-5179b381402f","block_type":"box","text":"Code of Ethics","page_number":132,"box":{"x":69,"y":45,"width":105,"height":9}},{"id":"fccbd06a-976f-4c9c-914f-8ef19e0dc7cd","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":132,"box":{"x":102,"y":67,"width":780,"height":12}},{"id":"b895f13b-7657-48a6-8775-86be90006ec3","block_type":"box","text":"17j-1 under the Investment Company Act. The Code of Ethics establishes procedures for personal investing and","page_number":132,"box":{"x":70,"y":82,"width":794,"height":12}},{"id":"aef2212c-7804-43c0-bc8a-047824ac9767","block_type":"box","text":"restricts cer tain transactions. Employees subject to the Code of Ethics may invest in securities for their personal","page_number":132,"box":{"x":69,"y":98,"width":803,"height":11}},{"id":"cbad4d4c-7540-4128-ba3b-d419d1edc40f","block_type":"box","text":"investment accounts, including securities that may be purchased or held by a Fund.","page_number":132,"box":{"x":70,"y":113,"width":593,"height":11}},{"id":"51311540-8592-42e9-b7bc-059a4f948043","block_type":"box","text":"SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS","page_number":132,"box":{"x":282,"y":142,"width":413,"height":10}},{"id":"dd9c5627-d34e-44da-a235-0e01bb83e757","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved Por tfolio","page_number":132,"box":{"x":101,"y":165,"width":777,"height":11}},{"id":"c4b7040e-4814-4e1b-b2c3-d2375abecb77","block_type":"box","text":"Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the disclosure of each Fund’s","page_number":132,"box":{"x":70,"y":180,"width":788,"height":11}},{"id":"61e1c454-e368-48dc-bffb-2ac503b09fab","block_type":"box","text":"por tfolio securities, as applicable, and other por tfolio information. 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information","page_number":136,"box":{"x":68,"y":881,"width":837,"height":11}},{"id":"cd8b8157-26e1-4a33-8e2d-0a10c00ab116","block_type":"box","text":"about such Fund’s Por tfolio Holdings or Por tfolio Characteristics.","page_number":136,"box":{"x":69,"y":896,"width":461,"height":12}},{"id":"7d800e0d-7248-4326-b45a-75ab14d5b463","block_type":"box","text":"II-88","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9091814b-6d64-4766-9e9c-c6377a68bd0e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5432735e-4267-4b69-92a7-9c812318f1b4","block_type":"box","text":"Ongoing Arrangements.","page_number":137,"box":{"x":102,"y":45,"width":164,"height":11}},{"id":"7517c35f-0a73-4cbc-a72a-e4d9fab51910","block_type":"box","text":"The Manager has entered into ongoing agreements to provide selective disclosure of","page_number":137,"box":{"x":272,"y":45,"width":605,"height":11}},{"id":"43a7be3b-19d0-42e5-8cd4-ad9990ccb7e4","block_type":"box","text":"Fund Por tfolio Holdings to the following persons or entities:","page_number":137,"box":{"x":70,"y":60,"width":420,"height":11}},{"id":"6e538c58-e0c2-451f-9566-907b7cfadb12","block_type":"box","text":"1. Fund’s Board of Directors and, if necessary, independent Directors’ counsel and Fund counsel.","page_number":137,"box":{"x":70,"y":80,"width":707,"height":11}},{"id":"a719fde5-a4d9-4ef2-9f70-e158a2c200f7","block_type":"box","text":"2. Fund’s Transfer Agent.","page_number":137,"box":{"x":69,"y":100,"width":190,"height":11}},{"id":"802df868-25f0-4f43-8a9b-9ccc4b3ee9ae","block_type":"box","text":"3. Fund’s Custodian.","page_number":137,"box":{"x":69,"y":120,"width":160,"height":9}},{"id":"26b27291-c8ee-464a-8d4c-5b8068478f84","block_type":"box","text":"4. Fund’s Administrator, if applicable.","page_number":137,"box":{"x":69,"y":140,"width":278,"height":11}},{"id":"28e9bd9f-2649-4523-86df-4184922b7e5e","block_type":"box","text":"5. Fund’s independent registered public accounting firm.","page_number":137,"box":{"x":69,"y":161,"width":414,"height":11}},{"id":"50b34d5d-0f64-4839-a763-8ef594a52398","block_type":"box","text":"6. 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Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":137,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"547e624e-e8ce-4b21-a485-0729b0fcd4ba","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":137,"box":{"x":102,"y":256,"width":690,"height":12}},{"id":"8576c109-ed02-4c23-9481-7f2622cc6fe1","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":137,"box":{"x":70,"y":277,"width":573,"height":11}},{"id":"08d276f9-fbd7-41b2-8eb2-7052b0720b06","block_type":"box","text":"11. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":137,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"0c80d00e-a372-4708-aced-6b3fc0ca15fc","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":137,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"75686604-6980-41e4-a41e-8c9a37adf284","block_type":"box","text":"13. 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The Funds, BlackRock and their affiliates do not","page_number":137,"box":{"x":69,"y":465,"width":811,"height":12}},{"id":"6c1557aa-b7e0-4d53-96ff-039592b57ee1","block_type":"box","text":"receive any compensation or other consideration in connection with such arrangements.","page_number":137,"box":{"x":69,"y":481,"width":626,"height":11}},{"id":"c1c3119b-9917-47dd-8417-fe0a4b8e21c4","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":137,"box":{"x":101,"y":503,"width":728,"height":12}},{"id":"5620b6d3-235c-493c-83fb-ba839bc355a5","block_type":"box","text":"individuals or firms to which it has been disclosed. 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In addition, the","page_number":137,"box":{"x":69,"y":594,"width":784,"height":11}},{"id":"f344556b-5359-4e5a-b2d0-ff8789e87c1d","block_type":"box","text":"Manager maintains an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":137,"box":{"x":70,"y":609,"width":808,"height":11}},{"id":"32c6529f-164b-4528-b175-f3db8feb23b6","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential Information. 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(collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":137,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"5bce94c6-fb9e-458f-bcf3-fb66bd219b1b","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":137,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"b897a21a-a51f-4a34-8120-a4709b584f08","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":137,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"bcf8297e-bbfd-4a9d-bf9e-3828bf4ce7b5","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. 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These are considerations of which investors in a Fund","page_number":137,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"31ea7f7f-0655-4268-a55f-a62d163fd63b","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":137,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"dc89aa5a-2fc2-47a5-9eb1-4c389c92128f","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":137,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"127d608f-b694-4728-9089-fb2114210050","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":137,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"4c8702a7-5e43-4dae-a1c4-2faf06df541a","block_type":"box","text":"or sold by a Fund.","page_number":137,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"b271db34-907c-4d36-8b9e-c465285e669a","block_type":"box","text":"II-89","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8065ea4b-aa47-4a9f-85b4-6f9040e45ff7","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98453347-5ef4-454f-a3c5-5e3c9e513880","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":138,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"45f28804-c2c1-48fd-b0f7-399293aceba3","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":138,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"21ee1b8c-12a3-4f32-8a66-0060c443f716","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":138,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"62a8b089-574c-4ea6-9945-e74286239bd3","block_type":"box","text":"and instruments as the Fund. 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Such transactions, par ticularly in","page_number":138,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"cbd0cf78-93f5-4695-b180-6c7904a15f2e","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":138,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"1e30b00b-5322-4951-9734-c539d96748b1","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":138,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"135dfa4b-acf2-40a6-bb7b-8f06609cd872","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":138,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"831a0fa3-23ee-4c2b-99c6-d12f3fa5f626","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":138,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"080b3e1b-4ec8-4cae-9c12-7744913f65c1","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. 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When BlackRock implements a por tfolio","page_number":138,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"ee75a2b3-17f9-4652-9bdb-df9a11c4863d","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":138,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"fb91e512-0350-4afd-b8e7-7f27a997e336","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":138,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"295ed636-f67a-4736-a1e3-c7feb190d510","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":138,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"22ed1831-9d02-47e6-a4ed-29c666ae82d0","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":138,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"3f6d1f11-bced-48bc-b79f-d96103262de9","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":138,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"c05c7721-e5e5-4900-a1a6-8905c4932985","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":138,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"d30ef49a-39d2-479f-8730-4bb6f4474bb9","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":138,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"c351579d-22eb-46c1-af5a-ba9c62336a42","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":138,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"4d16118c-b0d1-457d-92e0-f64ebf6261d6","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":138,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"4b98f4fe-3bba-4fc4-a9d2-54ccc6aefa0d","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":138,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"702c2687-b9eb-4b60-8df4-a85d1e26bf3c","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":138,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"479efa97-c8ab-41db-9b8e-cd0b096e5629","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":138,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"55e906cc-1e50-427b-8f62-3c60dfc5ba2c","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":138,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"6c69c407-8d1c-4490-802e-b52f67ae7b77","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":138,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"e06e24ce-09af-4fb0-bc0f-cd30b3a87da9","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":138,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"60a9899f-03f1-4866-b33e-d3763b9f73c1","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":138,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"a2dd34c0-dbef-4053-bcb2-f997b7d737d7","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":138,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"b8abf74a-5e05-4a98-8973-0fb188a44032","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":138,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"4f13b2b2-7cc0-4834-bc2d-6032df867029","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":138,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"a4c4c3d3-c9e5-4d55-b117-d6581ae48cd9","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":138,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"a7859e2e-cfd7-4e40-a153-9c13864b4b9b","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":138,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"6af08c47-f721-4a84-b2fd-20e828722a8a","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":138,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"f6d0f9e3-c4eb-4546-9717-4f764cf2a97c","block_type":"box","text":"Funds.","page_number":138,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"633ccad6-1085-483b-9a90-c04e81db4fc8","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":138,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"4c26637c-2940-4a19-918b-a56042e48993","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":138,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"e92864cc-b2d3-460f-935d-b54c0b64d538","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":138,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"f33a9839-1d07-4823-bdc5-45e88fa281a7","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":138,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"4b30a802-16af-4fad-9be1-a215106cf65a","block_type":"box","text":"II-90","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98277126-d139-4eb0-8988-2a56117722e1","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f467f1c-4f52-4d82-9781-ad15baa5c779","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":139,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"f2ea8591-eec6-4265-a516-735bd3a23802","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":139,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"c0b11369-b60d-49a0-8a7a-67fc2d8f77be","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":139,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"b1498551-fc8a-43b8-b2bc-daed32bc0420","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":139,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"49443645-3085-49d3-abd1-f5fb61a898e0","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":139,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"ca734fcc-3563-4438-9caa-307542801bf8","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":139,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"65ab9f26-9a04-4639-9806-4a01d65a8f0d","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":139,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"c641b057-5380-4abd-9618-c85252f1c123","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":139,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"371bbe69-fbb5-4a43-a7c8-b8223e2bfab5","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":139,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"2f9a1724-a2b0-4cfd-a3d0-748cbc85c7e1","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":139,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"0dff4dfa-ca6d-4f29-be2c-5d095802c6ad","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":139,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"36eda045-cfdb-413b-b741-1a46f862fa08","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":139,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"b1323874-87e4-44de-b631-91944ee65180","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":139,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"1a6ac7b4-ced6-4e30-9494-eea46372f6e6","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":139,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"2d3c7e03-3ae3-4e25-ab86-968eec029b7e","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":139,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"3a1a9e36-a26c-46ed-bd18-43b4a221ec70","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":139,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"f0a2310e-fe52-435b-89a8-4c7f2db60645","block_type":"box","text":"case.","page_number":139,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"69447e74-172b-4641-95b0-25cd2b7ddbe2","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":139,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"9c46e138-64e3-4603-9c43-a82e5269fad1","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":139,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"b77f991b-3174-476c-907c-b739e0e3b0d3","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":139,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"0c95db42-8c07-4042-9b0f-656358b3a1b0","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":139,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"acf83ad9-e214-4124-bdc5-85427992baa5","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":139,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"3f189744-95ff-4cff-aa96-c9cf5590937a","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":139,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"57a80ddb-12de-4381-bb1c-92c8c8089912","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":139,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"6846df87-055a-4911-bee6-2bfb1a57db74","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":139,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"ee1fad8b-a48f-4639-9d03-d9d26ba777a6","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":139,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"45c67b2c-4560-4a21-9d82-54cf71d241a1","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":139,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"d6934301-b10c-4551-b4b8-85a7e701d833","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":139,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"65327a06-1fba-4fdf-87e5-27dff64c765e","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":139,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"cfb28d1a-966e-4f23-9fa3-c94b544767dc","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":139,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"8646226b-f574-4fbf-abed-35cfd5af81f2","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":139,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"4e5b1a9d-d89e-4bfd-ba33-48ffb001d904","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":139,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"8a90abf2-d3f5-4f2a-acbe-cb6469ab619d","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":139,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"68870a69-9f37-491c-99ca-d944865d3003","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":139,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"83b9bedb-91b8-4d45-a809-4cfee1b41267","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":139,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"a34a7739-709e-4785-8070-e717f5ef4e69","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":139,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"f7a38c14-69c4-4a27-a13b-47ac8a433fe1","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":139,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"a3583678-0ac3-4e7b-98d6-35e2edd061af","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":139,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"16b738b2-d4f5-42b2-ba07-24ab41f3a245","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":139,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"81069286-5142-4e08-abe5-4ad37a29a605","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":139,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"f60c08eb-4000-4232-b57f-d218bfa15781","block_type":"box","text":"managing a Fund.","page_number":139,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"8eeee465-c0c8-474c-a075-9d4ab818c961","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":139,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"cf6084b7-cb39-46ca-886f-34fb8064d3be","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":139,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"566b797b-eb62-4c15-97fc-83056b3ff932","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":139,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"be9d73f6-74c8-4200-8ed4-f0aa4a566f9c","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":139,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"17c26b0b-a2cb-4a2f-9228-0dd8f9c99461","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":139,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"3b2c9128-62dd-47fd-9f96-b99b30df3cbe","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":139,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"0bfb1e36-1d41-41aa-89b9-75a5b98a88b0","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":139,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"db123705-8b9c-49a8-a36d-3d84e41e1412","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":139,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"528de1ce-5ee7-4968-91ce-8bdbc6f33ea8","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":139,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"f24d2657-8bd6-4c44-a17d-d6fa1eba3a92","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":139,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"6a6ad5c5-24b4-45c5-b366-177efb7d11c8","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":139,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"dd62ebfa-bc61-4bcd-9afb-422c3e8d58f4","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":139,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"b511991e-9fe3-4c65-8e87-ecf1d4cc1b73","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":139,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"8cfdf41c-7bfd-4df0-962b-91035c806239","block_type":"box","text":"II-91","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f004ebb3-13b9-4d48-8c07-86aa1bbd056e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c95120c-6de7-43db-8f76-f260592874ab","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":140,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"856bda91-44c0-47bc-845c-a5df5edcef57","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":140,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"be0e6d46-6ee8-4386-9f0f-114f3c3926f8","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":140,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"caa194eb-3273-4e33-892b-951ebde83d1b","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":140,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"376f1dff-c8df-4567-9b46-7382d78b79a2","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":140,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"49132e2b-b5fc-4539-bfa6-a3d104403f68","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":140,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"303cfc6b-92c9-48de-a52f-d442fba7746e","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":140,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"c78a65a0-b7ab-4e43-bfff-ce478c049761","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":140,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"fe3d0b11-475f-4586-917f-c0140d4f1227","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":140,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"7c4c22ad-23c9-4109-9387-17d2b6d85f5b","block_type":"box","text":"under management for BlackRock.","page_number":140,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"88b12ece-3eea-45e6-a26f-3e71d3e3583a","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":140,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"b69f0da8-f5a7-4161-948c-89b0cb6601df","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":140,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"769147f9-7e6a-4588-a408-d1a663b8fbe3","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":140,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"9754740b-6841-4044-a0f9-3376b5b95857","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":140,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"b1f2c604-20a3-434d-98d0-ae9e9b2d1312","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":140,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"846c6139-2db8-4c72-af9c-8b487fdbf9f0","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":140,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"9a542f81-d10e-4445-afbd-8f8ab0c52d28","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":140,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"44ebf4ae-848f-4f24-8400-a85b8c2bef48","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":140,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"a91cc5b7-eb0f-4650-910b-033b0a40d272","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":140,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"fd435f45-3ace-4032-a7d4-cd2e85b30060","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":140,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"7199a1bf-5fb9-4cfe-b4e9-b43fccc913ef","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":140,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"2ed33e87-ee3f-4dbc-86eb-6c51ddc4abab","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":140,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"48d13263-c7c1-425d-8b31-49db0a2b5905","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":140,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"eae8101a-869c-401f-9b39-76032cefe7d3","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":140,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"6cfc4377-7f8d-4ffb-a3e9-793728324d3d","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":140,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"99f4a593-7805-434f-bda4-3a09370a9017","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":140,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"8eb4584d-e175-4f19-909a-505a501ea651","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":140,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"a8614c68-a3fd-4e63-ae2f-2101b5b4ad8a","block_type":"box","text":"any such fees or other amounts.","page_number":140,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"0e35ab24-bded-41ab-be3a-2cfa921be8b3","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":140,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"499b6016-8948-464c-9b87-138bcf5727fd","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":140,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"81f55cdf-db02-4194-a6d2-e151fee69e09","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":140,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"89db07e2-9eaa-4eb9-99d7-0786c216756e","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":140,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"cdd94544-0075-4d98-b687-7687f7f2ca24","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":140,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"491d197a-489b-4b85-9e89-38a64013dfae","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":140,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"2891191b-fd13-46bc-96c9-6d7187f0eb7d","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":140,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"92897f2e-a46c-4000-af6f-5dcb4bf09bed","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":140,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"5c49176a-db72-40b3-8958-1741ce17254e","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":140,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"983d0b13-6391-4bd6-80df-9d3fe04eeef4","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":140,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"933836a0-822a-4fcd-b8b6-193a8ddf74de","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":140,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"9efbbd6e-522d-476c-a65b-00913dd5f8bc","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":140,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"cf102cd9-462a-47f0-b09c-f5246a6b1daf","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":140,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"693d892f-239f-40b7-90a4-a0674099f4aa","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":140,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"16a9b5d7-c31d-4e64-90bf-80aefadd203f","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":140,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"88b4d355-6ae7-4d16-8e48-aa2d224e048a","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":140,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"72fb9945-3f64-4b0c-83bf-f5bd4b3fdd89","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":140,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"3b3517d2-171e-4b67-957f-33f9e0d9d82d","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":140,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"32c4b346-a4aa-44bd-b8c9-30b3e4a31b1e","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":140,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"fa506d7f-5b00-4555-b44c-e04bebed86c8","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":140,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"66602ec5-d73d-4b3c-90a8-4d7fdee71540","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":140,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"f6e09f4a-ab4a-4a0a-a1cf-285bb9d2ce99","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":140,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"157b0b77-8fc5-4524-9f2a-128676f566bb","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":140,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"5b0dfa43-3183-426b-8d46-6691436ead7a","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":140,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"e12ff729-1aa7-4d37-8514-1ce37882047b","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":140,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"ccad1f2f-0845-4fa3-9445-37b9534c5981","block_type":"box","text":"II-92","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0400a153-2153-402f-8a4e-e60db5a1a0fc","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fceb1f91-c12e-4d64-a389-3089a6e3fcd1","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":141,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"456e3168-c0a9-4035-a16b-b3f201ae9994","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":141,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"ba8179ce-7a9e-42b5-a7c8-8b76d7468e7c","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":141,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"2b0b8e30-a58e-4da5-9c9e-c65eb906b102","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":141,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"e25bd038-3cc7-43e0-b1d0-39bc97d872a0","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":141,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"d04d00a1-c416-4118-bda8-210c98d2e752","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":141,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"fd9c557f-68fb-41b6-9abb-68c886cd3d10","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":141,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"d936751a-f76e-4a92-bd8f-2a1f00508ef9","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":141,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"deec6cc2-64a0-47fa-b9ee-ca49ada319a6","block_type":"box","text":"regulation.","page_number":141,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"e7a77722-5b8c-4ff9-811c-49e5c3d2fc97","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":141,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"dcf42041-949c-41bf-84ed-ad3502ba7cf0","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":141,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"4ad9918b-c24f-4472-ad3a-089b9ff5bf73","block_type":"box","text":"various program limits (","page_number":141,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"015dbbfd-f9cb-452d-9fd8-2729e66e0049","block_type":"box","text":"i.e.","page_number":141,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"b484d985-708e-43f4-96ec-7a0b0aa50d4e","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":141,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"78934b4d-57c5-4a30-87c1-d9b32d2be8be","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":141,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"48a1fcca-a72a-4f0c-bc74-736f8b28f5aa","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":141,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"5da84413-fe28-4c39-84d4-a88ba391cde1","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":141,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"75bdb1ed-e384-4eaa-9f07-c39d8e239034","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":141,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"7f860cfc-ec1d-4089-9939-a5685a7abe3e","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":141,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"49f62670-f319-46f4-8100-dfcbfa452d80","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":141,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"e6cd3ade-a704-464c-b088-2765b99e342a","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":141,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"aeed3712-6248-48a7-9a49-b6fbb146c509","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":141,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"ef68c6db-5505-45eb-a611-7f009890764e","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":141,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"28cc5b7b-85bd-4b45-8084-708bc5aac5d6","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":141,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"ba6f0cd9-9ad5-4b15-aa9f-109d385e0903","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":141,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"d5b841b1-075e-49ef-9549-3676c2922c00","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":141,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"2d81672b-4b5c-4258-8f84-81ba38456d47","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":141,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"a4b56c27-fed6-4eae-a8b7-6437ca99c04b","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":141,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"21cc911c-3f90-47e1-a3cb-c2d1252ec6e1","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":141,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"8d959a4e-62a6-4068-b6de-f4ac611c73fa","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":141,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"9fb30256-e8e8-493d-9777-a8419d60c782","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":141,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"3f9924e3-1a8c-4ca5-a3ef-53f823523c6b","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":141,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"0f466d85-23b0-4aad-bdc9-ca6432968839","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":141,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"a7ae56f1-44e4-4fef-8cae-a7cd38e38789","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":141,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"a3af2fa8-fdf2-4dad-a5fe-f228f91bb5c2","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":141,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"8cb1bfa7-4900-46cd-b1e8-2168d1182f07","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":141,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"fd067df1-a607-442e-9296-403ad7603df9","block_type":"box","text":"than through client commissions.","page_number":141,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"a4e6f1ba-1168-4f30-8d01-73cbc2c4f19e","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":141,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"50e07cc4-b59f-4f26-b4c2-d54b83a3d26e","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":141,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"35e76894-5db1-45ef-b2f5-4f9e6ed0d958","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":141,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"fd04ff6d-1053-4e08-9bab-3d4066f03073","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":141,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"70da848e-a65a-4bdf-a671-4914d76bf2a3","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":141,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"e254d380-7c8c-4a09-8492-7261a0492b25","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":141,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"98778ee3-7e0a-49a9-a3d2-8123e5ac1054","block_type":"box","text":"research-oriented software and other services and products.","page_number":141,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"4aec1867-4f43-4715-aae6-26245e58dc0c","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":141,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"201be838-fd07-49ad-b332-fbae0cdab12d","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":141,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"8c194134-6f6e-427d-b944-ca0af75354ad","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":141,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"96c09b43-607c-48ac-bcd7-3e77bce34cf8","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":141,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"506047b2-64e7-4f02-a431-816a68c70411","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":141,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"16c115d7-9ba8-40d5-81c7-f818bfe5770b","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":141,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"79366f5a-329e-4c32-8e95-6d22d3a8128a","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":141,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"7b5e8953-a56c-4be1-ac18-70e61347c785","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":141,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"9bce2a3b-67bd-4a26-aa2d-98442d5269f8","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":141,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"73a1088a-d5e8-4392-a083-ca2d3cb1532a","block_type":"box","text":"and services itself.","page_number":141,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"b50910a8-1d38-4659-b946-6c99c951354b","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":141,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"2f5a6f26-e10c-4a54-b167-cf017e87b47f","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":141,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"b57bc042-9695-41b2-9d79-7e6eac80acdc","block_type":"box","text":"II-93","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"95c2e032-0740-4d1a-94b9-4128a30288c7","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac2df55e-22f2-475f-8c5b-3166e2f082b4","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":142,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"dceaf5b1-cc47-4aa1-a455-ce5a24cde232","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":142,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"9aac9584-04ba-43a2-b8e8-51106c13cfb8","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":142,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"9105fbb7-59eb-4975-986d-a5cc7dc1bff2","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":142,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"7a33cc8b-8470-4cfd-b4e4-122c0e69fc7f","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":142,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"bbc37d71-3cbe-4b39-a3dc-aeed0267485d","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":142,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"082c03d1-8378-4133-a813-d5d6e2d0622d","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":142,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"0e2d1d2e-3239-470a-9b0f-0311f1153edb","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":142,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"ed9453c2-9969-478e-a33a-64d1e8c6eed9","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":142,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"9271c666-0b58-4f10-8997-1846e2bd3a22","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":142,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"21872ab9-c1ed-4f41-9541-692a97e40468","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":142,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"dcf70d26-1469-43f3-aec4-6d872dbd4219","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":142,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"45d5688c-8c7b-4613-a920-66bd3ff3000a","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":142,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"b3e7fecb-96f8-4f32-8008-9864fae82b25","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":142,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"ddc8d71b-8447-4ea5-b141-b20a25b27d72","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":142,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"9f4f0076-5b27-451c-aff5-2860ceec7518","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":142,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"88445d91-685f-4564-9f8c-1e5b20a4a54c","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":142,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"9f09ae9d-39c7-4f44-8895-b5b4d19fedf3","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":142,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"1b55b62b-791a-487c-8371-0c8de406020d","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":142,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"c9a55e4f-9b84-47eb-9c66-cef3c7714710","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":142,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"27f693fc-23e0-48e3-8e37-5951a3035faf","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":142,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"dae56863-87c3-475e-97d2-6e021ff83a35","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":142,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"d0b8beb1-5ef6-42b5-a0e9-23363a31cf60","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":142,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"0c8036bc-0a52-4e51-9fbc-eec8fe9411c3","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":142,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"ec4f0a8d-c6f1-401e-95bb-ef4bd071d38a","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":142,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"46c3788f-a7b2-461a-9cf7-282fb5fca802","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":142,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"d7540b36-cf45-45c7-8125-6b911e3ba1e1","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":142,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"6cd750f6-bd10-4c69-8630-bf84987d415b","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":142,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"417654bc-96af-4e1b-916b-f600e22a283e","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":142,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"0b46dfa2-cbe4-4904-a5d8-226355285fa5","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":142,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"a48ce18e-6a21-45d0-9fd9-ad37287349e8","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":142,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"6708c605-d072-4517-bbfc-19fb534a0e29","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":142,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"7ec28bf4-4c13-4f63-8365-62b94bc0dd27","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":142,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"10dbfa26-bd37-4e27-ab4d-64f12fe21e6a","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":142,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"787dfdd4-b803-45fb-aed5-2e8419a084a5","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":142,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"92c22766-8ab2-4545-9fbd-5b2840775a18","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":142,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"55d28cda-6b75-4cd3-9c58-287c58140253","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":142,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"743d36ce-0625-42ac-bd34-062ad22da4ba","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":142,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"3d4e4d28-ff16-444f-bec7-45a52a80e93e","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":142,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"6eafb760-852a-4f5b-987d-4a721eddfe04","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":142,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"8f177433-e2f8-41b0-b7f2-f215efc487c0","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":142,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"328f704b-86ae-43f9-9883-050a4438a2d2","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":142,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"a7ac143d-9786-4957-9dd6-ac673d9ab111","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":142,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"baaf6365-95ea-4749-bfc1-e46529ea89f4","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":142,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"5615aaa4-136b-4013-83d7-80263bcdc16b","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":142,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"0a9fabff-8e50-4b3e-9a8d-62a148de217a","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":142,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"bef30a8e-46c1-460d-8bef-3c1c3217cd76","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":142,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"e7ffd150-a84a-4883-9834-76bb1d5cdf8c","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":142,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"56247f51-a11d-4038-988e-db26ca62820c","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":142,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"afea338a-df28-43a2-97ce-090c4bbeaf04","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":142,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"7773e4c4-dbfa-4a5d-b6a5-4cac4c8666cb","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":142,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"a4a50ee6-79f2-4b84-ab5c-5c754fe4b524","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":142,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"6723f0d8-538f-4bf0-871c-993b804113ee","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":142,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"6fcf4025-4444-491d-b08c-764b971ecf1b","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":142,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"1150eeec-120a-4b29-bad6-ca76370be970","block_type":"box","text":"II-94","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dd3143c3-0d65-459d-8670-8d6ef6adc70c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3cf60f2-1f32-4b8a-a437-db565a1dcae0","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":143,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"3e367946-bfc3-461d-b62b-8b0e55a03bf1","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":143,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"1c313571-5fd2-4c6c-b6c1-e8918ae9df25","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":143,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"8ab6d6a7-574c-4b03-b6dc-72b35496e871","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":143,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"d188648e-035e-4086-b98a-c13979510e86","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":143,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"aca7c11b-4933-4092-b39b-4c605519ba3d","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":143,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"0e7d41f5-a0fc-4a75-a582-342f24802593","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":143,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"7f838999-f71f-4199-8844-0ad0fd0b7ced","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":143,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"f1f95f04-e9ba-421e-b50b-38dd5af10f1c","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":143,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"dd9f47f0-0ac0-45e1-969f-444c10f59caf","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":143,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"81a8717f-195e-4885-8e20-6964a4495573","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":143,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"7442acc8-3e08-42f4-b141-fdda45fb4d3f","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":143,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"922d93d3-a2c4-4c82-bcc4-f276717a30b3","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":143,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"b0bb4fef-b24a-4467-beb9-2240db7588a0","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":143,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"3e17dedb-c6b4-4414-826b-f8d45193ca23","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":143,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"143c80d9-2c6e-4736-b20d-8b0868961194","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":143,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"58278350-b0e2-415d-9d3a-e355d37471f5","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":143,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"e54a1262-59fd-4a88-9e1c-d80adb539976","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":143,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"5411a75d-242c-4e3b-8966-0a83cbc38444","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":143,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"7f42d377-8639-447d-b006-17ba846de89c","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":143,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"476e16d4-ae73-4544-9a53-718981eb5b6c","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":143,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"7340a4c1-c716-4298-ac92-a33c7b7d79b1","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":143,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"9db5496a-b905-4a7f-b33c-e667cd863707","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":143,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"8909a277-4b89-4ac3-93a9-1d1b8cc51d38","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":143,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"449aedaa-802d-4807-abb4-93213d588802","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":143,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"17b40a7e-39cb-4fa0-a022-27d09a3b9f84","block_type":"box","text":"some additional expenses.","page_number":143,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"f0ae4923-0fb8-4d56-aac3-b84dd2fb3c0e","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":143,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"6994e43e-b5a5-43b5-a288-97cd869df560","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":143,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"64a9c268-fab1-44db-868c-f2ac4ba21626","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":143,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"5293fab2-3db6-4a7f-8636-8f8d63220ad9","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":143,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"b8e7552d-1eb5-49a4-bdcc-6954f3cfa98b","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":143,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"70d90c6f-08c2-4c61-a678-2115e8a0f65e","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":143,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"a80945a1-6062-49be-b0de-787d52efe4b7","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":143,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"4fc396cf-5430-4a8d-b648-8f4b00213957","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":143,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"fa723ed0-0196-4d32-b23b-2ac06a7b1cc0","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":143,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"c9ac692d-d062-48b0-b81e-0f40d63fdcf0","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":143,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"e3b48ba6-fafa-4edf-a653-6f0a7060383e","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":143,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"e93d7d44-39b5-4db3-b194-3011772171e6","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":143,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"b45d3e93-a6a4-453c-8689-c2e6ba67605b","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":143,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"3e1fbe16-2e2f-4ce6-adff-2c7b833329d9","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":143,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"b6575842-f7f6-4e29-99f1-f49ba286eff9","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":143,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"235fdef9-1819-401e-bc33-8665b34393b3","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":143,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"1758d425-afaa-4e06-b8e1-6d91f6c79a06","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":143,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"a7d8a36d-6ac4-4f72-83af-de6d3750bf4e","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":143,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"bee80330-0707-4fe4-a4f1-7c16d0cf60a1","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":143,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"7e9b96b7-aa91-4a3f-9b3a-feb6eba1e48b","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":143,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"3f5ab692-db8d-4113-8001-bcd50cd2a1c1","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":143,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"9ebb2796-cd5e-47ce-a612-4d51cad29b68","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":143,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"eb46f5c1-cf2a-4cb7-810f-2a0012ce865e","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":143,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"b3033af7-5a0b-4833-bd85-46df57277173","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":143,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"bbed88a5-93c8-4762-a243-47415683305c","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":143,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"2cacfb2b-61c8-4520-9ec3-e57fb79cdf0f","block_type":"box","text":"public information about the company (","page_number":143,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"5650469f-850a-4d9b-abea-7ece7f0d2915","block_type":"box","text":"e.g.","page_number":143,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"e160818d-ce4d-44ae-9f87-11a9eba2e716","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":143,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"e1b62363-3b63-4d59-ac0e-115f70665813","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":143,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"69717a9f-974b-464f-81cd-41e35ae9c8ad","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":143,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"be771274-e2db-47ea-b8df-2bd567bda971","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":143,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"4d94d10e-dc1d-4ebc-99ed-b7913ee48bef","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":143,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"546ca2e9-9407-4874-8933-d645c46c0d9e","block_type":"box","text":"II-95","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ad446f26-1f25-4f3a-a15d-2a961a939091","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b20efcc-0cf9-4fcb-9069-c499363ffa87","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":144,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"7c15e539-3e31-443b-a7a5-a1e8726691b6","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":144,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"8012bf5a-1372-4669-b67c-6e0f197be456","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":144,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"01998d45-fcb6-4a8a-a169-fc11101ad086","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":144,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"2424296d-86fe-4ca3-9e51-c1c67c450309","block_type":"box","text":"of the issuer.","page_number":144,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"18792148-ce0d-4b24-a59d-e303df62d087","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":144,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"3a8406e6-3a73-4a82-8557-a7676c7cb970","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":144,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"52bba921-3676-484d-9113-740076e0428a","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":144,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"c04825c8-a867-4215-a4ef-53d72dfd5acd","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":144,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"2ba902a5-e585-4ecf-909c-4ece2caba109","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":144,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"869a1184-bfe7-4d69-8368-47bee9934779","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":144,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"5aec7679-7868-49a7-beb8-9c71f5f8c816","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":144,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"1c3948ba-2981-4f31-a3b4-d96e715779f5","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":144,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"0b321657-2a20-4977-89d7-f8d0c6b9dc59","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":144,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"ee62e51d-b933-4a18-adf6-cbe1d5b2d840","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":144,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"d81ef44b-7833-4635-aa00-b57b43686c40","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":144,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"60168b7a-d694-4334-bca2-48d0f0abab4d","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":144,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"97225370-eb84-499c-8bf3-a29b9ecd1e5a","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":144,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"c46c1320-1307-4580-9b8b-22e790702704","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":144,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"dfdce4ef-8870-41ae-a318-8c8ede771999","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":144,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"ee799126-64c2-4556-b026-2f00ac451618","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":144,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"503e3ba7-ba6e-4cca-8191-a4a959a01807","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":144,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"71a5a133-17f6-4698-81ec-1697ad039efe","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":144,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"79e3ff49-75e3-42cd-8f53-e8e7c7f04da1","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":144,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"784f6230-9df6-404f-a3a5-b82f9dc29014","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":144,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"c07d1be9-28c1-4ef9-88ab-67bb66ec354b","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":144,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"1631a346-8e14-45c5-8b2f-f241298c8eaf","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":144,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"303fe55f-9d4c-49e1-8a0d-973f23c36b4c","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":144,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"9c513dfa-dfef-43f9-80ba-82ddad7a440b","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":144,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"da0c3e52-377a-4ad2-8677-4a8cba0b44e3","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":144,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"9a74538c-38d5-477f-8c80-6bea37dc5e19","block_type":"box","text":"a barrier.","page_number":144,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"8c0c9ebc-aec8-4730-9d7b-21651ff20cce","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":144,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"d2743e6c-cc9c-4448-b187-27d76154f835","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":144,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"03ea5e23-6028-4d86-8ef7-7b8eb140e8f3","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":144,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"0ae5217b-289d-4192-b27b-cdf0e4773273","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":144,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"c41ba1b4-c18d-4014-bca9-c25aa699bf57","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":144,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"c554941e-886d-409f-8f53-728e2feb0b4a","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":144,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"14448612-34ca-4495-94aa-0fe1a1a1a58a","block_type":"box","text":"that operate in cer tain industries (","page_number":144,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"d049a111-83e4-497d-8a8f-b4c2fb7a5e40","block_type":"box","text":"e.g.","page_number":144,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"8a0020fe-fbac-40f7-a5f5-8df6afc3c30b","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":144,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"a5d3c64a-152b-4bf6-91b9-e9d90d57ca28","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":144,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"a94517ef-9f24-4a11-95ae-b5c8f11e885d","block_type":"box","text":"e.g.","page_number":144,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"1b94b720-091b-4c26-9d25-771de08c80f7","block_type":"box","text":", with mechanisms such as poison pills","page_number":144,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"f4873e57-6f25-4d2a-a3dd-11a38e49e46e","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":144,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"cb3b392f-4588-4852-872b-9b6d8ca318c3","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":144,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"79803d72-9570-408c-84d1-f43521cb90dc","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":144,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"4e612856-bef4-4660-98f9-0dd058285953","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":144,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"dd12fe81-acf2-4cfe-b186-84df215c24ab","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":144,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"89a63a53-1bbd-4b06-9e1e-ca3bd9790f7c","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":144,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"4230d318-9b91-450a-89e3-e8263eb9c517","block_type":"box","text":"seek to make indirect investments (","page_number":144,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"22495099-b7c2-44d7-ae83-855f98566c50","block_type":"box","text":"e.g.","page_number":144,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"a5b582b2-70fb-4f37-8ccf-5ca672b8b751","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":144,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"ebfb7b46-164c-444d-9025-425d978d710d","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":144,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"499566a6-4167-4b89-b2db-70dcba8f5ee7","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":144,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"c5471815-0eae-466f-9d6b-24608acbf56a","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":144,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"a770fd89-a0e2-4ac9-9b9c-65993e7cce82","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":144,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"065f5d05-60dc-4fd0-b8c3-e8cac14e8784","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":144,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"86f93e75-651b-472e-8311-e53c29b552e3","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":144,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"5153a76f-aea6-40ab-b400-071a64622e32","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":144,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"51885f61-bccd-4cd1-8553-d1e0017958c9","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":144,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"b514ce0e-1d38-436d-ba14-1529ee138e7f","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":144,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"221879c0-4bd3-4f43-9e02-3a768c9eb8a6","block_type":"box","text":"II-96","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"857d5d26-5fc1-4532-bedb-87984cd7c7db","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"577a201e-e589-403c-b4e9-9c636095ad88","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":145,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"224b08d6-0363-40a0-9cda-4be345726153","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":145,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"2e1d0fb4-2699-4b9e-814f-fc3d64b3c23f","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":145,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"db85df40-e24b-4133-80c6-8a7c7bacbaba","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":145,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"5d3a9682-9e86-40c1-a3f2-c1b2abf16f81","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":145,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"52f0f473-d3c1-411d-8121-1e08e87740fd","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":145,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"35919d6b-89f1-4ad8-a6c6-979297a0c804","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":145,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"abf8a1ab-0775-42df-b7df-653dcefe301f","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":145,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"4341885d-e441-4cd5-866a-73a311ac1116","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":145,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"c0b35cc3-14a3-41a6-bec7-5530f51bdda6","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":145,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"d3985d83-3925-44f8-ae31-43a8f8874e75","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":145,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"66366a07-cf89-4674-9136-6cb5d458bd28","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":145,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"97a52ed5-f20f-4d07-a889-2776449fab4d","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":145,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"959f0342-5229-4580-b81d-d93453727156","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":145,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"b7e11fb6-50cd-4bc5-93bd-c9e14f1ce453","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":145,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"483d7d4f-c6b0-4069-ae17-0277fada7542","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":145,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"537befcd-3ea4-4c2b-87f9-6c8643d28c13","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":145,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"0a9fe643-f975-4eb0-a7ef-b454742ef1ab","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":145,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"30676d53-973c-4bf0-a9b1-7d4079863a51","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":145,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"39ce5253-e838-4782-b3bf-5830044add77","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":145,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"0858d40f-2893-4c24-bcb1-e2e532d52c4d","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":145,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"4a65cdc3-3608-43d6-bd40-2252edc89bf1","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":145,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"4c6e7d78-bd59-4706-b1db-f30db57fb1e9","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":145,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"5af3f1ee-b4fb-4b30-acda-8cd3f2cd052c","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":145,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"e68f3db8-7e11-4432-a588-afcfadf8f375","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":145,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"dbcd4f3e-df5a-49f7-8c83-251de420822b","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":145,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"be606d3f-8137-47b7-bf22-08738b00ccb3","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":145,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"09f7d8f5-8e00-47fe-a8d9-0e20bbea5cf0","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":145,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"8da96181-d7be-4a0e-9fe8-621989b768bc","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":145,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"95228f38-5557-4342-b037-64e71c20de01","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":145,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"bea9b83c-b71b-4668-bc36-c56a4a4d3e83","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":145,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"b359991a-b5b6-48c8-93de-6a689549999a","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":145,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"3020807c-8a26-4777-b65b-cb8c62406117","block_type":"box","text":"strategy with respect to such security or asset.","page_number":145,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"fccee1be-2a9b-46a7-9d03-5ade6ef63f56","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":145,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"ac0e7464-e958-4488-8f51-9753f0c41468","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":145,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"31a5a477-b7d5-442e-9cf8-51ccc36bdca5","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":145,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"e80042d5-9edf-432a-841a-beed2396aae7","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":145,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"65676f1c-ccff-462d-89fd-66dc675d801a","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":145,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"2bf2a3e2-9c0e-4281-9c9b-d599fec9a57f","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":145,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"6fec2778-c483-4f4a-b2a9-05d134725a73","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":145,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"e6811b19-1b8d-47a6-8e07-74fadf655ee9","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":145,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"b69f49d2-7afa-4acc-9507-7654eb5c934c","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":145,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"1283b96f-53d2-479c-8b42-e7ddbf48d398","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":145,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"c50b96d1-6d5b-4166-b7ed-a9c7c0ca21fc","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":145,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"c7c3eca6-1ad6-44d0-8cd4-3366e5a1c475","block_type":"box","text":"e.g.","page_number":145,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"fcaa9041-f805-4c4b-bfad-0a9ec0e0463f","block_type":"box","text":", custodians,","page_number":145,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"045865a2-db75-4585-856f-3dd7e75aa2d9","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":145,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"cd48ed30-73ee-41f7-9f2f-46f71d507b93","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":145,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"e74cf9bc-5f10-4c50-8710-a200b1627cfb","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":145,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"38ef8b24-3571-4cbf-818d-f0703a897102","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":145,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"0988ab22-04fa-43e7-942b-a0185e8021bd","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":145,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"df743830-f938-47ea-bd26-f0d10afa88ba","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":145,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"9e3ea3f4-d819-4246-8367-950d71298eb4","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":145,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"b3a391a6-eca9-46ce-9d0b-d5ba978a373b","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":145,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"eda474d0-cfc4-4af9-b58c-ac7495007cef","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":145,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"557ae3ae-3423-4cec-8346-c505a86becea","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":145,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"0ef9f2a8-353f-4bf4-99ca-45f096f759ee","block_type":"box","text":"II-97","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f50ce22-b13f-452a-8572-0b22ad2b6a69","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53ad353a-2013-44cc-95ef-bea37b4838bf","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":146,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"14d208bc-1fa9-4f45-b7bc-614fce8f5dd1","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":146,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"f752be2c-5568-417f-a3ef-590ce7f90c2e","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":146,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"1e6246a3-2cc5-4383-a0cb-8ea8cbf8ed4c","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":146,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"ce72b74c-7a2f-4cae-bf46-dda06ccb2c83","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":146,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"df28b100-6a12-4aea-869a-5f7f92cf3056","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":146,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"45173bd1-b217-474e-841d-16e7f2e79d04","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":146,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"2a9785b4-ef8c-4b1a-9963-ed14c7e7609d","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":146,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"e22d8ebf-542a-47da-a5b9-e12479db6b66","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":146,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"f186e81a-f9d1-4814-8207-88fa3e33e7b1","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":146,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"5bc68678-2943-42ff-ba94-8046fb6c217b","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":146,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"e332c5a1-5e5e-4926-b5da-e8f61440e547","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":146,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"44045c6f-9b4d-4475-affc-3947121214b4","block_type":"box","text":"provider.","page_number":146,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"9b60520e-cd3e-46f0-b9e2-2547e8951a04","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":146,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"2b8cd92b-495b-42ad-9ff0-8b3bb2120ee1","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":146,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"a1ecaa53-e888-45a8-9386-a200e6f3028d","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":146,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"4cea8d59-d414-41f4-862f-12c54a7510fe","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":146,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"52f0ae1b-e672-4d1b-81cb-f0fc2db2234a","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":146,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"55a866ed-7150-4eb7-adcf-46dbfd9c4327","block_type":"box","text":"PURCHASE OF SHARES","page_number":146,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"ed39614b-60ca-44a1-984b-1bfe8e645feb","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":146,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"771a4a13-2a09-47f0-9e44-861968c6c273","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":146,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"352b9683-00a3-402e-97e9-814891eca707","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":146,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"82697b8a-0e43-4d8d-9f5b-3f30d2af45d5","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":146,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"5a3a7d71-81ec-4f06-a835-e87929e1dfcf","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":146,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"495f8a75-ca89-442e-94c3-f343f7be996e","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":146,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"9036dc48-3e7e-4470-8c7e-5c91a4347a7b","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":146,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"c4904e26-9a44-42f5-9f60-6aad255996de","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":146,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"3318cf76-e275-4d78-8d3f-1fb1c9eac5e5","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":146,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"6870522b-69ee-4891-b4ac-12885b71860a","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":146,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"9849300b-e7d2-43ee-a2fb-73c3028b9be1","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":146,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"770d2ef3-284f-4603-ace1-2157dfe80f73","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":146,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"b9a04e70-70b7-45bb-968f-cf5136d3f4d8","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":146,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"f12c8250-54c4-409b-9465-19fe04262790","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":146,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"88260660-98ff-4d97-90de-9201a975cf4e","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":146,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"271d37f6-1a0b-432d-8e05-e1a4c5388a43","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":146,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"cd807d08-809e-4e4f-9c24-15ee894b4cf7","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":146,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"e91ac2e2-baf9-48a6-a9c2-5488bd6c0574","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":146,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"828a9406-ca86-477a-a386-f969084f038c","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":146,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"a9508822-351b-422f-8456-7592355a339c","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":146,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"05685239-2375-49df-9841-98f3b870389c","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":146,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"57ee168e-7ecf-4c2c-b222-94b1b06130cf","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":146,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"524cbf56-c955-46df-b1b9-a0dd9910c505","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":146,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"4b07d548-616b-4785-a242-29508a1b753d","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":146,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"d0a5286b-041a-4e99-8664-adc388a88ad1","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":146,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"bd9db7f1-b01f-4478-955e-d2261cb0522c","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":146,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"4c4ae752-1ac2-4f36-9ec3-33788ea5daac","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":146,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"2ad79c02-c4a9-4182-8556-abcb74a7b36a","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":146,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"a3963cfc-545c-419c-9143-1d964818f9a0","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":146,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"d668de3c-b53c-422e-a5df-85ada2752dc1","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":146,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"29915ca3-bc4d-4d75-bde1-c6811db8da1d","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":146,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"896b0827-069d-4d3c-b3e4-b4085b559c9e","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":146,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"f34f356a-c7f1-47b9-95b3-6f90bcd8c4ef","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":146,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"28eece11-f1ca-4b67-aaf3-bc00534aa0e4","block_type":"box","text":"investment is $25.","page_number":146,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"8764410d-c18a-4d47-8f06-3dd92c13fad4","block_type":"box","text":"II-98","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92946a0b-8d3d-4204-8bc7-7735eddd3af0","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c14d5697-09e8-4a1a-bc06-61765e6045f5","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":147,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"e590f4d4-055a-46db-9b1c-acf1e58ee0aa","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":147,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"a5485235-a465-4b66-9794-95018849f2fc","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":147,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"3b722f8b-5f49-43ea-8cd5-57b674f6edcd","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":147,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"d3664856-73be-4352-9ba6-76da6baab709","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":147,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"c744faa6-48aa-4868-93ee-124ff014099e","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":147,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"9169f090-d137-4445-9133-464c5439a273","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":147,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"ed76bc6d-4107-4edf-b572-77f10d567a9c","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":147,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"eec3055c-f71a-4891-8a74-e0225678e3fd","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":147,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"727b6790-32c2-4914-bd0c-e06513408c89","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":147,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"173a65dc-4dd1-42f8-b5eb-bc16bb8a73ba","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":147,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"276e96bb-a511-42a4-8519-6edfb2c75490","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":147,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"91b1ef9b-2bad-4d68-a831-7f491e27e104","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":147,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"006775fe-5b33-4f84-ae90-d5212a1f16bf","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":147,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"56aab0ab-7e02-4be3-8336-611dd86b34ce","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":147,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"6eabda84-281c-4a09-8333-0541ad206d6d","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":147,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"1d169468-5bba-43b5-b64a-8be76fd2e995","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":147,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"4b59f136-45d2-4840-8cfd-48e31355a80a","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":147,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"5dd50598-462b-41f1-b717-ee88d6a6a9a9","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":147,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"fdb62d54-7cf2-4538-a165-2d091f6dc216","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":147,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"38c6d8d5-2a5f-4283-9801-4e3f49934260","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":147,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"609551da-6bb5-4382-b816-c2dcf551ab10","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":147,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"70951032-2d1c-43ff-9132-1f9c52156c4e","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":147,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"546ac6cb-3f32-4e9e-a8e0-0f47da7e7bbd","block_type":"box","text":"adviser.","page_number":147,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"61385db3-9170-4d70-a781-f1b276924e17","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":147,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"8b422a02-5013-4568-ab01-18485e13d8dd","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":147,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"74c2d4c8-5394-4e67-a350-a5bb99d3bf5a","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":147,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"beb0f2f8-4162-4f5b-a611-effbbbbbe255","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":147,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"55f12e63-8b6d-4f9e-9674-c9cdd2643f42","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":147,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"0af7b4d6-d09e-4ca0-b269-1d0dc0e5232b","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":147,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"154aabb6-8556-4468-af2a-802da0e63183","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":147,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"09b3d9c0-8f26-4d3a-b67e-35b267a9072c","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":147,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"22ffd479-af9b-4b1b-bf92-00f02bba7016","block_type":"box","text":"also be restricted from making additional investments.","page_number":147,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"5cb9527e-6a4d-4d74-a189-b6750a1a1cbe","block_type":"box","text":"In-Kind Purchases","page_number":147,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"f85cc4ab-3322-4121-8aab-f9b991361d74","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":147,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"9a28a760-1f52-4361-ad51-4b3d8cdc3cd6","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":147,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"c65f71d6-00bd-42fd-bca7-dd892c14cdf3","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":147,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"bfb1e4c4-5fa8-4dee-bec5-a429d21e0a41","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":147,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"49ec2708-e63f-4faf-80cd-b312a2ab7171","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":147,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"8052286d-0413-46d1-98da-ac67a7c6cf54","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":147,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"774c7361-7156-4f3e-b54a-ddaac84fbdbe","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":147,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"eb91ae1f-5676-42e8-abfe-5812e11963ec","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":147,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"a3f1434d-c9cd-4396-bb5f-5641c87a4a78","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":147,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"f9728c59-18a5-455c-b7c3-dc29455df320","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":147,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"09dce001-4e5c-4839-b333-89007f2c1133","block_type":"box","text":"has settled.","page_number":147,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"6a60fe36-e5f7-4f59-ac21-863789da9de1","block_type":"box","text":"Institutional Shares","page_number":147,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"a0e640bf-c567-45cc-8f87-70e49b9bfd90","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":147,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"248dd929-c6c9-4adf-8e9a-780d1fdd3b47","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":147,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"2ca893a2-e078-4520-8c0f-cc1048fae9fb","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":147,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"0930fc18-8d02-4cb5-ba24-b26c0adaf100","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":147,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"4b1919f5-ed15-4569-bc8f-ec32c82099da","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":147,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"5a5f4906-f5e1-4ae1-9fe8-876f419f0957","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":147,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"90d07e63-75b4-40ad-b1af-befe3dafe94c","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":147,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"1ec9f242-242f-44d1-b4eb-b9e6f012ef57","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":147,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"973c7c6a-48a3-404e-93d0-634f0e973b14","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":147,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"2d0599ee-b6cb-4fcc-9520-5f578d9e4be7","block_type":"box","text":"II-99","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9716cb5-753a-4e2f-82c6-cc09ecf2a224","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02a7716f-378b-4155-8f25-ac7f37565d45","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":148,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"61fd7979-766a-499c-a01b-78780047c5b1","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":148,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"192593c3-aae5-48d4-b5bc-9435e8e624de","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":148,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"b6f67e69-9ce3-478d-b4f6-7f0b030f8647","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":148,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"8d2b9469-3e95-4f6d-93ea-c3b5720c4f62","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":148,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"1f1e2926-22e0-4adb-addb-270b83da324a","block_type":"box","text":"these fees and conditions.","page_number":148,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"35610d95-de66-4579-8e75-1d8cc5ccf056","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":148,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"8ee80a64-012c-4f35-9c58-105d6f3ea85d","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":148,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"242863bc-f1c0-447e-9848-056061916084","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":148,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"e815e515-2353-407c-aae2-57eae8c52167","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":148,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"9f20f114-fdc7-4f04-8cc3-4c984f506329","block_type":"box","text":"incurred by the Fund.","page_number":148,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"311f2b4a-f4a6-4a17-9bff-78209292ca55","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":148,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"d6963551-e184-4785-a4a5-73b6b546d0ba","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":148,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"1bd5ef28-1de9-4f33-a27e-d8eacbc2f0dd","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":148,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"a563bd47-13b1-47e8-90c1-6842657ead7a","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":148,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"52af3db7-6921-4f72-b604-7630c5be2235","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":148,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"e16d8805-8edb-4e38-930e-399aac8ae62d","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":148,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"c1f324da-cb16-4865-bd44-5fcfd2477d56","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":148,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"37d9d604-8362-4528-93b9-ee56a00084a7","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":148,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"197f9101-9f10-4ac4-9a24-64fe87b95340","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":148,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"037a904b-9719-4331-8343-cdff1e2f1465","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":148,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"cfbb8120-e303-4ba6-82fc-9e4d1a2cb359","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":148,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"bf67c26f-93c0-466c-ba60-6fb0fbd15f85","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":148,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"62b95f40-c3fc-4bae-8d50-e0b2e1eea618","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":148,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"23b93a11-b5ba-4f85-a82c-313a309f3c54","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":148,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"54918c29-c6ba-49a6-b213-181fa5262861","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":148,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"3b8dc4e5-909e-4eb3-9eca-6cf0e8d31164","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":148,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"de6e7565-c465-4635-9843-89f0d304bb7d","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":148,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"84b2de3e-d463-4d9d-9be7-740a8d27f7ac","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":148,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"1d29d37b-2d99-439e-aedb-f830b234c0c8","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":148,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"30c162aa-14cd-4b7d-bf09-705baf5cd18f","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":148,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"0cdfbdf0-ba97-41c1-9260-46686d37ce60","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":148,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"4c10028d-9a93-4dbc-a8f8-e1c9c167a8a0","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":148,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"7deb9a87-7fa9-4289-8ecc-c5df11589372","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":148,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"5b940638-dffc-4968-a5b6-c609e5b1f8fd","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":148,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"f1f52c16-1294-4444-aa11-61aa4d08ae39","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":148,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"d0c254b9-14d9-41dd-8e7a-8962043974d2","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":148,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"24a95ed9-cd7c-435b-8301-5666d0fd9240","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":148,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"f6331382-0509-4a6b-b16c-9b70b739ec5e","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":148,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"8a409961-64bf-4e36-b66a-1078671a0f17","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":148,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"49e03c41-d5d1-407e-8acb-4babf0372ca9","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":148,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"261dd199-a4ec-4d81-ac8a-edc4730b2b0b","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":148,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"014333f8-e352-4a4f-bcc5-6aadd193e83b","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":148,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"af90fcda-7b8b-4b5b-9d2c-393947ce77f0","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":148,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"e3311e3d-ef66-4bdc-bb0e-9b65824c96e3","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":148,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"aafd00ca-29fa-449c-804f-6b634f5becab","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":148,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"db8ef3e4-89e8-4c21-919d-e15fa2c1d93a","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":148,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"791d1569-b214-4b0a-887b-279c935385f3","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":148,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"adc9bee8-9a98-40b8-840a-2538e0f761ba","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":148,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"703091e5-b1c2-436a-9048-72ac5d30a7ba","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":148,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"f303ff9b-2a6f-4565-9438-9c559eb9111f","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":148,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"fedfe3c3-61cf-4283-8d61-f187163c3809","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":148,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"1ff9c8ce-c3bf-4a3f-b80e-585acf8850de","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":148,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"6b93f7b8-7cd7-468b-b7cf-37b9571a070b","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":148,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"579b57c5-a045-4792-888b-ef0c62b82c1d","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":148,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"081ff762-9647-45f2-8fc4-eb87e0b5188e","block_type":"box","text":"II-100","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"51e7a34d-fb63-40d8-8008-484903714bad","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc574d04-c457-421d-ba1a-3c43cfeda49c","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":149,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"9c139660-dd3c-4e78-943e-acfd05d2f8e2","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":149,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"aae30fe4-312e-4b3d-8f74-06319bd96b47","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":149,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"88d2f5b0-8bb0-4295-a594-1dd87acf7df9","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":149,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"5ac0caf1-c447-4c18-b609-6851e5e0b8aa","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":149,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"c40f312a-bde1-4fa9-95db-0ec2b0c5eaa7","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":149,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"c5eccf32-05fa-45e4-90e2-62ca6a05404b","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":149,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"1b5b010c-93a4-4fa8-b86c-98db31caf4fd","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":149,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"49027199-7211-426f-a767-3242113d4baf","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":149,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"d53362c7-8ea4-43f3-96c8-92f32cdd4d75","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":149,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"14b6c6fb-0642-4fdc-805e-cb2a7f141051","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":149,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"5edba85e-49a4-47f2-a5a5-68abae93d411","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":149,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"3855b9ce-14ee-41d7-b5c9-b7974477ba1e","block_type":"box","text":"periods indicated.","page_number":149,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"81d3f469-2038-4fe8-bb57-c748187dec3e","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":149,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"34391fd4-7cfa-4281-a10a-6a30a74c7a2d","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":149,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"1bf7534c-e2ba-4d38-907b-739ea69b6ee8","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":149,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"4bd91f34-b067-495c-82e3-6a50ce415c12","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":149,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"953e77b7-7a92-478f-a134-3729a5087efc","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":149,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"5b461acd-61a8-4931-8c32-6b8c48be2d81","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":149,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"640635bc-6313-47ca-848b-682ba38b1e97","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":149,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"ebe44e38-d5bf-40bf-b7af-8cd7310b32fc","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":149,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"3ad42598-bd52-44a3-895e-5a15230b0f90","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":149,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"c8b07965-c8b6-4e9a-8974-68e2ecdba5db","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":149,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"8d1ebe8b-65ac-4f62-8f81-6d4d46ff1bf0","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":149,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"290a430d-c2bd-4743-bc40-e9cb4a2b0655","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":149,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"f6d4db80-7687-4cd2-ab3d-b8b93f082689","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":149,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"0e210d56-6827-454c-b12b-1ae2fc66c910","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":149,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"4c402f5a-0ea1-43d2-86db-9815ca845b4f","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":149,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"adef5f1b-34fe-4640-8f06-b4b2314bbd76","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":149,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"8c4357ce-68b6-49bd-a2de-be0251391859","block_type":"box","text":"Reduced Initial Sales Charges","page_number":149,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"d43b432d-8f5c-4205-9297-9fd2b5f5a734","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":149,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"0e6a8f6a-7177-4be7-8e96-477f46016ca8","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":149,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"4e8970bd-5f18-457c-8f16-37b6790f555a","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":149,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"bf0396dc-230a-4150-a41b-c52162011ef7","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":149,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"8dfa50ba-dad6-44ff-a1da-595257368aa6","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":149,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"9ec283de-3f18-43ad-99f8-50336a32764d","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":149,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"b50f23ba-4ff9-4562-a618-0f51056befed","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":149,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"fa35c894-96a2-430e-96df-93d7c5388171","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":149,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"6a0bad43-1ee4-4f6e-8398-f9942bb33c73","block_type":"box","text":"Reinvested Dividends.","page_number":149,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"321c16c9-b795-4831-bd57-22dfd849f633","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":149,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"3f8cebf9-8eb4-4c9d-9f71-71bbec9bdc1f","block_type":"box","text":"reinvestment of dividends.","page_number":149,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"091c100a-0352-41f0-a8dc-28683d55d60e","block_type":"box","text":"Right of Accumulation.","page_number":149,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"c8265c5d-2742-40a3-ad11-e1fed05f37e0","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":149,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"94134665-e43d-4789-9fa0-84208b831147","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":149,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"c4703131-6cb2-4d0e-a621-915d17f27379","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":149,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"5b4d9771-c893-45e0-ba2e-e3e30ed3cb74","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":149,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"eee73f47-8034-4cde-9140-2b297f1f65f2","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":149,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"370fe1dd-ae99-4603-8bfd-4a7a64e27c8b","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":149,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"40c05dd1-8f08-410f-ac2c-8c4820cffd79","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":149,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"bbaf117f-75a4-4a7e-a4c7-d970314f43cb","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":149,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"fb35ebd5-8c0a-47fb-a6a3-11f3da7e9d37","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":149,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"6390367c-3040-4874-a53c-e634e84bd2bd","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":149,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"0fca4154-5a1c-43f6-8dd0-13f3d79c5128","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":149,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"a44eda60-7aef-4b1a-9059-1a4b837b76ed","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":149,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"38a7b15a-6991-48a1-93fa-196800425d5b","block_type":"box","text":"II-101","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4839589f-333c-4784-8383-dc7e54cf2d8f","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"262b7c52-fc12-438b-8add-20b675559b83","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":150,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"0b4f9d59-3c70-4b57-b498-2ff241f4756b","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":150,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"94296dd3-07c8-4d51-a018-7cf3760f0fa6","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":150,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"55e242bf-855a-4fb1-8b7a-35948b4c2c6b","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":150,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"19bd7a99-c133-4861-a098-05f8b9bb033d","block_type":"box","text":"Letter of Intent.","page_number":150,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"8635686c-8c3c-4c69-b2c5-3d1ed2591369","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":150,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"ea1b736a-5451-4861-ae96-610ec8c218d1","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":150,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"d685c26b-921e-4ea2-9f9e-b232b200e1e6","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":150,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"2c5764a6-b72b-484d-bf72-ccae7a74718d","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":150,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"aea5ff9b-282b-4ee0-a8fb-63ac6326cde4","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":150,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"fb0bfc9d-d3c2-48c4-8be8-592eef287709","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":150,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"9c0e1cc2-5a48-44ea-a41d-36055ba40c3d","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":150,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"bd6a3e68-e599-4b24-b32a-90841d65232c","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":150,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"80f1bff8-b07a-4688-b647-d8c9e6c2fba0","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":150,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"ed90037f-5185-4ed1-96e7-b30d43d4babb","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":150,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"e5a34662-48cf-4878-82d6-1f7d91ef6732","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":150,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"9c8453dc-e8be-4928-9d41-1de14dd19c8e","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":150,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"5c3a926d-fe87-4291-be96-e6ff52503295","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":150,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"57529be3-eb55-403b-8c29-49344a9c488f","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":150,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"4d2c252d-c8f4-42b7-a0f0-0dab122218d7","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":150,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"12463c09-6827-4e95-819a-cfb089e6e3b5","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":150,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"58cd6bb9-fa47-45c3-97f6-8f4ab6943d9a","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":150,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"bdf68728-5b57-4034-9d83-916a1d42bc22","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":150,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"f1ede614-a787-4e08-aaad-398255138061","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":150,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"cf9d7d1e-c803-44ed-bf31-de1c1d4efa38","block_type":"box","text":"Placement Fees.","page_number":150,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"beab24dc-1cf0-423d-bbaf-8818ae7b54c4","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":150,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"68f73b2e-04cf-42ec-8eca-a17998a5372e","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":150,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"345b8795-aeb7-4049-8cd5-b230ade8a77c","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":150,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"ea1d4398-58dd-4cc2-ad99-1bab2644224f","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"31cf8130-c19a-48b5-98f6-6c3a3d07e131","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"fa17dfde-30a3-4608-b9e3-49e8278f43e1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"bd2b39e6-2a26-4106-858b-fffda7654e8c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"f74dd799-335f-40ea-a65a-093ecaf3a927","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"aa7eb6fa-80bc-45a5-a304-04e499c55599","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"463e4762-ecf8-40ff-8110-b6d3e3f37ab3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":150,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"3f5a4275-8a0a-4291-a8f6-e218f3da5f4e","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":150,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"4012c873-6424-4ec4-be7e-3a65b664ab48","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":150,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"652cce69-bb90-4f92-9365-b08d4674bdc8","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":150,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"61dca6c5-b5af-476d-a92e-ff73dd73d34a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"43e12f98-260c-4768-82e4-d7fbdd7d2f08","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"088108e9-1048-4b13-a052-63d7f34589fa","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"772107a6-9adf-4ad9-b86a-4b3968ac0028","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"180d22b7-5754-47fb-83c8-d6a1ddd4b3a4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"d71f2e7d-1096-4a66-a15b-576ff0aeb409","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"f54ca8d6-36f7-4e4d-a757-9cf601ab4c21","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":150,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"c5a037ee-8bb9-475f-942a-44831500acbf","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":150,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"9c57d00b-06f9-4159-ba8c-cf78ce348bb2","block_type":"box","text":"SM","page_number":150,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"9456586f-b324-44d4-98b9-3717a6e16be3","block_type":"box","text":",","page_number":150,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"3e83d1f0-5c7c-4022-a590-7cf2e9f0b2fa","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":150,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"8bb3d8c5-c72c-49c9-b076-dc950277f993","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":150,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"486a83fc-29ea-4778-b394-dd5cd8d72a13","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"15f04190-b789-49cd-b177-7934c152e84f","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"14f8647b-5cb8-45a4-a402-a61da88698b7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":150,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"459d9694-5627-48df-95d9-75957a8ec719","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"96f1ebe1-2347-449f-8ad9-f04a79059b36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"b2625373-6da4-4255-ada4-7c6c0f40179a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"94fc8f10-00eb-478c-9c5e-e3597db6842f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"c4e09047-b5aa-49b1-a4e5-7f77e40ee16c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":150,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"c208bac4-dc7f-4ad5-b8c3-5beb335240e5","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"f0734944-b532-4b63-ac94-53b3231114bc","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"804aee93-4d97-499d-9b61-f1f6266ed79b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"7f7429f8-feb9-47e7-8813-fa26e90f2989","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"0af53eda-1dc2-4d5d-8b54-515729b9812b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"29eab7a0-f526-44af-9584-4c88d26fc0c8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"f6224d78-4c69-4cd9-8526-db266d945220","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"8059e081-8153-442e-b6cf-fed32df7d237","block_type":"box","text":"II-102","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"21b53b3b-1c3d-4288-b285-59ab81f10b54","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87b8f98b-6260-48a7-8087-3a51a1ed367f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":151,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"b65f214d-4701-4de7-a821-70634fbe6604","block_type":"box","text":"may be up to the following amounts:","page_number":151,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"248c274d-20b7-4aec-a827-235329c9d870","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"f2cfc56e-e6c6-40ac-93ff-33941ed121b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"36707a3c-80bc-4a27-a7c9-63221735438a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"e57aed3f-da9b-4a13-8692-0b6dcf571872","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"5d147137-cb1c-4c06-a7d8-ab83c97b7c58","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"677fb3b2-90d6-4dc7-a1b8-c0f21f3c5a8e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"94746b4b-ed35-48ef-b1eb-02fb97a83020","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":151,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"febd8f4e-8e22-4640-b91d-091b787e3164","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"8d8f06e7-a18a-4c5f-85e5-1fa4c3bc7c2f","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"9b584a11-c981-4a41-b771-0b260b737c81","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"e4140621-d36e-42a0-b117-58e86ce844bf","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"8ef53c32-4499-49d7-8126-64a22a000af6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":151,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"28709d62-1e6e-4f62-bb3d-d65c6a3c4234","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"a5d2b69a-437e-4d42-a517-acef7dfe8fa9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":151,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"cba9ac88-a524-4714-b461-db54a9678227","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":151,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"ec562c4e-ac4b-401f-9c81-4e92ee2d6a98","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":151,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"8625d36b-218f-490b-88e0-32d8e09aaa42","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"1d1c5be9-d19b-4c99-a8af-5b7fe9a8ee20","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"0933bedb-9796-4c49-a759-33f0faaaba3b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"4c6c5759-d6cb-4364-855a-d827ba9bed0f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"24481be0-af6f-443c-abed-7686000e0dde","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"e9107418-3611-42f2-ada7-823b2f0c39ba","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"8ac9e55b-daa7-4419-b81a-a073cb99a708","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"f56d0907-1973-4f1f-97d5-00ecd2c667b7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"c5d30d56-acce-435e-be09-6501c2fbf4b0","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":151,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"2c3a7932-fdfc-4fb7-9632-dcd613ca8c5f","block_type":"box","text":"$250,000 and above . . . .","page_number":151,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"e469734d-aa01-4be1-8fa9-cd8eadf67a34","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"4805bd17-74b3-421e-bb28-6f2d460b254c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"a4cc8dbf-467c-4cc6-a1db-59b2c72cf62a","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":151,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"cb13f031-1351-44bd-8859-aacece82044a","block_type":"box","text":"the following amounts:","page_number":151,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"b567c34a-e1fd-4f81-a4b7-439bbd96f098","block_type":"box","text":"$100,000 and above . . . .","page_number":151,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"a3cc7af1-de89-49a5-a616-1d25d34d0390","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"f6434340-37a5-4cc5-b931-8d055e2a28a5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"31e42918-d047-4e9c-8079-68cb7e8a959c","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":151,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"7b237101-e01d-4766-9bc7-1b048bd67be7","block_type":"box","text":"$250,000 and above . . . .","page_number":151,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"c22b3caf-afdb-483d-976a-7e13a753324a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"5369b29d-8b33-4bb6-b380-9698cdb169c7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":151,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"c88190a9-bafa-4ee9-9533-f0064088b181","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":151,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"5b21fcdc-2561-4114-a656-e87773f34fd5","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":151,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"f4965494-8ad5-4052-830f-80f83892d22d","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":151,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"60592a6f-bf14-4ee8-be98-a69e78aee0aa","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"eff4b31b-8720-4a84-9a7a-a9b5c619e9d5","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"afd1a1b0-1901-4b8b-9672-d3f2df400fa3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":151,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"438ac39a-c053-4360-9848-07c1fc86e09d","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"0c957d46-deef-4306-b537-28c5af84415e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"c01ba0c7-5fdc-4e32-96b1-0b6624a1c947","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"6fc54092-db23-4a2d-b982-7b842f53b2db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"19e6e974-bb04-4359-ab78-5c4bdb611e88","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":151,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"365a6103-f493-43e8-bd92-50af121d4f35","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":151,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"3360e078-ba75-4ff5-abe4-3d943209fe50","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":151,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"3ad2de70-90bb-449f-94b3-6d7eb2c5e02e","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":151,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"5c87ec1f-ccbb-4047-9f60-27478e2a390c","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"32b9ac58-dced-4431-bd3d-393657df8792","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"5367d0b3-c4a4-4058-9839-ae082b716f54","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"15f1ebed-dc5d-455f-ad43-e3d322fa2bac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"400dc9f6-9c5d-4a17-8574-b5e7301650a2","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"2c1c3317-cb31-42d8-b1b5-78bdfabcd582","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"62b52173-404c-43ad-a285-f28e5b39597e","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":151,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"32f00076-a776-4333-8c05-4549123a52fd","block_type":"box","text":"®","page_number":151,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"a37b65cf-045a-494d-b55e-6a7f43271a65","block_type":"box","text":"Index 2030 Fund, BlackRock 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Investors who qualify for any of these exemptions from the","page_number":152,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"62558035-3ebf-4091-bd04-82644b722742","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. 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The Investor A Shares deferred sales","page_number":153,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"a4d4c3d1-afb1-486d-a678-8239206c5de2","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":153,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"462800fc-f0b3-496c-afa1-8ac8aa5f0232","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":153,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"5bf967a7-41f2-4b13-9dbb-7f86b9d7f85f","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":153,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"1f915a9d-60e4-4f8e-94a4-165ce3a32613","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":153,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"a598457d-217d-4853-a579-2ddacfedd212","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":153,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"895e25c5-118d-48f4-a10c-0fcef64306a0","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":153,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"a4995ab5-0367-4721-bbd3-67f5b1aca32a","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":153,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"1e7c63e0-1217-45e6-a0fb-b009ac723c21","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":153,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"72a3d857-6621-4f82-989a-4b9fa0f3934b","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":153,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"c7b19be7-ee3b-4445-992e-2ef3f3d18b27","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":153,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"9ebd9c2c-ba88-43f6-91a9-01726bf09275","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":153,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"c0fc8af2-f7d0-47eb-9dc2-a40a59738fec","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":153,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"e8d28d33-1252-4778-8d36-fe11443e5e96","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":153,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"15ea6d94-620f-40d9-9030-c3433ca34512","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":153,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"fcd93b3d-7acc-4127-930c-22670068b9ed","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":153,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"7bce2bf7-5b7b-484d-9228-d17c02ea9020","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":153,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"eabc03de-4ace-4e56-8f77-cac519f675da","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":153,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"9193db3b-bfff-42f5-a39f-7cecbcbfed00","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":153,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"59c8e34b-1d77-47fb-8611-18e272a798da","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":153,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"9fdf8b7d-2829-42b6-8486-50e1dd516a5b","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":153,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"617250fb-dbc1-4a09-b0ab-e431169dea31","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":153,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"e28e1261-f1f4-4d4b-bd05-976bcbbaf53b","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":153,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"9361ac14-9e7b-45a9-bc19-84d6135d5310","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":153,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"40ff19ae-e8e7-4da3-b4fb-0d2180dd519f","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":153,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"a1c03933-c8c6-433e-b8da-ef4bf19bd7c0","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":153,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"212c9ec2-2c96-4e56-b5fc-9a9029a143b8","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":153,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"45a33e7e-8790-4c25-be0a-e837302e7222","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":153,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"d349b723-29a4-416f-8ead-c8ec7d660827","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":153,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"843779f7-8c3d-446e-ba32-8479fbec33bd","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":153,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"4a1397d0-ee61-4d81-9501-b8dfd1525805","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":153,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"50ee56e6-6fe7-405f-962a-e672ea51de87","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":153,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"4347ff0f-6bad-4753-acdb-0eafdef98443","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":153,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"d96d40ec-c9e2-4b47-a563-81e228f1b7b0","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":153,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"80e9c02d-632f-45ec-9137-807ef366a01b","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":153,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"5785972f-c52f-4476-8939-e0bdd7fa77c7","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":153,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"be0496a0-2aa2-483b-851b-e8d58593358e","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":153,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"b48b931b-a73c-4955-b359-82132621862c","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":153,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"b270041f-2234-4c50-8206-ccc6ca7046ad","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":153,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"a38f0a37-634e-42c1-8d44-ad6a345ab70f","block_type":"box","text":"public or private investment company.","page_number":153,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"29e518c5-c746-46f2-b877-d0834b88394a","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":153,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"47080557-0c2a-4a22-abdd-e963543aa704","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":153,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"78b51d79-64fe-4432-9d50-fd2890d6bdec","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":153,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"d670d1b4-e30f-4e07-a736-67a8264c8603","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":153,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"d59f840c-c8b2-4982-b8e0-d15f390370b1","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":153,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"cc8a6b74-05ee-427c-a7a9-202db7b540b2","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":153,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"09ea63e2-1e6c-4d39-aa1f-8b9592e6dfe8","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":153,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"968ecefe-aee6-45ba-b713-ec7d37e32652","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":153,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"263f15af-2d05-4c9e-b4e6-6b47bad8d6f9","block_type":"box","text":"II-105","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0e7bd6a2-44ee-4c3b-adc7-2051d2ca591b","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1946efd0-9d5a-4348-989e-43f06fe4caae","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":154,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"2ead58de-b79f-4c32-9adc-5b70d9d4a167","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":154,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"d6987f7a-525c-4648-bdde-cbbf27c27682","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":154,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"a7ea579e-a3d2-4698-995a-4cfd90110a5d","block_type":"box","text":"intermediary associated with the account.","page_number":154,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"e4e5f138-d432-49b7-a7e8-5cde7db4390c","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":154,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"e4dcd565-80a2-47bb-a260-ab7db26c2147","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":154,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"4aeeb485-345a-47f6-a29e-8c052606e145","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":154,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"fff12354-dc65-4a65-b6c5-6ee7e10ce890","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":154,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"998fdfe1-af36-4d9d-aac0-84d804707cee","block_type":"box","text":"CDSC shares.","page_number":154,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"a8cada39-8e15-4e53-8f61-5e5f1253fcf8","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":154,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"f0f1767b-2c8a-4cda-8b24-05fdf15f3dd9","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":154,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"28f9fbd3-e904-4e77-81ae-8f59ebe8312e","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":154,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"5738c195-35ae-42f8-84ca-689d07312b0d","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":154,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"e12d50c7-1d06-4913-a765-fe5ff88f2309","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":154,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"f3a1b0e6-374d-4210-a522-b08f0a1cd593","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":154,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"58928153-fd42-48e6-add6-e46bb275f725","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":154,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"4f14476f-85f8-4d30-a38c-71686f29f4bc","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":154,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"1afa0668-bb07-4e7f-84eb-67da6c318e41","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":154,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"808fb6fc-337d-4395-b59f-51a0aceccbda","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":154,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"1f7ab8c6-721f-4b03-894b-8f9a4f0c2e76","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":154,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"d67cd043-34d7-4a1c-81dd-cde73e1c2812","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":154,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"ac296e9c-7228-423c-9615-4832ef4a6574","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":154,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"d5f75016-aba0-4dc6-911a-da756fa72cc0","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":154,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"64adcbf1-3b14-43a2-b8c2-69e7fcedf7a1","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":154,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"b1566401-a62c-45e0-9491-6c20fc79a08b","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":154,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"5958f55e-d919-4ed5-816b-0d27a3034f5f","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":154,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"f8074c62-e9ab-4e8d-979d-4ded309c2592","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":154,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"cc166eaf-21f6-40d9-8aff-5d7b4c0a51ef","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":154,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"c0ed3871-a9a7-4f7c-8ad2-b7437e068a51","block_type":"box","text":"Investor A Shares.","page_number":154,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"f575d01a-b6d4-42e0-ac1a-40c1ce0c19c9","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":154,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"84a987c2-5aeb-4276-b435-fdd7a353f777","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":154,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"197a505f-fc96-4ba6-b04f-7ca3b4b67c7e","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":154,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"16fd5455-297e-40b1-a743-91c8cd1273a4","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":154,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"96aa2fbe-898e-435b-a737-f8d112c843cd","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":154,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"61dc08a2-7125-413a-a515-5ae4d6b0b59b","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":154,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"b2d92453-6c42-40ee-a068-93f454a1fee6","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":154,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"36a7f4aa-d8b1-43a5-b627-71aa34095022","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":154,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"2b085fb1-aadc-4da3-abd2-88ddf49418ab","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":154,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"339f3a63-9f60-4e40-bac7-d995870dc55a","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":154,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"6d4fcb14-7f5a-4493-b181-40eabf3545c5","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":154,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"861e10e8-7eac-4ca6-998e-38032be3a589","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":154,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"e6b9a2bf-4da2-4478-bf7f-d02dfe9a5450","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":154,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"dc7ffd46-7eaf-479e-a391-2526d290a8f2","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":154,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"15e7fd4c-1601-447a-a8a4-a5ec3a88f520","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":154,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"44512314-5800-4459-80a3-8a6c742652c0","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":154,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"332c251a-f31a-46cc-aae4-9ba803af696d","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":154,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"bc11b5ca-1a59-40e2-a278-602acd767db9","block_type":"box","text":"“Investor C Conversions”).","page_number":154,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"b05856a6-a2bc-466b-ae53-3597860f4c4d","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":154,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"52d6b6f6-1234-4186-a6f9-7360c79acce5","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":154,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"ece1f055-4b46-4928-b604-a2c967d577f5","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":154,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"d122d039-8868-4923-bd87-6ffd1c367075","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":154,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"06d5c1b0-6ab7-4391-b46c-143a8fb7f9b2","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":154,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"62525ba1-65a9-4aef-8604-f9456fd946a2","block_type":"box","text":"II-106","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ae7fef6a-d488-4753-bc1c-d859061054d1","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60cce350-ce3a-404e-8dfd-2a23763213a4","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":155,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"2aeb2d3a-0942-415d-b14b-71111fa90dca","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":155,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"135c73b0-f15e-44bb-9947-a8cc5482ed0a","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":155,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"260bc5d9-ef17-4f9b-a8ad-af598dd984f1","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":155,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"c5c90fbf-80a5-45f1-81e0-9c152c6bef51","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":155,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"bc0195ed-592c-4f7c-a455-b8735f8b9485","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":155,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"ba5e5083-a368-4d66-b21c-7d916efdea58","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":155,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"58034265-3269-49b1-b74b-f1ac4a50abea","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":155,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"69d344dd-2293-49a1-b31e-a06ed3ca8802","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":155,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"ff53a4ac-61aa-4ff6-a684-8760b0de13c5","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":155,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"8d5141f3-6509-432d-b9a4-b3f464e79196","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":155,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"f5bdf022-c818-4b70-bfd1-86716a0cfb66","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":155,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"9d4a8fa3-9e3d-43d4-8786-63283897cff4","block_type":"box","text":"redemption.","page_number":155,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"5d0c4394-245f-4436-b967-d63bf6e9424e","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":155,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"e2d2248a-c9a0-4663-bcc6-e0ee0ac0c8d7","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":155,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"f4fb4f24-0699-46ad-aef9-93ab58015752","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":155,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"8ccafa6b-b7d3-410f-8264-06b6c4efe97a","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":155,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"c6b10a6d-c0f3-4550-b5d5-eab680493936","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":155,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"3013d120-c56e-4c31-abe9-e97969a401b1","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":155,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"32a078ae-62ed-43ec-910a-99b168a7859d","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":155,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"748a619d-8dca-4eeb-b142-d6b69e3b21f8","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":155,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"f6a3cc0a-1f2b-4976-b769-f6ae9659f25f","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":155,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"b6c56d78-4a83-45b0-9227-7799112c5adf","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":155,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"c39c2742-7bf0-4a65-ac88-900b52c43b70","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":155,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"441e0a10-1e88-4878-b468-704663136d22","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":155,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"89923f28-78ee-4cb4-a7db-79ba88af732a","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":155,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"22fc43de-aada-4fbf-bd15-625b6adcab23","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":155,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"1e7aba4e-795a-40ba-b473-7b966f619e9a","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":155,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"9bb9401d-6334-41f5-8af6-0ebb90eeef52","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":155,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"9af6f64c-28ec-4dd1-ba7e-439466327c08","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":155,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"f51c3495-6528-46fe-a516-b568b083b9aa","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":155,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"def2e335-7486-4ba2-b987-ebc232690478","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":155,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"0ff7c98f-ec27-4a73-ab03-a2d2cc40a6f6","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":155,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"79c0f92c-5f37-492a-9bf4-f5726a8d8bf2","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":155,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"503514fa-6992-4990-aa4a-86b746080081","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":155,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"ff3bbb6f-a061-4236-8d19-6c3c908415a4","block_type":"box","text":"Class R Shares","page_number":155,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"92ee8907-3fa8-4d23-8a3c-ecc5ba60ac28","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":155,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"fb74aadf-42af-4b67-9ea5-9698ed720d7c","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":155,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"98d1a6df-3e01-4ff9-a2e3-776519d93645","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":155,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"6450587b-bc16-4484-88f6-4483375ee7f2","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":155,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"8dfa9dfa-dfd9-4624-8b92-6431420c0bba","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":155,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"93934cbf-273b-43a9-8424-c807af773b8e","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":155,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"ec94fa0b-0626-40d1-9f03-2d7295e2c7f2","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":155,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"efb633a6-3465-4614-9f12-b6075abf87d0","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":155,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"8f8eb415-cbf3-486d-adcd-2993dec7be2e","block_type":"box","text":"Class K Shares","page_number":155,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"23caef9e-a291-494a-9f0c-d7bdcd992a3b","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":155,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"e9e7a65f-472c-45d9-90e6-718eacb69717","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":155,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"17de2cae-b1bc-4e0d-b817-1d311d3b4f20","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":155,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"30a56115-e3c3-4ba5-b57d-9b6a027d9990","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":155,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"6c0d1a34-f54c-4c27-9d6d-907d0d9f4ef7","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":155,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"43e6c506-c858-4b22-af61-64fe2a70d6d1","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":155,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"9f83242e-79a6-4bca-8d7f-581a0e74962a","block_type":"box","text":"II-107","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c8d2217e-439f-43ec-9f7a-76d4e6419f9b","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"334fdb2a-7bff-49d1-a934-c659955d65bd","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":156,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"7bb45a2d-b60e-43a8-8e9d-b92bcf30ab9b","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":156,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"9510a944-2cb4-4fb7-b58c-995444e84a91","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":156,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"5175ef69-f204-48c7-a22c-5fc006c59bd2","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":156,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"9b195664-8e02-4a0e-b365-d0d586687482","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":156,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"a6e011bf-fe1f-4d0e-88bb-58d9eb73f7d1","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":156,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"aa873a03-589f-4218-a023-2b789dd63510","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":156,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"f10a3be0-20d8-443b-8791-2305d734126c","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":156,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"074dbd0a-d7d2-4a6f-b58f-75cead22705d","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":156,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"59f131fe-1764-4440-9a61-ab37978b95f1","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":156,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"02cb88c9-e555-4b86-893a-0b69629f3eee","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":156,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"8e659088-1d84-4b23-b339-faa28a36ab52","block_type":"box","text":"distribution and marketing agreement.","page_number":156,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"75518c82-76b9-42d7-8d82-d70e268329a3","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":156,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"2367a8ff-b8a2-4d91-8047-e8e779f04727","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":156,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"b3396d80-7c40-49f9-95a6-320ebd353ad9","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":156,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"f1b202a7-2ecd-4eed-ba03-0284e171fefb","block_type":"box","text":"Class G Shares","page_number":156,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"1ef7b831-b3c2-4f03-8d9f-1d3da5541a81","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":156,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"bf8a9fc9-5b62-45d0-a553-a3ceeb074e3b","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":156,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"42587b3c-5135-41ca-9f8b-ca3b13424c40","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":156,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"4a1784de-63e4-4d51-8c64-d531ae68e856","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":156,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"2e37f05a-f5c8-4822-ad6e-b9a614afab98","block_type":"box","text":"eligibility requirements.","page_number":156,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"b36ebfad-784a-4d90-ac63-5f5c7a5f1530","block_type":"box","text":"Service Shares","page_number":156,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"52f2c7df-3f47-456a-9d15-4773b7db5c45","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":156,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"78d976f2-c06a-4f1d-aa56-8b94b5729f94","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":156,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"1e65a621-b5f4-47e5-877a-8762226c09dc","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":156,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"7c29d97f-7fde-44b8-868e-392a73b3e3b1","block_type":"box","text":"®","page_number":156,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"5d452ea0-a409-4312-a7f5-9c88f4df3592","block_type":"box","text":"Fund in 1996; and","page_number":156,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"d2194d4f-7910-4d24-b169-e038d2251b06","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":156,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"aae21e82-c14a-4079-bfa9-5d722613d24c","block_type":"box","text":"SM","page_number":156,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"2c936111-4206-4510-92af-75d9ad70caf2","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":156,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"2f5be18c-8369-4c92-81ba-3a218a2a31c9","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":156,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"a8f0eea8-b665-4624-9d01-0fe1799994ba","block_type":"box","text":"BlackRock Shares","page_number":156,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"7d955974-88e1-4cdd-b327-b45d869cd15e","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":156,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"fd939efe-d159-4497-aa7e-7b480d3adeda","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":156,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"d9605c35-3c4b-4855-87fe-260bc2f4be39","block_type":"box","text":"fee-based programs.","page_number":156,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"e8392073-e2d1-4f5c-9f2a-be906924a0eb","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":156,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"569f244c-db6b-4c0a-bb33-87af104c911d","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":156,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"899ceea9-77dd-4ad2-9836-77c78c243aae","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":156,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"62069693-66cc-4fc3-98bb-2fcba060739d","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":156,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"9b0d75b3-5361-4b01-9211-7b66bdd647bc","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":156,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"fb60bbfc-ae1d-4b04-92da-326925802ec4","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":156,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"4cbc0799-85ec-4020-a02a-e33cacd80eb2","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":156,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"66bfe762-ebdd-4dc3-9eb5-90d64ec28243","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":156,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"12de4bea-998d-4350-b6c4-19d09af2d546","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":156,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"9a1dd33f-c191-45da-a799-2422e2aa230c","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":156,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"4fb436aa-2c77-4843-9cc6-81299f1bc097","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":156,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"6ba082df-a0c7-4e63-a6e4-e795d0d6cbe0","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":156,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"5d4b92ba-69f1-4c98-b265-e8ae0f209842","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":156,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"eb438e7a-a2a2-414a-9e67-e561ebd83c33","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":156,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"be5eea97-7113-4ab7-bc4e-06671d9c6c15","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":156,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"5ecb0e84-d22e-47cf-b8ee-dfa58aef73d7","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":156,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"69e4122d-8943-4669-a765-94c975cad829","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":156,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"e06e81a8-9eaa-4a8f-905f-cd7af53722f9","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":156,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"c20b1a6e-245b-48cc-8676-6ab3dde5c3fd","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":156,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"bdc49647-82e8-43ed-8765-569282f4f72b","block_type":"box","text":"II-108","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"76f17df0-4a22-4e17-9e8a-bcbf50f29586","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d77e657-2595-4a93-aea4-ef41b699587d","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":157,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"5d55cf45-7ead-4164-bb9c-f1999330c6e0","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":157,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"a466fca3-acd7-4ed4-920d-33872dbf5971","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":157,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"f4216b5d-fc20-4c2c-a73f-8fb73d965b84","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":157,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"29d5cc80-cefb-4417-b9e8-7d02656b6638","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":157,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"b2ba21eb-5d85-45b1-aa89-0cfc6ebe42f0","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":157,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"4b42750c-3ac2-4767-952b-aa4daabc6872","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":157,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"20281242-33ba-4239-90ca-7086ead6bc35","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":157,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"04d89cfd-0e1d-4a62-9ee0-9bce05c6b617","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":157,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"5ac7e235-8e13-4884-8021-e7915207be51","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":157,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"37b77d6a-bc2b-498a-ad2b-42d1493b0f1a","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":157,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"7965acd1-38ee-4412-a4bb-97be67ffc6c2","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":157,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"e9895614-2b2f-4cdc-8c7a-a2826cc143b8","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":157,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"f50c9455-0cb6-435e-83a0-b375372ca34d","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":157,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"8bdc0b98-bd37-4ced-82fd-c310ae7ca7f2","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":157,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"eda9f7dc-ecb1-4234-9e40-48929f56d5a2","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":157,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"2954f600-2f45-43e9-b7d8-e40a92aa9240","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":157,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"94c23ca7-5d54-4937-85f8-72fb25694589","block_type":"box","text":"compensation for selling different classes of shares.","page_number":157,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"842d738c-aa0a-49f6-9742-cf2397583c86","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":157,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"03a558bc-136e-4ab5-b74b-6c8467f68552","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":157,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"deefe5da-0ef1-4b62-84a2-39e90af99be0","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":157,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"3e243e6e-a8a3-40f4-93c7-77ce4f0c8b82","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":157,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"467ac9e0-bec0-44e3-a813-1b648d2823a8","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":157,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"d203da20-2e75-4cf1-953f-f22eac4350f6","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":157,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"4c906aa8-7eef-46d4-85c0-70f1b1d8edae","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":157,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"e9268566-c9dd-4631-9fb3-ebcc42d6f8f8","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":157,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"7b9dbc56-b652-4988-ae44-76d3c315fead","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":157,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"ed4f058d-2084-4f8a-8284-901282a950f8","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":157,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"4a714535-084e-49dd-ac29-e0533675e637","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":157,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"f74387d3-145a-47de-b15a-5c77413bffc8","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":157,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"648af8ae-3518-4908-8970-3696d0b20fd5","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":157,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"469dc6d0-0bef-4de0-87f1-1a0b41c0f429","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":157,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"51d0624b-e51c-46a5-bb8c-d13cdf89dd45","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":157,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"51ad53bc-8ac2-4952-bf78-d1ebe22f0737","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":157,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"b76145a3-4381-4d95-bb41-b2adc4b62646","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":157,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"922e0128-72d0-482a-a700-e32d01cb25fa","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":157,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"308da470-25af-4562-86b1-99b995233259","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":157,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"2356dfed-be1f-4dc0-a0b8-f941f0a493d7","block_type":"box","text":"easily accessible place.","page_number":157,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"c793873b-1f15-42d1-97e8-c505788d8988","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":157,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"294501e2-3a3c-4d76-bf43-fad0d21fb55d","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":157,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"e727de42-4c76-47eb-ab30-1053b8447d2f","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":157,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"7b9115fb-d1ab-4339-be62-a605d1e9d37a","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":157,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"721e7ae1-054d-4b26-bd32-8e0ca70f089a","block_type":"box","text":"fiscal year.","page_number":157,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"4d01cba9-a8d0-4912-8dd0-73e9499f3893","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":157,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"cb3b8dee-3cf4-4d35-8f1d-719a6ec763e7","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":157,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"231f8b09-b977-4791-82a7-3b9ae23f0472","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":157,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"6bdbd883-f64e-46f1-a8ad-8274f2928d1d","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":157,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"eca7e8ea-129c-4f42-96f4-58acbb792178","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":157,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"b8b3a4f7-644a-4217-87b3-666c7fd7b98c","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":157,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"70800916-2b40-4b3e-858d-10da4fbb64b1","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":157,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"3c8d5c03-a84b-43f6-88a0-167c9005fcc6","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":157,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"4acdac9e-de40-4f46-a5d3-cbc925dc9e76","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":157,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"3b3b7290-c7ef-4df3-8f28-04c335f268a5","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":157,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"5c5408cc-e525-45b5-9249-8cf254f03450","block_type":"box","text":"II-109","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4decc155-f26c-4655-8cd1-aaaa61d6e8b7","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b19b0417-880e-4de1-a610-900bd4238dcb","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":158,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"c7fadc73-cec7-4275-994a-4a9810bf68e8","block_type":"box","text":"and Class R Shares of your Fund.","page_number":158,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"51d4688a-5aad-4576-af33-705b59a60e6b","block_type":"box","text":"Other Payments by the Fund","page_number":158,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"0e14c6de-2561-442d-a214-ca8ddb56b1d5","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":158,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"2726b6b4-fb5d-4c37-a7e9-939007decb41","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":158,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"0fba0c03-a533-441c-abd0-cd67fa771d7c","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":158,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"2c566aed-3774-4150-84a1-eb0715072ea9","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":158,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"ee7f3eab-47e9-413c-93a3-657234249e2f","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":158,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"7110c468-4865-498d-b7aa-552aa0c7b08d","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":158,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"975741b3-9c70-4bf2-b0c7-136a376ee948","block_type":"box","text":"of these payments may be substantial.","page_number":158,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"a6f250a8-afdc-489a-a888-cd7fc948a4dc","block_type":"box","text":"Additional Payments by BlackRock","page_number":158,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"d927bb17-44b3-4746-875b-b40a349ce340","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":158,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"8ed21c69-bc9d-44aa-b6d3-9ea07039b456","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":158,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"3ec75a4a-f228-41ce-9a68-6ab45277a646","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":158,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"3a20c069-ffbc-4f3b-a661-df431003df65","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":158,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"c7cd3598-aa45-4ba5-8b28-8cf6a86058d0","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":158,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"35b88efd-d6d5-40c4-ab1f-659a9e41950e","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":158,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"58c0e2d9-afe2-4f54-a3f8-ea13bd12dc2c","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":158,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"c18c255b-d168-4d73-b7f2-f64c75f10fe3","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":158,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"b7d0c904-1132-4983-a42a-77b0a21d39b2","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":158,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"3cc0bc1b-9e3a-425f-9151-0adc5afabe41","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":158,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"ab6e652f-b53d-46f5-b0cc-4298133fbb92","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":158,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"e8099a47-eb9b-4a69-b781-4d1dd87d10d6","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":158,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"85d1a3f7-84e3-4c48-b7ef-8f1837000aab","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":158,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"267486e3-a2a7-4ddb-a43f-4c34ae71471b","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":158,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"035c6613-c9c8-482e-ab83-ea063bd45d9d","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":158,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"e8657534-8e73-4b50-9a41-4c93e3f579ec","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":158,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"49e67e2f-dad8-4825-93c2-70870ca16697","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":158,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"45246cd4-9554-4b1d-b728-6eee3a5f91a8","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":158,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"1ed05d02-d842-403e-831e-ef0aa8bafe85","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":158,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"3e7994fc-a91e-4559-b328-6a266bc31ae6","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":158,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"55d2b058-7f7f-4991-a438-c5d66515d175","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":158,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"169dbced-91eb-4233-9e59-1d526a670388","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":158,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"d1f00606-d543-478e-b174-1d06e6a2a596","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":158,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"dad9eb18-acc8-44bc-b5f9-336ce6fac9a2","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":158,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"fc69cd02-53b2-4722-a6af-6f9ba1ad6a73","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":158,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"2229d028-b2ae-435e-86be-592dd329249b","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":158,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"24fd10df-edc3-4ddc-bc4f-2b9ef76b2ab3","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":158,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"f86ac9f3-1ff7-4b0d-ae69-71d80d3393a9","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":158,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"7fa0eee3-b8f2-4650-aa99-037b448f2d76","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":158,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"f0731590-d257-41dc-b3e5-943436542438","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":158,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"32b0c0ea-90f4-4ce4-812c-8431b281c2e0","block_type":"box","text":"Funds.","page_number":158,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"5570ae0d-b3fe-47a4-bcf3-6ea5651f6359","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":158,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"83fbe89a-ba6d-45d0-ace6-26500f97708f","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":158,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"983dd8cd-f108-4c88-a55d-ac7d41c148d5","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":158,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"54b7ddbc-9c87-4fa1-982b-58383678553b","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":158,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"8f9961a5-1342-450d-9f18-270b2cd29f5f","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":158,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"f4cd2cb2-1135-4e95-a80c-e1c1779d31d6","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":158,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"9be25649-f24c-46ec-8526-58bae8c77b93","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":158,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"4771906b-a394-41ce-b694-5a3449cd0bf6","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":158,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"80778749-45b3-4edd-bb44-cf4f5f173b26","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":158,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"e401d307-a4fb-4e23-b69d-bf11868e18e5","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":158,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"e09a8330-4102-4022-a14f-3f183439ea01","block_type":"box","text":"II-110","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4e4d7ccc-1f2e-4daa-98d1-e0ec77523f4c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd8abf1e-46a2-4b77-82ba-9d7f1af89d19","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":159,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"0017f660-d397-4fab-b862-60a82e5a1b56","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":159,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"b6a90cd0-e1ef-4539-b73f-35ea9c591974","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":159,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"4c42cc3f-8450-41d6-8b12-ef0a45ab6e60","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":159,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"dbb358c7-b324-41a4-9e53-e288a5c3dda5","block_type":"box","text":"B. Shareholder Services","page_number":159,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"7c7f63d1-22ef-430f-b5d7-5d7f00113331","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":159,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"db43e411-2f60-41d4-bf7e-6fc0c23123d0","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":159,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"da497e41-b3be-4f5a-8840-7b82a99b2ad0","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":159,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"275277a6-34ab-4f96-a346-42235c8e7afc","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":159,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"30aa01fc-0d6f-4df5-b60c-000862845ccd","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":159,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"44e9285d-24a5-4a91-bd71-49ce778af508","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":159,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"9bc56c3a-fa13-4484-8d11-28d2c93bceff","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":159,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"16cdff69-bc52-4fa7-8098-15eaaad46463","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":159,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"2a561869-6022-415e-b612-d559f00fa7ab","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":159,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"1d093158-51a3-4e8a-9d7d-6306e2112f3a","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":159,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"4187f923-bf8e-4efa-acb2-ce696da32f35","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":159,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"e8878336-dd2e-4cd1-a6e4-e7a20ccb98c8","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":159,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"17e40c12-6bae-4522-bd91-f8257d3dd4b0","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":159,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"3a31a478-3ab3-49a9-8e29-41ee1e982bdc","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":159,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"6dbd48f8-8238-41ab-9168-f7ddb7fbf6a0","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":159,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"f8488623-75b3-41e0-b67b-f52f0511c198","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":159,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"7a16f67c-7c36-4acc-bd15-502fa96442a2","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":159,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"5ebc7e6c-6044-4eda-829d-41935c55723d","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":159,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"4761486d-c46c-4dda-a480-9861899f309b","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":159,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"3cd122ae-44a6-45b4-ba44-8738f8f77535","block_type":"box","text":"&Par 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The","page_number":163,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"e189d320-d8a0-4e90-9aeb-33af3de3b714","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":163,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"0b22aac1-b931-418d-bc3a-8119b181f01d","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":163,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"a1438f96-b758-4a97-a461-c89fc9fd101e","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":163,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"c7017de6-3cda-496a-a8fb-b8c30571dd0e","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":163,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"2819b8f7-6e0b-4da4-a5a5-bd5cb365468f","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":163,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"83567e20-42b6-41e1-ba19-a330bd52e82c","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":163,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"15e6fde5-953f-45c9-ace4-a3a1928bec3e","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":163,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"9e02373d-3234-4d77-9463-a22185cbd0fe","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":163,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"43c331bc-d669-4767-a40c-fa5e3f5b25cb","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":163,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"66ea9a3c-0080-480c-87fa-8ae558a37e5f","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":163,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"76ddfb61-d22c-433e-a4ec-5f9c1ed5ba04","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":163,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"4d0b68b0-e543-4450-bf6d-a012d5e82cb3","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":163,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"72b2ba8b-820b-4767-a332-83f6d3137842","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":163,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"c6d8f573-3044-42f4-8437-2c8390617e02","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":163,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"37e5cd15-330f-4212-8e8f-dabeb66cbd87","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":163,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"5303c0fd-b27a-4a8d-baf3-8d3ddddecc5f","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":163,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"bfd5350d-d79b-45c6-8ce7-b3cda59ad7a2","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":163,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"485f0afa-9006-4a9c-8d83-c704decacc87","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":163,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"d875460b-6bd6-4089-887b-887c25aa003b","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":163,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"b2e649bc-5640-42bb-9f32-ada538f7657e","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":163,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"05fa63cb-b7d1-4fe9-8d4b-8777505e5617","block_type":"box","text":"Redemption","page_number":163,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"9ec66cb8-0625-40b5-ab1f-2014c29f01dd","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":163,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"f810312c-e222-4a9d-839c-9380568f0bcd","block_type":"box","text":"Redeem by Telephone:","page_number":163,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"60802769-5809-4c6f-b3ed-caca53fd209e","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":163,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"9f8bb4b0-72c2-42fa-a4e4-18b112a170d3","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":163,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"80b31669-ef76-40d0-89f1-9c3bb8fb1b8e","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":163,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"ecc648a6-34d5-4f7e-ac48-0ef031d17f6a","block_type":"box","text":"II-115","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"00ced0d0-caa4-4f7f-bfdc-29fad19c0cfe","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a1ba9ec-978f-415a-a8cf-38172bc7e6a6","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":164,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"b57ebb68-4f0d-4adf-98e9-e4d7baa8a885","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":164,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"f3fd57d8-33a8-4e93-833a-1b650846e213","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":164,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"1381b55d-5f34-41f3-bbe1-0c62e03cd9e1","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":164,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"8d163cc9-d5e3-413f-b4bc-ff70cb94a5b3","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":164,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"157eb160-0a8a-4b88-9138-e6bed585f07f","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":164,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"26b67b35-9ea5-416b-ab6c-b495b383672e","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":164,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"c924f603-0119-4d1b-8f3b-71cf0420fa5e","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":164,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"e1dc7baa-4f4a-4107-bffe-b5e5d9383120","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":164,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"0750c886-301f-40a3-be36-eb5cadad044c","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":164,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"86e3515e-6fce-40ab-b924-bd851e70e177","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":164,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"b502edcf-d70c-40e9-8bf0-50831531025b","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":164,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"7f0eb61c-1dd9-4816-9726-4479bdb0c503","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":164,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"4bce7cc5-a491-40c5-b282-65a2b60f166a","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":164,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"caaef3fd-c544-4c86-a1a6-2002ebca035d","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":164,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"b8621d4e-2c54-4843-88cb-0470e64431f9","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":164,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"8cd9357c-3b38-4082-a28b-822ad6f6ff52","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":164,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"3df0066e-a4e9-437c-b0f1-dac43aba1a6f","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":164,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"1198b670-5662-462e-ae72-e7cd9873ca66","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":164,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"bc72da28-7b5f-4f5b-a3a6-0bb0332a6056","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":164,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"e921110e-6552-4ecf-b50d-0fa031439a99","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":164,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"2999ad78-9665-4906-bd26-395ba75dc3b9","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":164,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"69aba56f-e31e-4a70-a21b-99104647b474","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":164,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"d2ee8797-35c0-4ca3-a42d-7753a8ff3422","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":164,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"13bd2cae-6b44-4125-8822-6443f63768cb","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":164,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"bd113739-127d-4717-9b66-28afef23ca1a","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":164,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"326ac7e0-146c-4435-824b-3d0c9b5be189","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":164,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"cad53efa-fd3e-41d0-85d2-9411bf5b4bde","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":164,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"de243793-f2f9-4d16-aba3-01882161cd3c","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":164,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"130428ed-c095-44ba-b9bf-6caa4ff7891c","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":164,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"6e6e6133-c844-41f1-b250-919af32ff669","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":164,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"7de3a627-96b6-4da9-b9ee-f2955e361e4c","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":164,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"4e4699b4-2670-4008-8b3a-2e0137155706","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":164,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"2fdee182-3948-49a3-9b5f-96d39d74d6d9","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":164,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"3b1afd8e-1031-4c41-869d-0b4f33b3b568","block_type":"box","text":"Redeem by VRU:","page_number":164,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"7a98e906-5d54-47f7-88c0-667b8edae8fe","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":164,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"caf24ec1-6473-4d04-80f7-c79202e0bca2","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":164,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"c5984adf-eb0a-49c6-93d0-e96c799cba2f","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":164,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"1e2be905-68fc-4d91-b519-b3914a570ed7","block_type":"box","text":"Redeem by Internet:","page_number":164,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"71e0c062-dcf1-4ac5-ab1f-e7ed6042337c","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":164,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"7fb318df-99cc-49fa-8ce5-7a74793424dd","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":164,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"aa707177-a6c9-4a30-942e-300f89d35173","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":164,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"b2033dc2-e5b8-46bb-9e09-cec9aa6bdcd8","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":164,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"125dd776-54c2-4376-a2ab-4525cbf724f8","block_type":"box","text":"institutional investors.","page_number":164,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"6fa61a33-8342-4721-98c8-dc21f2624cb6","block_type":"box","text":"Redeem in Writing:","page_number":164,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"bec0cb47-6402-4950-ad70-5169bd89bab3","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":164,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"df97d1ca-00e9-48a7-8c4b-0d0398b51db2","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":164,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"7f84baa2-075c-4acb-bcda-dd4c4692005d","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":164,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"8f597c3a-5014-402e-998d-615b1eaab4ed","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":164,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"ab501706-d94c-4765-8faa-858781c9046c","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":164,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"198d902a-54ab-404d-bf5c-99b13a8e6da0","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":164,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"9356d949-a601-4135-ab3f-6467cf606222","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":164,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"de549b37-1f74-4494-963b-240da0f0463a","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":164,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"d3d3f236-1726-432e-b2ef-74c391b498c8","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":164,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"f9c995e1-11c8-43af-b285-002b8b5735ea","block_type":"box","text":"the bank account of record.","page_number":164,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"5249dd47-6cfe-495a-b826-b827e055128c","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":164,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"6903256f-1a13-4221-9608-dbc706617934","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":164,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"b7487bbd-3d18-4d16-b8e5-31ee5eb92259","block_type":"box","text":"II-116","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8d93d914-377a-462c-bf13-299817e7f0a2","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd745286-1c14-4d69-9f42-04a168b0b604","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":165,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"f8357743-5780-47b4-ae76-5243070be959","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":165,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"e17d7727-df3d-47d6-88f5-32f8ef54e30f","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":165,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"30d119c1-962b-4862-a32e-a261cd5cf908","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":165,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"4e22c9f1-324e-43a0-b7c1-db16a21b0285","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":165,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"e0756746-46b6-4a20-8fdc-18d7249adf78","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":165,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"c46dcf30-759c-45fa-b0d0-fd0a445adf5a","block_type":"box","text":"redeemed by the Fund.","page_number":165,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"d7470e17-cf85-4581-943b-1082f8583872","block_type":"box","text":"Note on Low Balance Accounts.","page_number":165,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"78b06c43-b71c-4df6-abdc-52968f037172","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":165,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"3652c7c1-4ba5-466b-9ea4-6cccaeea51c2","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":165,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"00488d18-8b5e-418b-a4c5-57e96ec289e2","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":165,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"0d455c6d-c59f-4e49-99da-8f5c1a019b29","block_type":"box","text":"for any reason, including market fluctuation.","page_number":165,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"defad0dc-a93e-4612-bc8e-75ebbb2196e2","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":165,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"405b7e6e-931a-4a0a-b6c0-1404d1c3a91d","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":165,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"0f1f3f7d-de1d-4605-8958-39479e6207ad","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":165,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"3472b970-7c04-42a7-8e1a-8fa0f63369c1","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":165,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"9bb057a2-3b48-482e-a0f4-a2a426193f41","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":165,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"059aa40f-bf12-4570-b801-362f7b28e699","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":165,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"c06e2c61-f382-4664-8fc5-975d1eb32035","block_type":"box","text":"Repurchase","page_number":165,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"e4dacf72-62c5-4a16-9b18-2ca362bc3eca","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":165,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"638b232d-f5d3-46ab-9a81-41248867b60c","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":165,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"c89c3e61-f24d-40c6-a14c-a675f68c63d6","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":165,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"e58a51bb-7504-47ac-8ea2-f4c4b99f67d4","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":165,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"85a384a8-06ae-40b4-a5d5-f3f5cd79543d","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":165,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"c7e96e64-03f1-44d2-8866-658146da0b43","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":165,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"cfc3d855-40d6-4786-90b1-5c8f0dac2000","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":165,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"7be39e90-0ef9-41f6-bf13-0349ae3ef444","block_type":"box","text":"next business day.","page_number":165,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"8ef85b14-1d6c-4988-9155-608fadabfd6b","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":165,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"0baec688-49cc-4954-842b-2061dcebae1a","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":165,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"40de0f90-5164-44bc-a932-a39621e54452","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":165,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"34ef837c-7853-4f9e-83e6-2f8474400522","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":165,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"ff66f356-f426-4aea-9986-5dc6d302cf6f","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":165,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"f8959df5-e9fb-4890-9ddc-b2d6836f24d4","block_type":"box","text":"redeem shares as set out above.","page_number":165,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"01dad2a4-ec8d-403d-9d83-b1eb345f208a","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":165,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"3f63a26b-7e71-40d0-9495-03729746b756","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":165,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"adad56c2-f52f-418d-94b2-3013e93930f3","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":165,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"6245371e-6acc-4c47-9a84-42197db80b65","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":165,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"a91e016d-8d34-4500-b8d6-62299619ed86","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":165,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"fb95ddcd-cd35-420d-96de-98305cff07a1","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":165,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"fa3191a3-7f9c-4b13-8f5f-313dbcef36d4","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":165,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"6d4262fb-b147-42fc-b886-06680a95e4ce","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":165,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"0342102d-6add-4451-ac68-ebc1d29f4605","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":165,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"7aa41433-d8eb-46b3-962f-80a98d7e304d","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":165,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"73918a29-e89d-486e-bff3-08d5a72c8a25","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":165,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"518b63f4-d5e1-4817-8bbb-d67d033e98b4","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":165,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"5d24e054-bd1e-4c9d-91b5-79f18ecec718","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":165,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"b35029bd-d271-4998-8e6d-d13f80305f51","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":165,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"c2b16413-ace7-4c3c-99ae-b0b7d0bc6a9e","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":165,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"1b696a24-522d-4819-a1f2-75fb83b5d55d","block_type":"box","text":"II-117","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"35b8160d-33fb-4fef-9e51-85a5e7442323","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5cd28eb-c74d-4fae-bd3d-edf72f9afe88","block_type":"box","text":"Investment Account","page_number":166,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"8e1ad4f0-99ab-4560-a9aa-1d659f3301c3","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":166,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"760c354e-e687-4aaa-ab13-599e3c2c7d2f","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":166,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"625d6e12-7a55-48bf-ad07-d04349bab46d","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":166,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"e9dc2abf-0b2a-4f8b-b9f4-fc2393964014","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":166,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"6546df3f-6455-4cac-8c4a-27d82e045ee0","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":166,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"e989154a-672d-486b-9fc8-94506ca42741","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":166,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"1e17d835-7555-4b5f-9b12-58ff90be1416","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":166,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"2d60c063-66c4-4a33-a2eb-a28311814151","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":166,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"fea09a7a-a853-4ac6-bf6d-bf826895300d","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":166,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"0a17aa98-eae4-464b-93a6-7669be92babc","block_type":"box","text":"automatically at the Transfer Agent.","page_number":166,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"a6f5db45-a6e8-4db4-9312-4cbb8011b78b","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":166,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"ab4861fe-d4a1-47ba-b13e-ecfbbf06c8c4","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":166,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"a0c8f133-5eb3-4d2e-906f-87fe7ffef695","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":166,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"6548b4e9-48b7-4385-a2ab-9d16cb08002a","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":166,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"6bafd8a8-06f3-45b6-ae04-76bc31db4b9a","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":166,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"4c03651b-088e-46a9-8372-864e657ece66","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":166,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"6bb3bc26-1fd1-4565-bf3a-81b75cf7a77e","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":166,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"8a5bbce8-83c9-4601-917c-276e7c95829a","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":166,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"b643671d-470b-4cd8-8476-1a7e6a3c5fbc","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":166,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"10d45167-2e4c-4430-aae8-5336f0bc9669","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":166,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"199879fe-8b98-4727-ba99-f69abc835fc4","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":166,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"246dfcca-1844-48d3-8138-03a713b0d021","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":166,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"2917b65a-d2ce-4491-9fb2-221b9f412c8c","block_type":"box","text":"issued.","page_number":166,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"2d4e4424-5e85-4851-aafa-1302b5e11f2c","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":166,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"d6812bb4-9a11-4e00-aaa0-9a088fc52fa7","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":166,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"9f83ea60-305f-402e-8f9c-88ba708da608","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":166,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"f74eb216-19f8-4f91-bfd8-91663e6d31c4","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":166,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"d93292f2-8a66-4e09-b502-547f37c6d9c4","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":166,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"5dd41e96-b730-4a2e-8b85-8683f3a52149","block_type":"box","text":"Exchange Privilege","page_number":166,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"679d5fa7-cc4a-4031-ba07-ea0582f4743d","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":166,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"19ed4dc7-7eb6-4c0b-9e21-881525c5cfe3","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":166,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"18900f9a-1e38-4b17-bd3c-a3a4b1a63b22","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":166,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"9d6e2837-dbf7-4726-92fa-35b4a4d0f736","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":166,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"4a6f0e50-a4cb-40de-9e55-4a8903636e49","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":166,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"70afda8e-24fa-495c-8018-cdb84108ba95","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":166,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"e709c4b1-274e-44c6-9cb6-32af5cf811a3","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":166,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"0e99ec12-24b1-4d63-801f-350dafdad6b0","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":166,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"e3db9d0d-0313-4a62-bd37-876131bbc116","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":166,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"701e87b7-1df4-441a-9139-47f1b5b57520","block_type":"box","text":"Institutional Shares","page_number":166,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"f699b8f5-9ec1-43b6-9555-5928a90b8148","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":166,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"f671ccfb-9b1b-43f7-9a93-224019ba896c","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":166,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"f5288d36-e338-449b-9a49-1585e53223d6","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":166,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"1a9370ff-c872-42f4-8217-6363b62a6fda","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":166,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"c3cb876c-e280-434b-8723-9bc4aec9bf65","block_type":"box","text":"for Class G Shares of other Funds.","page_number":166,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"3c93b295-0540-4744-84d2-b5d7a41049fd","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":166,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"8c10c690-28c0-44f9-a946-59624bb55cd7","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":166,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"be71ca2c-5dcd-40fa-a6d1-ca6159bcf926","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":166,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"d977ec03-cf82-4cdd-af4b-c1fd0e63de71","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":166,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"a46ac9b7-5d68-4f08-a3d1-5708db03e190","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":166,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"9054364d-84c3-43b7-8652-fba7a29a4350","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":166,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"c92625af-8c33-4839-8ddf-a9d2f538b6c0","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":166,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"29ee37de-fd70-4841-8952-3a896ace1db3","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":166,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"9a9b7869-0ec5-4ad3-b2da-c13943057338","block_type":"box","text":"II-118","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1e0c26b8-f1e8-4ade-9844-7595b3c1982d","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94b443d9-948f-45ac-b6db-8c691be41f06","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":167,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"0a632f00-46dc-4cf1-bae5-25e4a274be86","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":167,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"80b06dd1-0e3a-44fd-8fb6-c3408ead4896","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":167,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"70d1703f-e0ea-4307-ba86-8602655c2ea8","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":167,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"ceb98314-b8e3-4e06-bb15-020dad43c896","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":167,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"9f9b3481-b747-4d76-a13f-a6dc42aec1a1","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":167,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"aaa543e5-7648-42eb-9e21-5043d15876b4","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":167,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"3f1c5edf-dca8-447b-83c6-a2eb5c730c28","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":167,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"3fc073e2-dc9d-40d0-a8ad-f8fff0d3dea0","block_type":"box","text":"Exchanges of Service Shares.","page_number":167,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"da4f50f3-de04-497a-aaab-6bf4722d2073","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":167,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"6bafe17b-2eb9-4168-a481-73ba844bafcf","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":167,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"262fde71-16bb-4a2f-8b00-ffc681f7cd8e","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":167,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"e4efa2f7-3402-4584-a798-b503b472001e","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":167,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"22a596a0-1167-46fc-b2a8-3559caea49f3","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":167,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"369d8748-cf18-4fe6-bc93-f8e90d0f97ed","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":167,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"cb98fe5b-ae07-46d4-890e-cd46c64dfd77","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":167,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"8f9f219b-be67-4cb1-bc00-fc594234f604","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":167,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"5873a471-0544-49d8-b9f1-5beda072e5d1","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":167,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"4baa046b-9ea0-4fe9-a879-072a6c6fac20","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":167,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"ce8a1346-11bd-4bf5-881c-6c0cf60796db","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":167,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"dc67c3d1-9abd-4a98-9e6e-a570eacd3fee","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":167,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"326d21b8-493b-468b-81bd-bb27434882ad","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":167,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"c5a2f92b-b849-4afe-9bc3-0e5f0c9caed4","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":167,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"a556daaf-3054-4e76-b000-341b07cfab8e","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":167,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"12a35392-59e7-4c58-9928-0845fc04b45c","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":167,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"e36edba3-b0ae-4ce1-8854-67ddea5232ed","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":167,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"73cb0b2d-86ec-4366-b9a5-57a934c6d525","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":167,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"6f3d03f7-0e40-4a3c-8184-1ef8add36b6f","block_type":"box","text":"exchange.","page_number":167,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"ff3ae285-afd3-45d8-99eb-f045bb482b83","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":167,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"5367bc5e-648c-463a-b025-41c4247cec68","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":167,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"6f9154c9-38e1-4a87-9414-c51bf2d2a521","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":167,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"18dab8ac-356d-415f-ae79-a403a7a22042","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":167,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"5db8dd31-99a8-400e-9b18-0608314403f3","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":167,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"ac940c6b-0e12-43d1-acde-b112f0b7acba","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":167,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"cf83c9fa-dcb2-4c12-adf9-31cc232cd411","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":167,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"8273df90-44dd-4b0c-8cef-8328ed691ec9","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":167,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"13aeba02-d0ac-4831-912f-2a02b2bab914","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":167,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"c568df42-1fb0-4555-9804-5bd23860daca","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":167,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"d5a3b46e-4ddb-43de-8737-9a600c55374e","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":167,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"1cab0291-6f08-4a57-928e-a736c0eb5e17","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":167,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"b582f0d3-e5aa-45a6-949f-78f1ccca1558","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":167,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"80001769-5a97-458d-8f92-81cc1827d12a","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":167,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"d8be246e-9206-4f60-a504-4327621f72e2","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":167,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"b9d0f82e-d0df-43ae-a917-1d295206872a","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":167,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"ed8bea84-5c39-427d-a2be-e305831e0a51","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":167,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"197a2536-a230-491b-9cbb-debaaab3f4cb","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":167,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"3f62d138-1623-4e0a-b19d-1644170a88d6","block_type":"box","text":"Transfer Agent in writing.","page_number":167,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"3c417f4b-a20f-4297-8f92-94d3db37dea0","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":167,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"8a870a07-9731-4c0b-a39a-62bbb2b724d1","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":167,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"3efad6b1-51f2-4b2e-bc63-fe2b78fda76d","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":167,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"d4f75ecb-89a3-41b5-8451-3d3f44f2e889","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":167,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"68e09e35-67c6-465d-b457-3fcbe56fee8a","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":167,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"bc4e2b0f-9538-48ed-a60a-509d27c7515e","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":167,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"2769dee2-f95b-4d99-9d7e-a17c6f661e0b","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":167,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"4058d06f-3a62-4c8d-9ac3-bd0588a3f64c","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":167,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"2de7e02c-2f09-4fa2-9ad6-343c5571a80f","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":167,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"7bca87e9-a90b-4991-a804-4f5953a129ce","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":167,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"0658c521-6550-4dbb-b64c-c82310eb937c","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":167,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"c2b82792-3325-4fae-8413-fcb81e4a3307","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":167,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"27af7d48-7ff0-4088-9d3b-06363c61c7bc","block_type":"box","text":"II-119","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"37683e11-40ab-4262-8bcb-be97d1672194","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3036b3c2-21cc-4b95-a093-cb453b109fa4","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":168,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"6f677373-a9ad-4ea0-8d2c-82b57a5014a1","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":168,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"693f585b-6b5d-4182-9bbd-a93035f46d98","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":168,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"43e9e10a-9b08-4776-bc12-6c5df07b64d4","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":168,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"0050cc58-df38-4e5a-bac5-861af46dbd49","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":168,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"513cf22f-67f0-44b1-b9b8-ddbc22bc5106","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":168,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"00ae1a69-66b3-44db-978c-d30d75b59794","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":168,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"8d3a929a-5ce4-45e1-893d-74875ff70209","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":168,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"ce3e3c63-21a6-49f4-a5e6-89ac383f60a2","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":168,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"31c14946-0e36-4c5c-a442-ed8f775de567","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":168,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"cce8b87c-f981-4e50-a124-53356d7c021f","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":168,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"618a7d77-8cbd-4221-ab32-6f2132733345","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":168,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"92a39f58-f816-4ae8-8930-4e2d96efc192","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":168,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"e4d7f30b-656d-40f3-acdb-c121879a353b","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":168,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"8ba25089-21b8-424a-ab41-9c809904620e","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":168,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"6f652254-b2dc-4f26-ad82-65ca15fc632d","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":168,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"4e0e2d13-3742-46a4-b546-a1934e31b857","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":168,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"57e9281b-cb10-4fb8-993c-add713c5aba0","block_type":"box","text":"may be distributed by the Distributor.","page_number":168,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"931353ed-34a1-4b3a-ac27-e66d4cf607ac","block_type":"box","text":"Participation in Fee-Based Programs","page_number":168,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"a251d8fc-61dd-4d8c-93f4-5497d3a017ce","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":168,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"c421033d-516d-4ac1-aa36-f6a855c9e967","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":168,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"2b70d477-f503-4dfc-8b4b-3ee676a85c02","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":168,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"02b1f053-c8c0-4576-9a12-62bf6b05ad39","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":168,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"683b84b1-a2fd-4f34-a43c-d7b185902bf0","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":168,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"3bedfa26-aef1-4fa8-a874-0e2898d9d211","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":168,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"586ae2b8-17d5-44c5-8d38-85300e271a54","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":168,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"a89cb1f5-2cb6-4f89-a3e8-9ec9ab08a2b9","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":168,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"3255ee21-c36b-4da8-9f5e-3764f59737c1","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":168,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"59fa0d78-ec14-4095-bb32-facfda48acab","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":168,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"7bd572fa-4c3b-4cee-af45-14ad334d6dc2","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":168,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"3629e3a5-43fb-463f-8909-8f79300937f5","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":168,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"c947658a-f800-4ec2-a2b5-f8f11d10e247","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":168,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"852bd436-6cfa-42d9-8093-446eb15fbbca","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":168,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"b8c25e60-4259-47fd-a565-7ed236a19bb3","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":168,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"0c150343-99fb-45bb-9b14-ef092327a744","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":168,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"7ed36050-0143-4b05-85f2-16cb9514fb81","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":168,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"93c04123-503b-4ec8-8c1e-233e0b782ed1","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":168,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"83527f9a-197d-4f41-94aa-c71c327c160e","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":168,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"e523392a-e9e3-446e-b0f1-7b01eb5ba1ff","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":168,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"fe0912e4-1c6b-46e2-9b73-402e56b0269a","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":168,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"43c2de15-cadc-4d85-ab8b-f79707334db2","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":168,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"a1430cf9-9967-4748-b7e1-7b944bf3eca7","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":168,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"d7812d43-63ec-415e-b9e8-b9982907c972","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":168,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"d57b3bce-183e-4807-8329-30975dca0f11","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":168,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"4e93c4df-3aad-47e7-a6bf-227e38d02768","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":168,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"a16116fa-9168-441e-ae57-a9b50bce7390","block_type":"box","text":"information.","page_number":168,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"6a80ef24-7f40-4a72-a30b-461394feffc1","block_type":"box","text":"Retirement and Education Savings Plans","page_number":168,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"f9c1fae5-5979-413e-9c43-5fd1e7bba9d2","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":168,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"e9a1fe38-cd2f-4a50-b95b-d52832c896d8","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":168,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"dc79a239-508c-45a4-a2ad-06f48c8a0cc3","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":168,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"c0133486-40c9-4b96-8234-73e332172c2e","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":168,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"f89f1b63-c58e-40bb-9583-3361d0aec516","block_type":"box","text":"your financial intermediary.","page_number":168,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"a9d246bf-6f2a-438b-b6bc-31b7faf55f26","block_type":"box","text":"II-120","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cbad042b-7182-48cc-85f7-2376ec04e07c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"335f3577-1445-48c5-8b2b-a6f1f7947618","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":169,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"7a296cc6-51e7-4969-9a11-acb12289d293","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":169,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"7200617e-795e-43b4-9f06-3f2aa146e7b8","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":169,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"2365d03b-92cf-4753-95d2-ab6bed1678df","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":169,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"53475006-9f4b-43c8-9551-6e51f64b15d0","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":169,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"0aeebc72-1a09-4207-88cb-59f8212bee96","block_type":"box","text":"Automatic Investment Plans","page_number":169,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"56e96897-9843-4076-a4b7-fdef408baadf","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":169,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"8d6058bc-e64f-4937-9ba4-5f3e232a3e47","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":169,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"238634e6-6eca-4567-8c28-c00d7c4e520b","block_type":"box","text":"®","page_number":169,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"c098e3f6-e598-4e5f-a7fc-4da319892b01","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":169,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"12b2a006-5558-42e5-a49a-ab9b15e76f3b","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":169,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"485bd26e-42b3-4a71-937e-725ad5872cc5","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":169,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"46dbb007-04c7-4114-9b74-e5852cd8f5e4","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":169,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"e492320c-d5f6-418a-97a5-4155af6b9b33","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":169,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"1a33ef33-3400-4e34-acd2-cb55d0754eda","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":169,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"78a5b2d4-a5d0-4fc2-81bc-b34c45883a43","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":169,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"64dc9292-e870-4b7e-883c-4fc88a0250a6","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":169,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"74299c71-891e-4c25-89fe-36fff7e493d7","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":169,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"d2662e43-a64c-4a7e-8b77-a79019111004","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":169,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"aa4ceae4-936b-4cda-a649-da54f221c0b8","block_type":"box","text":"Systematic Withdrawal Plans","page_number":169,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"3ebd34bc-15b9-41b9-a1d5-214ac7720661","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":169,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"ec9c8b92-42d7-4e07-8ace-17e64dafdbe4","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":169,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"3b1a69b8-a408-4554-bbc0-ca375c2ff21d","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":169,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"4caf2a03-c5f6-4002-a1cf-6275bfc95d4b","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":169,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"b4034373-922a-4ca7-9b6b-d1af1ce9ff4c","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":169,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"e4acd056-b68b-42dd-ae18-ea130496ec1a","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":169,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"8fe7ca1d-dea1-48fb-94de-bd09f3557084","block_type":"box","text":"www.blackrock.com.","page_number":169,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"8faf3724-7e77-4eb9-b7ba-70d47d26a139","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":169,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"b405b40b-d79b-47dc-a53e-722859197dce","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":169,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"a7131757-ff47-48d5-a073-45bc6a0b4f1e","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":169,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"e80c04cc-4fdc-4ee8-8626-c2185fafbba4","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":169,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"09165436-c6b9-486b-b200-b10367aec7c4","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":169,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"241b533c-1ff7-4938-9ccc-a7f4e7f58274","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":169,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"ea1fcf0d-a5b2-40ae-a16c-ba8516c670db","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":169,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"4f717c16-98a7-4a76-b7da-c86bb307d36c","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":169,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"d076d231-ce3a-44f7-8327-bc02b74f23af","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":169,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"754dec08-e9d7-478f-8376-f17223744730","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":169,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"c542b4b3-72c2-495a-b54e-0784112c742c","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":169,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"3c435017-3fcc-45bd-ad22-89d3ff62c797","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":169,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"7717bfb1-592e-44b1-8d73-0315f2a482c6","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":169,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"0d8c2864-d4f7-4945-9a5d-adc8512b9d6d","block_type":"box","text":"Dividend Allocation Plan","page_number":169,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"88443bde-3954-4303-8080-1f530f8aec9a","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":169,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"9a98f88c-4afe-4def-b2df-4ae9cb461e7d","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":169,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"40771ba7-133f-4ab9-a2ae-5937ee9b97bd","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":169,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"0613a6e2-4069-4cfe-b854-9448c43d41c5","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":169,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"1ee3a33a-3ae0-44e0-bc2c-74e374e402df","block_type":"box","text":"PRICING OF SHARES","page_number":169,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"4450e7e2-950c-419b-98a6-76f4153a4701","block_type":"box","text":"Determination of Net Asset Value","page_number":169,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"abab0d14-5143-4bbf-9079-2ccac7547764","block_type":"box","text":"Valuation of Shares.","page_number":169,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"0d870e2a-fa66-4e82-ab28-52de03c71185","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":169,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"49d0afc2-ea9f-4b71-bea2-041bf508bca4","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":169,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"663a4773-49c3-4f9b-b801-069e8be838ff","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":169,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"978c26ad-83b4-43fc-8473-26fad26f8d12","block_type":"box","text":"II-121","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4584f59-3573-4469-a57c-365b41c02a32","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2f7750b-48dd-4509-91e4-9aeafdad37ae","block_type":"box","text":"Equity Investments.","page_number":170,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"bda68e8c-4c82-4275-9543-8d6798125ba2","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":170,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"20c51570-7224-4610-a573-98d37125b114","block_type":"box","text":"e.g.","page_number":170,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"046e5121-bfbc-4dce-aea0-56280c94ff26","block_type":"box","text":", NYSE), on separate","page_number":170,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"f387a6f7-9b3a-4b71-9e5e-d127757d8678","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":170,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"b879b8ad-5146-4ffa-885a-cbade1e2cf1b","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":170,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"b267baa7-2c30-4341-87fa-9763ad5329cc","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":170,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"4dd0027c-ad1d-4b56-8bf3-a3faf9047da1","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":170,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"fb94b2ad-8f61-48b3-aa3c-0e3238605d31","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":170,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"76853bdc-a070-47d8-97d5-041dcc2cf48f","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":170,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"3eaf69fd-da6c-4ab1-9e6c-f3f7b0375d68","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":170,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"d7fc0364-741a-4637-883d-5e29da762f30","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":170,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"99cb32a1-cf15-4ea7-82ab-48266ed379df","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":170,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"7fb8279b-8bb5-4adf-bcf1-05a9a956dfb1","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":170,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"77010b75-cc65-479d-8359-ffde73e8b646","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":170,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"34597f8c-42ae-4652-ae99-3b6dff1a150a","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":170,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"9d2d7bc1-5b9f-4a92-92cb-41ded644c776","block_type":"box","text":"defined below).","page_number":170,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"99a3943b-0d45-4e83-b737-834caaa18ec7","block_type":"box","text":"Fixed-Income Investments.","page_number":170,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"7a7d14ce-b452-47bc-905a-cd9ddd92f774","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":170,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"5282e386-26e1-4a8b-93bf-5e4d0932102e","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":170,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"01bb6e4b-b986-4adb-a312-f34d4829d98e","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":170,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"9246386a-f78d-4237-bb35-0d29f8de2778","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":170,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"42ccdfe4-a78e-490e-9e7b-56d5860477e0","block_type":"box","text":"e.g.","page_number":170,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"2d7ac5b8-bcc0-4c2b-ba49-8fb5a9752f9d","block_type":"box","text":", recent representative bids and offers), credit","page_number":170,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"60b5bedb-ca4d-43ff-bda0-b5afa0855f4c","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":170,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"c1610243-b3be-4976-a5c0-54523abeb838","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":170,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"1bb2b365-da67-4b32-a455-fcebebfed277","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":170,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"9a967ed4-13b3-4e57-9111-02dd12b84c53","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":170,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"1eadc7bb-bf07-4c4e-bb7d-a3c6e1accccb","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":170,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"074bc577-20e2-478f-9ac7-160ba190b6bc","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":170,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"c18be5be-b768-4187-b17a-c7e70a3ba2cc","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":170,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"fbe7a409-2122-46a9-95ec-39c661c681d6","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":170,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"38ff5ed8-2d20-4aca-a2be-ffea90533d5d","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":170,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"696f7bee-85a0-484a-bf06-364920d4a247","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":170,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"50dac07b-c374-4ba2-b8fd-c08baf382913","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":170,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"726535f3-c094-4f5a-ad6e-50879000fe58","block_type":"box","text":"attributes of the tranche.","page_number":170,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"7ff9641a-b211-4d35-96a9-3c9a8a38f0e2","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":170,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"1cc6705b-1c70-42a6-9b1e-5b90879cd192","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":170,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"34d91ea1-8565-4916-8be4-d055423b5ce3","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":170,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"b2d0350e-c08d-47de-861f-f0562423fb1d","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":170,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"212ed533-bc24-49af-92d7-ea4f2914cbbc","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":170,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"37a954e9-521b-41e1-91ce-77ba0f4eec9f","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":170,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"7bdc359e-de8d-4151-84d2-26e6a8bd0cba","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":170,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"f6500ef8-3f38-4212-9e48-3474abefcc98","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":170,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"d5a68804-e42e-4876-bc54-10357cd8fd84","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":170,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"c90b9bd0-01c3-4bc3-8b45-6842a131a87e","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":170,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"18ef034c-a66c-421e-939e-072d007f3f3b","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":170,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"96668286-77b6-4f19-b14b-4937080f2d42","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":170,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"173856fa-9f08-4927-8def-8f6e825159e4","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":170,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"d2e807ee-13c7-4808-9e10-ffa0596875ac","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":170,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"4200af98-5b16-415d-81f4-5527984b262d","block_type":"box","text":"Underlying Funds.","page_number":170,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"f13b7122-5f25-4be4-b2c0-b74747ac9b64","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":170,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"fb476f37-b77c-451e-afcf-93d206bc1278","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":170,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"47e58661-7b88-4ac3-977a-6977eca1975a","block_type":"box","text":"General Valuation Information.","page_number":170,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"27080c46-c26e-4505-bd2a-a0119a2bf8fa","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":170,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"57e2c666-0f41-4025-9515-9a8e3cf4c804","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":170,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"8c65f40c-02a9-4295-9cd2-6aa04350490c","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":170,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"dd326375-c4ac-4141-8b95-ed4e68539965","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":170,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"72df07f1-d67b-42a7-a07d-ad946fac2265","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":170,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"a2be8e56-f411-40e0-878b-172613556a65","block_type":"box","text":"the revision.","page_number":170,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"cca417db-64b1-48e6-a4e5-afca98037994","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":170,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"bad387ef-9268-41fc-ac93-7a61db2904a8","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":170,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"32de627a-6cc5-4206-88d6-bced14e62b3f","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":170,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"98189512-ed0d-43ca-8683-b32f6661a415","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":170,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"90e65f0d-3afb-40e8-9fa1-7384173a691b","block_type":"box","text":"II-122","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"38df7c05-c8b2-4d33-bc8a-863a811a44fa","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7fc32dca-661a-4c17-815b-ef6aaaf6dbd6","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":171,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"1cee736a-6847-4cfa-993e-e33b7db46508","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":171,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"8d641d1c-7406-432e-ab1f-e7d5d26ddc84","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":171,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"8ac3f3f9-99ce-4d13-ba01-287740f41597","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":171,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"c5c3235c-0496-4551-a928-73cec83e31c7","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":171,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"9104da2c-2534-4666-a2ac-8b231aa921fd","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":171,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"b0155990-3c45-4743-b2b1-85f1e9eb44eb","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":171,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"e33e6ec7-22b5-4549-8a2b-040389f45a5f","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":171,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"beb5be5e-e84e-43e1-a506-968f83d82665","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":171,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"92aeaee7-edb7-476f-b70a-dc84a2205966","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":171,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"ece672d1-a0f7-4cfc-8a74-f17ddbce84c8","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":171,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"421ee05b-4402-48e0-8ef1-bd64baa244c4","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":171,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"03e0476b-790d-48b2-8dda-f3e60763c477","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":171,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"e0acb893-007b-46bd-8a1e-0e95581927cd","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":171,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"1348365f-d2c2-4087-b7f8-57d2dce9d0e2","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":171,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"aedda06c-0ad2-4fde-a6f2-e585066d8d01","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":171,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"63964245-bf9f-4679-a705-55e3be4dbc2f","block_type":"box","text":"Fair Value.","page_number":171,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"f69bcf34-bb14-4e2c-a932-b1ca04e489b6","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":171,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"0d88f846-484c-43a2-8aec-7b92a1d6b9f6","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":171,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"52590f8b-174b-430d-a0c5-d91364e3e13f","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":171,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"c6c24b5d-8e3b-4bbd-95b7-6ea4df5ec209","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":171,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"daf48160-1dc3-44fb-b7a1-5e0054e5a7a4","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":171,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"8e35eb78-a444-407b-8285-22787602e5dd","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":171,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"174cf8b3-e901-4379-b592-f3fa230f86b9","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":171,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"e0255654-5ba4-4234-8862-007b4f4974da","block_type":"box","text":"(","page_number":171,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"1cc9dafa-2ed0-4a00-8b6b-c877a29f6a28","block_type":"box","text":"e.g.","page_number":171,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"539a1298-c4c6-4dcb-b1e4-aa3b5ca750d2","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":171,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"fdbd825d-03d8-4eea-8894-6a478a6750fd","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":171,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"a0456ace-51b2-4f30-8e8d-ae21fdff54ff","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":171,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"75dee6c9-b542-40cb-882d-8582121f5b96","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":171,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"2b3e0888-aea4-4a25-9ed2-04ea306c05b5","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":171,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"29729f36-4e48-4ed2-865b-00850f80dc78","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":171,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"21a9a7a3-2b64-42e9-9de3-45db0123d191","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":171,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"f684a2e4-7487-457c-b8bc-e6a20ed7ec9c","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":171,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"7b0fb577-b178-4775-97b5-6593116606ab","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":171,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"945df026-4443-4f28-8aee-0fd88d0ab0c6","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":171,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"12f9a4df-a30a-4588-8033-39e35c54f32f","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":171,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"86265c88-6c8d-41a2-b036-c7d58f497a58","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":171,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"94754b41-d188-48c9-a2c9-50ad1df42ef3","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":171,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"0227844b-8977-4f6e-b5ce-a8a2548431d1","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":171,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"057d9fe3-f6b7-4765-86c0-2bc6475ddbbf","block_type":"box","text":"pricing time.","page_number":171,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"4f98230d-c90f-4f03-b7e5-c814c22745dc","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":171,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"50cfc0bc-1805-41dc-b381-b21f5d47a81f","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":171,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"59ffcab5-7699-472d-9b25-83d408f6a776","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":171,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"36111eda-663e-4979-8eeb-ba3bb16147a2","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":171,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"1e05f795-48ce-4b90-8975-c74a2bbff902","block_type":"box","text":"assets and liabilities of the Funds.","page_number":171,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"148d4bfc-29af-48df-8961-ad95ac0a454d","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":171,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"6ffce450-2dc3-4f10-8d5b-ec76f1802445","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":171,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"fc28442e-0990-48c1-80a6-ed085609250e","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":171,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"638151ad-82d0-48e5-981d-c1ff303b368f","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":171,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"8e816a73-d008-4996-82fa-64d1e6390725","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":171,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"97c09f82-67a5-43c9-b473-9ef6e0be1b20","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":171,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"962ade41-1b1a-496b-943b-caa785e74f3d","block_type":"box","text":"valuation models.","page_number":171,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"cf6a5f8b-38f3-48a6-97a9-3629b1935100","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":171,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"af52c34b-2ad0-4e6f-b4aa-52105cdd1b4d","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":171,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"84552cac-e21e-4dc8-9e6e-d96c24d7fde6","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":171,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"584cebce-204d-4b20-b9f8-9d5c96237aa9","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":171,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"73617838-e23d-453f-9985-74019a53056e","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":171,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"35f0eb69-b233-46b9-b04a-04fbf2eacf16","block_type":"box","text":"II-123","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d43d9dab-d201-4ff6-8301-5c592905fd41","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"521b0355-449e-4d99-b89d-b8a9e4d4b78f","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":172,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"d352aff8-3041-4cdc-8076-c369daf5a2c7","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":172,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"dabce35e-52c6-484a-9763-b45ff81e62c8","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":172,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"0f8b2ba9-1698-4969-a963-fa70697d42aa","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":172,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"e773a704-88f6-4ff5-8956-07cb46f2433e","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":172,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"853598f8-b216-4bf0-867f-b34d5e0d788a","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":172,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"d4fbd7c1-6e31-4e99-ab77-2a7bd4127d3d","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":172,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"53041396-a794-4e0e-b2ae-734fa90c3659","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":172,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"2a548fd2-c96d-42f0-a022-88975443423b","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":172,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"d2be2242-432c-4e1c-b75e-2a9d94770977","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":172,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"155b2174-0d18-49c2-976a-321c26ff7af6","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":172,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"cd8ed6df-791c-40a4-921b-a8cd2bb3bdcd","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":172,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"40b14f32-6d91-48a1-af59-0c253a4acd40","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":172,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"0c40888c-5bb2-4a49-8c84-9b0c83125d82","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":172,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"d5f548b4-8f45-4324-9ed9-12ccc146d419","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":172,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"9c549ab0-0e7f-44e4-8397-f2b0431f66ba","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":172,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"d6e4fa32-2d40-4f62-884b-6c157dcc15a3","block_type":"box","text":"par ty determination of fair market value.","page_number":172,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"fcf31365-dfb1-4cb1-9e16-2bca3ef9751c","block_type":"box","text":"Computation of Offering Price Per Share","page_number":172,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"061fd0bd-2848-465f-ae0f-1e0113530216","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":172,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"9962c18a-5021-4052-8104-aadc350e2870","block_type":"box","text":"the offering price for shares of your Fund.","page_number":172,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"f70d810c-e075-427d-a75d-d99b1f69b15b","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":172,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"b5eb4d4f-ade1-45ad-8f64-973b07b3d945","block_type":"box","text":"Transactions in Portfolio Securities","page_number":172,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"d7b3a52d-e389-4e11-a772-32530fc719ab","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":172,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"38869470-96ce-4ac4-9771-d9d513530a3b","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":172,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"8e0a75e6-c2f2-4022-b38a-a9ae9a797628","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":172,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"708d4c45-5720-473a-be46-a256eda221ff","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":172,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"58a30f60-f56d-40c9-b4b7-dd717d79080e","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":172,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"f62b65c9-52b0-4d0d-8f6e-5d24ce0157a0","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":172,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"c2eb2d29-9501-498e-aaba-2e65d12c7334","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":172,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"3b12d06c-4464-4415-9026-bb59c650ef93","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":172,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"beff7b07-8ac1-4daf-999e-6542088861b0","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":172,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"74bf2537-e4eb-4d57-9e25-6f41dc57d480","block_type":"box","text":"reasonable in relation to the services provided.","page_number":172,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"4ca965c1-ead1-4383-b0c8-629de616cf95","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":172,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"2f890df3-aa2c-4b59-bd8e-3d9144b5abde","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":172,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"afc1a03c-8236-42dd-be67-84324f73308d","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":172,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"df097769-e04a-4956-989b-b229ce2a6ac1","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":172,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"23868a8a-7e56-42b6-8d1d-a2f3414e88ce","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":172,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"2fec8e5b-98ff-4816-bb68-347b6ade4962","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":172,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"a78c57bc-5699-42c0-826a-d86f1527e2e6","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":172,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"517796dd-4a66-4797-aef1-ff757d5a5602","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":172,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"1330f0e3-2c6a-4248-ba44-dfa4f6984ce2","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":172,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"fb6ae670-49c5-430c-91e0-8125d880e2df","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":172,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"32f0c826-c022-4383-8f61-ecdba05e50be","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":172,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"bf9a6f6c-b663-47d8-a97a-2d382cbbb565","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":172,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"9c161d86-1b14-4c5b-b37a-5aa6c9d3bf0f","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":172,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"0066dcd3-f480-49b3-bec3-7d58c8b06a1f","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":172,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"49138d84-a59f-497e-98f0-305c51c5d2ea","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":172,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"5aef1f95-0f79-4e51-af1b-4c10eeec6f27","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":172,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"e5ae0685-64e0-4825-8f70-06471531ae4e","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":172,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"604887f4-b3ac-4ace-b479-0efe261db683","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":172,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"83a278b5-6616-460a-b375-42fb87f31ce0","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":172,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"99827b7e-8dfd-4a07-8091-7e71326c9610","block_type":"box","text":"II-124","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"671d2c97-d76a-4569-a963-36d5d4e8c7ed","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12846d80-e6a1-46f5-9953-395c9123598d","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":173,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"96948746-17a6-44b2-9ea3-ffc063cd9303","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":173,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"76bea862-8d30-46eb-9021-a63a6e15d4b2","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":173,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"c8f31e70-e8d3-4ac0-b2e2-8e09344d0f83","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":173,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"d53ba9b4-1bdb-4eda-b5a3-121e75e4a83b","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":173,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"2cc8436f-b0f2-45f5-b445-ef4508ac5a87","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":173,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"9714af1b-8f7b-42c0-a36a-07f7ada6ddf0","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":173,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"f079cb48-29dc-4fd8-a3db-a972271ee36c","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":173,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"8992da31-87cc-4882-9c9e-02d320ef2b1d","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":173,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"e2e89422-4b25-4f73-8466-a3a512d7599c","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":173,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"23083088-596f-4c86-a4fd-7443f04e2c2d","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":173,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"5ceddcca-0419-41d2-b823-e99fa74d6588","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":173,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"024fc308-9318-4a07-a629-24efefa65fe8","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":173,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"377567b1-6c76-448a-a253-4547a2c46b3c","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":173,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"3db1853f-dc0b-4126-b498-ef8e952fcb50","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":173,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"eb09e26b-53c4-4dd1-82c4-ede4ea630c5e","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":173,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"2dd36baf-fd8e-445c-9098-657e067cdc50","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":173,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"0942ae74-1fb9-475b-8eb0-b2b7928bddc8","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":173,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"47f24ca5-3b26-4066-8cce-022834373458","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":173,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"c9e4cd24-9f2b-4f2b-bbdb-da47db96aee2","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":173,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"e57c1a71-4f09-475d-8c28-56bae1e3fbd5","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":173,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"002280cd-3184-4efd-9af3-9f6a5d82d1cf","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":173,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"2aefb7fb-785c-4cfe-86a2-299302a87576","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":173,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"d236f1d6-d557-4678-a3d1-8151a1c2f5c1","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":173,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"83415db6-159e-4f70-a892-f148834f440a","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":173,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"b25f54d8-9447-451a-ba04-afd933104abe","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":173,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"d1759e82-bb67-4dca-864e-f5892dc6fddc","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":173,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"acd3afae-4823-4f3f-8f39-4f6fc7c2b4ba","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":173,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"b2d46fe1-accc-4409-97ab-c76982e57d25","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":173,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"c3a7ad57-a8f4-4602-8e6d-66a2c6b27861","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":173,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"36b87b38-395a-458f-b0c2-0e8feb60dd96","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":173,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"8bd9f56c-3799-4ad3-bc1d-2595a90b7401","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":173,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"5efd6a6b-d9bb-4c3f-8e57-4f1c00c60f8e","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":173,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"40469ee0-00c0-40f9-9ee5-e87e362bfa68","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":173,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"72d636eb-bd57-4107-b75b-63f409d575f0","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":173,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"4ae085cc-5ed3-43b5-b24f-8f0592b1faba","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":173,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"3ee9a82c-da85-4ce9-8bba-3423b0e03556","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":173,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"0e55f51c-3e7a-44a2-ad23-351277d4057e","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":173,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"15bf2349-a1c6-4b3f-9b82-a5f22fa85112","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":173,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"dc5b682e-e47b-40c8-91cf-86fd1620ff05","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":173,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"d0634a66-8fae-4dae-80f6-86210047fe5b","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":173,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"9c0110a6-aa39-4266-a4b0-faef397b7284","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":173,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"6b4b8503-e111-4778-989d-f474b09a346c","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":173,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"1532840c-e070-4a96-ba5f-33eaed4cb904","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":173,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"cd0445b7-0b33-4543-a14f-84c988db451d","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":173,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"2e951464-8fcb-48ad-85d8-d9a62088ebcf","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":173,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"145afcc7-d184-4d11-9498-c4f61cabf41b","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":173,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"12abfce4-629d-4090-a79d-c53b91b70036","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":173,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"cc802c57-8fd1-41a6-ae18-9931a68470ce","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":173,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"1e0a3650-2df9-496c-8c7c-b106c755477d","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":173,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"92df67f9-df33-483b-8cb0-384164546241","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":173,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"381def2f-6a85-46d3-8f6a-b2c702855881","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":173,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"ec8803e0-26a6-41b5-8a0f-4af879621202","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":173,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"40120a28-6543-4afa-b540-41b60b1af7a0","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":173,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"8aab024a-4d58-4b69-9520-e8747eef3f30","block_type":"box","text":"brokerage.","page_number":173,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"1c2e5215-2129-4f00-bced-a9fe8811a20a","block_type":"box","text":"II-125","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"832a59ac-92d2-4e1c-83cd-6339fa683956","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"177c6d6f-112e-4624-ae9a-3a305ab4a2a5","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":174,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"bf8ce2fe-637b-4126-a7b9-59c855546f2d","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":174,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"dab4ac01-d5fd-4c97-872c-03a020a256f3","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":174,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"e5932b9f-c175-4f82-92a5-3ec8f296fdfa","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":174,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"be157f3d-3e7e-4d1a-aa0e-cc2144730d0c","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":174,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"efd734a9-dbd5-45a1-ae20-5a7a5bdf7a1e","block_type":"box","text":"Section 28(e).","page_number":174,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"8c3dc49f-420a-4c16-bbd1-2f45b0d8e5f3","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":174,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"518b8feb-6942-48d5-a6f5-52aaecb3bd65","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":174,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"29729e24-69d0-411d-8b5a-717ff9f79208","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":174,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"323ed34b-5f47-4f91-82cc-80346ab3545c","block_type":"box","text":"execute transactions for those mutual funds.","page_number":174,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"5f701c94-46b7-4cdd-b32c-df95ba87d14f","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":174,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"14355547-cd6e-4a1c-b8db-162282a550f0","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":174,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"3cf73866-5384-4056-8e42-08b8c97aab79","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":174,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"8188e5e9-14ee-4b7a-8e31-41c9e380c717","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":174,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"4a57c56c-2216-43a1-9c17-48d23f7f313c","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":174,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"398359f2-fbd9-464c-b7ea-b10a92244ef3","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":174,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"aba29052-4300-41fa-8e31-7de22b48e850","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":174,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"ad36f515-5ba5-4ee6-98aa-59565c69da32","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":174,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"f8e47597-e62a-4f8c-a5b2-a136dc33d26b","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":174,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"3a43ce0b-e139-4c97-9c00-b5a382e9910e","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":174,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"ab95aa25-c69b-4a8e-b97e-7f4724f7578f","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":174,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"ad972540-93da-4b09-b4d4-d064fe76e135","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":174,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"2cfa00bd-0cba-4492-b83d-06ad87528516","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":174,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"e78e4abb-1e75-4554-8108-553c73fa2ec0","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":174,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"e9ec9cd3-6a4b-48bd-ad28-8b69112233ad","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":174,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"ebc1d58d-c806-4758-9e84-ab786cd8db43","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":174,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"ed6897a0-16f1-46bc-98c3-56d19b37e2ab","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":174,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"1d23c28b-1cb4-4a99-a78c-388e7c4881bb","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":174,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"e82563ae-46ef-4641-ac68-b5c5bbe3deb3","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":174,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"c6b50009-3a1b-46c4-aa2e-a3bdfae15549","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":174,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"6b4ace61-c073-4f0c-b3b4-5035dcae7295","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":174,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"04616f15-7bc3-4b2a-8ca1-22d8defb1202","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":174,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"e708cfd8-77e0-42fa-b13e-f6e8dbea0971","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":174,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"cb28ceeb-3d7e-43aa-93df-d85d7aa02157","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":174,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"88e58eec-ad18-4f35-8091-35f8ac71d363","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":174,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"f9815386-032f-4f8c-9de0-055efc341932","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":174,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"82a9d26b-ab2f-4344-b4bd-eb1f82050623","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":174,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"bf974610-bff7-4ba3-93f5-84d0759fbcae","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":174,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"7c32fec4-bd8a-48c2-a7f7-65fe9069ee0b","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":174,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"811c1cc8-1362-4f74-95a3-267a9b7cd83f","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":174,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"9d573b7c-c88b-469f-9535-a9ebb6d66b8e","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":174,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"4808b7c3-f894-4375-829d-9821db101d50","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":174,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"aa148189-8590-4fba-ac78-d13d80c2fbd4","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":174,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"f2f9e8d1-4efc-4e3c-a839-ee3104b6a45c","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":174,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"ec0f4a49-595d-4f1d-b57a-7ef0ef302cf9","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":174,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"aa6a745f-4a12-473f-bb66-d8349ab7a81e","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":174,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"09a3c8dc-3c3c-4b09-83eb-a87dfefecf1d","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":174,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"596d6ba4-a348-4c37-b774-e9b0f75cb3a7","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":174,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"d1b99eac-9115-463d-af7d-845c728f5ecd","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":174,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"0019edda-d2e5-443b-a500-16330f4038e1","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":174,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"36fe1656-fee1-4c2b-a5f5-17106c5ef5ef","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":174,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"de1c04bd-597f-416e-bfcd-2df51a9c7bca","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":174,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"99d0eed5-7db4-49e6-8d55-4aab21d4d7bf","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":174,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"6ed91b12-7517-4e76-8ec9-8e20758a6e5a","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":174,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"1d8bfe12-d2f1-494b-befe-18c48dc25ff8","block_type":"box","text":"II-126","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6d5b5674-eaae-48c9-b715-b7678bd01804","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7da2f26-ef4a-45d3-91d7-882cdff25286","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":175,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"3c021f15-f3fb-423a-a261-fa852bfb2137","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":175,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"73778687-bb8f-4ccd-a6a5-0599491a6739","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":175,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"ae67bc2f-b3cd-47e9-9959-8e710902375c","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":175,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"121061b5-277a-423e-834c-d98fb23a4a05","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":175,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"9ec357a0-efc2-4bca-8e29-2fb3fa6e4f91","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":175,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"029021e9-0991-4009-8dfc-12bc977c34a3","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":175,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"ede81dd0-c9d4-47e9-b62a-1abf5a79572c","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":175,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"b0ff66f4-eaf6-4a87-8697-2d9527e8c9e3","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":175,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"b1258873-b21f-4d43-94ba-a8daf6fdad61","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":175,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"ca8cad78-d273-480e-b5b8-5966fcad68b5","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":175,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"4c28f2d0-333b-40ba-bd94-3cec2b6d7d51","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":175,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"c838efc3-b47a-410d-8147-b65602ef8973","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":175,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"07d434d9-9289-4072-ba0e-e89ce72900f3","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":175,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"02b53024-405e-4e0c-82d5-4e13c9d14107","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":175,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"66c40261-364f-4a74-9e81-c64a96a3344a","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":175,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"96fae91a-777d-4b8a-b66a-59bcaf990aaf","block_type":"box","text":"accounts and compliance constraints.","page_number":175,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"0e0cfdec-8ef0-4105-9f7b-e165caf4146f","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":175,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"fb4e4d67-38bb-4086-8e72-62cd5e9d6c75","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":175,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"45a644e4-6686-4af5-88ed-05c0a26147a2","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":175,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"415a35c3-e79b-4dac-a9b3-f354f165261a","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":175,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"228274da-889b-4e27-b00d-fd8f1d1f809e","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":175,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"41fbf0da-8da1-4a8b-9c7f-e6d58cfae9ea","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":175,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"fe91b500-ed1d-4746-9efe-9f1a7bfddfab","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":175,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"aa8129b1-db7b-47e7-88c6-0adb91171bf0","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":175,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"5ebf88b4-ef6d-458d-bcbe-4107ede57bd0","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":175,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"f69b3bd9-c54f-480b-a0b4-8f5001296252","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":175,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"dd2fc028-1e31-46f2-9062-d534d02cde6b","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":175,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"9b875bce-c70e-4f53-a5f7-46045f69b21d","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":175,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"568d3977-e81d-4b33-a4ba-f71df739eef4","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":175,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"32dbecce-c58d-48c1-9179-ba59a66f9259","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":175,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"ce1f98fa-7637-4bae-bd74-b566df8345ab","block_type":"box","text":"clients may be used as well.","page_number":175,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"6ea93e26-fdff-424a-918a-d69a80935be5","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":175,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"6eb76e76-4dc4-493a-8c47-252772845b18","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":175,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"77360117-4e7c-4401-aac3-4a069e5ae8b2","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":175,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"d14864f6-2265-4cba-9b40-228fe6c0d17a","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":175,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"498ebf02-1f23-40ef-9ec0-3ca3c3a55d4d","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":175,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"67cb4d65-561e-484e-85b1-1e0b408b465a","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":175,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"1c08d72f-978a-46eb-a8b0-78df3f7830a7","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":175,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"92915f40-77d6-4f76-90d6-149f52dfa4e1","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":175,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"f73383e6-e3f9-4545-af2c-d8a5c602ab10","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":175,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"f1096833-d05e-4ece-9cc3-2162c44cfb21","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":175,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"e67c99e8-3f73-4af8-a69d-d3ffb377874b","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":175,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"a0545b84-aaf8-40af-bb29-3a362e17a837","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":175,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"ec873af8-0483-4df3-90d9-b3c1435e42a8","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":175,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"098b13af-2b77-40dd-87ff-970df35d994d","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":175,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"bd1d8cfb-cf7f-4aef-9027-e091f7a1d5e5","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":175,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"c81df1f6-9489-4096-9b5f-10ab405b3023","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":175,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"42593068-df29-41f3-9add-4f17d7728fd9","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":175,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"652ab2bd-2ea6-4b4c-be10-c6ec1053ca56","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":175,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"68147e88-ac1a-4161-86a3-9ed5d34d9bd4","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":175,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"27700fdb-c3e1-4d35-9f8c-9b2651488b14","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":175,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"a4b342b3-3999-476a-94ff-eac2faaa99d8","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":175,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"aef6ee4f-ae43-4d87-80bb-f60d0b627eb3","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":175,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"0adad6d3-6394-4d5b-a2e0-c17e9c6e6a5b","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":175,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"20bbe6b2-321b-4bcd-b862-aeaa72a339fa","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":175,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"b28c356a-ca79-4fc5-8377-19619826b8a1","block_type":"box","text":"II-127","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f116e737-6c4a-46cf-a9c2-a6fd1a328ae6","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4fbca2e9-aebb-43a0-8307-7d77d60e9c54","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":176,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"82ebc6e0-3291-446f-aaf2-31ddc0080913","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":176,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"ff8c4e38-9f10-4c9b-bcb4-ef8816fde8bc","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":176,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"e217b662-b1eb-4f58-86de-b0cf965782ac","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":176,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"d1cc7a28-8168-48d7-97f6-54fb3641f88f","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":176,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"a64584f7-6631-4b5f-8865-bfa21b9c234f","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":176,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"8951478b-1e85-4e2a-98b7-9570512517a1","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":176,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"0fed200b-f777-4859-924d-d0a5bd861498","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":176,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"b3b9b161-6f3e-4098-8082-dcd904c4e74d","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":176,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"e13166d6-1022-49ca-a3eb-a9c2daecc6b4","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":176,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"c557e27d-ce37-429c-b0fb-3055a2ff8f07","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":176,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"f58a82d2-6bed-4798-b1e7-200491f5ad99","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":176,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"034f79ae-0756-47d5-9f51-ae1736d5e6c9","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":176,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"298b7b29-1e9d-4139-8249-f3a8da843d2e","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":176,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"6f59a227-8bc1-4b5d-86f2-9aaa0c5a8916","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":176,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"bff8b067-284a-4332-98bd-af07f7df3736","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":176,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"2ce0032e-8727-48cd-a141-a2e1a435ba70","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":176,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"2ae0712d-57d5-496e-a959-737d4ca30d5b","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":176,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"126eb872-a608-466d-ab2a-c3bae30beb1a","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":176,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"36a27ba0-8be1-4994-8af7-3b85e23d7c9f","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":176,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"2d66a7b2-f274-42f2-8399-1a1a15f93f3c","block_type":"box","text":"Portfolio Turnover","page_number":176,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"909dac39-ba10-4915-b1bd-46a611f728e1","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":176,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"0446256c-d483-425e-874f-aa85730a51cd","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":176,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"817c260d-dd99-459e-9d56-99012d103532","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":176,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"62a080ed-e455-4bd2-8282-bb3687bfc273","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":176,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"8b284d3e-3b70-4d29-8e64-b4a4cfe31756","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":176,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"03a4d867-a95f-460e-9bd5-f695679c1502","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":176,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"d9081098-35a5-4683-afc4-c8794ab4f75d","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":176,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"5d972d67-16b3-4a8d-8f8d-9a7d8d1edb88","block_type":"box","text":"Dividends","page_number":176,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"0e4f6306-f1cd-40cc-a875-46de3bcf5a38","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":176,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"f430d8a5-a57c-455f-95b3-f7a5eceaf14d","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":176,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"13f3c047-429a-44b6-ae53-9d943633babe","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":176,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"f374d322-bebc-4769-979c-180bf4458219","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":176,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"49fe1e0e-581e-4fda-b0a6-62e16fe370b2","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":176,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"6e35b89a-a3dc-4fb0-b5b3-679fedccacb5","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":176,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"c9fdf58a-c340-4075-aad1-9942a67a6e31","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":176,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"502c837f-a849-4d3e-aba2-6f259a43e9bb","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":176,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"3a58571e-88ad-43e8-8835-8dd8438a7aea","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":176,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"b2c95e87-1355-4c4c-afae-1a04f0c36694","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":176,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"576aea09-637d-454f-8c5a-a682e46426ea","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":176,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"63c8ab64-1f98-4547-af25-25f0175fc5da","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":176,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"5163c425-ca48-4588-b022-e8527c9ab03e","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":176,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"2ed9b206-fcd0-4003-b702-586488185e67","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":176,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"34bc02e8-1bcd-4037-bd84-241bed439501","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":176,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"0af1a7f4-c43a-4107-ac03-41a4844e078e","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":176,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"902e7543-3d9a-4974-b0b2-36a2d3ec7953","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":176,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"72144417-6872-4359-b970-85c1df4cd2bb","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":176,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"4d4060e4-3668-40ff-8608-72acaa92033f","block_type":"box","text":"Taxes","page_number":176,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"3c15ebcd-f46f-4c05-9ee0-21b4bc2d372b","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":176,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"12a5370e-9933-4093-93e8-9db15565bc05","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":176,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"fe857105-934c-4fc3-b462-8ccdcd669506","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":176,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"4a65112c-2075-4bd1-88db-1725d10ffe9e","block_type":"box","text":"II-128","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87f4a270-a683-42c8-91bf-fde31ad657c4","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"002b56de-d4f1-475e-a298-dd1507c76209","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":177,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"611c593c-c423-4bda-8bce-6af04a101894","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":177,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"0fab9358-1d6f-47e6-8f3b-2fca98ed3cba","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":177,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"877989ec-a588-40ac-81cf-63c4657b6cde","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":177,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"38fd2be8-a2c2-4a3d-abab-21a5c2973b6a","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":177,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"04181782-ba52-4fad-80b4-cac413e7fdf9","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":177,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"827d766e-5032-475f-9efe-399d1d2d2bb9","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":177,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"1ed7d8cc-da14-4c25-ad01-88bfc3ffb4aa","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":177,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"7ade7dce-ab3c-4192-8434-e9efe2c233de","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":177,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"d1543a87-0bb4-456c-97c2-aa6e7a9c9f44","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":177,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"2a00dc90-070d-42f1-b7a1-02d31a208892","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":177,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"c599597d-6607-413c-9bf5-7be0a8ea9470","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":177,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"1c52ef2a-793f-4fa3-8e9e-1a117bf708a7","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":177,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"bdbab9e8-ceb0-4db4-9e90-fe253ebff0b7","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":177,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"832fc969-f499-4233-97b5-63d31a3da9f1","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":177,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"a67e9c4d-3afa-41e5-a9f6-100b3599b46d","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":177,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"9808610e-9f49-4737-beb7-395d863de130","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":177,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"8fada436-be8e-453d-8b52-0d9c4696eb1c","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":177,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"500edee5-ace9-4bdd-98f8-d8ba602ba663","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":177,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"4237c2f2-a30c-4d13-a379-210bf5f2ef70","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":177,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"17c2795e-d947-4a4f-89b5-8192ac4ebc88","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":177,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"a70f31ab-2062-478d-802d-01ac1d6ec068","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":177,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"e537a658-a294-4a5e-b82f-1eeec296c8c6","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":177,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"dc0550cd-004e-485c-9cfd-77441d225e0f","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":177,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"4f03e50e-f061-4acb-9223-8816b8fa097b","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":177,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"4378329f-bc52-4694-86d5-bc9efe86295a","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":177,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"93e5cf4e-d4af-431a-8d07-a9d7fcb227dc","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":177,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"33e5a088-dafc-4d89-a4bd-6e78a0133e67","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":177,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"b730e412-5f90-4ec3-bb9c-2c7e037f0bac","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":177,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"4bb7fb0d-29fd-4db7-aac4-cd734b4895c1","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":177,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"bc4f796a-07c6-4d22-9b3d-bbbc4f319bf9","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":177,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"6535a78c-3bc3-4580-924e-95a1b16f5c56","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":177,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"3fcbcdbc-3fb3-45c7-9911-76c5293ac321","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":177,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"3f596222-5733-42c7-84a0-b93167b2a746","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":177,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"6b711a2d-57e3-4659-96e1-aced4f87d161","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":177,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"6f4203b8-629d-4fd1-a77e-b2d5181c1a92","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":177,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"851bde4f-fe9b-451c-9ebc-4e0102dbe1d7","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":177,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"d7bc8833-fd91-4bcf-a706-7aaab321baf5","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":177,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"044ef393-abc9-4362-b674-633821c8f521","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":177,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"c20d95a6-fa11-4a1d-891d-5566915d4ce2","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":177,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"d0c1d0d7-aa29-43a1-b5d4-fc89580a6d4c","block_type":"box","text":"limitation.","page_number":177,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"718436f5-d482-41ea-977a-cce2069da958","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":177,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"313c50a4-bc52-4869-8123-9c35027f4b0c","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":177,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"40bbadbe-3cca-4236-8423-76e81485d0f3","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":177,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"c42b8ecf-ef20-43d5-8d03-0843c42a8a67","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":177,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"05a830d6-369b-40ee-9a73-e87daf91649d","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":177,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"faa3b91c-a64a-46fb-9bfa-2d6ac801c866","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":177,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"1df296c5-4a81-4c07-b5af-0807086ca1c2","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":177,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"6cb0c2db-b4e5-47a2-b5a9-42c513517d81","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":177,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"5c9698ff-e37c-4767-8f0f-4e3ecd355e47","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":177,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"d4e070eb-2869-4b20-a74a-4dd8d34d008f","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":177,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"65fad05e-8fcb-4691-af4b-c23c83762c87","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":177,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"eaeb77ad-a6ab-418a-9904-aa4262ea61ab","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":177,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"c3cb6acf-a4d7-40b1-a704-544dd3d5fbeb","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":177,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"5e2991de-d2c0-46a4-a27c-d06c7c0fc8db","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":177,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"50617415-e9ff-403f-b464-5f12a69fd1ac","block_type":"box","text":"II-129","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6c551940-a908-4a55-ae40-3e9b73ba1941","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a7b3ba3-eb27-4c0b-adf6-eaa3408350a0","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":178,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"67a2983a-90ac-4e3c-ba57-824af29cb9db","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":178,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"6c909638-c311-4c2b-a409-180be3a97cc7","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":178,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"8f9c2940-2373-4464-97c0-8011fced7ff5","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":178,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"0703ab7e-5d4e-4805-9322-a9d8f7831f67","block_type":"box","text":"constitute “qualified dividend income.”","page_number":178,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"b465c4c6-3617-4a59-9ed3-4e5c2333534b","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":178,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"cf398c82-1fe7-4fbe-bdf1-c7f3f01328ad","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":178,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"d81190b4-d01e-4e5c-87b2-a55e06b6a71e","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":178,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"85c67b61-cca0-4d61-b4a6-88bf33eadd7d","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":178,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"b3bb5307-7a24-4722-bbd5-1979f30007a1","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":178,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"888668dd-abd8-4b15-8fc7-92ad88f0cdf4","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":178,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"10c81b0f-b888-48ba-8384-c804d5902369","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":178,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"10b4fa76-e26e-408b-a2c1-7b32f8e6fdc3","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":178,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"f9764137-31f6-4e77-9163-2ebffb6254f8","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":178,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"8de7286a-92e3-4786-b166-65f1f4f84f12","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":178,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"db28ec41-aae8-4edd-ad19-1b2a69815a96","block_type":"box","text":"against their taxes.","page_number":178,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"afa979ad-c000-4a9c-9d21-edd027f776e7","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":178,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"2f31b657-54c1-46a3-a7c3-1105e8998058","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":178,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"032ca3fc-518b-4a67-8c1c-294184fbc842","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":178,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"c533d895-5917-4ce3-8d68-f1bdb664ac70","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":178,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"74f68035-9c0b-4f1b-8614-a2a40c13a8bb","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. A Fund’s capital loss carryovers, if any, carried","page_number":178,"box":{"x":69,"y":370,"width":807,"height":11}},{"id":"bae2180e-3c76-4cc8-a23c-9089103f24a1","block_type":"box","text":"from taxable years beginning before 2011 do not reduce current earnings and profits even if such carryforwards","page_number":178,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"29a2eb6c-64d3-4ef7-b789-a49410a83f7b","block_type":"box","text":"reduce current year realized gains. In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and","page_number":178,"box":{"x":69,"y":400,"width":803,"height":11}},{"id":"df81dee4-9cb3-4608-b366-93fd3929ea12","block_type":"box","text":"profits are allocated first to distributions made on or before December 31 of the taxable year, and then to","page_number":178,"box":{"x":70,"y":415,"width":752,"height":11}},{"id":"6e941c6c-c4a9-4053-8483-35185beb7132","block_type":"box","text":"distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of Fund shares held","page_number":178,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"c23c1965-972a-49e2-ad5f-23345ead43b4","block_type":"box","text":"for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received by","page_number":178,"box":{"x":68,"y":445,"width":829,"height":12}},{"id":"c7660efb-0bd6-4af7-b448-4e16d0637a24","block_type":"box","text":"the shareholder.","page_number":178,"box":{"x":68,"y":461,"width":115,"height":8}},{"id":"7b3b8ca8-c5c2-409b-94e2-01a3fbe88c0d","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":178,"box":{"x":102,"y":483,"width":792,"height":11}},{"id":"073f2ee9-41d3-4b95-a366-ee8e1313dce5","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":178,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"d3f2accf-52e1-493f-b8f5-54083055cb3a","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":178,"box":{"x":68,"y":513,"width":809,"height":11}},{"id":"5dbb7279-b666-4cf6-8ea3-9264311c4baf","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":178,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"c1129804-a542-498a-9c66-fa0c7d59e177","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":178,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"7b95afcd-fa3c-4ec6-bda2-d864300bf495","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":178,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"d32e9c85-b461-4cef-b974-a5d9702dbc76","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":178,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"8ff6d75c-49a0-4685-ae56-7fdba8bf6ac9","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":178,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"fde282d0-3fc1-4c76-8e41-02f7d0b5c037","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":178,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"a96b4f62-e7d3-49b3-84af-f6b0cc7bfc7e","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":178,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"5dd7f9cd-7224-4ab4-92b8-4d2e42d2c0fa","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":178,"box":{"x":70,"y":634,"width":772,"height":12}},{"id":"359929a5-e2e2-40bb-b450-059c6cab69d6","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":178,"box":{"x":70,"y":649,"width":795,"height":12}},{"id":"b34e2816-ff5d-4a44-bc6f-80857e159c38","block_type":"box","text":"taxable year.","page_number":178,"box":{"x":68,"y":665,"width":89,"height":11}},{"id":"0bec20a0-81ae-4068-885b-78bb6b8c56cd","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":178,"box":{"x":102,"y":687,"width":733,"height":11}},{"id":"6a805f3d-7e63-4956-9159-fedd28d486dc","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":178,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"6f2e3dce-6184-4442-b816-1d0d0092e4fd","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":178,"box":{"x":69,"y":717,"width":809,"height":12}},{"id":"103e3ff0-3c0c-4004-a61f-f36e9e04c4d9","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":178,"box":{"x":69,"y":732,"width":362,"height":12}},{"id":"b0f7daae-fef3-4d31-8046-eb6646cb3aea","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":178,"box":{"x":102,"y":755,"width":795,"height":11}},{"id":"acba1b15-208c-4e16-8d2b-cc9f8c0f85f1","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":178,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"f2a63a7f-f101-4933-a660-c47a1240224c","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":178,"box":{"x":69,"y":786,"width":797,"height":11}},{"id":"59f5252b-8bf2-4716-91bf-83f2410df178","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":178,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"f58de1f8-360e-4d9b-91dc-8b3b7cb59e9c","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":178,"box":{"x":70,"y":816,"width":646,"height":11}},{"id":"01dbebc3-ad4a-44aa-a8b8-9d3317405510","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":178,"box":{"x":101,"y":838,"width":807,"height":12}},{"id":"500679a9-92c4-4189-b93d-518c1c4477f7","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":178,"box":{"x":69,"y":853,"width":839,"height":12}},{"id":"20bd1768-773d-424a-9618-637f00e64e22","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":178,"box":{"x":69,"y":869,"width":799,"height":11}},{"id":"f5a179a1-3ae7-424c-8d9d-5b0fc21dae44","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":178,"box":{"x":69,"y":884,"width":534,"height":11}},{"id":"a43ab94e-2a52-48d7-bbe0-630d07bab57d","block_type":"box","text":"II-130","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fafb8d8c-b2b3-4d40-a81f-419409a8f80e","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbb04e3b-ec02-46d0-85e5-dcead8789cfe","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":179,"box":{"x":101,"y":45,"width":792,"height":11}},{"id":"33a2b4e4-7962-4f0a-9b41-72044a1645c7","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":179,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"71b1d92f-bb7a-45cc-a02c-3bdfaacb889b","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":179,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"d312b04b-b44b-4895-947d-acfc68129a59","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":179,"box":{"x":70,"y":90,"width":824,"height":11}},{"id":"b1b768c5-464c-4b45-a27f-f64f247bf774","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":179,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"c2a27b4e-4c5e-4ba3-a7e7-56bfde5d1eef","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":179,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"84a0754c-fdb3-4b9a-9aa5-b865e00d14ee","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":179,"box":{"x":68,"y":135,"width":840,"height":12}},{"id":"057a6ab9-f438-47f3-9c0e-a590f21579c6","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":179,"box":{"x":69,"y":150,"width":822,"height":12}},{"id":"6856570b-c3c0-480e-bf7c-ac1da869289b","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":179,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"a918ca27-92ff-45cc-96cd-469729caa2f9","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":179,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"d96c4345-5876-4b1e-acef-a44e4c95342d","block_type":"box","text":"redemption of such shares.","page_number":179,"box":{"x":69,"y":196,"width":195,"height":11}},{"id":"a160b9d6-3438-42bb-8d9e-091eabf6f728","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":179,"box":{"x":102,"y":218,"width":799,"height":12}},{"id":"a417eae5-8b26-496e-869f-970fad1447e0","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":179,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"11215cf9-98bf-4cb9-bf18-fbb7f94192c0","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":179,"box":{"x":70,"y":249,"width":826,"height":11}},{"id":"a376fe3e-f842-4254-94a0-026280a3b789","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":179,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"203f1c60-d06d-4e0d-955e-b629d1ad6321","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":179,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"6d0fe37d-a980-42f8-ba5e-17c9edeaafc8","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":179,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"1c7a4012-d01b-4ca1-ab13-609a439a5a3c","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":179,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"7476385c-ccd0-4a6f-8ecb-2356859a6cb0","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":179,"box":{"x":68,"y":324,"width":831,"height":11}},{"id":"c7e94e4b-a5aa-4c9a-8c43-0f1af4d3b876","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":179,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"1c57d9c3-3305-4fc8-9fd4-df3af3d97129","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":179,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"befd72ab-e3b0-45e1-95df-3686bb9e509b","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":179,"box":{"x":69,"y":370,"width":658,"height":11}},{"id":"159f15ae-147f-4ef7-b78d-ea84f75455e7","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":179,"box":{"x":102,"y":392,"width":744,"height":12}},{"id":"fa455d38-95ab-4905-bf01-c984ebf1e84f","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":179,"box":{"x":69,"y":407,"width":751,"height":12}},{"id":"fd0a4a8c-4716-4b1d-a62f-d39ad3c34e61","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":179,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"1041d5a1-e968-41bc-8997-81233d0daa82","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":179,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"a6a5262e-a584-46bd-892e-1ed650929f9f","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":179,"box":{"x":70,"y":453,"width":802,"height":11}},{"id":"29ee9e2f-4c07-4e57-8818-3731c1a12e77","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":179,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"59c49a85-a9d2-4438-ad62-ffda2854a42e","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":179,"box":{"x":70,"y":483,"width":839,"height":11}},{"id":"1faddf27-eaf7-4d24-baed-e95de7a79f42","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":179,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"99eda564-28d3-422b-b4c1-72bbe69636d8","block_type":"box","text":"gains.","page_number":179,"box":{"x":68,"y":514,"width":42,"height":11}},{"id":"96dbe538-2f57-4170-92ce-5651a0c13e43","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":179,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"b5fe3ce5-684a-4bbd-b733-ebbd5c793624","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":179,"box":{"x":69,"y":551,"width":769,"height":11}},{"id":"3f7c1092-87a7-4570-9f25-985546748b68","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":179,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"eab68707-e18d-433f-832b-1574726aa865","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":179,"box":{"x":70,"y":581,"width":819,"height":12}},{"id":"5ea7ca33-2c2e-46d0-b1a5-24c451bd5b7a","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":179,"box":{"x":68,"y":597,"width":818,"height":11}},{"id":"c92202cf-70ca-4a65-9476-fdc945e2f01c","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":179,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"92362e67-657a-4049-a1da-e7597bf17428","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":179,"box":{"x":70,"y":627,"width":792,"height":11}},{"id":"2c92fe75-2507-45e3-8ced-c109adf0e9d1","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":179,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"5a708b62-d117-48e8-b9e1-d02b64196b68","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":179,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"5fb3f6d2-f767-4dc9-a2b4-9352f7125065","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":179,"box":{"x":69,"y":672,"width":570,"height":11}},{"id":"a4110694-9ff1-4969-9cae-bb59cabd5ec3","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":179,"box":{"x":102,"y":695,"width":795,"height":11}},{"id":"d58abea9-4635-43ca-b893-1314e9f48604","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":179,"box":{"x":68,"y":710,"width":816,"height":11}},{"id":"df2bd48d-a65a-4bed-a1fa-1818d42b5ab2","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":179,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"0823ba57-53de-477b-8616-d5ec4feb4c4a","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":179,"box":{"x":68,"y":740,"width":815,"height":11}},{"id":"f4fcef34-0916-4fb1-b819-cddeb883247f","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":179,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"766b421b-33f2-4e22-9a4f-f19a8d809792","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":179,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"aa21e98e-78c9-4679-a7b4-2a8652076378","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":179,"box":{"x":69,"y":785,"width":781,"height":12}},{"id":"5310857a-8580-4430-a92c-6a1cb912a580","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":179,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"f562582d-3c6d-42a8-ba3f-104b4cea1d4f","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":179,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"9c866d26-9c0e-47bf-a44f-936125b877fc","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":179,"box":{"x":68,"y":831,"width":808,"height":11}},{"id":"6c197944-c647-4390-8a6d-1589503ffde2","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":179,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"e9c56653-154b-4bb4-bd2f-e92141129337","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":179,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"5b51d8f7-d59f-48bd-8c49-bc348e8241d6","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":179,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"585827ac-7829-4731-97f9-c042e34434aa","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":179,"box":{"x":68,"y":891,"width":784,"height":12}},{"id":"d81e5f48-489e-4e76-a49d-38de79ef9ab8","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":179,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"1262c1a0-0289-48a7-a6eb-77f5e7828cd6","block_type":"box","text":"II-131","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"437fe68d-5545-49ba-ac4a-5d609bd6b56f","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88ea6c03-d616-424a-9e71-c4838240799e","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":180,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"32f409d8-df3d-43e9-bf96-549539f8d25b","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":180,"box":{"x":70,"y":60,"width":772,"height":11}},{"id":"d08fa9b1-bf99-4bdb-9e96-f8d76ba7dc33","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":180,"box":{"x":70,"y":75,"width":791,"height":11}},{"id":"76e97574-20b8-4204-9826-8f45617144b6","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":180,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"f71a806c-c6f5-4e78-8f3c-4d8763c8f7a8","block_type":"box","text":"dividends under these rules.","page_number":180,"box":{"x":69,"y":105,"width":201,"height":9}},{"id":"3445fd14-30b6-447c-b8cd-0a603609fa5f","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":180,"box":{"x":102,"y":128,"width":747,"height":11}},{"id":"5a391940-2847-4168-aa64-8d88d23e44e0","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":180,"box":{"x":70,"y":143,"width":838,"height":11}},{"id":"5c9c11c9-2ad5-44d9-a309-c86c245e660a","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":180,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"f68ec27e-67e4-4552-8f70-770c6bd2ab1d","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":180,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"dc134d69-8d52-4ea2-9a23-ed152fb42b44","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":180,"box":{"x":69,"y":188,"width":786,"height":12}},{"id":"53fd83e9-67c5-4166-9b0e-14dda2bdf88d","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":180,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"bddccfb2-347c-4c1a-a54e-64fa45adf23b","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":180,"box":{"x":70,"y":218,"width":807,"height":12}},{"id":"a1dd4770-9fe8-4b48-9631-1243349dcdca","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":180,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"581ec1d9-1100-4346-9c02-908eac409385","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":180,"box":{"x":68,"y":249,"width":818,"height":11}},{"id":"acf73614-cbbb-43e0-a4f4-1f9690a0c73e","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":180,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"ab5f4536-0a14-432c-9bca-77c845bf7405","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":180,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"addc508d-5670-4b25-810b-24f71a56ef95","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":180,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"5424a504-ac2b-4df1-a5bd-510d8b0778a8","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":180,"box":{"x":69,"y":309,"width":774,"height":11}},{"id":"248ee817-16a9-44d7-8d9a-9823896abd6d","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":180,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"f76c023b-6a9f-432c-91b4-7d5b7e244ae5","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":180,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"cc32182f-4c8c-497c-a7a2-aeac48e8e181","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":180,"box":{"x":70,"y":355,"width":827,"height":11}},{"id":"4dad9599-3763-402f-8e2b-a178d6863d9d","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":180,"box":{"x":69,"y":370,"width":823,"height":11}},{"id":"0a20dcc1-8921-4365-94c6-5870aafb6fac","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":180,"box":{"x":68,"y":385,"width":827,"height":11}},{"id":"10fc692d-dd86-4689-b609-f98ce0570f3c","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":180,"box":{"x":69,"y":400,"width":596,"height":11}},{"id":"cae3a171-73ee-4b81-904b-54781d490770","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":180,"box":{"x":102,"y":423,"width":802,"height":11}},{"id":"f719cf80-3e49-473f-840b-246070e98347","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":180,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"c02d42ea-28e0-479a-92c6-2c918ccd5ce9","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":180,"box":{"x":69,"y":453,"width":804,"height":11}},{"id":"d39c6839-a0a2-4a9c-99a9-e97a421fff8d","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":180,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"e0c0bf02-78bc-4ec7-a8de-b1726e49f693","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":180,"box":{"x":68,"y":483,"width":801,"height":11}},{"id":"5c8893f5-5dc7-4b5d-a506-9b34804ca553","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":180,"box":{"x":69,"y":498,"width":803,"height":11}},{"id":"4b5c07ba-13eb-4fef-b934-061326ca931d","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":180,"box":{"x":69,"y":513,"width":785,"height":12}},{"id":"138653bb-8481-4a50-b8d9-72067baf5b4c","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":180,"box":{"x":69,"y":528,"width":676,"height":12}},{"id":"c3e3fc85-584d-4778-b200-06b4f8965370","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":180,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"bd357d4d-66f6-4307-935d-e68b84dd3d14","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":180,"box":{"x":69,"y":566,"width":651,"height":11}},{"id":"ec9dc2d3-7509-4d3f-ac42-6a2fa845a375","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":180,"box":{"x":102,"y":589,"width":731,"height":11}},{"id":"64037017-b844-431a-b38f-a68ed38116b0","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":180,"box":{"x":69,"y":604,"width":570,"height":11}},{"id":"0590695a-8064-4780-80f7-736ee600ba95","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":180,"box":{"x":102,"y":627,"width":763,"height":11}},{"id":"bb57720c-bc9a-4990-a9a3-b0755603f304","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":180,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"4c4109ed-3e7c-4529-9dbb-9112495f966f","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":180,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"1673c84e-45a0-49e7-a4cf-586f8ae459f7","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":180,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"380cf7d5-57f7-4508-b3ee-316bb931da57","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":180,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"3680fb98-7414-4335-962f-2e81facc9d1b","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":180,"box":{"x":68,"y":702,"width":791,"height":12}},{"id":"9671477e-a50e-4716-aaed-d7f5ce9333b0","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":180,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"4c9f27bd-d8f3-4bca-b83a-0517663f7c1f","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":180,"box":{"x":70,"y":732,"width":739,"height":12}},{"id":"c1d0c8ee-c5fc-4c14-ae84-00b080784ad1","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":180,"box":{"x":102,"y":755,"width":786,"height":11}},{"id":"a419903c-24a7-49ac-8e4d-7e98d50c7773","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":180,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"5a9380dd-675e-4b9f-8bfe-cd3f6bdafcbc","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":180,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"d72f9aa0-c885-4a14-bd16-ad87df706af9","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":180,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"1f7b4479-3b6d-4eaa-af66-22e7433536b3","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":180,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"85908f7f-cca0-4b1e-90af-ec6ac812377e","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":180,"box":{"x":69,"y":831,"width":826,"height":11}},{"id":"aeb27b70-1bd8-43cc-a4a5-d72514fa0874","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":180,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"1822a0f4-1550-451b-9bba-ac465511c0fa","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":180,"box":{"x":69,"y":861,"width":364,"height":11}},{"id":"46c590ba-8259-444a-9ffc-faa673b27187","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":180,"box":{"x":102,"y":883,"width":742,"height":12}},{"id":"3652db60-e002-4d92-9b6d-351e7dc4fef4","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":180,"box":{"x":69,"y":898,"width":832,"height":12}},{"id":"5b831552-01eb-4695-956a-17ffd615b9dc","block_type":"box","text":"II-132","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6eb7ea9e-61b8-4896-9a5a-85ea7657215c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2f20a90-c413-4f13-9246-7700011c541e","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":181,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"65f496cc-f4b8-4dcc-8854-6dd2af435b41","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":181,"box":{"x":70,"y":60,"width":781,"height":11}},{"id":"ea0e33af-318f-4fc3-bbf1-7bc2d49353e0","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":181,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"cb2ff168-48a0-446b-8f4f-1d40c4f36c06","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":181,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"5da1b99d-3504-465b-8807-98d8b542ccad","block_type":"box","text":"individual circumstances.","page_number":181,"box":{"x":70,"y":105,"width":177,"height":9}},{"id":"63d5451d-27aa-4c54-838d-e13493d358f4","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":181,"box":{"x":102,"y":128,"width":758,"height":11}},{"id":"24fd4f32-56cb-4e0a-98c6-761f52000939","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":181,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"9f2b74bf-64f8-46d4-824d-13f53b1af0e0","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":181,"box":{"x":70,"y":158,"width":783,"height":11}},{"id":"3c11481e-6f19-4ab2-9f97-64d437ceef7d","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":181,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"85cbb163-1201-4f2c-b30b-7cd93939af97","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":181,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"1c50e4a6-60c4-4d9d-94b6-3d5cd9f78d7a","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":181,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"d4ccf843-d5ce-4173-8131-ccd70f0e7ea6","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":181,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"99e7b2bb-e77e-42f1-8d4a-b3e2b8165efa","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":181,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"89fb1d82-0e25-4c6f-8089-b3ec4bc79a1b","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":181,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"d4da6533-1861-40e7-9fd4-f7731caef236","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":181,"box":{"x":70,"y":264,"width":770,"height":11}},{"id":"8022003a-6c26-4967-97b1-7e5532e873b3","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":181,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"1a5194fc-ba1a-4530-a93c-b07e99d015be","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":181,"box":{"x":70,"y":294,"width":796,"height":11}},{"id":"01e8b914-7b5a-4c2e-9ff0-879226d6c569","block_type":"box","text":"investment oppor tunities.","page_number":181,"box":{"x":70,"y":309,"width":180,"height":11}},{"id":"caebaf99-8bc5-454c-8d8d-4d14759f8016","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":181,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"cae634f8-2c2a-48db-9b00-30783d036e3a","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":181,"box":{"x":70,"y":347,"width":839,"height":11}},{"id":"839a5faf-ef81-4e6a-8327-67b7b67f1b88","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":181,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"1dd21b7c-6584-4374-ab68-d4b7d52d92b7","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":181,"box":{"x":68,"y":377,"width":837,"height":12}},{"id":"2e88f756-2349-4084-9f58-40b7792e94d8","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":181,"box":{"x":70,"y":392,"width":774,"height":11}},{"id":"069be1a6-ec1c-4311-a72a-dc200a42e4c5","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":181,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"198fc011-c906-4286-846e-5141c23f92fa","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":181,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"f9ac09ea-dbcf-4391-b857-2ce99682f7db","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":181,"box":{"x":69,"y":438,"width":755,"height":11}},{"id":"577d35f3-1530-4873-9c07-06fbd893a906","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":181,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"1dcdeeb6-1229-43fc-8352-d3c1fac566a8","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":181,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"afd8dd8f-5517-4cae-90b3-ad68ebb114db","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":181,"box":{"x":68,"y":483,"width":812,"height":11}},{"id":"48f107c8-b6ac-42db-83c0-27be28ac44c5","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":181,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"403dae4e-6069-4f9c-8d4d-d086b82cfb85","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":181,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"e79d335f-b1f7-4f50-91db-3aedd4bfae4f","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":181,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"75a22d80-2e8c-4230-ab5c-adde3d1d61fb","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":181,"box":{"x":68,"y":544,"width":825,"height":11}},{"id":"328b6a42-eac2-4cd9-be44-81b9780b1896","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":181,"box":{"x":69,"y":559,"width":788,"height":11}},{"id":"c8b5d223-8783-4aab-9f98-112dd0441045","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":181,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"5f68cc09-7ebb-4a7d-ac7c-eaac230830c7","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":181,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"bd8fc203-34cf-4bf4-b8c1-4676703a9543","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":181,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"0f58cbd9-3b87-4ca7-906d-4301a0fa60b1","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":181,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"b370305a-457a-436a-b528-8d15443f63d2","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":181,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"cd506f60-2cfb-4d11-9502-5289d5c97c6d","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":181,"box":{"x":68,"y":649,"width":527,"height":12}},{"id":"a54deec9-152a-4991-8602-827cd4d3d2db","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":181,"box":{"x":102,"y":672,"width":768,"height":11}},{"id":"e9582fa1-c122-4c23-b865-eda6e73fb492","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":181,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"63f1f853-06f7-4057-bd72-6494cbc0630f","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":181,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"a88a846a-5774-43d6-aec8-8f34b08dc2a8","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":181,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"bb885ac3-0784-48cf-bd30-cc1849f56e74","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":181,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"d0f699c0-24d4-4b5d-a459-a6b262a58f02","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":181,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"e2993f12-fa12-472d-8bf2-f3b14e647755","block_type":"box","text":"positions in its por tfolio (","page_number":181,"box":{"x":70,"y":763,"width":177,"height":11}},{"id":"10fd509e-2720-4f60-8a9c-25a6f77289c8","block_type":"box","text":"i.e.","page_number":181,"box":{"x":249,"y":763,"width":20,"height":9}},{"id":"62619a67-1e59-4be4-85dc-cc9b17022e45","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":181,"box":{"x":272,"y":763,"width":636,"height":11}},{"id":"c19ccd6d-4769-4d19-84af-61a26cdc299d","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":181,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"f5f7a8e5-2902-4240-bf20-87552e7133c8","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":181,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"4211a822-1b57-4550-8e47-1535b80c5646","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":181,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"2506aa4c-6631-4dc4-ab11-ef8f7af1a7ba","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":181,"box":{"x":69,"y":823,"width":415,"height":12}},{"id":"c4c1798f-0cc9-488a-8ebc-ae0914fdfe64","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":181,"box":{"x":102,"y":846,"width":787,"height":11}},{"id":"e677f21b-2fa0-481b-9a95-a938dc418042","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":181,"box":{"x":70,"y":861,"width":836,"height":11}},{"id":"228017d6-5f5a-4a23-af68-96c547747331","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":181,"box":{"x":69,"y":876,"width":812,"height":11}},{"id":"ae545878-78fc-4242-9cd8-0de789a87894","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":181,"box":{"x":69,"y":891,"width":805,"height":12}},{"id":"c6aa0e2f-527c-4359-8d7a-191c3c3ccaaf","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":181,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"a0648e5c-8bf9-4cc5-af0a-ecd234ef6ad7","block_type":"box","text":"II-133","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4a59b62d-21f5-401d-83af-af001467c272","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6019c6e-995c-4157-af1c-52203a8d9fe5","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":182,"box":{"x":70,"y":45,"width":803,"height":11}},{"id":"34331125-36fe-4457-87c2-97c0ba80bf5f","block_type":"box","text":"Fund were to invest otherwise.","page_number":182,"box":{"x":70,"y":60,"width":216,"height":9}},{"id":"f5cbba5c-26d0-4341-92a1-7fd3cd29efb5","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":182,"box":{"x":101,"y":82,"width":721,"height":12}},{"id":"720b035f-dc11-455e-9740-bb6732dbbf17","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":182,"box":{"x":70,"y":98,"width":787,"height":11}},{"id":"94741586-5ce6-45a2-896a-c3cd1bbd3483","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":182,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"e2c7b9d3-651f-446a-b1f9-848a32bbda6c","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":182,"box":{"x":68,"y":128,"width":823,"height":11}},{"id":"914720c8-ac3f-44f1-a693-3d6fe75548a3","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":182,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"51411e5d-aa2a-4e08-b17b-bdf12b19572a","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":182,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"42237a7a-bc57-44a9-8d0a-d4504611927a","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":182,"box":{"x":68,"y":173,"width":830,"height":11}},{"id":"423ecc36-ee63-475a-8b45-d2353efe9b2a","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":182,"box":{"x":69,"y":188,"width":515,"height":11}},{"id":"a82ace18-b53a-4dee-82e8-562f01d447d8","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":182,"box":{"x":102,"y":211,"width":798,"height":11}},{"id":"5e7b7bc1-39f0-4cc7-8ded-cf4c4b355ac2","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":182,"box":{"x":68,"y":226,"width":835,"height":11}},{"id":"c5c9b202-cf87-4899-ab82-4ead9c10e7e7","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":182,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"f175fa72-dc49-42a6-a1f2-9623ad2c3349","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":182,"box":{"x":68,"y":256,"width":830,"height":12}},{"id":"bcaf5441-ed9e-45fd-9aad-d202165ae3d1","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":182,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"b14e6370-fc4d-41a2-bd85-f87c97f8558c","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":182,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"0536e7bc-eb36-4485-8f49-38390315d45f","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":182,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"476f13ee-88d0-415f-b49b-6df9931f3b23","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":182,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"44ec341c-0900-4a9d-bdbf-c4a7ff06f060","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":182,"box":{"x":69,"y":332,"width":818,"height":11}},{"id":"c76afe6e-084e-4b58-a774-740001053cb4","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":182,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"bdf2c51f-0158-485d-99b5-61bd7a0886d7","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":182,"box":{"x":69,"y":362,"width":824,"height":11}},{"id":"2c703298-a801-4a39-88fc-071a96220120","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":182,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"1109ed0b-0442-49ef-83c0-06478d678b42","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":182,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"8de054cf-3fde-455d-a988-5e58e9c6ee44","block_type":"box","text":"PFICs.","page_number":182,"box":{"x":69,"y":408,"width":42,"height":8}},{"id":"92bc7a6f-062f-4298-a0f3-302770f8b498","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":182,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"5a6205bb-5501-400b-8ccf-fb3ae0ee500c","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":182,"box":{"x":69,"y":445,"width":816,"height":12}},{"id":"441933ea-6eae-4c13-bd4c-164915377d20","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":182,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"06c52ad9-c6b0-4160-a6bf-c3dbcfced5c9","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":182,"box":{"x":68,"y":476,"width":840,"height":11}},{"id":"82af2fde-1f83-432f-ba14-9818b8ab00bb","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":182,"box":{"x":68,"y":491,"width":804,"height":11}},{"id":"c348b41c-aba3-4bf5-bbe0-a342ab26bf79","block_type":"box","text":"difficult or impossible to obtain.","page_number":182,"box":{"x":69,"y":506,"width":225,"height":11}},{"id":"3a383cee-0d4a-450c-aa91-76f0688e839a","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":182,"box":{"x":102,"y":528,"width":796,"height":12}},{"id":"61204d20-3e13-41c7-a8a0-51a999b7dd09","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":182,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"339a22f6-d67f-4e7b-8213-88ed734f2b7a","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":182,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"cfff3529-4891-42f8-8c28-9f1ae0776436","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":182,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"ac712015-6ff4-4045-8f8e-7ecc957b00f1","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":182,"box":{"x":68,"y":589,"width":824,"height":11}},{"id":"b6011359-f8a3-4e60-b679-66ce1727791e","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":182,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"6c0979b1-d917-4dd9-b845-e76ad8f924c1","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":182,"box":{"x":69,"y":619,"width":511,"height":11}},{"id":"ce9a0c76-582d-45bc-828f-82bffa3111e6","block_type":"box","text":"Municipal Funds","page_number":182,"box":{"x":102,"y":642,"width":115,"height":11}},{"id":"d99fd903-0d7e-4a35-807f-f0640441727a","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":182,"box":{"x":102,"y":664,"width":798,"height":12}},{"id":"9edd679a-d390-4a36-8b07-0496f4b7c7b7","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":182,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"7d75356b-d291-47f3-9944-e994864fde2d","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":182,"box":{"x":70,"y":695,"width":803,"height":11}},{"id":"2e420730-8720-46ed-ba1f-ed93eb60a691","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":182,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"1b9473fe-a08f-4329-946e-1fc9f1656072","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":182,"box":{"x":69,"y":725,"width":752,"height":11}},{"id":"48101d03-a14f-4085-b161-c491118cc200","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":182,"box":{"x":70,"y":740,"width":817,"height":11}},{"id":"b9e214b5-851d-4239-b819-0de895d4e91e","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":182,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"347d9afb-aedd-4102-ab0f-eb4e56524870","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":182,"box":{"x":70,"y":770,"width":815,"height":12}},{"id":"36c8638e-c5ed-452a-b00c-561b29f8ab1f","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":182,"box":{"x":69,"y":786,"width":839,"height":11}},{"id":"34a08182-3caf-4eda-ba07-1dfa54c6502a","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":182,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"576628ef-6656-4878-9d76-d1bcdcee73ea","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":182,"box":{"x":68,"y":816,"width":730,"height":11}},{"id":"a2d7c857-9116-4113-b49b-842d83b9e891","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":182,"box":{"x":102,"y":838,"width":763,"height":12}},{"id":"31e1c31a-2b68-4027-8d54-375912236f7b","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":182,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"4ab0a466-3619-48b7-835c-601451de9c88","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":182,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"2115f15b-0487-4953-85e1-853f5f2b1d14","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":182,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"6f22b60f-4e43-4ca2-be17-4fd253738ec8","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":182,"box":{"x":68,"y":899,"width":800,"height":11}},{"id":"2a4d49f2-0ccb-4dfa-9432-4f8da9302c7e","block_type":"box","text":"II-134","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dddd53c2-f406-4449-b146-b8afe3eee2d2","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb244293-f64c-4c4f-9769-70f0a03d368a","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":183,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"ef2be631-68e4-418f-b656-9262d5f79e1e","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":183,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"aca236bc-c7e9-4702-b662-b9cc7ec77b48","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":183,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"b02fcbf5-9944-4ceb-a7ed-8f374e82ff33","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":183,"box":{"x":69,"y":90,"width":217,"height":11}},{"id":"d65faf0d-7506-4018-afe7-cc84c11fb14b","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":183,"box":{"x":102,"y":113,"width":788,"height":11}},{"id":"5e819b23-d8aa-4554-87e2-0e7133cadf4d","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":183,"box":{"x":70,"y":128,"width":790,"height":11}},{"id":"10da00df-d95e-4584-8272-074e54c367ab","block_type":"box","text":"constitute exempt-interest dividends.","page_number":183,"box":{"x":69,"y":143,"width":261,"height":11}},{"id":"5189dcad-3c88-448e-816d-c8972920ec7b","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":183,"box":{"x":102,"y":166,"width":765,"height":11}},{"id":"a963473d-88e1-408f-aa1d-c300d3f7a6c0","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":183,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"3cbf3c9a-27b3-436d-85c0-d563065bdc98","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":183,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"bef12825-a076-4267-9eef-8c804f581672","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":183,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"aa4aedd1-9faa-4ca6-b029-f184e752695a","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":183,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"85df442e-fb39-4c55-a635-f45a419273bf","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":183,"box":{"x":69,"y":241,"width":388,"height":11}},{"id":"6216b0a9-e03f-46be-acb5-5ae7f04d1eff","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":183,"box":{"x":101,"y":264,"width":787,"height":11}},{"id":"faa9362a-0728-4877-8e9c-75a31c2951d7","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":183,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"d4c9787a-029b-445c-a4c5-6c782881a22b","block_type":"box","text":"income dividends received by shareholders.","page_number":183,"box":{"x":70,"y":294,"width":309,"height":11}},{"id":"93cd5a8d-5eae-40f9-9c6f-516b918dcd02","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":183,"box":{"x":101,"y":317,"width":766,"height":11}},{"id":"0fe7038c-ebdd-4b99-9b25-a64e40ac2962","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":183,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"ff5a1e21-c438-4839-ac89-c7dee2656a27","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":183,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"9579e1b3-33f8-41dd-9df4-790523011935","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":183,"box":{"x":70,"y":362,"width":815,"height":11}},{"id":"f053fb6b-d734-41db-a064-81a8c04ac2a4","block_type":"box","text":"the accrued market discount.","page_number":183,"box":{"x":68,"y":377,"width":208,"height":9}},{"id":"738d32fc-7e44-43b1-9402-4fb410641e90","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":183,"box":{"x":101,"y":400,"width":801,"height":11}},{"id":"ed389961-52c1-4886-ab3c-5165c6909a5c","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":183,"box":{"x":68,"y":415,"width":818,"height":11}},{"id":"21edd5c8-5194-4777-bc75-cfec41f568c1","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":183,"box":{"x":69,"y":430,"width":816,"height":11}},{"id":"6e8b2acf-85d4-4f17-829f-231148af659a","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":183,"box":{"x":69,"y":445,"width":351,"height":12}},{"id":"64f57536-98f6-4410-b714-bf9d2979d8c2","block_type":"box","text":"e.g.","page_number":183,"box":{"x":422,"y":447,"width":24,"height":10}},{"id":"98704f77-7339-424c-8db6-5c448a68b8d1","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":183,"box":{"x":449,"y":445,"width":441,"height":12}},{"id":"81e09384-1091-4e29-acea-1b0cb8f61f3f","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":183,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"4e411dde-5667-43f4-8ea7-9f577d81be14","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":183,"box":{"x":69,"y":475,"width":786,"height":12}},{"id":"4e64a7a0-50d4-404e-8283-f1ba76ce0b1e","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":183,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"dc6400c7-3c8a-48f2-97ff-5840134c2e03","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":183,"box":{"x":69,"y":506,"width":740,"height":11}},{"id":"97a97962-93a5-4721-8eee-20958984de02","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":183,"box":{"x":102,"y":528,"width":802,"height":12}},{"id":"43518d3c-282c-4e70-801e-be4c3979bc96","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":183,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"fdef9924-2937-4065-abf1-36cc17311697","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":183,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"c900b0e4-ef28-4229-bdbb-a8a54c6a6e71","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":183,"box":{"x":70,"y":574,"width":776,"height":11}},{"id":"e2ec37b9-4a45-4394-bcad-7e2f2f44e004","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":183,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"2ff2de2c-bb4a-49a8-beee-6e384e0ca9ee","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":183,"box":{"x":69,"y":604,"width":436,"height":11}},{"id":"9809d4fd-3099-42f4-9405-3bd261b19f97","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":183,"box":{"x":102,"y":627,"width":771,"height":11}},{"id":"04dd7c07-6ed6-42a9-a083-782a97953f66","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":183,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"b825c7cd-d81f-44f4-a17f-c0bddd9a323f","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":183,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"1f6ed12e-e1df-49dd-8e8f-c7eef13752e9","block_type":"box","text":"within each applicable state.","page_number":183,"box":{"x":68,"y":672,"width":203,"height":11}},{"id":"dd5f58d4-c836-4c51-9f36-f51600acf4de","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":183,"box":{"x":102,"y":695,"width":774,"height":11}},{"id":"0a110080-688c-4740-a4e2-f95caafbc1bf","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":183,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"fc79b691-7a39-4c56-a69c-0c46396febc6","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":183,"box":{"x":70,"y":725,"width":816,"height":11}},{"id":"00a6673b-8b57-4bc1-bac4-545445137165","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":183,"box":{"x":69,"y":740,"width":830,"height":11}},{"id":"5a9c1a65-a4f6-406c-8f88-51a8bf5c225e","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":183,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"e284118b-b659-475b-9c6e-8a5a5948d713","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":183,"box":{"x":70,"y":770,"width":783,"height":11}},{"id":"a21e7687-7d19-406e-8449-93442dddc3c6","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":183,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"39436908-1840-4dd0-8b73-0b7e3b967fe7","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":183,"box":{"x":68,"y":801,"width":710,"height":11}},{"id":"43c847c4-8ded-4bda-842d-eefd9610da40","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":183,"box":{"x":102,"y":823,"width":796,"height":12}},{"id":"6a674eca-ddf2-4c11-86cf-6a963a9d5479","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":183,"box":{"x":68,"y":838,"width":828,"height":12}},{"id":"b7a3f4b7-b9b0-4892-8e1d-fd8be20915ac","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":183,"box":{"x":68,"y":854,"width":841,"height":11}},{"id":"124e1200-29b0-4508-8bab-400ea5925d9c","block_type":"box","text":"exempt from state income tax.","page_number":183,"box":{"x":69,"y":869,"width":216,"height":11}},{"id":"02f04348-5fbb-4d91-95c3-528cee722f84","block_type":"box","text":"II-135","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"db26a60d-cc5d-43c8-9acb-9c4c7b27ddbf","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e314c304-0ac1-454e-9b25-83965fdc2c24","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":184,"box":{"x":102,"y":45,"width":771,"height":11}},{"id":"42c0c2e6-d284-43f0-9bb5-c30bd82d0c2d","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":184,"box":{"x":68,"y":60,"width":823,"height":11}},{"id":"3e94ad94-e4b5-4667-97c2-3fbe2073fd25","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":184,"box":{"x":68,"y":75,"width":309,"height":9}},{"id":"011c39fa-5026-47a2-859b-5bf4917b6a59","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":184,"box":{"x":101,"y":98,"width":749,"height":11}},{"id":"9e1d8748-dade-4540-aaf9-ee629332f285","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":184,"box":{"x":69,"y":113,"width":803,"height":11}},{"id":"8dfa98ba-0a44-4d4e-b1ac-6863c073e0d1","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":184,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"49a8ec26-7345-484a-b161-5109d3484864","block_type":"box","text":"decisions may have a retroactive effect.","page_number":184,"box":{"x":69,"y":143,"width":283,"height":11}},{"id":"169bdd88-ad4e-4447-b8ba-0e0827115fa3","block_type":"box","text":"PERFORMANCE DATA","page_number":184,"box":{"x":403,"y":172,"width":173,"height":10}},{"id":"92a1da92-d413-4c54-a71e-2f7e392d3e71","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":184,"box":{"x":102,"y":195,"width":738,"height":11}},{"id":"2cbe4d67-54e9-409c-b603-14d40def88f7","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":184,"box":{"x":69,"y":210,"width":779,"height":11}},{"id":"c4a2da7f-478a-4e99-b88c-7efa59fa7854","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":184,"box":{"x":69,"y":225,"width":833,"height":12}},{"id":"3ab156af-7c56-45ad-9a50-b5b31358d4a0","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":184,"box":{"x":70,"y":241,"width":792,"height":11}},{"id":"844ba1c5-c017-48e4-87e1-afb1edef3c2f","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":184,"box":{"x":69,"y":256,"width":473,"height":11}},{"id":"efbdbb9d-832d-48a2-bc25-e23e8aea64ab","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":184,"box":{"x":102,"y":278,"width":761,"height":12}},{"id":"137c8708-0780-447f-b6e1-e1c03406b86d","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":184,"box":{"x":69,"y":293,"width":836,"height":12}},{"id":"14703d65-0921-4802-bd0c-69a54f5d7e5e","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":184,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"fc9da3db-0473-4230-b328-812a29f05515","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":184,"box":{"x":69,"y":324,"width":765,"height":11}},{"id":"1b16c4e6-c775-4f31-9b70-a9f07e27395d","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":184,"box":{"x":69,"y":339,"width":808,"height":11}},{"id":"6230a0dc-a9f6-4a0f-a589-94a5deb4ecab","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":184,"box":{"x":69,"y":354,"width":813,"height":11}},{"id":"05c10ef0-13ee-462f-9c76-e33db3042aaa","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":184,"box":{"x":69,"y":369,"width":839,"height":11}},{"id":"08e8e181-9af2-4353-8d64-d56f77d525ec","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":184,"box":{"x":69,"y":384,"width":546,"height":11}},{"id":"edea6acf-1810-45f3-8a2b-f9ecd47dbc06","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":184,"box":{"x":102,"y":407,"width":781,"height":11}},{"id":"7d883bc2-b4e2-4a5f-abb1-6e343eec5e42","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":184,"box":{"x":68,"y":422,"width":819,"height":11}},{"id":"94e76ace-a805-46af-ae41-446be793d944","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":184,"box":{"x":68,"y":437,"width":810,"height":11}},{"id":"510acc05-fe54-4010-9666-ac2e3182e769","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":184,"box":{"x":70,"y":452,"width":823,"height":11}},{"id":"62284f96-aae2-4f90-939c-e947651ff434","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":184,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"60676b38-8668-4a50-89a9-964b4bd91c02","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":184,"box":{"x":70,"y":482,"width":825,"height":12}},{"id":"54f1cbed-37f6-490d-97b9-8aac66965dc8","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":184,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"1caad63a-a5f2-4a6c-ac43-4b0a34fd1af2","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":184,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"60aae619-f872-4352-8e1b-95fb7a5d32fa","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":184,"box":{"x":70,"y":528,"width":833,"height":11}},{"id":"a247cecd-082d-4a0f-8834-f966a3f3b502","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":184,"box":{"x":69,"y":543,"width":797,"height":11}},{"id":"bed13edc-479d-4b1e-934d-7ba5bc12b33d","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":184,"box":{"x":68,"y":558,"width":824,"height":11}},{"id":"b0cdd638-26db-4eed-8a0d-bd8c523c6a5d","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":184,"box":{"x":69,"y":573,"width":837,"height":11}},{"id":"88eabf11-19e4-480e-9f2a-75c69cedc9dd","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":184,"box":{"x":69,"y":588,"width":814,"height":12}},{"id":"4f87e06d-7ae1-4c08-a517-3cf39e5e8260","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":184,"box":{"x":69,"y":603,"width":830,"height":12}},{"id":"4f8c9b7b-a10e-4a06-97b3-8b7783aa7e6b","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":184,"box":{"x":69,"y":618,"width":774,"height":11}},{"id":"8b1d2e51-25cb-4239-a5c0-cbe3cc4c8b67","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":184,"box":{"x":102,"y":641,"width":752,"height":11}},{"id":"349c48ab-8de0-4cb4-a643-e36f3f951ffc","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":184,"box":{"x":70,"y":656,"width":835,"height":12}},{"id":"66b4c4c2-afcc-48c1-a300-3c8575bd223f","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":184,"box":{"x":70,"y":671,"width":820,"height":12}},{"id":"8c4a18e8-60cc-47f0-912e-e17b6e8d9cc4","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":184,"box":{"x":69,"y":686,"width":756,"height":12}},{"id":"3064b293-394d-43a9-a787-584b525f9f94","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":184,"box":{"x":69,"y":702,"width":772,"height":11}},{"id":"474b62a4-d5ce-4219-9726-fffca246407a","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":184,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"a8ce62d5-cbc1-46cf-a751-b06a44bdc70e","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":184,"box":{"x":69,"y":732,"width":825,"height":11}},{"id":"96d7e744-baa0-4ec1-9560-37dfb9c9657b","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":184,"box":{"x":70,"y":747,"width":812,"height":11}},{"id":"6bf7ff08-6c6b-4a67-a076-cb8ce0132341","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":184,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"87fdea6c-968a-4315-bf7e-f1a307fad025","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":184,"box":{"x":69,"y":777,"width":768,"height":12}},{"id":"9443d9d2-0f58-47f3-83a8-f6a53c471a2b","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":184,"box":{"x":69,"y":792,"width":810,"height":12}},{"id":"5712fea6-8211-49cc-9666-822fc88481d7","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":184,"box":{"x":69,"y":807,"width":802,"height":12}},{"id":"51ed0090-c742-40d4-a0e1-8ef13735a41d","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":184,"box":{"x":70,"y":823,"width":825,"height":11}},{"id":"6ecf4028-fd02-4827-b607-7050aaaf6811","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":184,"box":{"x":68,"y":838,"width":823,"height":11}},{"id":"c40c46b7-f786-4529-8de3-90870f68eb04","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":184,"box":{"x":69,"y":853,"width":743,"height":11}},{"id":"4c1c2ed3-4786-4140-8b4b-aafb13e01c61","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":184,"box":{"x":69,"y":868,"width":814,"height":11}},{"id":"340e4f3a-d588-434f-be68-7a8ea6121793","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":184,"box":{"x":68,"y":883,"width":422,"height":11}},{"id":"292f29de-6e2a-40fd-be7c-7a3c437e4ae3","block_type":"box","text":"II-136","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"934121b2-5083-4b40-9d68-173f14727d98","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0b842c5-c7d6-4bdf-a90a-98c0ad6e237a","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":185,"box":{"x":101,"y":45,"width":720,"height":11}},{"id":"170dd110-ecfe-442c-9f3b-ba739ec226b2","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":185,"box":{"x":70,"y":59,"width":813,"height":12}},{"id":"f8f82c61-5a70-4294-8b91-8f444e051fd6","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":185,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"76cb81b6-5d89-493e-b80a-bfdb03dd3bc9","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":185,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"9c2609a1-d04f-49f5-a1d7-0f8598d802fa","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":185,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"3f9e797d-90f1-41c8-9902-8a6d046c5d8d","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":185,"box":{"x":68,"y":120,"width":815,"height":11}},{"id":"0f57d214-809c-4d15-8b95-909150bbfae6","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":185,"box":{"x":70,"y":135,"width":801,"height":12}},{"id":"32c91ea8-5353-49f7-a6c4-76c7597fd2b7","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":185,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"04d34d03-3a1c-4b94-8758-09c2dcf31f49","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":185,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"5e43ea9d-faaf-4951-8eeb-0abd98b77fdf","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":185,"box":{"x":69,"y":181,"width":686,"height":11}},{"id":"b3c131c8-8eac-4270-93e9-e25d67dcfbe3","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":185,"box":{"x":101,"y":203,"width":796,"height":12}},{"id":"d9042b90-8290-4aea-93a7-740cae6d6ff4","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":185,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"827ecc42-c4b5-4dcb-ba9b-699450675fb1","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":185,"box":{"x":68,"y":234,"width":817,"height":11}},{"id":"68373a2b-9256-463d-b89d-851a0ec0924b","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":185,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"3edf9c1b-1ee2-4c5d-b697-6fdf4f8857e3","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":185,"box":{"x":69,"y":264,"width":759,"height":11}},{"id":"b903843b-4580-4302-84de-172f5a242e18","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":185,"box":{"x":101,"y":286,"width":779,"height":12}},{"id":"05d98686-d104-4882-a94f-b24586ddddc3","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":185,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"b36b8aed-0e57-4471-a0e5-ed6a0f438dc5","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":185,"box":{"x":68,"y":317,"width":830,"height":11}},{"id":"e8362fbb-9642-433f-8a6f-09ce4380f2d6","block_type":"box","text":"less than their original cost.","page_number":185,"box":{"x":70,"y":332,"width":196,"height":11}},{"id":"4142722d-834e-4904-8b8c-fbd7a668657e","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":185,"box":{"x":102,"y":355,"width":782,"height":11}},{"id":"6c00f6e5-3392-4b71-8ba9-434c0ab6b918","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":185,"box":{"x":68,"y":370,"width":836,"height":11}},{"id":"b65f91e8-c2f1-49ac-86b4-bcd37d263c0d","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":185,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"7d678bc0-d58d-4bb7-8023-02474a6a51a3","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":185,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"69ddc09b-ddc2-4217-a0b5-4d9862ed03aa","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":185,"box":{"x":68,"y":415,"width":824,"height":11}},{"id":"2eba2284-f359-4b6e-96e4-25db37004bf1","block_type":"box","text":"lower amount of expenses is deducted.","page_number":185,"box":{"x":70,"y":430,"width":278,"height":11}},{"id":"30beb155-dc62-4605-998a-052ef415f33e","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":185,"box":{"x":102,"y":453,"width":741,"height":11}},{"id":"9ae72b9b-e916-45a1-83f9-9031d54ce067","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":185,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"d9d87c72-3b12-4eeb-a9a8-d3053bc9f578","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":185,"box":{"x":70,"y":483,"width":646,"height":11}},{"id":"08eb1cfe-1e2c-4e88-b673-1f49bd001a40","block_type":"box","text":"Money Magazine, U.S.","page_number":185,"box":{"x":724,"y":483,"width":156,"height":11}},{"id":"f297c7da-bec1-49b7-9ea1-80967fe67c93","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":185,"box":{"x":70,"y":498,"width":533,"height":11}},{"id":"fbf4ce3b-3989-42f8-9b61-a7b3b707644f","block_type":"box","text":"or other industry publications. When","page_number":185,"box":{"x":608,"y":498,"width":257,"height":11}},{"id":"8ea19294-8afd-4306-b0c5-14b264f7a848","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":185,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"233cad3d-7284-48ff-b9ca-da15419a14e7","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":185,"box":{"x":69,"y":528,"width":803,"height":11}},{"id":"29195698-7c67-48d5-9d3e-d54844c64747","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":185,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"23f62e72-c599-4afc-8a77-80919fbccd0a","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":185,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"f795977d-c1a9-4f9a-a7c5-0aebb2df7f7d","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":185,"box":{"x":69,"y":574,"width":793,"height":11}},{"id":"2e010c95-a653-496d-8962-64cd1b3083f5","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":185,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"41cf73b2-6607-4f75-acb5-f8c8a5255b76","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":185,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"5d4d16b9-dd8b-454d-9eb6-d068343ff703","block_type":"box","text":"developed by Fund management.","page_number":185,"box":{"x":69,"y":619,"width":233,"height":11}},{"id":"213e572c-5e5a-47c1-95af-1d79933a81fc","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":185,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"461bc720-5da7-4124-bc41-ad2abdfa4d78","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":185,"box":{"x":70,"y":657,"width":810,"height":11}},{"id":"ce112a86-8014-4be1-a955-640292931bd1","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":185,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"64209726-79cf-4c7a-9584-c9ffd39c1c58","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":185,"box":{"x":69,"y":687,"width":792,"height":11}},{"id":"55d48bda-309b-4225-8429-5d9849ba347e","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":185,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"711184dd-d6dd-4a45-b74e-5d0bf7e41c6b","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":185,"box":{"x":70,"y":717,"width":835,"height":12}},{"id":"0c606c48-14a9-4921-8128-9e5d40b0f8cf","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":185,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"1563d154-f554-4b1f-a1b3-a1d7eb4d9844","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":185,"box":{"x":68,"y":748,"width":461,"height":11}},{"id":"2d7f714a-2ef3-4020-a9f8-8e19b128d729","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":185,"box":{"x":308,"y":777,"width":362,"height":10}},{"id":"24cd1475-8bfa-4ead-a4fa-37ad255fc386","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":185,"box":{"x":101,"y":800,"width":802,"height":11}},{"id":"678e9a02-3f94-4de2-b186-29878983b0a6","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":185,"box":{"x":70,"y":815,"width":809,"height":11}},{"id":"40543dc8-07d1-4dc2-8274-d5db2ed85f64","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":185,"box":{"x":69,"y":830,"width":833,"height":11}},{"id":"01cc89d4-4306-4d20-8df4-8a4a12325b10","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":185,"box":{"x":70,"y":845,"width":755,"height":11}},{"id":"b74b228d-393c-4633-8f5d-87a4eb1ae88a","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":185,"box":{"x":101,"y":868,"width":785,"height":11}},{"id":"2b9c0afa-a01d-4286-9b9d-61540eec1e6e","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":185,"box":{"x":68,"y":883,"width":822,"height":11}},{"id":"b61a1dbc-e639-4085-8bfd-76aaf3ce2c46","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":185,"box":{"x":70,"y":898,"width":824,"height":11}},{"id":"9e21d902-6f61-4d3a-8d63-a0b09ab2c12c","block_type":"box","text":"II-137","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cf5f6a70-6048-41c1-9215-74c1c31e9fdd","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e13498a1-8a22-48f6-8ca9-73ce4ea42014","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":186,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"39dff1ed-d3a1-406a-aa26-ca61a040a483","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":60,"width":392,"height":11}},{"id":"add21710-83ee-4b5e-990e-b1542a770610","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":186,"box":{"x":101,"y":83,"width":749,"height":11}},{"id":"81740559-5aad-4560-ae42-9cd53f497080","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":186,"box":{"x":70,"y":98,"width":759,"height":11}},{"id":"15ec2af9-6e6a-4eec-90f1-af8cee7e6179","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":186,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"1a28fbd2-e187-4093-a7c1-228b6453c77a","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":186,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"56692a37-9482-4d4d-9426-642d42197b43","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":186,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"185a1fd2-99df-45c4-affc-eb342a29ef8e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":158,"width":392,"height":11}},{"id":"60e59200-3eee-4726-b68e-8290a4022009","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":186,"box":{"x":102,"y":181,"width":767,"height":11}},{"id":"dde020a9-c32b-41eb-abfc-53eab5e056bf","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":186,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"306439ee-e2fa-4ab0-8cf0-6ebdf138d5ac","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":186,"box":{"x":69,"y":211,"width":819,"height":11}},{"id":"37d2984e-e2b4-43a6-8ad5-dee3bce18da8","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":186,"box":{"x":69,"y":226,"width":684,"height":11}},{"id":"ef12e744-3ae2-4f1b-b8f6-64b7ecff30cb","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":186,"box":{"x":102,"y":249,"width":766,"height":11}},{"id":"6984cdd6-ad2e-45dd-80f8-82e541d0f8d5","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":186,"box":{"x":69,"y":264,"width":784,"height":11}},{"id":"60f67bb2-c80c-4317-9ebb-4d242dc6d48f","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":186,"box":{"x":69,"y":279,"width":805,"height":11}},{"id":"e310305e-081b-4a1e-8520-5c41549763a2","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":186,"box":{"x":68,"y":294,"width":790,"height":11}},{"id":"4dcac37f-ebe8-45cc-b08f-9c7c0f4171d6","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":186,"box":{"x":70,"y":309,"width":810,"height":11}},{"id":"5cd0fc25-d332-47e2-abd3-d305c5bcc6bc","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":186,"box":{"x":69,"y":324,"width":788,"height":12}},{"id":"e30bb7cb-ce07-42c8-bd8d-0c65b9521a94","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":186,"box":{"x":69,"y":340,"width":327,"height":11}},{"id":"03d963da-b4ab-44c5-a633-a06f0a9ed95f","block_type":"box","text":"GENERAL INFORMATION","page_number":186,"box":{"x":391,"y":369,"width":195,"height":10}},{"id":"94f4d592-b53d-40ba-b27a-07f3ab3b59eb","block_type":"box","text":"Description of Shares","page_number":186,"box":{"x":69,"y":399,"width":156,"height":11}},{"id":"483b3fc1-3bed-4c77-a34b-e2aebe9cc611","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":186,"box":{"x":102,"y":422,"width":800,"height":9}},{"id":"f3553ea3-5271-4712-9e46-6bec8739aa04","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":186,"box":{"x":69,"y":437,"width":811,"height":11}},{"id":"a1123eee-e8d1-44fd-94e5-e8db5c2dee3c","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":186,"box":{"x":69,"y":452,"width":825,"height":11}},{"id":"faf39682-14b3-4e9e-b9ab-f8ae721c93a6","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":186,"box":{"x":69,"y":467,"width":838,"height":12}},{"id":"893bd1af-5483-463c-bebc-dc7027493303","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":186,"box":{"x":69,"y":482,"width":835,"height":12}},{"id":"76b4f60e-07cc-41ef-b581-3d87e31f81c8","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":186,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"db999183-b9de-4b7e-a7dd-06fb6767d466","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":186,"box":{"x":102,"y":520,"width":801,"height":12}},{"id":"78a8077a-a0bc-4976-b863-7b4f79a2c1fe","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":186,"box":{"x":69,"y":535,"width":760,"height":12}},{"id":"1f8bc4f5-0549-472f-a750-90308ef27aaa","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":186,"box":{"x":69,"y":550,"width":810,"height":12}},{"id":"d410a564-38b0-4994-a933-7e726743cafe","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":186,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"27c56593-a24d-4679-b33e-fa0d4eb67e84","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":186,"box":{"x":69,"y":581,"width":787,"height":11}},{"id":"c92b2c9b-cdf0-4c87-a16c-20a92c2612e0","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":186,"box":{"x":69,"y":596,"width":797,"height":11}},{"id":"b5b23970-c923-4ee9-8d8a-a856707d6168","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":186,"box":{"x":69,"y":611,"width":658,"height":11}},{"id":"4e9692a8-38d2-44f7-b8dd-bf3c18c52010","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":186,"box":{"x":102,"y":634,"width":741,"height":11}},{"id":"278fa791-8880-429e-b386-1810c1999a5e","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":186,"box":{"x":69,"y":649,"width":790,"height":11}},{"id":"275590d8-8af0-496b-b462-d129e8303e9b","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":186,"box":{"x":69,"y":664,"width":546,"height":11}},{"id":"8a5ab9a9-9cce-468f-ac72-d46a32de9290","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":186,"box":{"x":102,"y":686,"width":712,"height":12}},{"id":"a76ee63b-47b0-43fd-aa10-07010d197df7","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":186,"box":{"x":69,"y":702,"width":765,"height":11}},{"id":"aaf7a26e-77be-4044-9fcd-1acf840ff813","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":186,"box":{"x":69,"y":717,"width":834,"height":11}},{"id":"82df7715-309d-4244-8c4e-94e5cf87af37","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":186,"box":{"x":68,"y":732,"width":729,"height":11}},{"id":"f0c602b8-3fd7-4935-b06a-76ece7e016a7","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":186,"box":{"x":69,"y":747,"width":815,"height":11}},{"id":"7635d552-90df-4c0b-b49a-2e9e65b2059b","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":186,"box":{"x":68,"y":762,"width":761,"height":11}},{"id":"91d7f7a5-db6d-45ee-971e-03fa15fcffb4","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":186,"box":{"x":69,"y":777,"width":824,"height":12}},{"id":"7faa8e4f-b321-48cb-9542-8d50c05b9a13","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":186,"box":{"x":69,"y":792,"width":839,"height":12}},{"id":"99a93313-3e1c-4998-903c-db176f86ff94","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":186,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"eb44d5f7-583d-4e04-9fc8-b9fd6cd7914b","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":186,"box":{"x":68,"y":823,"width":827,"height":11}},{"id":"469a2122-ec99-4874-8778-1ede6eb7ca98","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":186,"box":{"x":70,"y":838,"width":699,"height":11}},{"id":"3995cea1-33c6-4b7e-b0f6-61292249cc5c","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":186,"box":{"x":102,"y":860,"width":413,"height":12}},{"id":"d69d4b13-9e75-4662-b61c-2a0aef37e2c7","block_type":"box","text":"II-138","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0b10fb22-a0fd-4245-83ba-28916bdf3d68","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6570b42-39b9-4bd0-af11-938394abb303","block_type":"box","text":"Additional Information","page_number":187,"box":{"x":68,"y":45,"width":161,"height":9}},{"id":"da636e2f-69f4-43a8-8875-0c43c3b7033b","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":187,"box":{"x":102,"y":68,"width":789,"height":11}},{"id":"f0a2bc28-52c3-4e2a-8661-9a42456ce602","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":187,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"83894549-1676-4626-b21d-8eb5e3a0e17d","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":187,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"8e1db625-7a46-4503-a2a1-8d53248d016d","block_type":"box","text":"such name to any other company.","page_number":187,"box":{"x":69,"y":113,"width":238,"height":11}},{"id":"0b9eafb6-18c7-4a9f-b055-d14cd2db79d1","block_type":"box","text":"II-139","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8ac0ece7-5f44-4c24-bf9f-46fcd2a4a692","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e036e346-9b83-4712-8207-b49eaf242f8f","block_type":"box","text":"APPENDIX A","page_number":188,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"45dca827-7899-4c91-9d00-1c31f4b42655","block_type":"box","text":"Description of Bond Ratings","page_number":188,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"89d02735-f123-4199-8840-cd65125db6e6","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":188,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"ca8d943e-4d62-4429-bdd4-52009f9a974a","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":188,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"da8a3d3d-1444-4106-a270-f821724dff02","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":188,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"d7499a27-9399-4dc2-9936-9b34f6627ecd","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":188,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"51b6ff6d-3a71-4d02-bf38-dd877d52e46c","block_type":"box","text":"date.","page_number":188,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"5ce45667-7e52-4231-82f2-f1327441d7f6","block_type":"box","text":"NRSROs may rate specific investments (","page_number":188,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"9614589e-733e-4411-9f73-432eddca3583","block_type":"box","text":"e.g.","page_number":188,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"8a12a495-c03d-4f6b-a429-3bddc06f4c90","block_type":"box","text":", bonds), issuers (","page_number":188,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"100539d8-0076-4f7d-a6b5-2d1fb87fb793","block_type":"box","text":"e.g.","page_number":188,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"0b4fbf41-975f-43ed-bd19-3a059b162184","block_type":"box","text":", corporations, governments and financial","page_number":188,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"716e8087-ebe8-433e-9e48-e8e4831e3e68","block_type":"box","text":"institutions) and/or programs (","page_number":188,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"fa527c3c-59cb-449a-b229-22e08fb8d46c","block_type":"box","text":"e.g.","page_number":188,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"806d7f5d-ccb6-4d4a-9919-149fcb0f6dd9","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":188,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"c62e9c03-fa13-4b87-87fc-1c3891beab03","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":188,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"0af94c9a-2555-45e3-8fc9-b1ad67aab08e","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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If applicable, when","page_number":188,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"f4fbfd58-395a-49ec-b8f7-a6490063f005","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":188,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"c93e081d-2239-4c50-8a58-dac3a157c430","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":188,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"dd66ae66-7071-4cf4-bb37-fd13ab59e784","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":188,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"ba90cd2f-6003-445c-b171-9c5993299310","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":188,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"ce64929f-98b9-49d5-b58a-83967e229376","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":188,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"f6ac5c30-5b86-4f99-92ce-deee63cdc388","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":188,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"148a15e2-c46a-493f-b7a0-f5dcda959e19","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":188,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"497e3b1e-2213-4c50-8dae-ee930b30dd8b","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":188,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"9df3eb21-e345-423d-bdee-164b80a7a458","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":188,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"f0f9b9ee-8e0d-468d-a74e-21fe9d281664","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":188,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"8fa479fe-e767-420e-b4d6-a819cb8f9f83","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":188,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"950ee8c6-46cd-4bbf-acb0-6a258d799edb","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":188,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"6cd7478a-379b-4e28-8c55-5b201553ffbc","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":188,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"b269018c-75a5-42c5-930e-4cc0f76c120a","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":188,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"adfd54cc-bf96-45c9-b13f-c9f94abb552f","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":188,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"6e1cefb8-3dc2-49b8-ac91-d61a8949977f","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":188,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"e1a6a8c3-6a77-4dba-804c-e655d25811d5","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":188,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"3b0da290-2d8a-4d86-b0dc-9809a814d896","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":188,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"c74107c9-159a-4b1f-b87b-9571d9313593","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":188,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"e58a7cee-d169-4c4d-a2a9-2dd65fac670e","block_type":"box","text":"Fitch.","page_number":188,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"c6d8381a-8252-4846-b9c8-909ab656d059","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":188,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"2ec0f2c7-1c9b-42f4-83c8-fe40548b0415","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":188,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"d564044f-2f5e-4168-9413-b0730399b49c","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":188,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"6d091035-7cbf-41b5-a0ee-a189498b9331","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":188,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"7f396c5f-93a0-4bf3-a747-037bf477c132","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":188,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"5e9026f8-6e5e-4188-af3d-87598444ae9d","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":188,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"e1b27c2e-da14-44f6-b69f-f791e39e3a6e","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":188,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"0086b999-cba8-4282-8c2f-96765a301319","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":188,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"69cb08f8-0b0d-4762-a9e7-c49816f51cc8","block_type":"box","text":"sources of variation (","page_number":188,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"35a69599-2959-464e-a1ec-b60582107a55","block_type":"box","text":"e.g.","page_number":188,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"70933f74-9d04-4282-a61c-074aa8e892c4","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":188,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"df2a19b9-d981-4a80-82c9-ac8c8554edbf","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":188,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"08a09974-8bbe-423b-ae7c-81f9f49c2803","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":188,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"57775664-0d22-4e54-9d27-4b4918e1320f","block_type":"box","text":"e.g.","page_number":188,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"758d3acb-70b5-419b-be77-ae1315b96588","block_type":"box","text":", equity indexed), absent an express","page_number":188,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"c605176d-2778-4b62-b4c4-cf0249c10627","block_type":"box","text":"A-1","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a55c2e84-6453-454b-b8ff-e5e29241fbc9","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2bb2361f-0760-486a-9f2f-b1d574dd82fa","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":189,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d4850db2-1205-402b-8891-25d045b62df3","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":189,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"1faa163c-ef63-430a-a024-fc194a7954f1","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":189,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"2354e473-e624-4502-b924-a74f7d6dae50","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":189,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"ffd596e2-922a-4892-b7dd-a0725eb16cdf","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":189,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"e0ac4d83-cac0-457b-a115-38c86b5863f2","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":189,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"eb62c289-04f5-4cf9-b5af-bacfcf242df7","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":189,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"cf081770-c8b2-46fb-a3d0-25ad93ddf89d","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":189,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"fc887f38-c03b-4f46-b58a-6913f7f4cf6a","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":189,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"f4eebeb4-d0a1-4f5b-b9b3-deadbf5c48d1","block_type":"box","text":"i.e.","page_number":189,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"55ff3dbf-3c63-4819-a476-e54eff00066b","block_type":"box","text":", ratings on nonfinancial","page_number":189,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"2c827346-ed4a-4311-be43-ae552264282b","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":189,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"20f8c95b-b3aa-44c1-8e56-73486ce1aaef","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":189,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"8818fc03-ee4a-4397-b548-1045877b7562","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":189,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"84c0959a-cab4-4620-8080-6c9fa4cb67ca","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":189,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"956fc0b7-c1d0-4580-b851-308e64423a85","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":189,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"f5ff1b75-1253-4a3a-b3c3-e13cfcfb55fd","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":189,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"6a2c8d3b-1837-4011-815f-8b7245738472","block_type":"box","text":"of time.","page_number":189,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"f147b05c-4f82-492b-a1ba-3853a4942138","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":189,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"f0745d1d-389f-4903-b1d0-5128e5671b68","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":189,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"77916a66-4eab-4e71-aea6-1bee98dcd7ad","block_type":"box","text":"risk.","page_number":189,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"1f18c7be-430a-49af-be41-a165090adcd1","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":189,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"a19a3a60-85ed-4aab-93db-7e355dc21fdb","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":189,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"067c723e-c235-4ebd-b337-6601be924678","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":189,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"ad1faef5-c4ff-4ed6-9517-d014ece2a225","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":189,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"09bce518-a2b0-4ee9-b888-ed5373244a85","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":189,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"2221a904-a9ba-4bd5-b989-24d7f71563dc","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":189,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"739422ba-d236-4576-8776-d7640d1034b1","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":189,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"0bd5dcc3-e1b3-4caf-8a1a-6815ca103ba6","block_type":"box","text":"credit risk.","page_number":189,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"95be2dc8-2207-4676-85f0-eaf8168d4a83","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":189,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"27375ae1-f53f-42fe-bf76-e1fbad533874","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":189,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"32aec958-9494-4406-9df1-de346b19defa","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":189,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"6ca6ae8a-8106-4684-a5d5-5ce4f74d8dc8","block_type":"box","text":"of principal or interest.","page_number":189,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"8fd84c2d-99ab-45b1-8478-7b8afd504946","block_type":"box","text":"Note:","page_number":189,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"2637fcff-aed9-4e95-a01a-3e1b02036b03","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":189,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"798dd57c-d7c4-4259-9cdd-4876dab3986b","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":189,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"2c2a5401-cfc7-4828-852c-c19196855f33","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":189,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"58f9a465-434f-4c56-821d-2577a9d5dcd5","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":189,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"e4e805ca-0a39-4c90-a5bd-ac1fbb0c7761","block_type":"box","text":"companies, and securities firms.","page_number":189,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"87c481c1-be2c-4197-9b47-315e9186b8e6","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":189,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"296c06fb-dd26-41bc-a529-05922f287add","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":189,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"93446514-90d0-45d3-82ac-dc115ac704dc","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":189,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"4648a429-cc37-415b-b770-9bc5642ffaee","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":189,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"13b48edf-e80a-4953-89e5-7e33f8459d0e","block_type":"box","text":"that security.","page_number":189,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"56b6bbd8-9fd1-480e-b44b-201a99a37866","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":189,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"f5635ae7-4e4d-4b71-a420-444239ff44d2","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"e3fc05bf-e07e-490d-a458-9bb2fc811c0f","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"ab264d50-4823-4223-8c49-6a1e5d5abd01","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"4e4b9024-4570-4482-92d7-2bea9c1de835","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":189,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"a33389fb-325b-4c7d-919a-cbc5f0a1e179","block_type":"box","text":"categories.","page_number":189,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"1204d246-7440-4c6e-84a3-b3cf599a9d5e","block_type":"box","text":"A-2","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"5ef22656-f933-4548-b088-72bfc806806f","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"828bfec3-3575-43e4-b0dc-75b78b8ebd9e","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":190,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"97e4226e-671f-43d4-a876-2fbc2624f6a6","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":190,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"970d0cf3-ccf6-4fc1-b3e1-c9442adf07ab","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":190,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"a6157c7d-2ca9-472f-87c2-f434c3eb0bc4","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":190,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"7be2a45e-46ff-450b-be7a-43298763c017","block_type":"box","text":"an issuer’s self-liquidity.","page_number":190,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"58318f05-d32d-4172-bf86-d4ddc530cb64","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":190,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"a20eb850-7d4c-42d5-8864-c35e44c1a4e8","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":190,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"77a43363-b3e6-4298-8754-aa3ce7d38588","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":190,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"6d8e77db-6cea-4f8f-a49c-4a7c59c350fd","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":190,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"1e75c0ec-507e-4862-90f0-4920526da7bc","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":190,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"f8852caa-c133-4b84-86fc-bbdacc0939c4","block_type":"box","text":"MIG Scale","page_number":190,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"921ffdb5-d6b4-43e4-b86e-955b6f09f349","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":190,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"91206901-98ea-491e-b9fb-776835a9b21c","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":190,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"9dd50ab7-ac8e-423c-9804-b2281355fbec","block_type":"box","text":"refinancing.","page_number":190,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"587551d8-69ed-4d55-94e8-f36bb15f6558","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":190,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"af6e812d-9cfb-4352-96eb-775998256ec7","block_type":"box","text":"large as in the preceding group.","page_number":190,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"d27e07d2-b408-4966-b654-89497ecb4ecd","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":190,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"64f9e383-9fe2-4a3c-85fa-1290628ae325","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":190,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"9cab90eb-7adb-4e92-8115-1e4e04953c9f","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":190,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"6712bbda-f21d-44e5-856c-ce1b65d2fdb9","block_type":"box","text":"lack sufficient margins of protection.","page_number":190,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"755c94dd-bab5-4c71-9415-0bf32d9dfc5d","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":190,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"ecb2694e-342c-45d6-9598-cc96fc5ca5d4","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":190,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"5ab6db02-ef6d-4a89-aa06-4311e3d9eea9","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":190,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"0852c2df-7b21-443c-a0de-838aa104a8fd","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":190,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"8ddca5b3-044b-4825-a44e-9a1705ec37bc","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":190,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"a1d52ed6-9fdb-4230-a248-60ec696802c6","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":190,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"5178eda9-c680-44c2-b6f6-1c2ef894bd1e","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":190,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"e847c878-7d74-438c-9ab9-3cfa74f3542d","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":190,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"73f15bee-e959-48d8-8508-8b7bf6214afb","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":190,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"3839a61b-57b1-4439-8f2b-aeaed64addf1","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":190,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"3fa347a6-1dce-4c05-b0d8-d5b0348770a6","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":190,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"3c2fbce0-ae9c-4113-a1dd-cc64e6bf41d8","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":190,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"f919c3c1-2316-41fc-9e67-57aada639bd3","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":190,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"3b88fdc3-3586-47e6-aeeb-59c520292e1c","block_type":"box","text":"VMIG Scale","page_number":190,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"4950c5f9-ba65-455d-b982-ddf64e3a8762","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":190,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"28725281-02b6-4f98-a791-195572d520a5","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":190,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"b1806ba7-98b0-4425-b65f-f88155c5011e","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":190,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"463ce476-f529-445c-8c08-0ae6f092fe98","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":190,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"93a65a72-3bce-43be-b040-217496dba1a5","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":190,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"e6294e69-85b6-48c8-ba66-86676f32e323","block_type":"box","text":"payment of purchase price upon demand.","page_number":190,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"9cb4e3ec-22c5-4a99-87ff-fe96280fcf4d","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":190,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"7acb5910-a91d-40b5-a235-503a9d713f63","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":190,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"ef6a7455-fc0f-4e5d-ac24-c04956adc651","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":190,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"ba46768e-43a5-4476-9b1f-07e517af2430","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":190,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"f6da69ac-0d6e-46b6-81fe-5bd28f586c7a","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":190,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"fb896f14-c8d8-4b36-bfae-3fcb9e5c1d15","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":190,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"44ef0438-246a-4848-834a-4f449bdcde67","block_type":"box","text":"price upon demand.","page_number":190,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"f2ce1180-5cc0-4b0c-8274-ec29cbb1d5ee","block_type":"box","text":"A-3","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2cb6adf6-3682-483e-9f57-7f550a0cc48a","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83157056-b07d-41fe-896b-d41932d79c13","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":191,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"4c1c343e-9915-4162-9b48-1f55e482f597","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":191,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"8480efc3-55e2-4f81-80fd-c7a08742af8e","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":191,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"ff13929b-8885-4cb9-ae4b-0cd1ca967337","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":191,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"bc11a4ee-6df3-42e1-b013-3c8475d62686","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":191,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"09c841a6-79a7-465d-8a88-922559fc63c2","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":191,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"a8524356-8f8c-4b32-8695-afde229184d1","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":191,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"60eac208-2ee3-421c-9b81-0f1f58c49415","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":191,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"22e52e05-f64b-42ff-8078-b00123b52a6a","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":191,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"2b07074a-25b8-4b5c-90a2-72f952ee45d5","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":191,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"48f98704-b728-4ff5-92ac-d1e2e3a2c724","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":191,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"2818a378-0274-4afb-a120-eb720b8e54d2","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":191,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"aa75d3bd-a959-4f98-987f-a0d94ae48014","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":191,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"eff15315-dd39-443c-a337-795b7affdab8","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":191,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"4047d04e-6efb-4885-b111-f9aed5fb8943","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":191,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"5d01cff1-5c9d-4842-8df1-11bda5aba0eb","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"e95c7e60-033c-47e4-a46e-87bf9ffb49db","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":191,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"cecc982a-830c-4dcb-a71e-f5362ee88687","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":191,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"ad0f1516-670d-400d-bbe2-817b2c1af673","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"c3c4905e-3cc5-43c6-9eed-fa64437a3528","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":191,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"c0ae908c-edfd-4c8f-982d-1c57fc813984","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"f2aefce2-4490-46f1-8b12-2c290b4f0631","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":191,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"a6945594-e06b-4224-9950-713182b58633","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":191,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"e07b55c1-654e-4155-b961-0b2b35c6802f","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":191,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"c3714083-9960-4b81-a068-e59b68feb0e6","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":191,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"496c050b-2068-4188-a071-42f0e7627acb","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":191,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"441d2068-8c41-41bd-a9ad-8f939e942be8","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":191,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"91caf410-e22d-4c16-bd09-ec3a283d3229","block_type":"box","text":"obligations.)","page_number":191,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"f8cbc33f-e7a1-49a1-8949-df2ef88ded1f","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":191,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"4619550c-3cfd-4321-9287-bfcd9f0f991a","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":191,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"6bdb59da-d400-4d83-b155-104a96955a9f","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":191,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"8c142c18-ad3c-4c7c-8e4e-b5da84989229","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":191,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"1f9691c9-343e-4041-acc3-b569df3709ce","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":191,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"e7c9aa5b-9027-465d-998e-23ca029b76f6","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":191,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"8dcf9a82-fff5-41a6-8224-d3869a2b12f2","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":191,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"4795ca8f-b2be-4f43-af34-236b06c2ebae","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":191,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"2f1dec7a-0596-48a1-9456-4c201472c9ac","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":191,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"7c27ce51-5345-4930-a2cc-94e7a6480b49","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":191,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"cb4ab7f9-1f82-418e-abed-11ac12895029","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"828d10d4-0e12-4a0f-a17d-4d55256b0f47","block_type":"box","text":"BB,","page_number":191,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"143dae07-3330-44af-8ebb-bddc90afdcca","block_type":"box","text":"B,","page_number":191,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"677a1a45-7c53-460f-8ad6-6decfc15ab4b","block_type":"box","text":"CCC,","page_number":191,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"69bc7287-fb9c-4b32-93d6-84d5123854aa","block_type":"box","text":"CC,","page_number":191,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"42b8345f-4c70-47cf-bb9d-7b2f42e2b072","block_type":"box","text":"and C","page_number":191,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"8ca34e25-4343-442c-830b-96bcb3b155de","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":191,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"5129e6a7-ea73-477a-a51b-e6677bf35a0f","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":191,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"5ba72d87-01a2-450c-842f-57f463aa5be9","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":191,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"5908c3eb-7466-4e64-a247-bb7bf1133ba1","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":191,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"41ccdb65-7536-4cf4-9645-d19da40a901f","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":191,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"1ab4e258-a87e-4df1-9320-8b337152e2d0","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":191,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"225d2822-1db3-47ee-ac7a-ab43218151f0","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":191,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"3395f67d-0167-42b0-9a17-6e4a45b9baab","block_type":"box","text":"on the obligation.","page_number":191,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"bad88747-8138-4307-b1d4-862268b6db53","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":191,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"9ccddf3b-e1f8-4f05-a9da-e058e3688622","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":191,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"5ce1aba8-aca3-43f3-b548-3b68938a7566","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":191,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"7050b0e0-fac3-4627-9ba9-ced5dfc2f2e6","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"8db2bd92-e667-463b-9143-fcf0b49e9db7","block_type":"box","text":"A-4","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"8ba3c822-5517-4782-806c-bbd674a15fe9","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7ca7f6f-3c06-4884-b729-0ef3f983e749","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":192,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"2dbbf411-24dc-4446-a728-3cfdb8471295","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":192,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"223118c9-b88c-4015-91ea-7d479db5fbd5","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":192,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"b4cf0095-c80e-47fd-88c5-6e2f986bfc2d","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"0f318e9c-8617-496a-8779-4d441a043737","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":192,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"47b8cc06-58da-4594-be68-2260a6650fd1","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":192,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"a27c8b58-b920-4c3d-bea3-1c9108ba0465","block_type":"box","text":"anticipated time to default.","page_number":192,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"dbb4de22-6891-478d-b0b8-94e8054e1612","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":192,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"be3a176e-ba9b-4a95-a07d-a4cfbaa0008a","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":192,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"344ffa83-cd80-42f2-a2f4-8f04da1a67e9","block_type":"box","text":"higher.","page_number":192,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"384624fe-c21a-457e-a537-c044ac271579","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":192,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"6d6987d8-6dce-4ca5-8f92-1cefa2588859","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":192,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"fa975875-e01e-4cdd-93cd-ebca242e027f","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":192,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"ecfe5d8e-c6c1-41ce-a498-20961417e21e","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":192,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"3af28ff0-89c2-4719-b1ce-ae014b877aa3","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":192,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"eb39c108-9603-4d7c-b987-624c1c6b57d8","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":192,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"a8e8d311-86c5-41df-8776-033177887ffc","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":192,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"c2a8cf09-682e-4c9d-80b8-6054cf1dfc97","block_type":"box","text":"restructuring.","page_number":192,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"f37263a7-4e6f-4445-8f3e-631909793231","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":192,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"44cdd1c8-4fd6-4b9f-a80f-d1d900ba0158","block_type":"box","text":"standing within the rating categories.","page_number":192,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"fcf68162-02f9-4a3b-839d-d17bbecf5fbd","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":192,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"8bfb41ac-1614-4c8c-85ec-f33454375ca3","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":192,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"221f525c-89d1-4081-a948-cb7b9f7b59dc","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":192,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"436f97a8-516a-4068-8a1f-700238ed4d0f","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":192,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"78444781-b747-4b81-8e9c-7c24967bc951","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":192,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"04603697-afd4-44ba-a147-f8147fcf750a","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":192,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"75e0c1cf-b424-4204-a299-c9dcc0a2ccf0","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":192,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"29dc9a34-f78c-4654-bd68-66aa2512ab13","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":192,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"936bc3a3-7bdb-483b-8713-bc55341aec30","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":192,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"99346ae5-8988-4e3d-981c-aaf13e9543bf","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":192,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"87835623-421b-411b-93da-d5bad1b1403a","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"64a1c132-46bc-4deb-9cc7-4877192e2237","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":192,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"40dd82a1-e4b2-438f-8287-a1b09ec6d771","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":192,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"03c57d98-3b83-4553-b8d1-d240a5276823","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":192,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"63f3dd47-7690-4941-abb7-6bc12a4854a7","block_type":"box","text":"financial commitments.","page_number":192,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"3980e43b-4190-4ab1-9c64-864bfa83155e","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":192,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"f8ed807b-e243-4e8e-8acc-c5075747b4fa","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":192,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"83800c80-04ee-489d-a939-50875b343449","block_type":"box","text":"commitments on the obligation.","page_number":192,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"9a738e39-5db6-4403-a4e4-413a200b7ab1","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":192,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"415b2573-8180-432e-97e3-352227cb3f5f","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":192,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"181b8e32-d37c-4c86-8c64-dc978463cd78","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":192,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"77ff3826-09aa-4455-a2b4-a80a8e338e46","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":192,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"da1686d3-f8f4-4e23-b353-5b3dc2c6e087","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":192,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"c630325c-74c0-47b2-8af1-1072fbbbdc75","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":192,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"a363665f-169d-44ca-a774-7dcb1380638d","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":192,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"b6dcb1e3-3312-4f35-aab6-9efb19acce4c","block_type":"box","text":"debt restructuring.","page_number":192,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"f84d8b56-4908-43df-8442-569dd03000f3","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":192,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"3b7a6862-ce6b-4772-807f-14ee8d95fc99","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":192,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"5e5dc5a0-90a7-404a-b77f-72ac114c37a1","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":192,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"b2ae1e46-1ede-4bad-9d85-1949578228b5","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":192,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"aea13523-e8d5-4702-96bc-4c8fb16ccf58","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":192,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"7f91fc1a-41cc-4119-a24d-024cfd640153","block_type":"box","text":"A-5","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"8e914a4f-f8d4-4fbb-8efe-402f78c19c08","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8de40547-657a-42cb-acf5-13ffaff301ee","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"30759531-81d6-458a-86b6-5753701ac65e","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":193,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"0b647e73-cba2-4019-a4b5-3f2c32297e0a","block_type":"box","text":"as a note; and","page_number":193,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"bfdcad57-b544-4d30-88ec-6b96d516cda0","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"30191edc-9f2c-4dd5-8726-219b92c9dec8","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":193,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"a9f0711d-1847-42a2-b00b-e6b3fe618734","block_type":"box","text":"treated as a note.","page_number":193,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"f4ce94f7-e898-4675-ac53-a09ca4ff5a6b","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":193,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"14b08953-ead0-4f56-b7ce-c9167fc49c36","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":193,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"0b45b774-900b-4b6b-bc8d-0ee1838af08f","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":193,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"7639a4c1-0428-432c-ac5a-9e59c275c3c6","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":193,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"f264e429-f415-4968-b7e3-433c7acb6430","block_type":"box","text":"economic changes over the term of the notes.","page_number":193,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"5b344e90-a558-4876-b20d-525d84eec97d","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":193,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"50e6e205-66a4-4180-a927-8316f5804032","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":193,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"89a0a800-266e-48e3-9707-04c05416b271","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":193,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"5288d1ac-5348-4c51-91e4-3af07d27c97b","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":193,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"d08014f2-567a-4aab-a448-77ffc08d00ea","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":193,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"18746658-5a7a-4fd3-8050-a88f765298e9","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":193,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"6ee54c14-9f79-48c3-9fb9-fecbdf0b185d","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":193,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"b8498212-f27f-49ef-a107-8ca03dce3df9","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":193,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"a7b2243e-a107-4743-bf32-8c109c6a6fce","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":193,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"7e7e9e6b-8007-4136-98d7-e4c6a8c055d8","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":193,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"8c699627-2daa-47f1-b6ec-1fd45e3d2672","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":193,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"1b5bad1d-81f3-43ec-a1e9-1b98a1874d39","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":193,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"faca0184-cd1a-4aea-9ac3-cb41d0e8f745","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":193,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"b31a8830-5d1d-4a7f-b80b-021c846f105c","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":193,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"9db23fcb-d10b-4a92-a15f-c25d3b538232","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":193,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"750dfaf7-777f-4313-97b1-4c037ecacc71","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":193,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"c54bf453-1435-4f6b-a1bc-7d9d374803f6","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":193,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"9b42949f-d9b2-4a93-8ec6-44ea3cddb33e","block_type":"box","text":"receivables or other financial assets.","page_number":193,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"5e3301a8-994b-4b55-9518-83a0874c1121","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":193,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"82f546ca-ec03-4692-9d08-c9af5e252c02","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":193,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"9b8d9d3f-ea6c-4ce5-b123-c9233e1013e9","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":193,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"bd63acfe-fbcd-4cc5-bd1f-9d9cf86d7851","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":193,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"08a8bc5d-99df-40ee-a8d5-1395d9856961","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":193,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"ad2325af-7023-41b5-9dbc-6f2941057081","block_type":"box","text":"occurred.","page_number":193,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"31aa3664-283d-4456-876e-c3c42a0c7ccc","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":193,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"f2f4be9a-5ad2-46f3-8b5c-c10c013ad178","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":193,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"53747927-572d-40b0-96a9-4d821703ff51","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":193,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"da69b7f2-7699-4919-92a6-fd59d3084e1a","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":193,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"3a349c01-5780-415b-827a-446797790d9d","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":193,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"e0ac7e2c-f8b8-4379-9778-c299af16203f","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":193,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"1dd6a683-0c1b-44da-bb06-18d996109346","block_type":"box","text":"rates.","page_number":193,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"bb2e93af-bcbf-495e-8850-c1a22e400823","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":193,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"cad861e5-62fd-4bc9-9007-cb92d4f50e56","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":193,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"2a987878-8cd5-49d3-a973-383faec3486f","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":193,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"a2013cba-1c37-44c1-955b-9fb9cdefff34","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":193,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"34ed5218-c1fc-4c13-bf32-e0499154e2fb","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":193,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"122f6343-84d1-48ab-8508-e75687af7286","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":193,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"78ccf3cc-f23e-4553-b69e-9b37cab1424f","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":193,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"32f8aa03-578b-4af6-8a79-deb308e2b280","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":193,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"98b26a96-89ce-48fd-9593-2442764b6f67","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":193,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"8b77a233-2865-42c7-8197-51fceaf77ecb","block_type":"box","text":"i.e.","page_number":193,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"342678a8-eb1a-4e95-a312-6883c8f0c5a1","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":193,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"226ff88e-7b91-4009-b5d3-f4deacfed02d","block_type":"box","text":"the obligation’s documentation).","page_number":193,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"e480e918-1d8c-4ba5-a068-11a43534ac99","block_type":"box","text":"A-6","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"418f9869-dc17-4210-b013-338d0bd82de4","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa8fd82c-c451-4729-a125-7659af79df4b","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":194,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"44d99c9d-2942-4147-95ab-2670cf45b4b4","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":194,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"653fd3ed-ab39-4765-b555-85974b58a90e","block_type":"box","text":"agents in the form of a rating letter.","page_number":194,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"fc2cba19-2189-4411-9741-a524bcdcc635","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":194,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"0666ff75-2b16-430e-8443-a7ac3e2cc6b3","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":194,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"c26da71c-75c3-4f3d-8d5f-c44ac7977065","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":194,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"722903b7-ebc0-4af7-a084-5e8e047aa2fd","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":194,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"470016df-2edf-4a5f-9e1c-32c4c59aeb46","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":194,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"3e4dca1e-b1c0-480c-9ecb-4be4efd1fe58","block_type":"box","text":"e.g.","page_number":194,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"dbe41323-756f-4375-bdaa-298d6f7ac829","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":194,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"1255752f-2ed8-4a1c-914c-47e2342780cc","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":194,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"8078c996-13d8-4d54-a6dc-120cc5329eca","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":194,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"2b7de7d4-d53d-4f9d-954e-cbb42e04011c","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":194,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"a8aedc48-6478-4350-a6fb-413f6ac480c3","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":194,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"82251b73-03e4-4751-90f0-b7b9748c1152","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":194,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"028d9b34-3f51-49a2-9d20-ace750a15ceb","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":194,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"216db636-4936-4ad8-b222-cd179176b80e","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":194,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"bf961d33-5b35-4100-9d72-a1709393eefb","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":194,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"1b9fa81e-0f0e-47b1-b0c0-8c86681be13a","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":194,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"1fcb47f6-96dd-46ca-b77e-e35ab85107cd","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":194,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"b539c05d-731f-4c50-bc0a-9b1b679e0367","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":194,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"b87d54bc-2120-4941-b9a6-3c4124156af9","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":194,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"a3bd0647-1545-4303-be78-4c3c628ad69b","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":194,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"e6575eb7-8390-4721-bbdd-756b57a5dd41","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":194,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"b0cffefe-b714-48ab-bdc1-fe24dacf86a3","block_type":"box","text":"Ratings.","page_number":194,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"665ec03a-5535-4c3c-a4c9-58e1fd4ef071","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":194,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"5bcba91d-c2a3-4bf9-aeeb-a03ef7e7cf3a","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":194,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"c5b4b221-54e9-4eb1-8505-553483b34979","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":194,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"17bf4c8d-fb75-4d19-9975-0b1bccc6e618","block_type":"box","text":"obligation ratings.","page_number":194,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"1f8c4773-f602-444c-bd10-2664a561d962","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":194,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"0aa0f29d-8233-4f40-8945-9c4cf636e140","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":194,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"3cf70d12-2559-4eca-bdce-6dc741b1ff1c","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":194,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"db08812b-91b8-40a7-88ce-b2d24ace1301","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":194,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"2ed78bd5-7bb9-4932-90bc-4f49ade53d05","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":194,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"5cf5b2b3-382c-4888-8675-abca6be3c6b4","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":194,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"a72bc793-d431-4a4d-809a-09db198c0533","block_type":"box","text":"to foreseeable events.","page_number":194,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"f8c61dd3-90bb-4225-ae2e-e0d19e2b4a4e","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":194,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"b1358cea-9401-48c7-b0f9-9348fb6b6b43","block_type":"box","text":"financial commitments is considered strong. 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The modifiers “+” or “-” may be appended to a rating to denote","page_number":194,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"8c7bb20b-cdf5-4e90-9dc7-0ae53b053963","block_type":"box","text":"relative status within major rating categories.","page_number":194,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"c1888e3f-b85f-4fb5-b903-a3a392ec4cbc","block_type":"box","text":"A-7","page_number":194,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"f31cbefd-569f-4fcb-a7a2-d4922d1bd977","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9e24094-8325-479d-9744-65a5378ee5d5","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":195,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"5c7faf2b-4713-4dc8-9ebb-d23f2ae02a62","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":195,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"1179608c-3da2-4a4c-b90b-e6f7dacdc547","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":195,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"30707fbc-57df-43e9-a3f6-2c943d39de98","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":195,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"2ca46ab4-80dc-4083-a5ec-b57d32839da2","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":195,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"e93ac888-0832-4ba5-9b9f-794bc3f91548","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":195,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"c89b141c-d329-452a-a2cd-95a26db1ca1f","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":195,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"e902ae29-73ca-4f5f-bc30-da34f1f4fdb6","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":195,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"9b7edad4-82cf-4010-95d0-1084f01a6411","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":195,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"ffdc235c-5ed1-4fea-937b-2274dc413a3c","block_type":"box","text":"finance markets.","page_number":195,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"67229f42-2492-4c77-b637-be1c519d2777","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":195,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"8156bdfb-baa8-4bdc-93fa-64e72f091cc7","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":195,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"de0b2af7-5c26-4ae3-82f0-2f543ea5608a","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":195,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"2538a7cb-8993-4c33-adb4-2caaf27658db","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"cd536db3-0acb-4bdb-b584-cca5de719e5e","block_type":"box","text":"commitments.","page_number":195,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"c49475dc-d0df-401f-8722-e062ba8a53c2","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":195,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"989ca60e-bc09-48d9-aaf6-319827d83533","block_type":"box","text":"adequate.","page_number":195,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"d99640a1-8f77-4c0e-b3cb-7264608860e1","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"f34cd6a4-697e-4550-a5ba-302b0e550867","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":195,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"1152fef7-5362-416b-97e4-c740190ddd57","block_type":"box","text":"economic conditions.","page_number":195,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"1e895489-5f04-425d-921b-45788d2249e8","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":195,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"ed82c0ab-d94e-47ec-86a9-9d8a578dd4e5","block_type":"box","text":"RD Restricted Default. 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Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":195,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"d2d7d27c-1429-4f9a-bc54-b2743c8b099a","block_type":"box","text":"obligation.","page_number":195,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"11f8f921-d030-4861-a62e-6c5cfd01df67","block_type":"box","text":"A-8","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c4054992-006a-47c6-bc0c-5d5fb92c8ec2","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6d4ae83-ad08-4cfc-9063-10d176a812e8","block_type":"box","text":"APPENDIX B","page_number":196,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"bb40b45c-c047-4496-aa39-69533b2bbf3b","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":196,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"60260da3-891b-4b96-be2c-824855c8bf9f","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":196,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"1cdd0140-986b-4088-bae8-79bf17e31b6c","block_type":"box","text":"Effective Date: January 1, 2025","page_number":196,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"995e1b4d-8c38-408d-a72a-3ffb65089d7f","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":196,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"d5db36e9-ffcb-4556-980b-755dbb9467c5","block_type":"box","text":"□","page_number":196,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"c41a0634-1db7-459f-a349-186002c7a9f9","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":196,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"27b3ecc0-49dd-4c7b-ba76-c95e0e67c132","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":196,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"9b421877-f522-4d21-9e83-6d6c59e160f6","block_type":"box","text":"□","page_number":196,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"00f1c450-4802-4546-a6fa-52db90dec755","block_type":"box","text":"Money Market Funds","page_number":196,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"2595d981-26c2-48a0-8434-3cfbe34f990e","block_type":"box","text":"□","page_number":196,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"3d24d494-d27c-4538-b9df-8ef7bbe90e21","block_type":"box","text":"Closed-End Funds","page_number":196,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"f41b98e4-6d48-42fa-96ab-717da4de9325","block_type":"box","text":"□","page_number":196,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"c8df03f6-e555-4ac7-b36c-b9a92c6fae4c","block_type":"box","text":"Other","page_number":196,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"61ab70ef-7226-4186-a9df-32fdeeb78ec6","block_type":"box","text":"Objective and Scope","page_number":196,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"0787b863-6e9f-41a5-ba2e-5d11eb590a16","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":196,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"84bc5185-eb2b-4882-bcfc-76567e555b88","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":196,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"07065b5c-1f09-43f1-8aaf-3e58231b016c","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":196,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"8b61777f-4e2f-4783-be41-7a905e18a39a","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":196,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"16ea2649-b20b-483b-abde-92820d22edd5","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":196,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"a6a1f190-5560-4102-b027-15846bf4e66d","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":196,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"066e4ded-dddf-4abd-abb5-89f4b5b484df","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":196,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"603107d2-748a-4173-9ac7-60dda28242ff","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":196,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"32a175dd-6421-4e07-95b2-c7adae4d2ef8","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":196,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"ee68eaa5-84ea-42d3-b03a-710096946ac5","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":196,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"c4bd42d5-6e64-4ccb-a795-47f71904fd90","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":196,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"ee177d74-46bf-490c-8575-73083ea996d1","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":196,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"da6bd0a4-d360-4259-bcb3-c4ffc3160612","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":196,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"cdf5f23a-5dfc-4b40-9c25-f08bb427f476","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":196,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"205c9357-24f9-48be-ba21-8514ad7945e3","block_type":"box","text":"Conflicts Management","page_number":196,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"09662a43-9de8-43a2-8c0f-8faf24e35320","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":196,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"fd0e834c-87fe-4716-81fe-1ff43bcdb00c","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":196,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"66d6a02a-3ae6-4309-8b48-70e41e57e4d0","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":196,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"32cf6bbf-3fa7-410e-a1ee-5004ddaa25b1","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":196,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"17b4c58f-c1c7-4a88-a30e-cd3b78974cf4","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":196,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"143a3a0d-5285-4ed8-97c7-0b0bef3886bc","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":196,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"96ebb70d-0f13-4374-94cb-c3a14244b22c","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":196,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"ec80b858-dcda-4c5a-b139-15406e97d306","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":196,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"be127920-682d-4e72-b8e4-21e1444cea7e","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":196,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"d0f10bbf-31d7-4b73-aabb-2c21c2ee0f99","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":196,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"96003892-b287-4410-8082-bc1130c9f4b4","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":196,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"9835642b-2aab-40d7-aa9f-6622dc82f11a","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":196,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"c8d47dfa-1f17-43b0-88a7-5422a3acbd8c","block_type":"box","text":"in clients’ financial interests. 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The money BlackRock manages is not its own — it","page_number":201,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"508abc54-8604-4202-b5c3-7f499443e720","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":201,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"ab34f035-3677-47e3-9ff6-f385709eb743","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":201,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"23d2bd09-ee87-43da-8d60-0f5550ca4b1b","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":201,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"12e11513-793e-457e-a5a4-b8ca5efdb63f","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":201,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"4967cc52-968e-4034-bed9-d5c1424b405c","block_type":"box","text":"this work with research, data and analytics.","page_number":201,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"0ad196ec-75e6-4cc1-bf5b-c1af26142fe1","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":201,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"982186cb-6002-43ef-a592-7cc5ead7bf2e","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":201,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"9d2ddbed-61ee-48b1-9821-f926ec1e3b04","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":201,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"0ae959a1-6498-4f1f-9aac-4baf67e4b2ae","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":201,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"29232b9d-9293-4ff1-a528-c6e3bf87dc45","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":201,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"0b193c34-8c97-4b7b-9e58-b65bcec60e85","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":201,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"4fd218c7-e123-4307-b336-a152f5054ece","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":201,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"bb5b530b-ed7f-4af2-8397-1743b7c1569a","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":201,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"afb8898a-326f-4251-82ba-3a57e3afd7d8","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":201,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"22087d94-d737-4e38-a7aa-eaa7b2a8ea14","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":201,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"1a2c78cf-17df-43b2-ab90-e461ececc0e7","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":201,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"6d0bbd38-109e-4a16-a6b5-2a38eb94830e","block_type":"box","text":"shareholder meetings.","page_number":201,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"552b3320-8350-418d-bad8-da3c133d8dcc","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":201,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"042a6e22-28a8-4e4e-bf7c-262f92691169","block_type":"box","text":"investing.","page_number":201,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"63519a5c-709e-4f78-8e51-e6f5dc091435","block_type":"box","text":"3","page_number":201,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"ca7b6e9c-6717-49ed-b53b-47f88191ad47","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":201,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"930e20e2-37ba-4ed2-b361-6ab7c6c8ec9b","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":201,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"9d50ac51-14ac-460d-b9a5-554164fd47d1","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":201,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"783a73a5-accd-4563-83ad-f56e5257acfc","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":201,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"3ade5b91-1c16-48b5-838c-9c6248928acf","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":201,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"5609d2d5-b10b-47ba-839f-27470fbef551","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":201,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"2e93cea7-e415-4e11-8cbc-0d1e0ff36732","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":201,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"ca498cbf-7501-4e11-8365-9ba20da7984a","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":201,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"0f8cc689-08c7-4322-877d-3aa4458157a1","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":201,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"8d0e2361-6857-4c35-837c-e347ea0f9b4c","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":201,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"ba070b51-fbff-470e-8ebc-8c71f1b490af","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":201,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"c5511d0d-5766-4e28-8ee6-e9328d75d210","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":201,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"319211a7-fe99-441f-a1fb-625bcca42711","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":201,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"1c01c8c9-d784-4127-8e28-64513dd4c217","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":201,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"6a592187-c864-40bd-9f9b-ca39e2ff50dd","block_type":"box","text":"management teams and board directors","page_number":201,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"ab70d117-c288-406e-b9a2-0c04c1136726","block_type":"box","text":"4","page_number":201,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"f08577ab-12a7-42ba-9d44-8747e28b08e1","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":201,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"83c38564-97c1-4fb7-ae84-69d59f2cb6d0","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":201,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"b6ef7a52-cb39-4ba1-998f-f17a63f288a0","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":201,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"4f0e200f-fa84-437a-9982-f6a560466e3b","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":201,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"b69b29d5-1a47-4a9f-a1c7-a365f2f86e79","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":201,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"beaf2c52-47e5-4985-be32-52a0db704d90","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":201,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"76c36560-e217-42f7-8210-93a983c196bb","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":201,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"4a50e331-6fb2-401d-b83b-c224845d7803","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":201,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"47457c7f-b587-4f65-ae09-f280aaf7f9a5","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":201,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"f665d6de-ffc4-45d4-95ab-68ea934602b7","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":201,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"ccee7d48-33a9-4654-b2ff-4d590ee3b528","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":201,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"c87b22a0-43e3-4e14-8808-7739013d495a","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":201,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"a8ead49f-87a9-4e85-9a68-37f52ae50126","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":201,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"a47bfd4b-f56e-4f79-a6d8-26da92933483","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":201,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"2838ece1-369d-42cb-9879-fe0881dede0c","block_type":"box","text":"3","page_number":201,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"8ad3ecc3-47ff-4c97-a769-11704ea6739f","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":201,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"2ed5d197-94c5-4f5e-9269-dc8a8cb7fe85","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":201,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"b5cf35cd-da30-4fe3-b4d8-81f11e1df23a","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":201,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"9d7fd216-1077-4d12-ad6f-1eeb2cdf9375","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":201,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"98f4ebe2-0aad-4d7a-a40c-c62244117d6d","block_type":"box","text":"4","page_number":201,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"23c5c726-abbc-4ff3-a182-d05de2e2a65c","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":201,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"30d1f15f-0075-4db0-b35b-5b36ec802dfb","block_type":"box","text":"boards and their members, where relevant.","page_number":201,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"ed3be75f-417e-4b04-b063-47e6a94d7cd0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9b9d29de-0bb6-4d21-8859-487cad253ffb","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a82ab14f-fca9-45f2-93b7-7d684066efeb","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02155d3b-297e-4896-8290-120b2e6d3a1c","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":202,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"3d5d61a8-38e3-4fef-bc71-497e306f4826","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":202,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"4c2ded4b-520b-41f5-8c42-6c7b69f7837c","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":202,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"f76fa511-7586-4061-8c15-c99733a21f42","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":202,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"57893205-007a-4c1e-a132-d961090e90f2","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":202,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"0dd6f452-038f-411f-9f4b-9fba94ae62ba","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":202,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"b49d808b-06fb-464a-a2a2-18434c6461d9","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":202,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"83012637-91ec-4ebe-80c4-3c41081a8343","block_type":"box","text":"5","page_number":202,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"acc1b974-14fb-4d71-a619-642e0fa3a14a","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":202,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"ecf9b020-277a-46d0-8dea-5ee489cbaef1","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":202,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"5e07b9a5-4d3c-4dce-b049-3ee338a90595","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":202,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"6bcc9ad8-9a86-44a8-b16f-bd532adde235","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":202,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"10c1ba3f-6d2b-400a-b8df-9cc9de25376e","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":202,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"dd21ad64-dfa1-4a28-bb04-4c00e8f86585","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":202,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"6c220d82-7646-4b76-b96c-a79ea3acb5f3","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":202,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"1461212f-3f81-4250-b4c8-4d55340a95c9","block_type":"box","text":"5","page_number":202,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"ce2c9fae-84b4-4867-908d-d16b4776189e","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":202,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"a0bb2541-77fd-4844-a97f-77831dad26ea","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":202,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"003191bb-1830-401c-aab6-9d14cb049979","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":202,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"b4757e97-137a-449e-aa13-1c12da9ce8be","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c8989966-ab20-41da-b67f-cac22b19bdad","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2ca0867b-71bf-42de-9dcf-2e816313e162","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e9dfc14-1c5d-405d-969d-8db522fbe958","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":203,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"d4a3cfa2-f23d-454d-9e64-0f844eff4333","block_type":"box","text":"Roles and responsibilities","page_number":203,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"5813b4cd-1ed9-4bfc-b7b2-a8d9e2922130","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":203,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"fe9f3483-8d7f-4377-a997-f3854f39a95b","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":203,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"cc5c9133-60ee-450a-812d-27e99449222a","block_type":"box","text":"6","page_number":203,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"e9f28c98-530f-491d-9644-7e98d90744c1","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":203,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"a643ef57-2346-4802-aa28-a71659098fbc","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":203,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"e6ed4b71-bdb5-4e16-8d5c-1263c94da653","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":203,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"6d48dc89-bab6-4d26-b381-cf54a70b2986","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":203,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"55e7354e-ece6-47d6-afdf-6fcd85c4a445","block_type":"box","text":"per formance over time.","page_number":203,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"15b987b8-b839-4e78-a349-278ee75e7ce2","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":203,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"37595c66-f94a-47c5-ba90-57a12c280be3","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":203,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"2aed7c3d-ebed-4859-afe7-9b888b0d8ad4","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":203,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"8d86192f-27be-4372-a8b7-8091ff381126","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":203,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"ec2a6664-4443-4fb5-a786-d6f8ebfedc81","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":203,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"ce21757b-9fa6-4a9c-9528-c5ae3f364a02","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":203,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"29932938-abae-4ed3-a325-1293991bef6b","block_type":"box","text":"Composition and effectiveness","page_number":203,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"4d9e818c-0b18-40ba-8b0f-06b5941b0cc1","block_type":"box","text":"Appointment process","page_number":203,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"6a8fb52a-ed6b-4f37-a927-7f403ca99b5e","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":203,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"ac56a03a-460d-4f6e-a75b-c5e47f7f1bd6","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":203,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"3c623827-046b-43cd-a516-7d0c65e98b6d","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":203,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"206d1c32-3c39-4b92-b8e1-bf02bcd29538","block_type":"box","text":"e.g.","page_number":203,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"c613d1d9-34af-43df-a42f-57af721e142e","block_type":"box","text":", sector, maturity, geographic","page_number":203,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"0da8d49e-1d37-458f-a5e2-a69a44652243","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":203,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"7d4edb97-6541-45b3-b6c5-558f2f5704d5","block_type":"box","text":"e.g.","page_number":203,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"ff8cdd9d-3581-40e5-926b-81c9430de958","block_type":"box","text":", financial exper tise, industry track record). To","page_number":203,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"509458c1-b74c-4e7b-b794-9d6fea9ccce6","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":203,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"744eace3-fac6-4c74-a864-1db95bbce7ff","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":203,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"9dd5bb26-a475-4529-9f86-42d64c3f2a3e","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":203,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"8afc4918-b952-4edf-ada4-e578aa1b9673","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":203,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"9ab2afee-05b1-441e-8fdc-4ff06fc59f23","block_type":"box","text":"and local market requirements.","page_number":203,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"ca6edadf-f3b9-48e5-aab2-26de8d687f8a","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":203,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"7b438f0a-76e3-464f-a404-775742ae8e05","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":203,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"4a1c1daa-7b1d-453f-afe5-2fed0d0db456","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":203,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"7c6053d3-712f-4cf0-8628-71958b436e89","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":203,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"ea39c150-25d7-4599-b145-5d6d8591bb41","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":203,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"625c2343-ac73-4614-8597-e4c9050e2544","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":203,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"4fc2e6f2-a365-4a0d-820a-278b3898ed66","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":203,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"bc07db61-1869-474d-a522-ede81a2df2bd","block_type":"box","text":"Independence","page_number":203,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"65df3d58-521f-470b-9a41-74e1046d41f8","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":203,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"d106649c-a630-4419-9958-1facc4ca6e4e","block_type":"box","text":"e.g.","page_number":203,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"a0b8ea0b-5389-4af7-9a1d-1bcfcdb84db0","block_type":"box","text":", government or","page_number":203,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"6bd66c11-478b-43ad-8911-8fadbcfb0504","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":203,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"bd79a460-a7db-4dac-ad4e-c11531c88381","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":203,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"6fa86a6c-147b-4a09-bd69-b00b5bf929ce","block_type":"box","text":"conflicts of interest or undue influence.","page_number":203,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"9319574a-1b9d-49ed-8310-62d15ceaf7e1","block_type":"box","text":"7","page_number":203,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"ea20f392-6a8f-4deb-9b91-72e9491a5ee1","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":203,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"15d55e07-e12a-4eaa-af67-0574f990c854","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":203,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"1a0a53e8-36e6-4b6e-bcbc-58668070fdab","block_type":"box","text":"independence should meet those local requirements.","page_number":203,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"0be53f3c-28d3-47f4-9d93-93296b0f17c5","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":203,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"1f95e460-6bdb-41dd-9b9c-d6c0b8c5d192","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":203,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"748ab3d0-0424-4fbb-8c19-e1fb04754282","block_type":"box","text":"composition if this is a perennial issue.","page_number":203,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"24d105af-4a10-43e2-982e-2bfedd5d500c","block_type":"box","text":"6","page_number":203,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"b757a750-7374-4d0c-8060-f3f5a4596de8","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":203,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"4709a533-df71-4f56-8ff2-30058b913945","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":203,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"b47f8b7e-90f2-4627-86a5-45f4d8c36dec","block_type":"box","text":"7","page_number":203,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"2bcdbf4a-0f4d-466b-a30d-e7386365643b","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":203,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"bf7361b2-cdf3-422a-94bd-0d4b75afc486","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":203,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"86e0ce97-0899-47ae-b0eb-faf64ce9a274","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":203,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"2bd36826-9299-4c13-b67f-a5bdba27c15d","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":203,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"559b011a-86fa-47e5-9202-90f168134c81","block_type":"box","text":"of the company and shareholders.","page_number":203,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"8f804e99-bd1d-4bba-bca3-9cbd071b4144","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"29e59f1a-1313-4781-a7c4-849ce93a23b5","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"b49d2dce-e410-4c19-9650-a3d0c8f173ca","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed65e52d-6005-4477-8f81-448ba4c5ad7b","block_type":"box","text":"Independent board leadership","page_number":204,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"1b39589b-d9c7-43a2-a850-74146b8499ad","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":204,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"8f8685cd-5458-4bb7-9a07-96d642f56407","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":204,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"b95a3d28-dd61-4839-b8af-9989b81d72b9","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":204,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"b091268e-3f73-4ea1-9cec-c523c0ac8d2f","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":204,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"5d361727-7e12-4275-accf-62d32e11f97b","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":204,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"06133dab-acc1-4e73-ac59-d5ac913d6e20","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":204,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"ce3ad4c4-acf8-4f71-aaae-43602c733051","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":204,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"f242d432-f467-4995-8e24-aacdc171c92f","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":204,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"89e320a0-9dd1-499d-8584-ed49a75584f2","block_type":"box","text":"how it serves the interests of shareholders.","page_number":204,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"05b49a46-ea29-4318-b0a9-21e7dcf16072","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":204,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"eb351500-0094-48cd-9a29-3b311ab919ff","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":204,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"3d2ed1da-4607-440b-b0d9-5a21f6f45977","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":204,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"616f126a-de1c-4b86-8f56-652f695ce039","block_type":"box","text":"Tenure and succession","page_number":204,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"f797f0de-ee14-4870-91ad-08faca2bbcb6","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":204,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"e61a852b-a13c-4f0d-a05e-780e3d8993f3","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":204,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"4313d8dd-d4aa-42b2-9966-6678eb7b4001","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":204,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"c8977a0c-fc7f-41c2-8d83-6d61fca40aa8","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":204,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"cf956fc5-f163-4441-b323-3e8d1860c3b4","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":204,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"0c58f57e-a146-48d7-85d8-6e93fb6ffbcd","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":204,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"e0184750-d0c9-46a4-be69-8c34ae9ccffc","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":204,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"42d35a2a-2471-4803-8d7e-be0331644ed9","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":204,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"970bc092-c23e-433f-ae9a-04e2b1b11794","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":204,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"edec9c5e-1d51-4cc7-97f6-21c60af5b553","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":204,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"7447dd04-163b-46ad-b96d-10b9d758cadc","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":204,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"b2910149-f756-4c99-992b-9ee6b0b373e9","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":204,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"564fc0d5-237b-4fe2-9b4a-be2ccca7b72d","block_type":"box","text":"for their continued service is not evident.","page_number":204,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"b5030028-c197-480b-8c74-3fcef083f3e2","block_type":"box","text":"Capacity","page_number":204,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"fb4eaace-65f3-480a-b022-75b7dfb154ce","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":204,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"c95fc3b7-875c-40cf-84af-ab0f880fbfe5","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":204,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"2e079d01-57d9-4a07-be73-7e91d4169f2e","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":204,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"19f24bfd-cb4f-4b45-951d-363ead860fd7","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":204,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"4f779116-5ec0-4d7a-a72d-6de230dd9114","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":204,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"29e17b9c-67ba-4da9-8e7b-9d80078d43fa","block_type":"box","text":"determinations across markets.","page_number":204,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"f7bcbbae-0862-4858-970a-e89560cb94b8","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":204,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"c12b33aa-ac16-4aec-863b-f70223c2b4ca","block_type":"box","text":"their duties to the board and company.","page_number":204,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"68a95d97-4254-46f7-a653-5d38d23be318","block_type":"box","text":"Director elections","page_number":204,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"032f4055-0167-45a7-9ff4-7deca99d4831","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":204,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"a5be50c3-3c57-41e4-94d4-d810e4de2f07","block_type":"box","text":"structure","page_number":204,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"9ecdea3e-733d-44ee-baf7-1791c4c580ce","block_type":"box","text":"8","page_number":204,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"ce3073e2-0e10-4b97-b96d-505ed876b964","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":204,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"47bd21b5-ab58-47b7-bd6b-572e87fadd45","block_type":"box","text":"basis of its business model (","page_number":204,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"bb1021ef-4a67-4d97-ba89-75048a355269","block_type":"box","text":"e.g.","page_number":204,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"30d4409f-a1a0-4f3e-9b71-8cf2980a5d27","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":204,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"5df470ca-7b32-4cab-81c7-7267c8c49a66","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":204,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"c4dbc0e3-bd9b-4a1c-b13c-0ffde09dff7c","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":204,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"04f94472-fb04-44a8-afd1-f5d1c76f2bc5","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":204,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"aac2cd6d-2971-4446-8966-1da420f4ad9d","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":204,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"af845471-26ea-42b5-932f-488ef1258a32","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":204,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"f52f6fe2-bb93-4f3a-b236-2367ad4493cc","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":204,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"250a5497-ff7f-4c91-9a2f-63593b56a977","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":204,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"467b4100-d704-470a-91c0-ef3a90c984ab","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":204,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"cbf85c96-29ce-4471-a99f-dd484ac96ef0","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":204,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"e9ac6183-e1a2-4a40-80cf-0d0092b8b9ae","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":204,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"32bc7712-0ea6-4b3e-b279-7513918497df","block_type":"box","text":"8","page_number":204,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"ec6265ae-6927-4d7d-aeb0-25daab361a9b","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":204,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"db97627a-dcf8-4e2d-b248-f496ada23791","block_type":"box","text":"directors stands for election in any one year.","page_number":204,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"2a61b9c8-97d2-4b81-8215-72b25da2aaa8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b5955f6e-c874-4241-b6e8-f6a8c323f933","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e8023b01-1e54-4873-b743-c9abeca693b0","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c28c02da-0367-4055-903c-b4910f0f437c","block_type":"box","text":"Committees","page_number":205,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"60eac876-dfa8-4734-815e-9ac368fdd68d","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":205,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"649e8ba1-7351-4cd5-bacc-909fab2a5ce3","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":205,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"1668bbb8-6b32-4ec0-aa0f-ddc974071b73","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":205,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"ff0bf577-e636-494d-8331-a2193b452a5f","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":205,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"f52fc15b-9fad-491f-a96f-301a47f18438","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":205,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"ab857e1e-66fa-481b-831a-b9885972d51a","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":205,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"35024dc6-3f77-4e5d-acf3-1d373a3b7a9a","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":205,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"4421c13b-eff9-47ef-8ad5-2c405bdab7f0","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":205,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"96246dc2-1c97-41db-80b0-4d9ebad033e3","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"81387485-8f09-4764-add1-8930d1aec345","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":205,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"9382d572-0673-401c-aabe-be9f14ec4660","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":205,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"dc87f923-fe46-40c5-bc0d-e7021895fce3","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":205,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"cb3ccd40-7254-4962-877e-9fdf5a3648ca","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"f6a8b6f2-4b95-4d47-9732-1a82371fee2e","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":205,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"4ba88e6a-3d34-420c-b999-9d7dfc00f2e9","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":205,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"7ded48bf-63de-4494-ab6a-b44cd04790f3","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":205,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"46bd0e54-07f3-4f29-81e8-0632fd24740a","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":205,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"2e758346-e5ae-4b48-bcbe-13422cc3523b","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"41ad52d9-853f-4e18-8b49-22f4b28527ee","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":205,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"b931bb8d-62b6-46d2-a219-206a7da5f7e4","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":205,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"6c35263a-df48-4994-8ed2-afb3ff4f06e0","block_type":"box","text":"firm-wide compensation policies.","page_number":205,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"c70ea641-c2b8-46a8-8d4e-3377c21c391a","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":205,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"70537fbf-af10-4b27-bcb4-5ecdfcbd2eaf","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":205,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"8c3bce8b-54f1-4d1f-bfa6-f4f766d19aec","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":205,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"78b1bb1e-d7c4-40bb-a79a-63caec52e4a6","block_type":"box","text":"Board and director evaluation","page_number":205,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"e3623da5-f687-4a29-86a0-86b80b885de7","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":205,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"e701874e-a2d3-4463-9d07-200dd139dc3f","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":205,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"03a8e49c-f8b7-4e26-9405-6e294e6e9286","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":205,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"b44ccbc3-8789-4325-a0f2-67f659127862","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":205,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"882167b7-5493-4acc-9550-4f63ea8a408f","block_type":"box","text":"a result.","page_number":205,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"6760d23b-7a9e-42ca-afa9-108c4b8bd98c","block_type":"box","text":"Access to independent advice","page_number":205,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"6af7d962-0b3b-48fe-897c-72d1244a7a83","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":205,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"8fb0abc3-1e97-4b03-aa53-4ee8e42236f9","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":205,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"4636f496-9968-49be-838d-4543d96a4f4c","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":205,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"e9df88fa-f63a-4dd9-9a95-ead3f2d36b2e","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":205,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"09a4d8c8-1f63-4363-af48-5f23b3089c2c","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":205,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"fda76a47-64a1-4c3b-b14e-9ca3cb139029","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":205,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"17423d2e-79cc-43b0-b0e2-21643b88203a","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":205,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"5b2071b9-9b78-4bef-9ea6-a652355fe64a","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":205,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"b5387c6e-af25-4ad5-97ad-dadffa5e3415","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":205,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"5478b4db-464a-453f-b61f-ba2fe83547a7","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":205,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"3a3e35ad-00f7-4616-9aa4-84b91982f67d","block_type":"box","text":"per formance.","page_number":205,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"48a65c81-1753-43e9-ba2a-0a09627a83fb","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":205,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"fb8833be-b4b8-42f5-9fe0-b72225e1b81e","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":205,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"424bed9e-df3d-4e86-81f3-0609ae5d321c","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":205,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"c2da690a-d6e2-4f96-b11b-6e2a69f76754","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":205,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"a791e721-de66-43d7-883d-11387c791e79","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":205,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"6ac30cdc-6b78-4a50-87a2-909ff2be214a","block_type":"box","text":"recruit and motivate.","page_number":205,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"df911760-4b66-480a-aef6-dc3bb230ab1b","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":205,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"64df565b-b9c8-4a21-ab31-bfd55afb6865","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":205,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"f7865684-8294-4870-b7a6-ca2b5789b9d1","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":205,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"a34d4807-37de-4018-a00a-c9e07a76f5d3","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":205,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"ded67551-41ee-4cd0-b3b5-7503aaebabcd","block_type":"box","text":"arrangements include:","page_number":205,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"8df48629-35ae-4755-80f2-0a479d3cf910","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"8b2355a8-1e0f-4895-a46f-7db58ec29b62","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":205,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"f7b2a7b7-9f88-4397-bc1c-7ddf31c856fb","block_type":"box","text":"the company’s size, sector and market.","page_number":205,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"d71260b6-8cb0-4938-baba-368f05e54659","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"35afc207-35a5-41e4-ac5c-f85be5316268","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2a651a4f-9137-40d4-a1a8-26b950d2a549","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f9f081a-0ab5-4356-bec4-69d48398c8ea","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"5ee4966d-9f63-4e80-91af-92796d0a0be2","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":206,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"b9061c5c-42b1-42f9-91ee-7fd29457ce26","block_type":"box","text":"strategic objectives.","page_number":206,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"4a3d7042-9b10-4f89-8887-5350f7401354","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"c7bc6e99-2476-4251-afcb-a3757f8142a4","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":206,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"5b20e62a-ab6c-47f9-b622-2bf7052ecbe4","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"94243a23-f302-44b4-8b14-b9f25923e9ad","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":206,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"9eea2a8d-cde9-4066-8e6e-f80d85d4760a","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":206,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"273fcd00-f112-45ca-b9c1-befd1ab639a0","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"5287ab41-760e-4c7d-b916-a8fe4dbab8fe","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":206,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"d6012f04-9878-4b05-a85d-bc20151e413d","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"8b8a434d-f9d1-48b4-9bf3-581686b2dce9","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":206,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"3b875445-e0ba-4361-a0e8-3861cd007396","block_type":"box","text":"transparently.","page_number":206,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"f7146149-2e8e-4681-a568-24a9fcd933c4","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"9057d357-e626-438f-b960-4cb2d0eb7ff4","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":206,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"0c061af9-1b3d-4803-af10-90ff38e74a3e","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":206,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"54a456eb-1974-44ec-ada1-d662ed2cb43b","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"49988222-efdd-4db6-9152-79ef1b324aab","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":206,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"96206c81-14a6-45af-9f69-a5008408902b","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"5a29cf27-f710-44f0-9aac-fe5fba0850e3","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":206,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"ab55ec90-8702-42ad-9346-b6da4ecdb8b7","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":206,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"e171b531-94d3-4dea-90d6-7da87673a3bb","block_type":"box","text":"misconduct.","page_number":206,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"f16e21e6-da1d-4140-8323-c5e7b8de69bd","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"298f4261-b930-45da-9a4a-2ac4d83ccfeb","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":206,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"a12c3488-5270-442c-a7d8-d8c96ec29eb3","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":206,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"74a17b31-d914-4747-b8e1-980817ccaa68","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":206,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"5fbd6116-9576-49a0-b977-f48b858ed2b8","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":206,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"1a5545a5-28b0-4c35-8337-dce7aeb9de24","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":206,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"b692b9e2-3ad8-40b8-85bc-5440c0642feb","block_type":"box","text":"committee, or the most senior independent director.","page_number":206,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"2e1b9986-0f1d-4a32-8002-b4fd2282ba17","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":206,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"cedd0c20-75a6-485d-bd37-6a73dc45ded8","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":206,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"73b676d3-c115-4557-8793-6d4126afcea3","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":206,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"616a044f-0796-4627-86fe-15207f4e49a4","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":206,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"7d1bf690-56d9-43bc-a3fb-3567195ecaa3","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":206,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"87896b20-6971-4bd0-b160-bad6164fba8b","block_type":"box","text":"CAPITAL STRUCTURE","page_number":206,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"81eb905a-6a31-486d-b2e9-067b104adf0b","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":206,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"aec645b2-45b0-41f3-a4f8-abf9ea30ed0d","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":206,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"8513b62f-4645-4232-8f0a-bbe50412e4b4","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":206,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"b52856ef-d547-45c2-9423-00f3670b2043","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":206,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"d86d72d7-3522-412a-b4e3-64ca1883f937","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":206,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"6ca822bd-5a0e-4990-95f4-d6cb2b2a7c28","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":206,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"99a37fe8-01e5-4817-9bec-fd02968cd417","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":206,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"28500afa-53bb-453c-a332-632156dc7c3a","block_type":"box","text":"Share issuance","page_number":206,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"9380d831-2952-4b3c-ae3b-d02ff3beab66","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":206,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"d1386c9c-234f-49d8-ad42-2760007a3cc4","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":206,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"555e622b-6947-486c-9303-fb05c4008b46","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":206,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"1b40c46a-a0e2-4126-a180-33395707209f","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":206,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"6e659eb3-23d4-42ce-afcf-a94dab3c334f","block_type":"box","text":"market environment.","page_number":206,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"03ab4a2c-bd9e-4778-8327-18ec1773a1fc","block_type":"box","text":"Share buybacks","page_number":206,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"44984d8b-0802-4f35-81ae-b5a5ffd9cabe","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":206,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"195415bd-f392-430e-83b3-2fcb1698a110","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":206,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"6d79e58c-7da4-46f7-a973-aba5229b85e9","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":206,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"a873c6d4-3e51-4bc6-a86e-a9bfb9d953b4","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":206,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"29a38e05-8bd1-4060-8e9e-d3df98177181","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":206,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"0402728f-d5a8-4db0-9067-7788904324fe","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":206,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"dc53a02a-aba3-487a-9015-8eb85c24e01c","block_type":"box","text":"of the company and the market environment.","page_number":206,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"97c9d78f-1852-40de-aac3-5474f54c5538","block_type":"box","text":"Dividends","page_number":206,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"28130c54-2a8d-4fc0-925a-09d49c32a099","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":206,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"e4376a87-c623-4f63-83bb-b5e3f57580e5","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":206,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"1132f017-c987-42cd-8cb5-97e520525e82","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1e08b6da-bf9b-41b0-8f43-d0022caa12e6","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"3bd0d135-ca57-4c51-8e80-59b6f71563d5","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d134c220-f1c9-4548-bd1c-3951da506a68","block_type":"box","text":"Differentiated voting rights","page_number":207,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"64f6dcb7-0ed8-42d3-b763-5bdb7c9f6d6d","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":207,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"841d6356-f445-498d-bc08-1e2c1f5691a8","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":207,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"b0338fb9-04ac-4205-8887-4ed1711c7f45","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":207,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"e90a84d4-6738-4aab-a12a-3268decd83f9","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":207,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"38ba1d83-5d34-45f9-8a54-8acd468f1c60","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":207,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"bff15e00-9480-4f07-b467-fcd82879e18b","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":207,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"ddddc342-4df6-4f0f-999c-0fa250a3eacc","block_type":"box","text":"analyses of proposals.","page_number":207,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"fb4bb6ac-fdf9-4fc0-94e6-03011f693fe9","block_type":"box","text":"Mergers and acquisitions","page_number":207,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"c757f62e-9b6b-406d-864c-07b51663416f","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":207,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"6b4244b6-e476-439d-a43e-fe0c1d51e52b","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":207,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"4d2c66b8-be6b-4f09-bfdc-cf74eb3c11c8","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":207,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"3731fd94-1690-4879-bef9-acc5e10b2df2","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":207,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"20ec0670-f507-477e-b119-c5a8ea5d1598","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":207,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"e160347e-8f23-41c5-8775-87a8165273d2","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":207,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"b9146abb-3192-4df3-8023-a08f3c79a2af","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":207,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"40fe1bef-80ed-4ec0-ad90-d075d11422de","block_type":"box","text":"Anti-takeover defenses","page_number":207,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"804b8162-93a1-4391-8733-10c95366d736","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":207,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"d359c9ff-0d7b-4e6c-a982-363471c928dc","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":207,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"b0f2920f-3698-423f-be5c-ca20e6016590","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":207,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"43b4c1bc-34cb-4365-adb7-6042b3f318b9","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":207,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"b127f78d-7f3d-47a6-ac16-660a913c0eb9","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":207,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"d0053984-6327-4d3e-ae8e-e7c33d2b607c","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":207,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"fd6b7fb9-2a81-4464-920b-a211bdb815b8","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":207,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"4028c87e-8be2-44b7-892d-1e0df268684a","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":207,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"55e124ee-bba6-46d1-80f6-b3298495976c","block_type":"box","text":"Shareholder activism","page_number":207,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"5f66cd8c-5938-4705-b380-77c081446f9d","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":207,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"93c58b91-c7bd-4bd5-814a-810e1099d0cd","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":207,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"ddfec419-5e89-40da-bf0f-1de469a4a710","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":207,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"e2523b79-413d-4a4a-b5d2-99ac718ef667","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":207,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"b8a42f92-e84b-4644-b619-c0e2c4f8e1c1","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":207,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"d0f43267-50e1-48e1-997c-c90bfbbefa61","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":207,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"721c8c41-16a2-40ba-97b6-4ec3c5ee1987","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":207,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"37bdeddd-d9d9-40c0-a354-5895fddcdf07","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":207,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"b7dfc11d-2483-4e51-97ff-0eb8aecd55b2","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":207,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"9d028568-6ac1-455e-af7f-8e674af6e0f8","block_type":"box","text":"protecting shareholders’ interests.","page_number":207,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"ad5af188-9296-40fc-8eb8-b86926bd74cf","block_type":"box","text":"Significant shareholders and related party transactions","page_number":207,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"163c4f20-2c95-4db6-930b-ead5a5932be7","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":207,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"682f8f86-244d-4f8b-98a9-2b9b5cd5af6d","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":207,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"595f4dd6-c7e2-4df4-9ba0-9c5ed14d3ca8","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":207,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"5a5ce25a-9fa9-4b84-bb13-7f588b818c55","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":207,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"19bb8abf-9a7d-4087-89cc-180c827be576","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":207,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"5ce15e75-a2a1-43c6-ad85-7a43c3bf41a6","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":207,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"a8d313fc-dcab-4000-9627-bc22f62849d1","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":207,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"a7982f4b-3113-4b0d-b45b-6b3347c50e42","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":207,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"4960f926-c372-40f8-b110-299302ef08a5","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":207,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"3b9a3b55-5cde-481b-9ef8-e57f85f49588","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":207,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"80368cf7-12ff-41c1-9dda-c41b7aa21c6d","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":207,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"9a02d2e9-fc04-4a45-a472-b4ae321d4775","block_type":"box","text":"audit.","page_number":207,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"fb767b29-6c44-4267-ad6b-11b629639439","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":207,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"1918b67f-2b7e-43d1-b509-b9ff19177560","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":207,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"fd2648ed-b465-430a-805c-c15829473224","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":207,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"22abab9d-5e50-41b5-a981-3d4344155b5d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3a600b6f-b46b-4779-a239-b4f0cfa1ef9a","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"89e2e0f7-c6fb-4e9f-8352-bfdb9d8f6974","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96fbd72d-13d8-4628-87a7-8cc81cb57b61","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":208,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"59403903-7a05-4cbd-b6c9-906aa325eec5","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":208,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"077db8ba-5b25-404a-9acd-d2a0d362ee8e","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":208,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"965d9a94-56d1-4680-a7dd-10b7f8d3d910","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":208,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"71073dbf-9cc7-4dc4-be09-86ec2c5c4b01","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":208,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"c5245033-f341-4c6e-8212-84e33afd19d5","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":208,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"1ca2212a-50f3-4706-b200-d8d2960d31ba","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":208,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"0befa62f-6654-48cf-ac6e-9597367d3a9f","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":208,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"ae667c09-fd2c-4fda-b611-ee88269d8ca4","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":208,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"8fc56742-dd95-43cc-9f7e-a2aa6c6d7e25","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":208,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"e4f23d03-be00-4a8f-9bce-3dc2be9d5a69","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":208,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"9ac66f03-2849-4803-bc3e-b460ddc42289","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":208,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"3c12ae75-5af7-4132-b4c1-613bfc039b2c","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":208,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"6c5abec7-1c5d-4a94-98be-33e8ae8d3cc7","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":208,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"3b783366-e78d-4345-8622-e9d8bb3137ae","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":208,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"de17fa61-77e5-40cd-a2a9-eaaa621e05a4","block_type":"box","text":"9","page_number":208,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"3e2a88b6-8258-4ea5-b629-7ef0185282c3","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":208,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"6d536e8d-8a69-4435-b772-afcb189ab48c","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":208,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"2f423828-c3cf-496c-bca9-8eee34f1a692","block_type":"box","text":"standards specified by policy makers.","page_number":208,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"c4e63dc0-6d5a-4287-8f6e-365c1ce5f135","block_type":"box","text":"10","page_number":208,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"db917661-b4f0-4815-b1d1-f9f7732ff12e","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":208,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"91de2524-4503-4956-a68a-2e8d901c6946","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":208,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"f88bbb03-7d30-4b34-b030-c116c2626d8a","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":208,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"e6cfc308-a6a7-41b8-9c54-aa537043541e","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":208,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"205e8fbc-49b1-4082-b07c-c0d0d912d42a","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":208,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"6fed4726-ac3e-40b3-b24a-7b3c18065389","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":208,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"ec561061-b936-40c0-82d9-c9f1ea229cd8","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":208,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"7ede8686-dcc0-41cd-a440-754fceedff98","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":208,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"a0331143-902d-438b-93a4-cd834ae10aff","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":208,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"b9d52572-acfd-4cad-80a2-ea69ca47a1e7","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":208,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"8f6e5101-f97f-4b63-9b2c-c09b24c08b86","block_type":"box","text":"remained independent.","page_number":208,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"a383fbba-ab0e-40ef-902e-220d4bb96515","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":208,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"1b0f2a66-5c18-414c-81f8-092787a83fda","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":208,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"c041546e-0e11-4f53-9ae3-7cd1c64dbb44","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":208,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"427ad299-4fe6-433e-9091-12ce38479920","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":208,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"e5de3d3a-999a-4207-b9a4-e1c53c445ffa","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":208,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"34e68769-1efd-4550-97ce-392bcd7c56b5","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":208,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"f1c6b365-dff1-4b63-a26c-85b2924bce16","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":208,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"380cc247-bdd8-4052-ac81-8721f21fbfed","block_type":"box","text":"General shareholder meetings","page_number":208,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"2b849c10-2adc-4ab7-960e-51322af39163","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":208,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"6c74429d-0af5-43e8-8870-a223eece21e5","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":208,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"42952e57-518d-41a1-a2bc-9dc196a669c3","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":208,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"49ce0194-a82a-4c6f-9af9-ee94a4ffaaa5","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":208,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"738a0a47-0f76-487f-9c61-e2079fb3eab7","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":208,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"ba92027c-9c4c-4ef0-b798-f1e38d6af2d6","block_type":"box","text":"an in-person meeting.","page_number":208,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"c9f29ad0-cbdc-4f32-add9-ea9af6ed65f1","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":208,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"e6e586d8-93c3-428a-9695-87b3b0381e27","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":208,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"b7e4d7c9-1e74-4e67-88ef-1f4060bdcd59","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":208,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"dc38a724-5249-4ec4-a543-869f311fe420","block_type":"box","text":"par ticipation.","page_number":208,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"a1c55e90-d5d1-4bef-b6e2-ba0ae25c7a5c","block_type":"box","text":"9","page_number":208,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"4985ba1c-dad0-4b34-8914-28a5abbf9c65","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":208,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"41d5d412-a9db-42d2-8acd-3072c0abb71f","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":208,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"e6a855c7-c50b-4ca3-b5b3-527085bf3dae","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":208,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"b419c9e6-2e5c-4ec6-942c-07fea2c8889d","block_type":"box","text":"Disclosures.”","page_number":208,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"8470de08-0e88-42ce-acc7-b763ea97dc86","block_type":"box","text":"10","page_number":208,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"5b036e0a-d3ad-4c34-bcb6-a84a67482068","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":208,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"9c5187f3-5dee-414f-a1f6-eeb3824afdea","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":208,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"8ff4e674-a2a6-463e-9a1e-cf97a40b42c4","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":208,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"00e3399c-f94e-4ba1-9473-7766918bcac7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"89225635-fdc0-4964-9580-031b18bceb4d","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"75fe8235-3c17-4e29-a717-b4d7e2e51849","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f383eace-f717-427a-9c2a-f8b685691de7","block_type":"box","text":"Bylaw amendments","page_number":209,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"06ae1d8d-87cf-4ba3-9857-508cf8c15f78","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":209,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"81cb9eb2-6e18-40e1-892d-eb1079a868af","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":209,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"596bd88f-011d-4fb1-9d00-c129a6d7629b","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":209,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"ddd5cc8e-7d49-40aa-8a06-bbca30f6c2de","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":209,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"3ea9350e-e635-4498-a20b-f382811fce73","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":209,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"5d6d0266-57f3-4b15-b2ec-31f05aaca7eb","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"047dd0a4-df87-41f8-9879-ff677fe8600b","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":209,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"bc1c5faf-87b4-4bfe-8f1c-4dc892952925","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":209,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"179d034a-741f-481b-a2b5-33ff924c10ca","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"6f4dc350-4314-4bca-8435-9458d6a6a7df","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":209,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"9079ed37-1015-40fb-b037-4ea33cb44a2f","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":209,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"f16d1339-77f6-42bc-adcd-028a53daa14d","block_type":"box","text":"nomination process.","page_number":209,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"fc971032-affa-4329-aef7-0d1b6413515c","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":209,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"471ad39a-8260-4e61-a2a9-66ab8393fbc8","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":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"3658dc36-28b0-42e4-9d20-6d2b26baa830","block_type":"box","text":"Change of domicile","page_number":209,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"0cb001ec-0786-4846-a116-662ca2e9d1db","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":209,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"e6bafb54-9423-4afc-8141-d888fae9fe42","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":209,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"7a3fa54b-bb41-4d59-94e1-3ab976213522","block_type":"box","text":"immaterial.","page_number":209,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"d3275888-06c5-4744-9126-081ee8c8662b","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":209,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"0a25ce69-ffe8-4368-bf2c-c446a4542fa9","block_type":"box","text":"with our clients’ financial interests.","page_number":209,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"f73bc26f-bd9c-4565-991c-6d247a213cb3","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":209,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"48f5f673-2bcb-4150-88cc-3fba618d2a0b","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":209,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"190814bb-a52f-42c9-83f5-dabeb36d918b","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":209,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"345d7dbd-f9e2-4a8d-9921-b895f94009e7","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":209,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"32c2933c-cef6-4600-8306-9157d85a13c1","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":209,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"1b5694b6-4edf-4944-8d2c-da272c4f63db","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":209,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"62b7f5bc-4e45-4ae4-ba33-b62d9c9062f4","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":209,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"54072685-5adc-41cb-8a2c-027c1fc93ab3","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":209,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"c55eca4c-c743-47f4-bd8b-11b9525c8a0e","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":209,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"0b0c9c80-27e8-43fa-a0ad-783ff305834a","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":209,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"24b8f1c8-2575-4cca-9b22-f7ab4eef9821","block_type":"box","text":"relevant to a company’s business.","page_number":209,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"e44ee962-eea0-45d5-ae87-b2094050b362","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":209,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"d557bb56-d3f2-4e60-9320-e430a282acb1","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":209,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"2c2d3c22-3298-4832-89f7-89729f1939b1","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":209,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"676b1818-b97e-4e2e-adcd-f012d610f434","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":209,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"ef47e265-f9bf-4596-a225-45ef400aa004","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":209,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"680b573a-ff09-44b5-bd24-4784351992cc","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":209,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"8777e190-239f-42fb-89e6-e211e91d5d78","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":209,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"9d26601f-f32a-4b1f-8f14-b2fcb4886899","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":209,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"a8fd53ab-c8b4-409c-91af-6e9712576b5e","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":209,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"822cb959-4cff-4f7b-844d-398ed4a62001","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":209,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"cc4c2f97-2140-444c-9ebd-0cec63ac935a","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":209,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"f464a592-b4b2-42ca-9306-eb9948d3fa86","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":209,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"b2a5dfbd-acce-42d8-a8f5-bff1cabfa6af","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":209,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"c0a4f820-4106-4c2c-b4fc-174cba132a47","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":209,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"097414a2-b003-45b0-9b90-ac1bf2a53889","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":209,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"ec632106-c9e2-428a-b87a-20577b874c36","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":209,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"d270b070-f6d6-4e3b-b8c8-c84344132d65","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":209,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"7a283d79-04f8-4d89-a961-33d09cf5d794","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":209,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"2049d1f9-9628-4f46-99e8-c188fcff09f2","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":209,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"916a62eb-85b7-4f7d-bd95-04e1527094f7","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":209,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"702b1050-0b90-4c1a-ad86-1cf0870b3f08","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8ed2cdc3-6bd7-4c00-bd1c-93697bf86990","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cf0632e2-5ba8-4da4-9243-35436ebfb228","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab3abe2d-fdb2-425c-9f44-a11b42631138","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":210,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"5b1d10bc-80e7-4605-840c-6034756c5bea","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":210,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"4670ae1c-b512-4371-8d07-9c1ca9dbebe9","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":210,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"113d6824-5a44-4414-a138-7f8de0278d0f","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":210,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"9bb6a0d6-272d-4a07-b046-7ca652c07426","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":210,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"e1a402a2-6e0e-43da-a397-620416f630ee","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":210,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"755caa7f-c10e-4b72-9aeb-264a804dd6a4","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":210,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"566708a0-165d-48ee-8195-6107c3f9d461","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":210,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"dbd1e9a3-e5b2-4553-81c7-13161d1fe90c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1a7ad58f-9612-450e-a5a8-181da35dab5b","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"f88fc077-7391-4c7a-bc80-471510979af1","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40e72f32-2014-4fed-95ae-2eba6915ca33","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":211,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"3def6c03-37a8-4bea-883b-9f115e270aeb","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":211,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"547c840c-624e-4262-b0f8-18611cc6bd56","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":211,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"cc8fbab1-6291-46d3-80e8-f0ec2cd10002","block_type":"box","text":"11","page_number":211,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"bc00cf8d-5e12-42e8-b2e2-2d14db3e9d1b","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":211,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"5368b816-16e0-47ca-9bf0-82559c2fbc39","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":211,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"1a783a59-e52a-4c4a-9af6-8530ff6c809f","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":211,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"e8cc9a1f-d5a5-4415-945a-1d54943da188","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":211,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"39a7266e-3178-4568-a7fe-58a35f4c5c88","block_type":"box","text":"regulatory requirements.","page_number":211,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"14f6fc92-2876-4fe8-a1a4-3579c5c4cf7a","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":211,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"9131c667-b0fa-4c89-8fac-ce116ba6a4cf","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":211,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"fbccc798-31c5-4016-a7c7-463867897d4a","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":211,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"66f4a11c-434e-474d-b9c1-e881f9b11874","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":211,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"4e77dd39-ff53-4932-bcaa-a15c308fc2dd","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":211,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"42f9f025-1a2d-44b5-bebf-bb127907c13f","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":211,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"e121a6ee-c880-4137-8708-08d88a1b2031","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":211,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"74594bd6-4d5e-44e1-83d9-bfd6dbff8db4","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":211,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"b3b98281-0d70-4359-961b-e169b7341968","block_type":"box","text":"returns.","page_number":211,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"57c26840-0b68-4c31-bdf3-ec3071e9fc94","block_type":"box","text":"KEY STAKEHOLDERS","page_number":211,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"93c5ad50-e3d8-4489-a1a6-2aaf193eb487","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":211,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"8e606be3-a6fc-4953-80fb-fcf12b2951f0","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":211,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"1327d5a2-2ed2-4864-98b4-41395ed11c43","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":211,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"47c595b1-0033-492d-b08f-b8912745f6fc","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":211,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"cfdfecc6-3a30-49df-b330-285970a35042","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":211,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"e8568563-aa94-4dc9-96c0-aec5220eb41e","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":211,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"5a3b215e-4161-4a7f-9975-3c1e6c015b6f","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":211,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"3a0a614a-67ef-4f6f-9d76-2c7cebdfcc5c","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":211,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"41fd4ade-bde8-4796-b0e0-fe400e49b3e0","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":211,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"12fc7cef-43e1-4f97-bfc4-39456ef079de","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":211,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"5aff65b4-40e7-4485-975f-3ed414b303a7","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":211,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"6f1a675b-0a06-4a0c-8bd2-7948aac867b8","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":211,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"5081de62-772f-4061-9302-9f052b02f792","block_type":"box","text":"i.e.","page_number":211,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"3dfe5f20-0688-4f1c-9a00-1dc6fb8dab58","block_type":"box","text":", one in which global","page_number":211,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"dab76c1c-1832-45ed-a146-b143ae3fc84f","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":211,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"e3b16ae1-a789-48f1-ab7e-d6fb00f4e418","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":211,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"8766b0c1-7ffe-4579-bc57-7bb010158331","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":211,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"3a912058-d5ef-4ac1-92ed-792af8d692ca","block_type":"box","text":"client.","page_number":211,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"d925c226-42b7-4ea0-8a4b-7c6ca4eea004","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":211,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"d4d8bb88-93ae-4540-9a71-64830980fff5","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":211,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"c13d6bdb-565c-4e7b-9367-c81c3f465749","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":211,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"a793ec59-dae8-4514-bcb9-fc15fb0e0d1c","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":211,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"bf9ae673-8973-4157-aafa-4edd2b0804a7","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":211,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"cb47be5d-0c7f-42fa-8861-9cc11a906f07","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":211,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"15347147-466d-4704-8865-a902706c0504","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":211,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"54fbf65a-c023-4782-bea3-96f2f54dcced","block_type":"box","text":"1 and 2 emissions.","page_number":211,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"c742c226-e630-4b66-80cf-58e5cb4d0e9b","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":211,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"5e91a3d3-b18a-4bbe-9dbb-1e8b01a2ab3b","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":211,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"0203bce4-6323-497e-ab88-a7e97c603cb0","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":211,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"d392b1d5-1a80-4c67-ba73-791912730e56","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":211,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"5c09ac6b-b8f9-4cc2-b6d0-f3476454a1bd","block_type":"box","text":"11","page_number":211,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"522062cc-a2da-4ae6-aa37-951a071e6e1f","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":211,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"0875cb7e-4744-4c84-ad14-741b27f8dfe4","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":211,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"e4869b73-d55b-4912-a896-d333874a33c7","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":211,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"b6ad18c2-7566-41ff-aa0c-c5feeb5836ce","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":211,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"7a52fa9a-c674-4aa9-af19-cc09b9de8b3f","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":211,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"eb93f6a1-0588-4a05-8161-95a5c74c7735","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":211,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"bbd58502-9e7c-4ec5-8b3f-55a1f758d97d","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":211,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"6331501c-4c1b-41e4-a45d-bda113ea85d4","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":211,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"6b5cca2d-758c-4c8a-8271-b250396da58a","block_type":"box","text":"sound governance framework.","page_number":211,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"db34ee49-6f4d-4a6c-827c-ef2b98facfb5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"649ae15d-1edb-40a3-8e90-9d918c89dfe9","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"67bfff47-928a-42d5-80be-e165986874a3","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e086f238-bec1-4e90-8388-fdc208472f1e","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":212,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"27da1a22-3c06-4054-809f-2c2dbeaf2b48","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":212,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"8ef687b8-f9ea-48b3-9674-d78270e4c790","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":212,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"78001e4b-0966-4dfe-a73c-6f10e4642295","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":212,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"d9b22bb0-36ef-4d4a-8d59-096fb57ec402","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":212,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"2def38ab-3bf2-4150-8160-3b8d863679c5","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":212,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"0ceadf55-7c64-4896-8767-3d31088ee0a0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"93ab0798-ec0e-49a8-9c6f-8b2a45537a52","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b93ed47c-d6e1-4ad8-a0a5-d136f380b85a","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e3db4c6-f1ca-460c-85cd-2defccf111e3","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":213,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"076c78b3-150a-4088-87f4-5e0614b2bb9c","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":213,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"cc15c9d2-4615-4763-beab-55f6a98ffe7e","block_type":"box","text":"Oversight","page_number":213,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"41b6c910-2a2a-43f7-90f5-47df4d9e570b","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":213,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"e3e2542e-526f-4ec4-94ed-c02a1e5c4d4a","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":213,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"c8dbadf4-32db-41e5-a2f1-e5a3cc75c922","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":213,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"c6bd5e93-a824-4bb6-b32a-02a11b931a94","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":213,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"aa98378e-e9e6-444e-82ae-75592dd85dcd","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":213,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"d0953ade-7c67-438e-86ca-ec96f581841f","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":213,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"2e614c79-770c-4102-a148-043893cf3a83","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":213,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"0e477614-92fc-44ee-8d36-9b39f92cb7d7","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":213,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"8773b481-f2c1-4bdc-98f8-9cd56941002d","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":213,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"9469bfd8-7d02-47a8-8bce-a58b33e0324e","block_type":"box","text":"relevant active equity investors.","page_number":213,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"509be0f6-c4fe-4b2b-8d51-8b5aae0204d7","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":213,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"65022e4e-0a72-4f20-aa92-0724713cf44d","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":213,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"fb11e55f-7b0c-4703-98a4-cd15534f1806","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":213,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"5cdd7b0b-6e87-47a6-877b-cb1c90d4eb01","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":213,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"84a18a24-3535-4a19-8a4c-2fd6f7744e51","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":213,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"94cc7d25-439a-4767-a17c-9ec24612f55b","block_type":"box","text":"third-par ty vote services providers” below).","page_number":213,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"252363b4-223c-48ff-8ce5-d4f87cb8d6b1","block_type":"box","text":"Voting guidelines and vote execution","page_number":213,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"b316efb0-0c1b-473b-81ff-53ee57551cab","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":213,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"8f20e1e5-b0d8-4c97-8ea1-2216602ea36b","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":213,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"e9ad44fe-f167-4966-888c-933ab6aad8c4","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":213,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"f9c7934c-834f-42ff-a891-35095bdb7c00","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":213,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"bf70a21e-110c-4f9e-9cc5-56cf285ac509","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":213,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"d39d09c1-4f76-4484-9936-7c55d8ebfdd2","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":213,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"191d43af-d4fa-4790-a02d-03af77809ebe","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":213,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"4c15c32b-1a3c-4ed8-87e9-05955e789baa","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":213,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"2e906188-9959-4526-bc37-1f25cf86d7e8","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":213,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"a52629b1-c2c9-4b4f-ac7a-f7e3133f9f7f","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":213,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"89cee5a6-ad57-4d64-b470-7a20563f846d","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":213,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"b63b138b-5c6e-4040-9c8d-76ef834b7959","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":213,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"68ba151c-aa91-42ce-abe6-c8e75b9fd94b","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":213,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"40b0915b-2d87-4d51-91bc-858b1417713d","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":213,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"225e0266-5991-4b98-9a96-a728f28f9aae","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":213,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"96f34a26-b80c-4208-a5e6-bc65579537f0","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":213,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"f302c3c4-10f1-4d15-ad44-80823120826c","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":213,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"923a65e9-6d36-4eab-b811-821463245080","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":213,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"51b387e1-c4ac-46e6-90c7-88ffd33ddcd8","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":213,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"0f7c139c-8c75-47ad-a944-0a781daad042","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":213,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"7307d74b-dd46-4fd0-a5c3-d09aeea731ee","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":213,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"ed2baea7-60f6-40ec-8652-d1cf8da7a080","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":213,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"21d15acb-591f-4d6a-b1de-7dc21eff7bb5","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":213,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"b39a2b4f-57f7-435c-8d93-a59e8dc6c5e8","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":213,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"1d6ecf06-7d2b-4638-94fd-bcb5a08d62ea","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":213,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"8baf9063-7039-4016-b423-27cc1b1c00d2","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":213,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"bdec7b6e-6466-43ad-a23c-4d852bf076dd","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":213,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"f5a46fef-0a76-4d35-aea0-297c510be76f","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":213,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"030c0b2b-ab09-44ae-88f4-3dce5bf7c974","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":213,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"55b55728-1b52-49bf-a516-c6ed44ad298f","block_type":"box","text":"Voting Choice","page_number":213,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"2d08a0f7-74c6-4c21-860f-d5a422ce66aa","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":213,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"0882e3cb-608b-471c-b7c7-549749b3bb9d","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":213,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"20ae6267-3baa-41c1-8071-cdb56e3ebfe4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2c83af62-fd9a-49b4-9cc5-bb01b7d5e7e3","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9201e0ba-e76a-41ee-97a3-724fbd63fb44","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab38899a-5316-4935-809e-b00694ef0425","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":214,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"77799077-b273-4766-abf5-eb5531d1b7ca","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":214,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"478528e3-5cbb-4edb-a30e-867f9acf85c8","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":214,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"fcb3e14b-d927-4afa-878d-a7ec3804cb77","block_type":"box","text":"strategies.","page_number":214,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"ac917241-3b26-4d12-9d6b-3624c92d6d1e","block_type":"box","text":"12","page_number":214,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"2d68f127-a81a-4d39-8804-2e66fcc6eed2","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":214,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"ff7169dc-4444-429d-9730-bd89c782079d","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":214,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"09c58e9e-c361-4b20-b0f1-355e712e0b1c","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":214,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"8940df42-b583-465c-9c8b-3807d13f350f","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":214,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"d0aebf13-e6fe-4ee0-a5a2-3c5af16c9d56","block_type":"box","text":"13","page_number":214,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"9b7e3138-5e75-4ee4-b9d6-80daaf170616","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":214,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"0246923e-2ed7-4afd-8a3d-289fe28537d4","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":214,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"9dc35ea5-1490-482d-a6c0-087157ff0c89","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":214,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"76ef0b91-c4de-498a-bfa3-cdf4e21b15ab","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":214,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"6e21f07f-8899-4d43-935e-3b11a6341cca","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":214,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"73ed806e-2dcc-4e92-8690-e64976d4afc3","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":214,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"e09858a3-562b-4dc8-b6a2-2cf59dad4934","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":214,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"2d6fee76-1d0a-4f30-8564-0a8f6f9ec196","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":214,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"79b9fd22-6e71-44a9-93a0-36771c807948","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":214,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"8100d8f4-7da3-4fba-97d3-048a96ec0271","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":214,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"3232c406-b982-4907-91c7-1be0c4c2ce4f","block_type":"box","text":"meeting agenda are routine. 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Both BAIS and the vote services provider actively","page_number":214,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"f6723d05-5747-4f2a-b5fa-07d044ecbd18","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":214,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"0189d356-bf4f-448b-841e-9e51a870320f","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":214,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"6868541a-4380-44ef-b9da-8a545c579044","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":214,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"dd7e0b8b-e52b-4258-bb8e-edd655ff1ede","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":214,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"4d9d4a08-f8cd-468d-81d4-4d8e1a8b13b3","block_type":"box","text":"interest. 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Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":217,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"072f0a3d-d4e8-4100-9915-e916800db0bc","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":217,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"1c84cc36-e4b2-423a-8a0e-64a816bbb228","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":217,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"076f6b45-a105-48e6-a8c2-e434c12be39e","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":217,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"a4f1c549-0513-4e3b-8910-47685a704f76","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":217,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"7d54fb18-f5e9-4b30-8383-a78b37633636","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":217,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"c5524a61-549e-481f-a29e-0647c77bebec","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":217,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"b0d4544c-c131-40dc-9fac-e1d10ae590e7","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":217,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"709c758e-2a38-4af1-8e60-eadcd27e1c38","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":217,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"5158104d-8656-4967-b101-226aab0f8097","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":217,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"87b7d5fb-9eff-4855-b0c6-38898b63baae","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":217,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"4efc6e8b-5904-4c05-a607-e64d15f3c0a0","block_type":"box","text":"Appendix A.","page_number":217,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"acbc089a-6f45-4368-abdd-5095beaa7900","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":217,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"e01ff06b-2de0-4eb0-b4b2-174d854e1bbf","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":217,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"928f8659-bb13-4dcb-8086-42b6880337b7","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":217,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"837eff14-c1b7-4880-9d63-3213aec1b998","block_type":"box","text":"Conflicts Management","page_number":217,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"8c9cb84c-7663-4785-a19d-c3590f81e67b","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":217,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"f1b6293d-b217-4ee3-85fe-b9801583b7d0","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":217,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"fdf8df71-ab1d-4803-a152-30e9495f0813","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":217,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"6aa070ed-f29d-4aa7-b508-91a20836ceda","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":217,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"963967ec-7890-40ce-b6aa-b5702e10eeb9","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":217,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"ab154acf-166d-4357-9a2c-9bdeee9da808","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":217,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"af4fc09d-1e0f-48ef-ba4c-1b91afe181cc","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":217,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"b14cd515-4d75-4473-93e2-415b4e368f66","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":217,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"7200216b-91d5-4718-aa41-c65b5c5562dd","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":217,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"04bd0326-a055-4944-9aac-9a0fdfcf374e","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":217,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"6a633747-3456-44ba-a3cd-f56ee2e25703","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":217,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"540659b1-b038-4ae4-a450-4e97699bd195","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":217,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"d0c0d6b6-e757-4058-a179-c414686f5e7b","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":217,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"613314f1-3c46-4779-8233-cecb8d87f79e","block_type":"box","text":"connection with proxy voting.","page_number":217,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"7efddabc-5739-45ff-9f66-d78bbbe0526e","block_type":"box","text":"Reports to the Board","page_number":217,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"94b63722-2a5c-427f-8c39-f95dd62e5339","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":217,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"9acebcbe-933e-4b50-aa9c-de89668ba85b","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Through stewardship, we assess how companies are creating long-term financial","page_number":221,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"07008cf3-54c0-4743-9ea9-f6a5f1e67368","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. 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As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":222,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"d7bec53f-a5fe-4723-973e-784fb59593e0","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":222,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"7306c6bc-da3e-40a9-8603-966d417b6ab7","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":222,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"cff856e3-9f03-4ec8-838d-f5ddb4c1a368","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":222,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"c955a6ca-5fc2-4c47-8cff-9c9e1b739b6b","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":222,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"302bce77-4bfc-48cc-bd9e-d7ef1ad0e236","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":222,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"db8f7645-1154-4409-90ed-9ac42d7bfbb5","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":222,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"67d38d5e-2261-45d4-88c3-7f2d05400891","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":222,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"e93cc9bb-c6aa-4194-bc5d-ea2354a9ad31","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":222,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"d05c10d0-6a9b-4d23-9d57-6537044bc4e0","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":222,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"0e18b2b8-988d-4a16-b591-adc9ff293dda","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":222,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"e74bdcbf-7bb3-4227-926c-20c9ef38081e","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":222,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"4b5ceb3b-3432-4fb6-9207-8b27783f2b01","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":222,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"5b9b2ded-9296-41ed-af15-8f398cd30f1a","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":222,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"928ea425-de9e-4373-b215-d5e3c44a1d1e","block_type":"box","text":"3","page_number":222,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"a216bfe7-ea12-417b-8b5b-e136676f5a86","block_type":"box","text":"For example, in","page_number":222,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"c45b3d25-9fcb-4d82-8dc7-0ef43d177a30","block_type":"box","text":"most markets, shareholders have the right to:","page_number":222,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"aa91cabe-4638-4e92-97fb-42999da3cb6b","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"5c379459-1260-423b-bee3-9ba302587829","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":222,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"330f1030-8b26-4d19-ab58-b2e610eadd4e","block_type":"box","text":"char ter or bylaws.","page_number":222,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"74d965b3-df96-4955-84ea-6f9642a3ff58","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"83f134c4-7567-409d-a551-a9ec5d171de9","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":222,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"464f7f9f-c122-4f47-9daf-70182104404d","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":222,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"f7c80d26-e47e-4191-83ae-e80a6290c47c","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"261e5bcc-c096-4b26-abde-874631490d8d","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":222,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"0c28bbfe-1c86-4ff7-9448-cbf508fdba4f","block_type":"box","text":"are material — to make informed decisions.","page_number":222,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"17994de5-505f-479e-8617-b8bef2c9f280","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":222,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"43bd5a56-a994-42fb-aeda-24c5cf2b0ba8","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":222,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"16146942-d3a2-482f-9940-7f648d3a34f5","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":222,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"458a23d5-5f2a-43b2-893a-bb95bb32a5de","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":222,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"2894accf-62ff-44a3-9146-5d8d8b3d9783","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"7c3cd6ca-95bd-4cef-a7bb-dc0c0ee415f2","block_type":"box","text":"Boards and directors","page_number":222,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"4b3acc00-0ff5-49db-aadf-47db966d19a1","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"5514a413-5420-4754-9e97-399d3e967bde","block_type":"box","text":"Auditors and audit-related issues","page_number":222,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"f8c2cce7-9837-4142-8e9b-0dffcf426e56","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"a8711faa-e632-456f-876e-de39a20247eb","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":222,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"37ce7683-fb20-4e79-95bc-7dd41849c7b2","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"16964114-cced-4a39-b575-c43d76448150","block_type":"box","text":"Executive compensation","page_number":222,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"1c313862-d7a5-4dd3-8ef0-2402a03de211","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"a5bb82a8-8849-4852-8e12-6f6ca84d4a4f","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":222,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"11e1a91f-4db8-4edd-9ca2-30f5d4c644db","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"7be51822-d702-4f60-bf36-eab6520fc0ff","block_type":"box","text":"Shareholder proposals","page_number":222,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"08bdd408-e2a9-43d9-9cca-8e459ee4e597","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":222,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"f08ae54f-2157-404a-aaa4-29bee09b11a0","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":222,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"5664e1fc-df5c-43a5-b47c-2ef65e8064bc","block_type":"box","text":"which companies operate.","page_number":222,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"f4f7a65c-3539-4578-82d0-67049530ffda","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":222,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"de624574-0cfb-40a9-9c25-a0c4c4c5544e","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":222,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"1e6e2d30-2a1a-4f10-b9d6-ebcc81e47f9a","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":222,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"f936bf4b-c1fd-4bd9-8c9a-90406cff8214","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":222,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"a74fd1a7-6016-41fe-aa44-d8391ebf55b6","block_type":"box","text":"4","page_number":222,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"c1b3374f-e4a4-46a3-9611-977f62931bfc","block_type":"box","text":"3","page_number":222,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"979a3557-eda9-4ee5-8118-3bc399ac858a","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":222,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"8bc90065-b8cc-4206-bab5-ce9ed1a4c76f","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":222,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"ebfc0cd3-1c89-4f1e-a779-3c56cd8ceb2f","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":222,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"8dcc73a5-2577-4f05-82e4-c853a0ddd973","block_type":"box","text":"4","page_number":222,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"c1832e52-6f4a-4064-bb9a-2faaf82c5352","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":222,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"f9fc78a9-fe64-4e60-ab69-f00322f012a6","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":222,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"a6d882d1-74e2-449d-a167-b52cecbf2f10","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":222,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"bedb6514-cc36-4b11-8898-a3f9a5db7384","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":222,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"d1d2f518-13b6-4101-87f1-e8d700393663","block_type":"box","text":"guidelines.","page_number":222,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"d35fff5a-7c46-4774-abbe-825f85b4a0e7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c329015c-e43b-47c4-9e3d-aabe9aab1643","block_type":"box","text":"Global Principles | 4","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a9891e1d-2774-4447-8d47-b781014b709b","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"866fb8ff-a1f1-4c52-9836-066daf0a79d4","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":223,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"8d35a52e-9bb5-45dd-860d-acb237d50797","block_type":"box","text":"Oversight role of the board","page_number":223,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"53acab28-da66-42ed-b0d8-6d2724d7d42d","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":223,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"116bb1ce-8c67-4487-a980-e8e93cfdc695","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":223,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"b6f51c6c-f690-4cdc-93fa-0621b5e2181c","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":223,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"5c85c249-711e-4718-9ad4-078b38bf9e03","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"76df15a9-2e38-4935-b2f0-478242e9c511","block_type":"box","text":"long-term financial per formance.","page_number":223,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"458737a9-a5ad-435e-90cb-297b76bfb9fe","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":223,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"9308bc4d-ebaa-4968-bf99-c66eb33a7c29","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":223,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"a6e69c9e-3c56-41bc-b3c8-bbe514377c94","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":223,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"f44b2146-f6ad-45e7-acd0-02386165d9bf","block_type":"box","text":"the business environment in which a company is operating.","page_number":223,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"98d4012b-8c04-4288-aa6a-972886e37317","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":223,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"ad39c1dd-d4c5-4150-973a-16e9a934ed41","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":223,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"6c6f160d-d00e-4245-845e-a4eb628f696c","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":223,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"a351c0d5-3d4b-4d26-b057-f4632c463b13","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":223,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"7cc119a7-5f8d-4259-9f78-ecc486bbbc8f","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":223,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"39956583-63a1-412b-8325-8cf22ad5d592","block_type":"box","text":"mitigating such risks.","page_number":223,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"2f10f917-92f9-4811-ac93-880f8ba2f9d3","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":223,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"7b49abe9-264e-4769-8dca-b0871e4c0ea0","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"716faee8-f888-4463-9461-3a3bf4c231d1","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":223,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"bbdbb193-c231-4e34-964e-7aacec45e3c5","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":223,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"aa5e104d-e9ba-45e4-bcba-4c2e8deeeec8","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":223,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"ba5ea48a-756b-481a-8c3f-7d4f5a69bb91","block_type":"box","text":"strategy.","page_number":223,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"421f5a64-7d7a-475e-9284-a904b79738fd","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":223,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"97cfe44a-a711-499a-82ec-32364ba76568","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":223,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"65f401d5-8cac-4607-8bb3-6d8b3514c83e","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":223,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"c7cbb85b-4ee3-4b70-b339-f7ff7a153900","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":223,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"9cfe168c-afdf-4777-89b8-32a3392482bf","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":223,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"2775dc9f-074c-4eec-a3e9-c58b01946bcf","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":223,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"7b52824b-3daa-4929-8a00-22ba7a9a2139","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":223,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"8fddd65d-6684-45ce-98b2-75575717ab7d","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":223,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"fcbd16b3-d686-4cb2-ae41-98d4ba922a40","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":223,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"f002a073-4d71-42c9-a056-08821e5d7f6d","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":223,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"593e4095-dda2-4649-9ab6-53d5796eb88a","block_type":"box","text":"Regular accountability through director elections","page_number":223,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"ce3fc883-d174-4267-9c0e-d86dc1e67548","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":223,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"a8ccce52-4742-4452-b455-baf131c3bf32","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":223,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"e21d2afc-64b1-4fa4-a616-d1d1ee783523","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":223,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"aeeba8c0-9b73-40c0-aa5c-927a6bc51ffa","block_type":"box","text":"5","page_number":223,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"323b01bd-2a47-46ae-83b9-4afe60de1330","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":223,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"9a89c2da-6994-483b-8eb5-182569cc601b","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":223,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"f68c7e0a-55d2-4f5f-b4d2-8f3a98be88fe","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":223,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"23791d7c-489e-4b1d-8653-f8e4d566a39d","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":223,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"1a3da45b-657e-4c8a-a6d8-72942012c0bb","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":223,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"af2c2058-cec8-42e9-9245-851df8cdaf04","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":223,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"3561e916-8d2e-4019-b23b-d56245456c22","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":223,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"080367b0-9246-4ad3-92c5-8eedfc4cb6b7","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":223,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"6419b3a4-cc1b-407a-922a-d0e1456cd715","block_type":"box","text":"5","page_number":223,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"0af5ae4c-a345-482b-93a3-2b13ecb3e2d9","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":223,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"4e99e023-6e7f-4c4d-953b-1f22b7ffce5b","block_type":"box","text":"market regulation or voluntary best practice.","page_number":223,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"66a9b23d-44fd-44fd-9d8b-3ed0c418b984","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3d73f1a6-1f3e-47b9-908c-158585e770fb","block_type":"box","text":"Global Principles | 5","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"13989437-ae6f-4ed4-8053-5dcdbb63e3e0","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01fd2d39-103e-40f9-85ad-cc90a4d5fc82","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":224,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"c68216d8-fc40-42a4-a9be-e0bb7d173990","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":224,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"743e43ba-aa9c-4937-b6a0-c1711178875b","block_type":"box","text":"recently.","page_number":224,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"dcc6213d-c25f-46d1-91f8-956362f05abe","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":224,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"d1d3e087-5177-49b2-b901-eefe97a891bf","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":224,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"433d2d14-743d-46ed-974a-91a803be7735","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":224,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"03f1c5a9-85ca-4ba3-a9ff-240d6d4f3402","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":224,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"358d9b04-d8f1-4dd9-8735-8ded45d6af84","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":224,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"c49d35a3-0b22-46a5-9761-1e5a83840069","block_type":"box","text":"Director independence","page_number":224,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"4b5f36a7-1d86-486f-990b-fbf99e2392d9","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":224,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"f637279e-e41a-4b76-ae15-d28e3d2ba866","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":224,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"d7303886-7795-4dbb-bf0c-4f8af3fe64f6","block_type":"box","text":"6","page_number":224,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"e3b68cb2-31ef-4915-8cc9-a7d22fb507b9","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":224,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"8b5ab11e-8d1a-4607-92f8-32fad99646b6","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":224,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"e9f600f0-7d43-4a11-a1c5-efda94c66ac4","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":224,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"2d6a4ef2-8144-4559-96cd-c0648fb3807c","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":224,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"1a3cf0c9-c33b-46e0-8d22-0e4a617e671c","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":224,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"d02e67ae-6959-4c8e-a9c1-13ae3165e08c","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"a8279dd3-23f0-4192-836a-56e3886c147c","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":224,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"7868e316-c3d8-45f9-b5f0-781272bfb447","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"0d447036-2085-44d6-b157-1fa8ef59f294","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":224,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"9e21baae-e584-4531-9a2b-016c727225b4","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"f9e3f4bc-a5a4-4110-b59b-1b49c85e7e5a","block_type":"box","text":"Interlocking directorates","page_number":224,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"cd3fe8ce-c1ec-4ab3-bb84-9566b432d311","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"45197d49-fc80-4345-b245-ed014bead1c7","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":224,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"21983bd2-7f8f-4184-8d84-24023f134d7f","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":224,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"08467468-01cd-4316-bc1a-e35945fc404c","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":224,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"002427c0-57ef-4382-8f46-8098d279de8c","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":224,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"8bfe5d17-f63c-4b37-b935-3e33e1f80937","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":224,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"239471d4-605e-4cc1-94a5-96fa45ecd722","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":224,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"86da1057-adf6-42c5-a38f-caa194cf6ad4","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":224,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"5bc51695-5750-485d-8f35-dcb258b1a0b2","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":224,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"4e548ba5-904c-403e-96ff-8150af679474","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":224,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"83ab2e5f-8326-4912-9c4f-6c4a26b6a691","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":224,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"93c30748-e2cc-45c4-9016-5996c4df9d82","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":224,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"7589ae31-61e6-4ccd-ad90-5ec9e8b75fc2","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":224,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"7e45d9a4-c862-40dc-897b-b3d214c71a56","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":224,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"2350136a-41e8-4a18-885e-cd564e473b73","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":224,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"d397f7d9-e6af-47bb-abc8-2347dc99e41b","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":224,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"9d2e71e0-bc5f-47fb-a989-096ec98a50ed","block_type":"box","text":"Sufficient capacity","page_number":224,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"f73f4b80-cecd-4188-ae1d-73a9936a5e7d","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":224,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"a420fd3a-a4a9-4a7d-a349-f5cde224f404","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":224,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"b6aa7275-55d2-4004-8996-ac9ac9991073","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":224,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"a6b1bdc6-0a64-439b-854b-fd3bc02a1ae1","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":224,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"c0763504-37d7-42fe-80c2-aa5f8cf9d76f","block_type":"box","text":"Board composition","page_number":224,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"14a3bd4c-2e49-45ae-9246-c7da17bf6e05","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":224,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"488cac53-2a77-408f-a9f2-f52d1f5da856","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":224,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"014b84c5-eefb-41aa-8e75-9e0399313986","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":224,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"f702e0c3-7ffa-472f-ab25-fbbe1b5f4f7d","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":224,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"f198e822-95b5-49fa-88df-03a5de424901","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":224,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"ef51c9fb-c949-4d38-a12d-a799310a7d9f","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":224,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"6133a063-af45-46ac-90ca-2f82b242c805","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":224,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"c863b8de-e868-44ec-aee1-53bc7555a545","block_type":"box","text":"6","page_number":224,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"7b754585-5021-4fa1-851b-e7431f984ebb","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":224,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"c05f4b3a-1143-4e84-8de5-c3dc901a66e3","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":224,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"e53388a3-c042-4394-8496-7d582c36cedc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fe388f5c-7e99-425d-8b29-fcb854754a73","block_type":"box","text":"Global Principles | 6","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"7bed69c5-cc3a-4ae7-9db6-f2401f10e797","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de3fead4-aeae-49f1-a382-b60acca06195","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":225,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"0cd5a13b-0140-403c-ad22-28eb9706cad5","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":225,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"2d4276ac-7d03-4dfe-ae7c-83a6f5fb1560","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":225,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"b57057fa-ccd0-4252-8936-91ea010b6774","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":225,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"5ac534f9-c49d-4f7f-8510-cf8860a5e3ad","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":225,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"ba58d467-44cb-4651-8ee5-f223424afaeb","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":225,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"61ed4fb2-877c-40ac-a1f3-a15b35f3f150","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":225,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"3f9c1abb-897e-4190-bd45-cde6f3d23804","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":225,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"d5572c0a-5aa1-429e-9744-d0449a9a10da","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":225,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"1acb0204-e77c-44d5-8905-5155591bb753","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":225,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"abb1ebd4-bca6-42e3-858b-df462b8ff4a3","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":225,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"015c31fd-fe94-49ec-9f6c-27154cfaec29","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":225,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"eef913a0-a1c7-46a4-bed8-dfe47abebe8a","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":225,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"c92df53e-4014-4d44-b5a0-2d9fa5a60375","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":225,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"c7e551dd-3b74-4b6c-b801-8699274a3151","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":225,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"8dd8a2fd-84f3-4cb3-8789-db72c3620368","block_type":"box","text":"systems.","page_number":225,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"43e526d7-3e63-4517-be5f-6b6428b43591","block_type":"box","text":"7","page_number":225,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"7383d193-9c0e-40a9-94ae-f81cf004ced0","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":225,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"dc455480-c5ff-40fe-889a-b30675dd5375","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":225,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"850e7125-caca-4117-9435-d3e2b9e3e1ad","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":225,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"651ebaa3-9ecb-48ef-ad67-ed307ddd8c00","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":225,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"89dcfa28-e3ec-4ea8-a6be-e49f2b0e08f5","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":225,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"a6d77b28-9186-4c60-a8b1-4cd6e4fb70d4","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":225,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"270ec53d-1066-4d7e-a32f-9301b7098af7","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":225,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"9d0d32b0-fccc-4ce1-9a14-9d2e558c8010","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":225,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"c494899e-aee4-4ce7-8039-e70bc4172e74","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":225,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"a543a55b-8977-46bc-9330-35652038003f","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":225,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"49b1efca-5725-40cd-8e2e-c061f1f93885","block_type":"box","text":"or internal audit function.","page_number":225,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"20d9702c-177c-47d1-b5c5-56c5159102e7","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":225,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"f86f1ec2-683a-4ccb-821a-fad4e5f345bc","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":225,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"dec440dc-fa21-4df8-9d77-3a37a02c172a","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":225,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"2d4e1820-8524-4e7f-875b-38f479264641","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":225,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"2e30b0dc-c5d6-482e-b382-0ec928291c98","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":225,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"40eeb64d-3aac-401b-9e8b-f20bed775a11","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":225,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"8489f65a-0b85-40a7-8d22-b01e3980e484","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":225,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"d7bb095c-d836-4af1-88a0-c0d04d96a170","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":225,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"7e809a61-7fad-4273-b0a1-65ca15669873","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":225,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"772ace72-31d8-4946-a959-db003d961512","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":225,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"e57b2fb2-1b7b-4945-be53-5543a80db0e6","block_type":"box","text":"risk.","page_number":225,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"7de2025f-1005-4b5f-aa65-7a40e707abf6","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":225,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"10198860-36de-4c19-8498-0a53bd8b9aa6","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":225,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"5d2cf0d5-db38-45c4-af05-6ad2378eb164","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":225,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"89b60e04-57f5-452d-9627-0b293b318440","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":225,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"ed6cf73c-5eb3-49ac-85fb-29da2f091180","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":225,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"b4e72034-f241-400d-82b2-3467e47409d4","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":225,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"3ac5f354-9411-42f6-ab73-35679111d3f3","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":225,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"85dedc85-105e-46c7-97aa-415f1eb23f69","block_type":"box","text":"7","page_number":225,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"f3580a5b-1c37-4d19-9e6c-e349bedba102","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":225,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"e87fd349-095d-4859-8a99-03d56012dcb2","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":225,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"5ec9c0d1-b03e-46f8-8188-9cc35091ec3c","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":225,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"95c94da4-385f-4560-b779-9f31fb716cef","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":225,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"194c6e48-5fc4-4b4d-82c3-920e005aaace","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":225,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"e0f894fe-6cd7-4aee-b394-170c13641c9f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"971cb59f-08a2-4444-8886-536d967a4313","block_type":"box","text":"Global Principles | 7","page_number":225,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"6b574b35-13fe-486a-9a1d-d00fdbd7dad7","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4ff05e4-4996-4d37-8b2d-3ac37beb953e","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":226,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"526d7073-d88c-4f7b-bc0f-a60374ee97b1","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":226,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"edcc0db5-ba7a-48b2-95ae-96e1fe980e2f","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":226,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"aa9d6926-298d-4e55-b396-fb3c0825d5cc","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":226,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"4f73189b-8dde-4e76-90d1-826e11830801","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":226,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"40b79e32-e377-44d9-835d-28a0bde7eb5c","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":226,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"8fda4bbb-6220-4df2-b769-2db1a90965c7","block_type":"box","text":"minimizing costs to shareholders.","page_number":226,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"e9d026ca-1ee3-4a2e-9f00-76eddf000d09","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":226,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"0d9e56eb-9630-4e0c-945d-666b7023d444","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":226,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"ed29053f-7432-4b11-bb0c-e9e5fe2b3ddc","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":226,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"5150459a-a71b-4cad-af12-47649f8734d2","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":226,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"eca9e383-61e4-4acb-af05-ad93edd5bb72","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":226,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"877f971e-6ed6-41da-9b02-e42780f3bb86","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":226,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"5f751f7b-a410-4db4-b1c5-91b10dc2db5a","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":226,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"e0ddc554-9ea7-45c1-af02-7dd1b5e13ac0","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":226,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"1c16f210-b5d0-4f14-bf75-26b6429fcddd","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":226,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"76c6b52a-675f-4ec9-94c2-eeeb13c46556","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":226,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"78df9533-facf-41a0-b4c4-5ddce4acbf1c","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":226,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"34d85c08-287a-4ca0-af42-8f6a09c14e0d","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":226,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"4a989fe4-3d0d-4e91-a000-90bbce9cd8b6","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":226,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"64858fb5-8081-482d-bc69-3cd00e2840a3","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":226,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"bd60f4c8-7f6c-4302-9dd8-db531f15e4be","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":226,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"91d1c796-cfd7-414e-9304-abcb28767c88","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":226,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"4c98e5e5-eec7-4009-88d4-501def3651ca","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":226,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"42cc703e-ba09-4154-9175-7ec0c1c7b1d1","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":226,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"e929713f-575a-4bf4-82eb-d528d9c1190c","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":226,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"6ddadfb9-74f8-4af9-9485-8b4b5f39e011","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":226,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"e791e49e-d6e9-4561-ad4f-bd4d3a96947c","block_type":"box","text":"ownership.","page_number":226,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"507e455e-1bce-48b8-b857-6cfbe6e9a502","block_type":"box","text":"8","page_number":226,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"66feb363-e23a-4e56-8090-c9ff9b47b243","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":226,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"4e42d8cf-5395-40f1-b1e2-cfce84ae7ec7","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":226,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"1410cd11-8799-4929-bfd6-ac0b12b200aa","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":226,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"fea561cc-7abe-426a-894e-64aef7c1d1cd","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":226,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"b175d4ab-66b6-4abf-82f6-34757560062c","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":226,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"4c707dd9-d427-46ca-80df-86e4435cbc0d","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":226,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"59977a50-415c-4404-ac79-c400becee85b","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":226,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"32cc6f7c-332e-43a9-a29d-475349064fad","block_type":"box","text":"results over a period of years.","page_number":226,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"0675b003-51b1-42bf-86b7-b2a5ed9bcfa1","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":226,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"ac79a1de-bcd9-454a-b88b-07ba77ebb606","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":226,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"f2ce2277-c5d7-4e95-a899-5fc6b776bb81","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":226,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"8c2d1b01-9692-4f41-85c4-4ab15c532f85","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":226,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"f4d704fe-f6c2-48a4-b44c-5a3c07678b52","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":226,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"dea19501-22ae-4dee-ac30-ebd6d118c86f","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":226,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"19cce4b3-38bc-4cff-a506-2e93449f8ca3","block_type":"box","text":"executive compensation strategies.","page_number":226,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"a316220a-4c23-430e-8573-1f8a9528c350","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":226,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"40bc85ec-f4c3-4f17-bb50-433451b1753b","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":226,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"3adfd134-1e8d-4e6b-8371-625497decc3f","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":226,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"5b0daec6-40f0-43af-894e-95c4c7b9d882","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":226,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"f2cb6183-45dd-4fbe-8eab-0fdc2205c332","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":226,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"89ff861a-7f4f-4dfa-9af1-6397e3338034","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":226,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"946ec92f-75d9-4d11-90a5-80b1af65bc0d","block_type":"box","text":"8","page_number":226,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"3cb37ba2-4a21-4bb2-9102-c3ba6d628c62","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":226,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"5bd537af-af84-49ad-a47e-9564c75d9e02","block_type":"box","text":"different markets.","page_number":226,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"05312c2d-bd78-432b-a84b-287cc14fc2be","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"26506028-f3c2-464a-8c9a-8d930d9c2b0e","block_type":"box","text":"Global Principles | 8","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"7b7c972e-af6c-4831-9263-c6b38b4aa2d4","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d00fb004-3e00-466c-9c39-8c891934b30e","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":227,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"9d59faf2-f42a-4bf4-a0ed-89838fe1c7ae","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":227,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"e2e17919-99df-4d43-9b29-7815fcf56e51","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":227,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"8926481b-78a9-40d3-911b-a0c437e66539","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":227,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"fe897aa1-57be-47d1-b22a-7288633f0dab","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":227,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"47c4f257-1cc1-496e-abf0-28a8a8ec23d2","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":227,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"c1bb8a97-5ced-40e6-834a-6c78531d493f","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":227,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"93a89ff7-8163-4460-ae93-135fdbfe192b","block_type":"box","text":"whom they are charged with overseeing.","page_number":227,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"b5138a33-d289-41f1-85ce-351ce3a2d66b","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":227,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"c5c2b93b-427f-4e12-8be3-65bce7408c55","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":227,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"626e481d-0119-4261-866f-b50f0f3caa4e","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":227,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"15bf497e-46e2-4968-a532-ea335047852c","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":227,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"9ab51cdf-2a15-4fd1-861b-586f5f649d19","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":227,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"84c2bb33-aa43-4c3d-a0f4-ecf3b40b3416","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":227,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"049bca94-a282-4a0f-a8d9-e33e8fa5b500","block_type":"box","text":"structures.","page_number":227,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"4b14447b-118c-4382-a335-388ecef0f39c","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":227,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"d1c77d91-c635-453a-887d-58e15f3d5378","block_type":"box","text":"Corporate form","page_number":227,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"34d1b6e6-06d5-4dc6-8d5d-345415d91ecc","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":227,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"90d6cb1b-e8cb-4143-9f85-4bace57d94d8","block_type":"box","text":"the company’s purpose and business model.","page_number":227,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"4610722e-3ce1-4c09-92a8-61a6548180e6","block_type":"box","text":"9","page_number":227,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"a7fcc1f2-a09c-4b93-9093-c1f87af26457","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":227,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"6efacce0-5d63-417e-a006-b85a6634fe1d","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":227,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"96f292a5-cdb7-4407-a170-7c827abe9a71","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":227,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"8aa84121-7a7e-4604-ae0d-699be0348218","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":227,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"b8c7c4f2-3b00-4652-ba9f-6d789def6118","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":227,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"b48283f4-4cf3-40d3-bdfd-3e320cf87f68","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":227,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"ad91ef3a-c2ec-4f39-8db5-78f8e6f2943d","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":227,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"c6803cc6-e60f-48c7-bda5-beee54d37807","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":227,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"a465ff51-8ef3-4bc1-8ed5-1d50c027ae62","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":227,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"42372ef2-fb69-44a7-945c-0e43349b83b6","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":227,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"c5c3edea-04ce-4df0-8ebe-37b3355236b6","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":227,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"6af64881-c81a-4e8f-a5ba-a4bfe5d0dfbe","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":227,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"8e9858d1-5443-4cc8-b0e3-c54e9701ad8f","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":227,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"754deefa-e31f-452f-927f-d59eee780cd5","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":227,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"75b5e4b8-8979-4c73-8bca-797264f804c0","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":227,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"778f5313-7ce1-4832-a015-becd89f46a6d","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":227,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"cf3fb90b-dc85-4e49-9772-8ab8c25e2415","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":227,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"692739bf-52ab-454b-a9c2-fff16e60c591","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":227,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"9a9c262b-59e5-4aa7-b1bf-83ca480d9746","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":227,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"77ac6aac-9562-4047-9882-cfa4a3d66d78","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":227,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"a7168fb0-9ac2-4158-87bf-38d969072634","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":227,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"64d466f8-2001-4386-885b-f5bcf55f18be","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":227,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"1e925e67-caa6-45b5-b341-951babcf903d","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":227,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"c65fc01d-5217-471b-a3b2-734125de1288","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":227,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"786e897b-3e60-4510-ae33-2e29e773cb13","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":227,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"462244a5-a870-48c2-a784-063f7cdd87e7","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":227,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"0f1d4c40-ba8b-46a9-ac77-7b9b34e71e47","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":227,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"61b0af72-d28f-468b-8c9a-b2ea0d2bdb43","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":227,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"0b280e3f-4f19-43c0-b03f-8aa534502ce4","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":227,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"c8dbddfb-069e-4f07-9e7e-3663a01db064","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":227,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"3861458c-192a-43c5-9726-1506e09ebce2","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":227,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"47898b67-7c47-4062-8994-7955f00ced99","block_type":"box","text":"9","page_number":227,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"b730e278-353c-4e33-918d-188098d0dd2b","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":227,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"f2916cb4-9038-466b-b506-ee6e6f90290c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"157c38a5-f844-4ad5-a5a2-9aa411ae217f","block_type":"box","text":"Global Principles | 9","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"bd75cba5-1801-467d-868a-aa2ddc239240","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a04b5a1-3a8b-47ea-be0a-bc39a4f61888","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":228,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"f87de113-5285-4112-9b4b-007a94342eec","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":228,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"a5eea6a9-392a-4c97-b0c2-be6887a6ccfe","block_type":"box","text":"long-term financial interests.","page_number":228,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"e4b4a49d-d7b0-46e1-a525-def7d7191be4","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":228,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"890ced0d-1fdd-467b-ac8f-518ba0ce5af5","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":228,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"2cd24c27-d551-46c1-955a-a08827d2b808","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":228,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"27577523-14d8-4a2c-8433-c24df604f2ba","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":228,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"599ec0fb-e012-4765-ae18-dd2c4bec720d","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":228,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"29a44f6a-62c3-4e29-9c53-1f5b4132ca50","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":228,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"47780d06-e064-447d-a3c7-66c12a3b41dc","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":228,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"399cf9ed-b0ee-4815-a315-502f7f8f76c3","block_type":"box","text":"term financial value creation.","page_number":228,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"8c5a72be-8fac-4ef3-ba30-13c4287dbe07","block_type":"box","text":"10","page_number":228,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"0cd8b8c3-b228-48f5-8030-c8da9131f93d","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":228,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"6b9e6b43-d65e-4786-b70e-f68a8defdee7","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":228,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"5c4d9d65-6686-4fb2-9e3c-fc6a5195bc5a","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":228,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"407401c6-9925-4a04-ab12-3f66d065a6db","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":228,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"0a32df4f-376d-421e-bbd1-f6340bcfd917","block_type":"box","text":"industry-specific metrics.","page_number":228,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"61f02b54-f90d-41b0-84f5-6d6904c9248d","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":228,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"d2216a67-57af-4804-b598-6ffb7dfe1362","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":228,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"04d356cb-53b5-46f8-b523-4d18c7399e67","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":228,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"902cb15e-f044-47fa-bd25-f140b4dcbed1","block_type":"box","text":"11","page_number":228,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"b42f0c3e-03c5-4ef7-a153-23050fc0993c","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":228,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"49e4457e-fd87-41f2-8c5e-f03cd8007bc0","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":228,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"cfd4a421-2f32-4942-9929-fe739533d736","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":228,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"64eeb905-044f-4993-9667-c9781aa7f520","block_type":"box","text":"specific.","page_number":228,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"9e724c63-f460-49ac-b576-b8e86b06af50","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":228,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"4f45b445-493f-4502-8b0e-b9a2847ae07f","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":228,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"5ddb0291-7304-4359-bebb-bf8cd0b25fc9","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":228,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"7ddbf945-42ab-4558-b997-fb4f3e6bab0b","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":228,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"8377d358-f3e6-44be-bc6c-202bccda5601","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":228,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"cab95647-cd25-4f0f-afdf-c7f47425e442","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":228,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"80889cbf-a966-4151-a185-e993ec33bbf4","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":228,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"d4454172-435b-43d5-8aa7-55fcc2108def","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":228,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"80806f81-27fb-4a40-bd67-12c34b783acf","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":228,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"191ab2b9-3d7c-4c4f-8a31-92182c387774","block_type":"box","text":"10","page_number":228,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"e097c356-b546-40e9-bbb3-548bcf9e944d","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":228,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"6b63c8d3-54fd-49e2-9402-3c1324d3a248","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":228,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"76b7a4da-213c-4cb7-b383-c8c1448251fd","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":228,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"8ca02fd8-af45-4959-a382-c56599459c8d","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":228,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"eb4942bf-0ab9-4b4b-ba99-6b76b8faa07f","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":228,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"ce8d24ac-55fa-4e71-9f6b-a3e39dfdb4f3","block_type":"box","text":"11","page_number":228,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"cff24a4e-a665-49f0-975a-1d7755a2eca2","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":228,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"67bc70d6-6f4c-4a54-9930-295373a2052b","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":228,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"c7799e35-ea58-4439-9b60-08c5177f2fe9","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":228,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"202dd869-f2c2-46e0-9b5f-a0c3c8d0bf4c","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":228,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"6f098aee-7762-4eff-b723-678a426c79ee","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":228,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"a4712ebb-2b19-4bb0-8231-272c104db4c9","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":228,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"9602d1aa-de20-4b6a-ab09-3f6c86241d66","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4be73f54-69e5-4ec3-9cd0-af972dbaa84c","block_type":"box","text":"Global Principles | 10","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"678865c2-6b65-48b6-8330-5d576bd4532c","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45cdc597-9ef5-4340-9a6d-33831960debf","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":229,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"be367b79-8ff7-4c54-b86b-7ee55c0c11b4","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":229,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"a6d5a42f-ca08-43a0-b24d-784050095a2d","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":229,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"331ee628-c0c5-4b7e-8fe5-3d0c1c335fc2","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":229,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"20f0d3be-772f-44ee-8a3d-e4f5becd0236","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":229,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"4b0f353d-1211-4f7e-97ce-e582895477dc","block_type":"box","text":"12, 13","page_number":229,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"bbc3715e-dfcc-4b27-92ba-010e7446e477","block_type":"box","text":"From company disclosures and","page_number":229,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"533a2eb1-e582-4e45-a04f-c2d971fa1971","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":229,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"1e961c75-eb42-4746-9bea-9ffc876e6426","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":229,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"e021563c-194c-4fe8-aad1-0b3fd6c76769","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":229,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"cc0cc4f4-5a06-48a5-8610-9a315532cda9","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":229,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"8c4b0937-e2a3-49e9-81f6-4bc5253ba12c","block_type":"box","text":"viewed as best practice in the market.","page_number":229,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"a72c33a1-e96b-40d0-b23e-85d5554c3141","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":229,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"300946d8-293b-41fa-9c4a-fcc4376db348","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":229,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"65df74ac-b2f7-4edb-9c80-096e7c42df95","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":229,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"c1c6322e-0088-4560-b48c-7ca3669d0f8f","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":229,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"0cec2080-9f1c-4abb-81b5-7b8d9d83cb07","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":229,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"11fc76ee-d8b9-438d-ab86-9ea203c3230a","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":229,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"1f0e3f36-38f4-4c9b-a49d-1424fff72ba8","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":229,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"d9cdf838-7586-47e5-bb15-01c5608674d3","block_type":"box","text":"interests of their investors.","page_number":229,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"295b004c-2884-4094-b33d-e237479a6689","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":229,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"9afaff54-a804-4b32-9e9d-a42f9167c82b","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":229,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"7409a62c-a245-4b7a-9738-7ba4dbb97e3d","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":229,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"fb42431b-cd28-4ec4-b434-ed813c2b25b5","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":229,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"07921f9f-200a-4433-9dfe-9240a7a78c7d","block_type":"box","text":"good-faith basis as methodology develops.","page_number":229,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"17207dd6-61d3-4e2f-bca9-2c69973f16f7","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":229,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"87ab2bf1-f8bd-4ff7-81e8-b1227bf93271","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":229,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"c63636dc-5aac-49dc-be9e-2093f4d6c28e","block_type":"box","text":"generate long-term financial returns.","page_number":229,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"a7abed5c-8999-4ef1-a0c2-7a8e6d96812b","block_type":"box","text":"14","page_number":229,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"f0bd5c6c-21bf-4524-bf82-31a936dde487","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":229,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"bcf94474-c47a-43c0-990f-9710ba029bd8","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":229,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"781247f1-7093-4dbc-a715-e54b35dd322c","block_type":"box","text":"15","page_number":229,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"c8e30c62-95b0-4305-836a-1ad3dd361e0a","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":229,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"884a5f16-81c4-4c4f-a6dd-98802be98e8f","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":229,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"a6eb2254-8ff7-40c6-a3f2-d2849b53e923","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":229,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"2fd8e133-62b8-4f3f-a5c7-b4b23e6756df","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":229,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"beec7b48-9a5d-4a60-b7f0-e8970b8992e8","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":229,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"189fbd39-d10c-4497-a6bc-665ccf562bf5","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":229,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"6d4cfd36-5c95-482f-96bf-d7621c80acdf","block_type":"box","text":"12","page_number":229,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"c8fcea32-4870-41ad-bece-2c0393fcd1d4","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":229,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"5637712b-5eef-4678-8353-df5b82d432e3","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":229,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"15f8ee03-77f3-4b73-9312-96f97cc088cf","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":229,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"b970f419-c082-42b9-b59d-4bd8e8e9cb9a","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":229,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"d01f0a8a-267d-4f41-8a26-9ed25660dc55","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":229,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"374ee5c2-4863-4e12-9c35-3feff9b541e9","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":229,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"e704c732-fe88-4335-8f79-76fd47b4a6ab","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":229,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"251614ac-9861-400f-92ae-0692b7a444e6","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":229,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"5a124bac-8e2b-4671-91fd-6ff5db3e5f81","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"d2c9f04a-62de-4f8b-84e9-9ec0bdd60360","block_type":"box","text":"13","page_number":229,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"ce628dd7-6141-440a-a4f8-3c80cbcbc177","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":229,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"63bcbd62-b7fa-4501-a71e-8b74dc9093f6","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"00c19999-80b1-4b99-876d-3d1c6cf1a49d","block_type":"box","text":"14","page_number":229,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"ae095058-5ca2-4daa-9713-bdfc0bee0eb7","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":229,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"8bf78666-06ad-4270-be48-03400b5129ab","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"e952eb43-ea9f-471c-976a-2b82ab4e5d7f","block_type":"box","text":"15","page_number":229,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"e16bb67a-2c67-4d79-aa84-24eded8bb1a1","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":229,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"afcbcf91-cd2e-4e45-8096-3b470a8a5092","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":229,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"f24a4dcc-e377-48c7-a085-263602703388","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":229,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"195de651-e998-4471-a7bb-bdddbfefb420","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":229,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"078b70a5-a17a-445f-a14c-062fd8974c68","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"8c9d85bc-a0c5-4bf1-bea0-96fa3e2f0bdf","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f8087c5c-c7a1-43a6-8095-5635ea6006d2","block_type":"box","text":"Global Principles | 11","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b5707bd4-9126-4eb4-8a4a-f42b18e12b0a","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7384234d-48d1-4753-a3b7-437e7d3d9719","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":230,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"eb3f712e-399e-49de-9b26-1f01786ee9df","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":230,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"047687d4-dbc2-4ae3-a298-2d8f6d4230e7","block_type":"box","text":"16","page_number":230,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"798bb55d-9dce-495d-ab29-6ab55a98efb1","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":230,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"ff280e1a-1fd6-4dac-8894-91fad04159ea","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":230,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"d4941583-3428-400d-b284-df56bdb4ef14","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":230,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"062632d4-af82-4670-83c5-c5f1c1adb50c","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":230,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"4829e156-d470-49af-8516-cf98278a380b","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":230,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"1a70335d-c886-419d-abeb-99c1e1f917f6","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":230,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"95247410-d22d-444d-ad08-0d3c9e445c9c","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":230,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"189da732-54e3-4289-9a6f-10b75f1e3f43","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":230,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"3b19d1d4-c4f7-4c1c-83df-0d4648198f1a","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":230,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"2f5e6db8-71f5-47f0-ab48-c536c1f969b7","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":230,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"e630310f-5e85-4d52-a8c2-aa9522bc96e7","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":230,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"f571ce99-f26c-4fff-912e-a95dce61701f","block_type":"box","text":"impacts.","page_number":230,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"0fd5f59a-0f31-4e0d-857d-fafb90600850","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":230,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"a42c2f08-0d89-4aa5-8e43-71141aa6a3f2","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":230,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"fb319c65-8850-45bd-8578-e47f011911fc","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":230,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"ea6639a4-3280-4842-b25d-e8befa78e3c6","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":230,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"000aa8ed-be01-4772-9de5-70ea9bb5e2af","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":230,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"4e9e3d09-ce8e-43b9-a2af-b79ad440a337","block_type":"box","text":"clients at the global and regional level.","page_number":230,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"fce87154-377c-4c0a-85ed-cc433e0c2f79","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":230,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"3d14eaa4-4f8e-4011-9ee0-1fac6284b045","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":230,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"3cf6353e-f5dd-4574-adcd-e0f7a3ba06cf","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":230,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"cd9f6ec1-504f-47f6-97a1-4efbcd674efb","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":230,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"3681d610-57ad-45ae-842c-786fba0e803b","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":230,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"c67a7033-7978-4606-843b-a2bbe217bb71","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":230,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"9385460d-c688-40e7-bd5a-151c3a3a35ae","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":230,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"0b66782e-bf98-4bc9-87a8-28ccf4549761","block_type":"box","text":"are independent from the investment stewardship function.","page_number":230,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"fa587c2c-ab51-4a68-a45d-f8a8150c48a3","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":230,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"058d8eb6-0e88-4423-8d17-df634c85ecd9","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":230,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"31b55b08-8b8b-448d-b57c-3f2419f61319","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":230,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"3db94134-c2f8-49e1-b065-10a907d2dc00","block_type":"box","text":"VOTE EXECUTION","page_number":230,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"bcf73269-92c8-4cb9-bb50-754fbb6178e2","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":230,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"f14eafeb-233e-4c41-aca6-b040d3e1a0aa","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":230,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"842ee479-a530-4766-b08b-c0fbfebf3049","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":230,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"3d459b06-4f0f-4d32-b34d-22adafd3f8fe","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":230,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"0298ef85-4900-4e2b-b87c-e2a0ef6ec2b8","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":230,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"984c1d60-02e3-4fd8-9a27-9bf76dbe5d2c","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":230,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"342d374e-f93f-408f-8738-4c1c48d0b9e4","block_type":"box","text":"management policies and procedures,” below).","page_number":230,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"3f9ffce2-b42a-40cd-afa3-33e1f1bda5b8","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":230,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"c6d30072-4ee2-4be5-b1b9-5f43d2f29e67","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":230,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"6a2b4686-d354-4513-8c39-b7257afc2291","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":230,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"3605eb00-815d-4c75-a4ea-39632dfe3213","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":230,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"a0951fb5-25c7-47f6-a6ac-33dcf798bf0a","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":230,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"012bcfa3-1ce3-47a1-895d-5756b79db3c8","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":230,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"4188eaa9-4f83-4ac8-afd2-8c3250311d70","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":230,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"e5d7b55c-26b7-419e-9f54-ee42043c36b5","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":230,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"8fdfd172-415c-4a8c-8e27-8324381e2507","block_type":"box","text":"16","page_number":230,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"fb753ecb-f089-468d-b375-62097bcda5a4","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":230,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"70d3f477-f47e-4b26-b1fd-a9abbcda5738","block_type":"box","text":"December 2025.","page_number":230,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"56d3dc02-0112-4bb6-8a79-4a02f1a82b80","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"98546aa4-f4d7-460a-9812-d49c3e3bada4","block_type":"box","text":"Global Principles | 12","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"248ca36f-acac-4162-b208-93919138f6fb","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"211e76f1-5cd4-455d-adae-7eab167b34f6","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":231,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"d214a26d-58ce-4eeb-b3f3-af8e4412fe7e","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":231,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"7cc95614-177e-40cb-888e-48d0b6e96ad6","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":231,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"92147b27-5e46-459e-bd2a-480661c62c03","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":231,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"cbdafd0d-9478-4dbb-a8fc-0cc3c7bc3788","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":231,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"c09d90ec-2a3a-484f-b615-f3e9da3e5b20","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":231,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"a6afb72c-8f9a-4e0f-a39a-d846a1c4d0be","block_type":"box","text":"enterprise-level vendor management activities.","page_number":231,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"aec6a739-99c9-42ab-8419-0f6857d7b33d","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":231,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"aac226d9-8bbf-4443-b8f6-df29a60a85e1","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":231,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"8d4f8052-9c76-462d-bf8c-cae39966db54","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":231,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"f001aa13-f16b-4177-b5ee-b090ee1fe2dc","block_type":"box","text":"BlackRock employees.","page_number":231,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"7dfc2ee1-e620-4be0-9153-92113a6920e4","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":231,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"f2b69bc0-6deb-4a88-9b75-d95ed38c002d","block_type":"box","text":"SECURITIES LENDING","page_number":231,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"246063d7-5bab-453a-a41e-5818ebb14a36","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":231,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"9476764d-296a-4396-8c12-be18dbb13da8","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":231,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"d902c284-1c32-4e4b-912f-eabec8272c88","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":231,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"328cbcc9-6f16-49e9-be72-dd6dce0fd0c7","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":231,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"e88e3776-8bef-4365-8908-5d5799c1821d","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":231,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"529473a7-373e-4b9b-8f27-d46d656cc05c","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":231,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"5ef494c6-68e8-49c8-aff6-79a2a9c21f4f","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":231,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"5fa018c6-c1d4-4222-ad99-70cb03592371","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":231,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"6fdfc6d9-3949-4cba-9eac-cf3133de1234","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":231,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"a0390a6d-41b6-41d5-a14c-7669cb43ac6e","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":231,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"d25e30e1-c280-4e95-841d-e9230b37ba7b","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":231,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"0948cf4b-e445-426d-88f2-f48e75e96bf4","block_type":"box","text":"of recall consideration).","page_number":231,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"20249370-21a0-474a-8c31-1baf4ad102bd","block_type":"box","text":"17","page_number":231,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"5f4bc656-0d91-488b-bd12-de4af85bfb89","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":231,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"44265ac9-e255-4adb-bb96-d04f7225bfe1","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":231,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"8d235f47-4a25-41d4-a3f5-32ca143971b6","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":231,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"bd4f484b-54d0-45dd-8296-e5799e70c72e","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":231,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"463b236c-e172-4a51-8c53-5723bab0b1f7","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":231,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"36bc95d9-df6b-4910-b6fd-03555db44323","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":231,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"c89d42e6-c55b-48b1-859f-13022c4f0dbf","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":231,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"9ca1b3d3-260f-4696-81df-9a4b084012a0","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":231,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"e6f881cb-08a1-4758-8e5b-7ccfb4f41593","block_type":"box","text":"and may modify it as necessary.","page_number":231,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"a0fcd62f-e960-4cc4-925f-ea507e2a68ed","block_type":"box","text":"VOTING CHOICE","page_number":231,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"4dffc8e2-a740-4c39-a462-533ab7992696","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":231,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"96b157c0-b41e-4e60-a488-4b9f6fe7d232","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":231,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"36c21dd4-fcd1-441c-a687-4dba8d81bbf9","block_type":"box","text":"18","page_number":231,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"2d8d7df8-a884-4c98-af68-9e2addf009a4","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":231,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"e4658de6-bbfd-46ad-a21e-ffb8fb8620c6","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":231,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"8886264d-1345-422d-ab7f-948f38b8870f","block_type":"box","text":"17","page_number":231,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"a6849d8f-d35b-4231-ad7c-612f34eb0eef","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. 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As a result, managers must weigh independent","page_number":231,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"901c6be4-d06c-4f13-b42f-5571f96a3d9f","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":231,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"a7c02065-a299-42ac-b111-bfec43204993","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":231,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"4100caef-8c28-4667-9b34-484640295acf","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":231,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"19719c3c-9d37-40e1-954c-3bd2a8ddc997","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":231,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"c968ac99-0d16-4335-bff5-5ff38dee7c00","block_type":"box","text":"18","page_number":231,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"6daf00ae-8e10-4531-8a38-ae8da27199b1","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":231,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"b26978f2-3758-4d72-91dd-c5c617816ddd","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":231,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"194c4d31-488b-4091-b791-04bb87fd4c7d","block_type":"box","text":"including the decision to lend securities.","page_number":231,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"c9eead69-33c1-49f7-9c7d-973d8fce36dd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8876e3ad-fe31-47ce-847e-2e9e4bb2794f","block_type":"box","text":"Global Principles | 13","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7ca4dd42-bcd1-455d-98dc-ba0b559d2f59","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32b28813-e37d-475a-a49e-e460d76ad870","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":232,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"9ecfcb2d-632e-4b86-a776-8c1e53edc498","block_type":"box","text":"(SAE) strategies. 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Net zero commitments are sourced from respective","page_number":236,"box":{"x":79,"y":850,"width":782,"height":11}},{"id":"8ad6edbb-2841-4810-9077-e49dd0de4cdc","block_type":"box","text":"company websites, as of January 2025.","page_number":236,"box":{"x":69,"y":865,"width":284,"height":11}},{"id":"e1fe5b1d-9b0e-4e33-91f9-1634a1b5e481","block_type":"box","text":"5","page_number":236,"box":{"x":69,"y":883,"width":4,"height":5}},{"id":"e5991664-8f5c-4ef6-904a-0967fbfbc316","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":236,"box":{"x":78,"y":883,"width":401,"height":11}},{"id":"ac983cb4-4237-43da-9692-540bee5324e8","block_type":"box","text":"6","page_number":236,"box":{"x":69,"y":901,"width":4,"height":4}},{"id":"00d69564-7630-48d9-9674-c0a51a3a16cd","block_type":"box","text":"United Nations Climate Change, “The Paris Agreement,” accessed in December 2025.","page_number":236,"box":{"x":79,"y":900,"width":614,"height":12}},{"id":"1df9f39b-e198-4785-a736-bd6efc3449bc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e26aeee0-83ed-4584-8b65-664a8f8feb55","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 3","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"1a12ba24-49ef-4097-8365-1b14a0e6ce12","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26117cbd-7c8a-4b85-9662-98ac3d3a94df","block_type":"box","text":"par ticularly those representing the major sources of scopes 1, 2, and 3 greenhouse gas (GHG) emissions across","page_number":237,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"24464b1d-2092-4de4-8cbe-dd47174a8ba3","block_type":"box","text":"companies held by in-scope funds and accounts that have selected the Guidelines.","page_number":237,"box":{"x":69,"y":60,"width":590,"height":11}},{"id":"d3b755ea-eba9-4c82-b4bd-aa520687bf2c","block_type":"box","text":"7","page_number":237,"box":{"x":661,"y":60,"width":4,"height":5}},{"id":"2d4f0a5a-2fb3-457e-b980-e90f65e59a30","block_type":"box","text":"For companies and matters not related to climate and transition risks, the dedicated team follows BIS’","page_number":237,"box":{"x":102,"y":82,"width":731,"height":11}},{"id":"b0c58eab-67e1-413c-ac16-1fe3f92efae9","block_type":"box","text":"Benchmark Policies.","page_number":237,"box":{"x":70,"y":98,"width":141,"height":9}},{"id":"c148e76b-fb4f-40bc-b204-5a96993f4dd6","block_type":"box","text":"8","page_number":237,"box":{"x":213,"y":98,"width":4,"height":4}},{"id":"04ec2e25-2419-4b30-aebc-d886c05eb632","block_type":"box","text":"In addition, for clients who do not direct BlackRock to prioritize climate risks and","page_number":237,"box":{"x":224,"y":98,"width":572,"height":11}},{"id":"f18610e3-9b64-45e9-b375-3928d864e256","block_type":"box","text":"decarbonization as an investment objective, BIS under takes our stewardship responsibilities in line with our","page_number":237,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"6ed6b463-ac0c-472b-b68b-b20a8d71857a","block_type":"box","text":"Benchmark Policies, with a sole focus on advancing those clients’ long-term financial interests. 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Please refer to the IFRS website to learn more about the framework and standards S1","page_number":238,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"8b32c786-e344-40b6-a55e-05fc5db6fca3","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":238,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"061c1996-2b4d-4229-82f6-fcae5b6b0fa5","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":238,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"9bae0913-7fd0-4493-9045-69f24c28c99f","block_type":"box","text":"15","page_number":238,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"2e65885e-1ff5-47a2-9c33-2c7099d843c1","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":238,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"3075adf9-b0eb-4ac9-99b2-13c66f60a0d9","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":238,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"1641270d-15d1-4f4a-b70a-03f7bb545ef2","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":238,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"f9ec0503-0b83-434e-9659-e06a5e5e060b","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":238,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"6cda64ea-f6d7-4aa7-b07f-172535ebd9b7","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":238,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"e5802f05-57ea-4424-8caf-53e744d5bb66","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e3936be4-5fe0-42fd-86a1-61fee740ca55","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"fda10355-b5b3-4481-9425-bfcade768d92","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00b895b2-2459-46d2-94cc-70949ee6f704","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":239,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"915fff47-2914-4d04-ae21-420e91de8965","block_type":"box","text":"16, 17","page_number":239,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"80dbe4fb-4a7c-4081-a51c-393019d3d032","block_type":"box","text":"In addition, the dedicated team looks to","page_number":239,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"dc155b3d-bf5c-4579-bff0-645158f6b3e3","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":239,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"34b87ba4-82e0-4c5d-ae07-8a3a663bf8f9","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":239,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"2bf641a2-c64d-4d00-9690-5eeb49570adf","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":239,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"b45b35a4-b508-4c73-88b6-8188469fc400","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":239,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"78b5d5c4-62a1-4ff4-887c-2e4af7855512","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":239,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"5d30a7c7-35bf-4804-bb9e-bb207699bc06","block_type":"box","text":"18","page_number":239,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"bdb24d6d-bf7f-4ca2-a3fc-380bec470ab1","block_type":"box","text":"However,","page_number":239,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"bb29457a-5a7c-4d04-b2b7-6a02c2ab4085","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":239,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"dd160410-e5d0-4b3c-9894-059ad13b3800","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":239,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"6b73f618-b894-473e-a770-3109cb59dc72","block_type":"box","text":"their decarbonization targets. For some companies that play an impor tant role in the low-carbon transition, scope","page_number":239,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"d85aad15-3643-4b74-97ae-a7382ecdb7bc","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":239,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"955c3ab4-e52f-414c-9763-f982519bb3d8","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":239,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"04a16738-aecc-4233-b365-02b03529f9a3","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":239,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"7d8304b1-3d20-45a2-a677-4a80f41ce61f","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":239,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"64df1d73-26a0-46de-9d8a-2449d4ff64ad","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":239,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"c527408c-a30f-4772-aa10-a619eaee88ae","block_type":"box","text":"transition risks.","page_number":239,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"484fa7b4-c307-4cdf-a4bf-0c97219bfc2d","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":239,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"59e14baf-292f-450a-8569-7d5fc477cfa9","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":239,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"c97763a0-c1f1-4de6-ad19-519e7604f125","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":239,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"93fdbe06-4b14-4a5e-9ebd-0cf4934a1010","block_type":"box","text":"Transition plans","page_number":239,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"1c799581-2bbf-4f1d-b5b9-38d80c507dc6","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":239,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"5882d429-fa93-4653-b78b-d6962b66c635","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":239,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"16e17a92-4a2b-4d90-9148-800027aaef5e","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":239,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"eda37add-2266-4ba8-a258-eb3beddfd628","block_type":"box","text":"(see Appendix 1).","page_number":239,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"2a36f2ce-c866-41f2-ae5b-c28653155cb3","block_type":"box","text":"19","page_number":239,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"692c7a01-2423-4942-98e5-c352e70b75bf","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":239,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"d34ab62e-8eb3-47c3-b053-a4ecda4d36f3","block_type":"box","text":"transition plans.","page_number":239,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"b43fb04d-09fa-4d07-8924-12022042c24c","block_type":"box","text":"20","page_number":239,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"ac8c7348-21ff-40d8-bf4f-a7048f6e5f1a","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":239,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"9fb7c925-52e9-4315-b8a5-25d65b50837d","block_type":"box","text":"repor ting approaches.","page_number":239,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"e465d1c2-dd37-4188-a156-7b437fb3c34f","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":239,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"cec0bcdf-0184-4a1c-a917-31865319e730","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":239,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"4266ddff-6943-4518-9635-2402ccf408d8","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":239,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"5a2017d3-3535-473d-91a3-dce6a909ebc7","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":239,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"c470dc39-a7d4-4618-81a8-fb98419cdc99","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":239,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"e4050fa0-6654-4021-91cd-7f0d8ef06ed2","block_type":"box","text":"informed voting decisions.","page_number":239,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"c768523e-6c7d-4106-964f-fa20ad6bb2aa","block_type":"box","text":"16","page_number":239,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"56fad271-e794-4952-9e24-c8fa17438576","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":239,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"3bf03e19-f2f8-4503-aa3f-941f4eebebc1","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":239,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"7531a194-86ba-40cf-a90f-e23180feb79a","block_type":"box","text":"December 2025.","page_number":239,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"e8fcc086-6195-4b2c-88d1-c4cc55ea45cd","block_type":"box","text":"17","page_number":239,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"a690668a-c792-42ab-abdf-c00338d5adc2","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":239,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"7087bdc7-b516-45d2-b2b8-441a5762772f","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":239,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"d3333eb6-cd50-4272-a029-57834ee19562","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":239,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"210c1068-a3e9-4de9-a853-2fc005ea8bda","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":239,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"c5badc2f-9bbc-4b8b-9475-52ba66eed98c","block_type":"box","text":"18","page_number":239,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"0084ec4d-01a6-41df-b469-c8f5b3ca02c0","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":239,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"b4ffa396-586a-45c0-abac-6acf52b20824","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":239,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"d0e09308-73ee-4920-843a-3f56572f1b7e","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":239,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"549d4eb9-9b7d-4481-b404-e0a3b05d2a28","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":239,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"845d67ef-7616-4ea8-a113-48552dc47247","block_type":"box","text":"material to their business models.","page_number":239,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"cb8d4c0c-5397-466e-ad2a-0dd30d50fe5f","block_type":"box","text":"19","page_number":239,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"f03134cf-fdc9-4eb0-a0bd-0a5cb94176eb","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":239,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"8de0dc8c-ced3-466e-8130-ec8c1d42f41f","block_type":"box","text":"December 2025.","page_number":239,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"4b1f6c3c-059b-4b86-87c0-b1a52d68a31f","block_type":"box","text":"20","page_number":239,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"2034a592-b602-4f7c-beca-38df51182f78","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":239,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"a2daf276-610f-42e7-81fb-7417d038eec3","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":239,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"d22780ec-666b-4c28-9ce0-8038dfc86236","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":239,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"24bbac13-d2b8-4658-b831-27167b6026aa","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":239,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"be109e2e-3a30-4fcb-88d3-45023b2519da","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":239,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"604edc3e-a09d-442d-8304-a67ee56f84c3","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Under the Guidelines, the team may suppor t","page_number":241,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"e2210302-7104-4fc9-871f-0c40a6a6b511","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":241,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"0cd96158-69c5-4e89-9a66-6bad6b61c740","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"3e8da950-60fb-4b9f-8559-26382319a295","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":241,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"345a0d60-43f1-4f54-b7d3-ff5dfcc2e2f6","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":241,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"7e501670-cf11-4f58-8b13-dd95e1fb5e56","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"3c13d837-d6c7-4cf3-afb8-304071791abb","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":241,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"1f8cf8e0-d984-4485-823a-2b748c1381e1","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":241,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"7ead3953-d098-4660-b8bb-8c4513b71fd6","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"726b9af2-c93c-41fa-a084-863242a0d549","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":241,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"04ea8238-ac02-4e74-90d8-07495252de73","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"2e8d5c80-e613-4b62-b9f7-877e30fc1823","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":241,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"7287fe74-8d25-41b9-866a-97face7edd6e","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":241,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"a45d603a-8d54-4508-b2a4-8c82a6f167a1","block_type":"box","text":"25","page_number":241,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"68bbec83-adbb-4a3d-9c6b-4ce40ca3af0d","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":241,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"e5c8481e-f6f2-42d7-a9c6-fb5dace694ce","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":241,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"671e1a8b-9408-4bf7-928c-e6300829a4b3","block_type":"box","text":"RELATED MATTERS","page_number":241,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"4815f792-c1db-4974-9426-e2f9d9051de3","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":241,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"ee5fa6e1-116b-4f4f-80b9-72a37a9b966d","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":241,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"28bb5ce0-7f48-48bc-98e7-cb9aafcb4330","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. 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Some companies, in light of their long-term strategy, may decide to include relevant","page_number":241,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"88aa2729-3995-4c8f-800e-14dee2d84e8c","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":241,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"92e57813-ba30-48b3-bc0f-7d630ae71701","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":241,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"3242ee02-3d91-4946-b42f-da40a0a1ced8","block_type":"box","text":"24","page_number":241,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"af2997b7-493f-421f-9c85-c551151c9c83","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":241,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"3657ee87-7e1d-4883-9fbb-892a45514438","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":241,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"c30d0005-b23d-4ade-9dce-575747ae5717","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":241,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"21f19732-2755-4ea6-af6d-6d776c989d70","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":241,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"7e5b8cc9-7838-4e7f-ae48-2e5dcc9fa4fd","block_type":"box","text":"25","page_number":241,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"5af9b41b-3a87-42e0-b725-3e2d424a4edc","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":241,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"db08fd0e-c3c5-4485-b01e-9987cbefd8f7","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":241,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"3798eb2d-e719-4e19-acbe-de88f4f5ce4e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3887dc80-08e7-4d9a-ac0e-67c88aec7f8e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":241,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"fe2feca4-8379-4440-9d39-eb83950e60da","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00717812-ad5e-47f3-8c0f-293dcd31824e","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":242,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"61e693e5-0219-4e44-b491-e54a62737f27","block_type":"box","text":"strategy and risk management.","page_number":242,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"e2cc33d6-e660-4721-9ec7-751fedb715cb","block_type":"box","text":"Auditors and audit-related issues","page_number":242,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"2ddf0e49-58ea-4556-befe-6be9f465df7a","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":242,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"ca7cf194-2120-43d7-ad3b-142b17f841d9","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":242,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"eed24f08-b113-4b68-9bcc-d0e7c1f83d96","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":242,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"a5bde217-cc63-45f8-866c-5e96fe2cba42","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":242,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"fdd840ac-7564-4d59-b6e6-8e0107034372","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":242,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"907ebab4-b085-496c-9ba8-93026bb1aea0","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":242,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"cfd8e142-af86-4883-a7a7-4a0affac0bf6","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":242,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"a273ac6d-3273-4e31-9c14-884cc9264dd3","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":242,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"1adfa52b-e9ce-49ea-81e3-a96d101d3afd","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":242,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"6f85a3ce-0bb2-4323-9074-6ee99afebba6","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":242,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"127b5dca-567a-4f51-873f-4c8bb1486b46","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":242,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"eafe3afd-4663-4c0d-9c6d-c0003576efdd","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":242,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"bb1531fe-6a5f-47b8-a0f4-dc93926b3e66","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":242,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"ff723d36-6f3f-4e7f-b5a6-fa67e598c0c5","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":242,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"d16f3139-be1e-4124-8b60-fd98260232a0","block_type":"box","text":"stakeholders.","page_number":242,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"7fb46aa1-7a3d-4c83-8d24-56825f5b9f1d","block_type":"box","text":"26","page_number":242,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"f913591d-81c3-4a18-b7e2-8ea405768964","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":242,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"bb7acbfb-503c-455b-a3fd-a90371f12765","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":242,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"e793c1fe-b062-476c-90fb-51fe819fe991","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":242,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"47ed0477-8418-42ed-8fc7-d1a698da8698","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":242,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"d2cd3958-528d-4e27-95ba-29e11853c5a6","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":242,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"da57fb13-879b-4c78-8f65-c6ad2d1f3acf","block_type":"box","text":"26","page_number":242,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"08732b9b-05ba-4ba0-bc3d-325b0e897f87","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":242,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"f7d053fa-15f5-41c2-962c-af96cae50a7d","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":242,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"ed7399e3-4696-46c7-aa93-e1b78e063d8d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e1125fe7-dcec-4a7e-8701-762644b1568a","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":242,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"2d988a0c-c6ea-4456-814a-cdb06eba8b56","block_type":"box","text":"BNM1026U-6033200-19205194","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bbc3b50d-d3db-42f1-990d-b8668ec190f3","block_type":"box","text":"Appendix 1","page_number":243,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"afee1f92-ce29-42db-be26-a160a9b0bc93","block_type":"box","text":"Terminology","page_number":243,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"de997a33-46b0-4304-8bb9-02e4774e37cf","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":243,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"1b5ed3db-1890-4f90-9b0e-77c6066f9de5","block_type":"box","text":"Climate risk:","page_number":243,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"d97f1c5a-3a6f-4f71-b33b-20c6bb795999","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":243,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"df4de650-2f13-4e55-bcd5-f7fc6a7631d7","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":243,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"3542875b-fe2c-4f74-a912-3d77de1f4763","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":243,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"69e95ee1-7312-43f3-a079-81095d194a06","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":243,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"166795a8-b904-4d72-9d6d-40c2c92e3b08","block_type":"box","text":"The global economic shift toward lower","page_number":243,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"4fe45f22-9a97-466b-87ae-8f14ec88da04","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":243,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"fa30d351-9384-42a9-8b16-0ecfaa587456","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":243,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"93c8e68e-777e-4382-8818-bca5487f0132","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":243,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"9a32434a-5aa3-45bf-a21c-7761344322d8","block_type":"box","text":"Decarbonization:","page_number":243,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"5efecf23-51fe-4000-aeae-365b0b8f2b1a","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":243,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"a58c9bac-af0e-4b50-9ef5-dc2fb5fbec06","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":243,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"ad6288b5-f7cc-4562-856d-6c4afbbf0878","block_type":"box","text":"individual consumers. 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